招股书显示，奥联服务是独立的商企和城市空间服务及社区生活服务提供商，业务主要集中在中国广东省。公司总 部位于广州市，自2010年起向住宅社区提供社区生活服务，并于2014年将服务扩展至商企和城市空间领域，使收入 来源多元化。目前公司足迹已扩展至中国25个省份。 智通财经APP获悉，据港交所9月30日披露，奥联服务集团股份有限公司(简称：奥联服务)向港交所主板提交上市申 请，农银国际为其独家保荐人。 | | | 截至12月31日止年度 | | 截至7月31日止七個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審核) | | | 收入 | 342,417 | 430.741 | 475.454 | 271.966 | 293.401 | | 銷售成本 | (293,200) | (367,743) | (387.899) | (229,482) | (232,973) | | 毛利 | 49.217 | 62.998 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 8.5 billion yuan for H1 2025, representing a year-on-year increase of 6.5%, with a net profit attributable to shareholders of 2.03 billion yuan, up 7.4% year-on-year [1] - The shopping center operations showed strong performance, with a gross profit margin increase to 78.7%, up 6.2 percentage points year-on-year, driven by a retail sales growth of 21.1% [2] - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion yuan, despite a decline in value-added services [3] - The company declared an interim and special dividend totaling 0.881 yuan per share, representing a generous payout ratio of 100% of core net profit attributable to shareholders [3] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 8.5 billion yuan, with a gross profit of 3.17 billion yuan and a gross margin of 37.1%, which is an increase of 3.1 percentage points year-on-year [1] - The company’s operating profit grew by 20.2% to 2.63 billion yuan [3] Business Segments - The commercial segment generated revenue of 3.27 billion yuan, up 14.6% year-on-year, while the property segment's revenue was 5.16 billion yuan, a modest increase of 1.1% [1] - The shopping center business achieved a revenue of 2.26 billion yuan, reflecting a growth of 19.8% year-on-year, with a gross profit of 1.78 billion yuan, up 30.0% [2] Future Outlook - The company forecasts net profits attributable to shareholders of 3.99 billion yuan, 4.46 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22, 19, and 17 [4][5]

Core Viewpoint - The company reported a net profit growth of 5.3% YoY in 1H25, aligning with market expectations for mid-single-digit growth, driven by resilient basic property management (PM) growth and strong third-party expansion [1] Group 1: Financial Performance - Total revenue increased by 6.6% YoY, with basic PM revenue growing by 13.1% YoY, supported by third-party projects and commercial/office projects [1] - Third-party expansion contracts rose by 17.2% YoY to RMB 1.4 billion, with residential and commercial/office segments growing by 32.2% and 18.7% YoY, respectively [1] - Non-owner value-added services (VAS) revenue decreased by 16.1% YoY, primarily due to challenges faced by developers, while community VAS revenue fell by 3.7% YoY [1] Group 2: Basic PM Insights - Basic PM segment revenue rose by 13.1% YoY in 1H25, driven by third-party projects (revenue +19.9% YoY) and commercial/office projects (revenue +29.8% YoY) [2] - The average PM fee increased to RMB 2.47/sq.m/month in 1H25 from RMB 2.33 in 1H24, indicating a decline in fee collection rates [2] - The company plans to implement targeted initiatives to address the challenges posed by local fee caps and higher vacancy rates [2] Group 3: Operational Efficiency - The company achieved efficiency gains with SG&A expenses dropping by 9.1% YoY, resulting in a 0.9ppt reduction in the SG&A ratio [3] - However, a 6.8ppt YoY decline in gross margin from non-owner VAS negatively impacted the overall gross margin, which decreased by 1.1ppt YoY [3] - The net profit margin slightly decreased by 0.1ppt YoY to 10.6% in 1H25, and the company maintained its no-interim-dividend policy, which disappointed some investors [3] Group 4: Investment Outlook - The company maintains a BUY rating and has raised the target price by 2% to HK$54.91, reflecting adjustments in earnings estimates [4]