点击注册小程序 查看完整报告 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： 公司2025年营收同比+18.5%，派息率提升至62% 公司发布2025年度业绩，全年营收36.68亿元，同比+18.5%（2024年报表经重述，下同）；归母净利润 3.10亿元，同比-18.8%。董事会建议派发末期股息每股8.3港仙，全年股息每股23.6港仙，派息金额合计 1.92亿元，派息率62%。 点评： 物管业务快速增长，现金充沛派息提升 1）物管业务快速增长，增值业务结构调整。2025年公司物业管理服务收入26.91亿元，同比+23.0%，在管 面积1.06亿平方米，同比+4.8%，规模稳步扩张；非业主增值服务收入3.40亿元，同比+4.8%，增速放缓， 受房地产行业周期下行影响，案场服务、前期规划、交付咨询等业务需求走 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Insights - The company reported a revenue of 3.668 billion RMB for 2025, reflecting an 18.5% year-on-year increase, while the net profit attributable to shareholders was 310 million RMB, down 18.8% year-on-year. The board proposed a final dividend of 0.083 HKD per share, with a total dividend of 0.236 HKD per share for the year, resulting in a payout ratio of 62% [1][2]. - The property management business experienced rapid growth, with service revenue reaching 2.691 billion RMB, a 23.0% increase year-on-year. The total managed area expanded to 106 million square meters, up 4.8% year-on-year. However, the gross margin for community value-added services declined significantly, impacting overall profitability [2][3]. - The company demonstrated strong operating cash flow, with a net cash flow from operating activities of 748 million RMB and cash reserves of 1.629 billion RMB, marking a 16.4% increase year-on-year. This financial stability supports future business expansion and strategic initiatives [3]. - The company actively pursued acquisitions, including a 258 million RMB purchase of Jinmao Green Building in Chongqing, enhancing its energy operation services. The management has committed to maintaining dividends at no less than 50% of net profit for 2026-2027, indicating a strong commitment to shareholder returns [4]. - The company focuses on high-end residential properties, with a robust resource base expected to generate significant business synergies. The net profit forecasts for 2026 and 2027 have been adjusted to 372 million RMB and 413 million RMB, respectively, reflecting a downward revision due to short-term gross margin pressures [5]. Summary by Sections Financial Performance - Revenue for 2025 is projected at 3.668 billion RMB, with a growth rate of 23.7% for 2026 and 15.4% for 2027. The net profit for 2025 is expected to be 310 million RMB, with a forecasted increase to 372 million RMB in 2026 [6][10]. - The gross margin for 2025 is estimated at 19.6%, down 3.6 percentage points from the previous year, primarily due to a decline in high-margin community services [2][5]. Cash Flow and Dividends - The operating cash flow for 2025 is projected at 748 million RMB, with cash reserves of 1.629 billion RMB, providing a solid financial foundation for future growth [3]. - The total dividend for 2025 is set at 0.236 HKD per share, representing a 31.1% increase year-on-year, with a dividend yield of approximately 9.6% based on the closing price [4]. Market Position and Growth Potential - The company is positioned to benefit from a strong pipeline of property management projects from its parent company, China Jinmao, which reported a sales amount of 113.5 billion RMB, up 15.5% year-on-year [3]. - The strategic acquisition of Jinmao Green Building is expected to enhance the company's competitive edge in energy management services, aligning with national standards for green and low-carbon housing [4].