Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 23.2 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 31% to 1 billion yuan, aligning with expectations [1] Revenue Performance - Revenue growth was supported by core business operations, with property management service revenue, which accounts for about 60% of total revenue, increasing by 7% due to a 6% year-on-year growth in managed area to 1.06 billion square meters [1] - The "Three Supplies and One Industry" segment saw a significant revenue increase of 52% year-on-year, contributing to overall revenue stability [1] Profitability Pressure - Profit margins faced pressure, with several business segments experiencing a year-on-year decline in gross margins, except for value-added services [1] - The decline in profitability in the large property management segment was attributed to lower gross margins from newly developed projects, a return to industry average margins for some high-margin existing projects, increased investment in problematic projects, and changes in the structure of value-added services [1] Cash Flow and Financial Health - The company's operating cash flow was weaker than the previous year, with a net cash outflow of 880 million yuan in 1H25 compared to a net inflow of 270 million yuan in the same period last year, primarily due to increased upfront investments for the "Three Supplies and One Industry" business and a decrease in prepayments from owners [2] Future Outlook - The business is expected to face internal and external pressures, but the management's refined management measures may help mitigate some external impacts, maintaining relative stability in core operations [2] - The management aims to achieve the revenue, profit, and cash flow targets set at the beginning of the year and plans to actively return results to shareholders [2] Profit Forecast and Valuation - Based on the actual operating conditions in the first half of the year, the company slightly lowered profit margin assumptions for several segments, reducing the core net profit forecasts for 2025 and 2026 by 19% and 21% to 2.59 billion yuan and 2.62 billion yuan, respectively [2] - The target price was adjusted down by 4% to 6.8 HKD, reflecting a 5% upside potential and an 8x price-to-earnings ratio based on core net profit for 2025, along with a 7.5% expected dividend yield [2]

Core Insights -碧桂园服务 achieved a revenue of 23.2 billion yuan in H1 2025, representing a year-on-year growth of 10.2%, while core net profit attributable to shareholders decreased by 14.8% to 1.57 billion yuan [1][2] Group 1: Business Performance - Core businesses showed positive year-on-year growth, with property management, "three supplies and one industry," and community value-added services generating revenues of 13.6 billion, 5.1 billion, and 2.1 billion yuan respectively, reflecting growth rates of 6.7%, 51.6%, and 5.3% [1][2] - The combined revenue from the three main businesses accounted for 89.6% of total revenue, an increase of 3.6 percentage points year-on-year, while their combined gross profit margin rose to 92.9%, up 3.1 percentage points [1][2] Group 2: Expansion and Market Position - The company maintained its industry-leading position with a managed area of 1.06 billion square meters (excluding "three supplies and one industry") and signed new third-party contracts covering 6.477 million square meters, a year-on-year increase of 66% [2] - The "three supplies and one industry" segment signed 315 new projects with a total contract value of 1.79 billion yuan, indicating strong growth potential in this specialized area [2] Group 3: Profitability and Shareholder Returns - Gross margins for basic property management, "three supplies and one industry," and community value-added services were 21.8%, 7.7%, and 30.4% respectively, showing declines of 1.1, 1.2, and 8.6 percentage points year-on-year [2] - The company committed to distributing 60% of core net profit attributable to shareholders as dividends in 2025 and plans to enhance shareholder returns through share buybacks and other measures [3]

