关联方世茂集团2026年1-2月全口径销售金额28.1亿元 2月28日，克而瑞发布2026年1-2月房企销售排行榜单，世茂集团实现全口径销售额28.1亿元，排名行业第 26位；2025年全年，世茂集团实现全口径销售额239.5亿元，排名行业第33位。 点评： 非周期业务占比稳定提升，第三方外拓金额创新高： 1）业务结构持续调整，非周期性业务占比稳定提升 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 3）应收账款减值拖累利润 2025H1公司毛利7.1亿元，金融资产减值亏损净额2.4亿元，无形资产减值亏损3474万元，其中，金融资产 减值亏损主要为第三方贸易应收款的减值亏损（2.6亿元），关联方贸易应收款减值亏损则为3523万元。 截至2025年6月30日，公司账面 ...

2026 年 3 月 1 日 公司研究 非周期业务占比稳定提升，第三方外拓金额创新高 ——世茂服务（0873.HK）跟踪报告 要点 事件：关联方世茂集团 2026 年 1-2 月全口径销售金额 28.1 亿元。 2 月 28 日，克而瑞发布 2026 年 1-2 月房企销售排行榜单，世茂集团实现全口径 销售额 28.1 亿元，排名行业第 26 位；2025 年全年，世茂集团实现全口径销售 额 239.5 亿元，排名行业第 33 位。 点评：非周期业务占比稳定提升，第三方外拓金额创新高。 1) 业务结构持续调整，非周期性业务占比稳定提升。2025H1 公司物业管理/社 区增值/非业主增值/城市服务分别实现收入 28.1/5.4/0.6/2.1 亿元，同比分别为 +1.9%/-8.1%/-24.4%/-65.6%，物业管理业务收入占比同比提升 9.2pct 至 77.7%，公司整体抗周期波动能力进一步增强。物业管理业务收入增加的同时， 毛利率保持稳定，表明公司持续聚焦精细化运营，严格把控在管项目质量。 2）第三方外拓金额创新高，非住宅项目快速增加。截至 2025 年 6 月 30 日，公 司业务覆盖 123 个城 ...

Summary of the Conference Call for Yuanyang Services Company Overview - **Company**: Yuanyang Services - **Fiscal Year**: 2024 - **Revenue**: 2.84 billion CNY, a decrease of 9.4% year-on-year [3][15] Key Points Industry and Market Position - **Property Management Revenue**: Increased to 73.4% of total revenue, with third-party revenue reaching 91%, up 6 percentage points year-on-year [3][4] - **Managed Area**: Total contracted area reached 122 million square meters, with managed area at 92.525 million square meters, 85.3% of which is in first- and second-tier cities [3][5] Financial Performance - **Gross Margin**: Decreased by 0.9 percentage points to 18.2%, while community value-added service gross margin increased by 0.9 percentage points to 31.1% [3][7] - **Core Net Profit**: 220 million CNY, with a core net profit margin of 7.8% [3][7] - **Operating Cash Flow**: Positive cash flow of 116 million CNY, a 204% increase year-on-year [3][8] - **Accounts Receivable**: Growth rate decreased by 5.9 percentage points, with strict control over related party receivables [3][8] Business Development - **Third-Party Expansion**: Added 4.786 million square meters of third-party contracts, with 90.4% in core sectors like residential and commercial parks [3][6] - **Community Value-Added Services**: Revenue of 490 million CNY, with a 23.7% increase in community life services [3][11] - **Non-Owner Value-Added Services**: Revenue decreased by 30.1% to 270 million CNY, with a focus on clearing underperforming projects [3][12] Customer Satisfaction and Operational Efficiency - **Customer Satisfaction**: Overall score of 87 in third-party customer satisfaction surveys, with a work order evaluation score of 97 [3][9] - **Operational Adjustments**: Streamlined organizational structure and improved service processes to enhance efficiency [3][9][23] Future Strategies - **2025 Revenue Growth**: Expected to maintain a slight growth of over 3% in original service revenue, with property management services making up 70% of total revenue [3][15] - **Quality Improvement Initiatives**: Focus on enhancing service standards, optimizing customer feedback mechanisms, and improving operational efficiency [3][24][25] - **Third-Party Project Strategy**: Emphasis on high-quality service and strict project selection criteria to ensure profitability [3][26] ESG Initiatives - **Sustainability Efforts**: Implementation of energy-saving measures and community engagement activities to promote a green lifestyle [3][13] Challenges and Market Dynamics - **Market Competition**: The property management industry is shifting towards comprehensive service capabilities, necessitating a focus on quality and cost optimization [3][22] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market positioning.