Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company continues to enhance quality and efficiency, with significant room for valuation improvement as a leading property management firm. The core business operates steadily, with impressive market expansion, consolidating its advantages in non-residential sectors while increasing efforts in residential market expansion. The gross profit margin for basic property management has recovered as expected, and the comprehensive gross profit margin has successfully improved year-on-year in the first three quarters [2][7]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.94 billion yuan (up 14.7%) and a net profit attributable to shareholders of 690 million yuan (up 10.7%), with a non-recurring net profit of 670 million yuan (up 13.0%) [7][10]. Business Expansion - The company signed new annual contracts worth 3.02 billion yuan (up 3.9%) in the first three quarters, with a notable acceleration in Q3, where new contracts reached 1.26 billion yuan (up 23.9%). The proportion of new contracts from market expansion reached 92.0% [13]. Margin Improvement - The company has focused on improving quality and efficiency rather than blindly pursuing scale. The comprehensive gross profit margin has been restored, with a year-on-year increase of 0.2 percentage points to 11.6% in the first three quarters [13]. Value-Added Services - The company is optimizing its value-added business layout, focusing on high-value segments such as space operation and comprehensive enterprise services. The revenue from property brokerage increased by 79% year-on-year, and the overall occupancy rate of managed properties is 94% [13]. Future Outlook - The company is expected to maintain steady revenue growth driven by both internal and external expansion, with ongoing improvements in property management quality. The projected net profits for 2025-2027 are 940 million, 1.05 billion, and 1.17 billion yuan, corresponding to current valuations of 12.9, 11.5, and 10.4 times [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to enjoy valuation premiums due to the ongoing recovery in basic property management profitability and the strong performance in market expansion, particularly in residential sectors [2][6]. - The company reported a revenue of 9.11 billion yuan in H1 2025, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 470 million yuan, up 8.9% [6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 9.11 billion yuan (+16.2%) and a net profit of 470 million yuan (+8.9%), with a non-recurring net profit of 460 million yuan (+11.9%) [6]. - The overall gross margin slightly decreased by 0.5 percentage points to 12.1%, with the property management segment's gross margin at 10.9% [11]. Market Expansion - The company’s managed area was 368 million square meters, with a 61.7% share in non-residential sectors, although the total managed area saw a slight decline of 4.2% due to the exit from low-efficiency non-residential projects [11]. - New annual contract value signed in H1 2025 was 1.76 billion yuan, down 6.8%, with residential sector contracts increasing by 24.7% [11]. Value-Added Services - The company is focusing on enhancing value-added services, including home services and property management, to meet owner needs and create new profit points [11]. - The asset management segment remains stable, with 72 commercial projects under management and a 93% overall occupancy rate [11]. Future Outlook - The company is expected to maintain a strong growth trajectory in revenue and management scale, with ongoing improvements in operational efficiency and profitability [11]. - Forecasted net profits for 2025-2027 are 940 million, 1.05 billion, and 1.17 billion yuan, respectively, with corresponding valuations of 14.1, 12.6, and 11.4 times [11].