Financial Performance - For the reporting period, the company's operating revenue was approximately 9.11 billion yuan, an increase from 7.84 billion yuan in the same period last year, representing a growth of about 16.14% [1] - The net profit attributable to shareholders was approximately 474.04 million yuan, up from 435.28 million yuan, indicating a year-on-year increase of about 8.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 463.16 million yuan, compared to 414.02 million yuan in the previous year, reflecting a growth of about 11.88% [1] - The basic and diluted earnings per share were both 0.4475 yuan, compared to 0.4105 yuan in the previous year, marking an increase of about 9.93% [1] - The weighted average return on equity was 4.46%, slightly up from 4.36% year-on-year [1] Cash Flow and Assets - The net cash flow from operating activities was -1.19 billion yuan, an improvement from -1.44 billion yuan in the same period last year, showing an increase of about 17.49% [1] - Total assets at the end of the reporting period were approximately 19.29 billion yuan, up from 19.07 billion yuan at the end of the previous year [1] - The net assets attributable to shareholders increased to approximately 10.63 billion yuan from 10.42 billion yuan [1] Valuation Metrics - As of the close on August 27, the company's price-to-earnings ratio (TTM) was approximately 15.15 times, the price-to-book ratio (LF) was about 1.25 times, and the price-to-sales ratio (TTM) was around 0.72 times [1] Shareholder Structure - As of the end of the reporting period, the top ten circulating shareholders included a new shareholder, Franklin Templeton Guohai Small and Medium Cap Stock Fund, replacing the Southern CSI All Index Real Estate ETF from the previous quarter [47] - The shareholding proportions of several institutional investors, including the National Social Security Fund and various pension funds, have decreased [47][48]

（文章来源：国际金融报） 宋海林表示，未来公司会坚持"三个聚焦"战略。 一是会把业务聚焦在 50-60 个重点城市； 二是把业务聚焦在自身能力有护城河的业务上，低效没有护 城河的业务会坚决缩减掉；第三就是要坚持服务好 B 端战略级大客户。 8月29日，龙湖集团控股有限公司召开2025中期业绩发布会。 对于市场关注的退出部分物管项目，龙湖集团高级副总裁、龙湖智创生活首席执行官宋海林解释称，截 止上半年， 我们在管面积约 4 亿平米，约 2200 个项目，今年半年的收入是 55.3 亿，大概下降了 4.3%。主要有两个原因，一是我们主动退出了一些限价过低的外拓项目。另一方面， 我们调整聚焦了 增值类业务，砍掉了一些相对低效的业务，这样做的目的是为了未来能够有质量、可持续的增长。 ...

Core Insights - Green Town Service reported a revenue of 9.29 billion with a year-on-year growth of 6.1% and a net profit attributable to equity shareholders of 610 million, reflecting a year-on-year increase of 22.6% [1][2] - The company's gross profit margin improved to 19.47%, up 0.24 percentage points from the previous year, indicating enhanced profitability [1] - The company has been actively managing costs, with sales and management expenses as a percentage of revenue decreasing to 1.52% and 6.38%, respectively [1] Financial Performance - Revenue from property services reached 6.63 billion, a year-on-year increase of 10.2% [1] - The gross profit margin for property services was 15.3%, up 0.4 percentage points from the previous year [1] - The company’s gross profit margin for park services was 26.6%, an increase of 3.2 percentage points, while consulting services saw a gross profit margin of 33.1%, up 0.2 percentage points [1] Operational Expansion - As of mid-2025, the managed area reached 536 million square meters, an 11.3% increase year-on-year [1] - The company has a reserve area of 347 million square meters, down 2.9% from the previous year, reflecting a strategic exit from certain projects due to potential delivery risks [1] Shareholder Returns - In the first half of 2025, the company repurchased 17.17 million shares for approximately 64.95 million Hong Kong dollars, with a total of 20.03 million shares being canceled [2] - The share buyback initiative is expected to enhance earnings per share and boost shareholder confidence [2] Investment Outlook - The company is projected to achieve net profits of 930 million, 1.08 billion, and 1.24 billion for 2025-2027, with corresponding price-to-earnings ratios of 15.3, 13.1, and 11.4 [2]

Core Viewpoint - The company's 1H25 performance slightly underperformed market expectations, with revenue and net profit both growing by 4% year-on-year, reaching 7.09 billion yuan and 770 million yuan respectively, primarily due to a decline in other income and an increase in impairment provisions [1][2] Financial Performance - Revenue for 1H25 increased by 4% to 7.09 billion yuan, while net profit also rose by 4% to 770 million yuan, slightly below market expectations [1] - The interim dividend per share is set at 0.1 HKD, with a payout ratio of 40%, compared to 36% in 2024 and 35% in 1H24 [1] Business Development - The company maintained stable external expansion, with a total annual contract value of approximately 980 million yuan for 1H25, with over 60% from urban operations, remaining roughly flat year-on-year [1] - The average annual contract value for projects worth over 10 million yuan increased by 17%, indicating a steady improvement in the quality of external expansion [1] Value-Added Services - Overall, value-added services faced pressure, with both residential and non-residential service revenues declining; residential services saw a 12% drop to 610 million yuan, while community asset operation services grew by 6% [2] - Engineering services, however, maintained double-digit growth, indicating resilience in this segment [2] Collection and Management - The overall collection rate showed slight improvement, with the current collection rate increasing year-on-year, while the previous period's collection rate saw a minor decline [2] Future Outlook - The company anticipates a stable or slightly improved operational trend in the second half of the year, as the scale of inefficient projects has returned to reasonable levels, reducing future pressure [2] - Increased efforts in asset operation services and certain home life services are expected to support business progress in the latter half of the year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 5% and 6% to 1.6 billion yuan and 1.71 billion yuan respectively, with expected year-on-year growth of 6% and 7% [2] - The company maintains an outperform rating and a target price of 6.5 HKD, implying a 22% upside based on a 12x 2025 P/E ratio, while currently trading at a 10x 2025 P/E ratio [2]

Core Viewpoint - The company reported its 1H25 performance, which met expectations with a revenue of 8.52 billion yuan, a year-on-year increase of 6.5%, and a core net profit of 2.01 billion yuan, up 15.0% year-on-year [1] Group 1: Financial Performance - The reported net profit attributable to shareholders increased by 7.4% year-on-year to 2.03 billion yuan, affected by a high base from fair value changes in the previous year [1] - The company declared an ordinary dividend of 0.529 yuan per share and a special dividend of 0.352 yuan per share, corresponding to a payout ratio of 60% and 40% based on core net profit [1] Group 2: Shopping Center Performance - The retail sales of managed shopping centers grew by 21.1% year-on-year in 1H25, with same-store sales growth of 9.7%, significantly outperforming the overall retail sales growth [1] - The luxury shopping center segment achieved a same-store sales growth of 9.6%, demonstrating resilience [1] - The shopping center segment's revenue increased by 20% year-on-year, with an improvement in operational efficiency, as gross margin rose by 6.2 percentage points to 78.7% [1] Group 3: Office and Community Space Performance - In a challenging industry environment, the office and community space segments maintained stable or slightly increased revenues, with office occupancy rates rising by 0.5 percentage points [2] - The community space business saw a slight increase in gross margin by 0.2 percentage points and a year-on-year collection rate improvement of approximately 0.6 percentage points [2] - The urban space segment achieved a revenue growth of 15% year-on-year, with gross profit increasing by 8% [2] Group 4: Growth Outlook - The company aims to maintain its annual growth guidance and cash flow targets, with over 40% of its 125 operational projects ranking first in local market retail sales [2] - The company has a robust project pipeline, with 75 projects not yet opened as of 1H25, and plans to open 14 new projects in 2025, providing ongoing growth momentum [2] - The company targets a double-digit core net profit growth for the full year, supported by strong cash flow [2] Group 5: Profit Forecast and Valuation - The profit forecast remains largely unchanged, with expected core net profit growth of 15% and 11% for 2025 and 2026, reaching 4.04 billion yuan and 4.50 billion yuan respectively [3] - The company maintains an outperform rating and a target price of 40 HKD, corresponding to a 21 times core P/E ratio for 2025, implying a 6% upside potential [3] - The company is trading at a 20 times core P/E ratio for 2025, with an expected dividend yield of 5.1% based on a 100% core net profit payout [3]

Core Viewpoint - In the first half of 2025, the company achieved revenue of 8.52 billion yuan, a year-on-year increase of 6.5%, with core net profit reaching 2.01 billion yuan, up 15.0% year-on-year, driven by improved gross margins [1][2][3] Revenue and Profit Summary - The company reported a total revenue of 8.52 billion yuan for the first half of 2025, with a year-on-year growth of 6.5% [1] - The commercial and property segments generated revenues of 3.27 billion yuan and 5.16 billion yuan, respectively, reflecting year-on-year increases of 14.6% and 1.1% [1] - Core net profit was 2.01 billion yuan, marking a 15.0% increase year-on-year, with a gross margin improvement of 3.1 percentage points to 37.1% [1][2] Commercial Management Performance - The company operated 125 shopping centers by the end of the first half, an increase of 3 from the end of the previous year [2] - Retail sales in shopping centers reached 122 billion yuan, a year-on-year growth of 21.1%, with same-store sales growth of 9.7%, outperforming the national retail growth of 5.0% [2] - The overall occupancy rate of shopping centers was 97.1%, up 0.4 percentage points from the end of the previous year [2] Property Management Stability - The company managed a total area of 420 million square meters and a contracted area of 450 million square meters, reflecting increases of 1.8% and 0.4% respectively [2] - The collection rate for residential property management was 76%, an increase of 1 percentage point year-on-year [2] Shareholder Returns - The company declared a mid-term dividend equivalent to 60% of core net profit and an additional special dividend of 40%, marking the first full mid-term dividend distribution [3] - The rolling dividend yield based on the latest share price is 6.3%, indicating a strong dividend characteristic [3] Earnings Forecast Adjustment - Due to a slowdown in property segment growth, the company has revised its earnings forecast, projecting EPS for 2025-2027 to be 1.83, 2.04, and 2.23 yuan, down from previous estimates [3]

Group 1 - The company downgraded its rating from outperform to neutral due to significant pressure on gross profit margin and receivables impairment despite turning a profit of 122 million yuan in 1H25 compared to a loss of 472 million yuan in the same period last year [1] - The company's gross profit margin decreased by 3.7 percentage points to 20.2% in 1H25, primarily due to a more cautious revenue recognition strategy for high-risk third-party clients, resulting in a 180 million yuan reduction in gross profit [1][2] - The company has a high concentration of projects in core first and second-tier cities, with 87% of its revenue coming from these areas, which is expected to provide stable cash flow in the long term [2] Group 2 - The company plans to maintain a dividend payout ratio of 55% of core net profit from 2022 to 2024, reflecting good corporate governance and a commitment to shareholder returns, but cash flow performance may limit its ability to sustain this [2] - The company has adjusted its profit forecasts for 2025-26, reducing expected net profit by 80.5% and 78.0% to 131 million yuan and 149 million yuan respectively, due to increased impairment on receivables and conservative revenue recognition policies [3] - The target price has been lowered by 23.5% to 1.53 HKD, corresponding to a P/E ratio of 32.6 times for 2025, indicating potential downside risk [3]

Group 1 - The company reported a total revenue decline of 8.3% year-on-year to 6.47 billion RMB in the first half of 2025, primarily due to proactive business scale adjustments and a reduction in cyclical income [1] - The gross profit margin decreased by 2.4 percentage points to 14.5%, slightly below the expected 16%, attributed to a significant drop in high-margin value-added service revenue and a 3.5 percentage point decline in urban service gross margin [1] - The company turned a profit of 350 million RMB in the first half of 2025, driven by a reduction in impairment provisions, while core profit fell by 16.9% year-on-year to 588 million RMB [1] Group 2 - The company actively integrated and exited non-profitable projects, resulting in a 10.4% and 7.7% year-on-year decrease in managed and contracted property areas to 517 million and 692 million square meters, respectively [2] - Basic property management revenue remained stable with a slight decline of 0.8% year-on-year to 5.33 billion RMB, while urban service revenue fell by 14.6% to 577 million RMB [2] - The company reduced its reliance on the real estate market, leading to a continued decline in the proportion of revenue and gross profit from value-added services, which dropped to 0.5% and 1% respectively [2]