业绩简评 2025 年 8 月 27 日早晨，公司发布 2024 中期业绩：实现营收 85.2 亿元，同比+6.5%；归母净利润 20.3 亿元，同比+7.4%；核心净利 润 20.1 亿元，同比+15.0%。 经营分析 毛利率水平持续提升，两费费率下降，提质增效带动业绩高质量 增长。2024 年①收入同比+6.5%，其中商业航道同比+14.6%，物业 航道同比+1.1%。②毛利率：综合 37.1%，同比+3.1pct，其中商业 航道 66.1%，同比+5.2pct；物业航道 18.8%，同比-0.1pct。③两 费费率 6.3%，同比-0.6pct。 提升中期派息率并宣派特别股息，首次实现中期核心净利润 100% 分派。1H25 公司中期每股股息 0.529 元，同比+89.6%；同时宣派 特别股息每股 0.352 元。公司以股东价值最大化为导向，首次在 中期实现 100%核心净利润分派。 盈利预测、估值与评级 考虑到公司在商业航道持续领跑市场，构筑广阔壁垒，近年来购 物中心开业持续放量；在物业航道实现有质量的规模增长。我们 预计公司2025-2027年归母净利润分别为41.0亿元、45.0元、48.9 亿 ...

Core Points - The company, Yexing Group (01941.HK), reported a mid-year performance for the first half of 2025, with revenue of RMB 173 million, a decrease of 7.38% year-on-year [1] - The profit attributable to the company's owners was RMB 12.807 million, showing a significant increase of 92.93% year-on-year, with basic earnings per share at RMB 0.0316 [1] Business Operations - As of June 30, 2025, the group had a contracted construction area of approximately 15.9 million square meters, with a total managed revenue construction area exceeding 13.3 million square meters, consistent with the figures reported on December 31, 2024 [1] - The group manages 65 residential projects, with a total revenue construction area of about 12.4 million square meters, accounting for 93.5% of the total revenue construction area [1] - The group also manages 18 non-residential projects, with a total revenue construction area of approximately 900,000 square meters, representing 6.5% of the total revenue construction area [1]

Core Viewpoint - The property governance landscape in Shanghai Yangpu District is undergoing a comprehensive transformation, focusing on creating a property service integrated system and exploring new regional property management models [1][2]. Group 1: Property Governance Structure - Shanghai Yangpu is establishing a three-tiered property governance system led by party organizations at the district, street, and community levels [1]. - The district is implementing a joint meeting system and a "three-carriage" joint reception system to enhance collaboration among community party organizations, residents' committees, and property service companies [1]. Group 2: Challenges and Solutions - The district is addressing issues related to old residential areas and the presence of small, scattered, and weak property companies by exploring a "large property + large housekeeper" model [1]. - Efforts include merging property management areas and conducting safety assessments and upgrades for old elevators to improve service levels in aging communities [1]. Group 3: Service Quality and Mechanism Innovation - Jiangpu Road Street has successfully merged three small communities, reducing the number of property companies from 45 to 30, thus transitioning from a "small and scattered" to a "large and superior" management model [1]. - Yanji New Village Street is leveraging its community management advantages to enhance property supervision, resulting in a significant decrease in property-related complaints [1]. Group 4: Data Utilization and Community Engagement - Yangpu District is strengthening the standardized construction of residents' committees, ensuring comprehensive training and auditing for committee members [2]. - The district is organizing property governance data into a unified "Community Cloud" platform to support future governance efforts and improve service efficiency [2].

Group 1 - The core viewpoint of the article is that Yexing Group (01941) reported a decrease in total revenue for the first half of 2025, while net profit attributable to shareholders saw a significant increase [1] - Total revenue for the company was approximately 173 million, representing a year-on-year decrease of about 7.4% [1] - The profit attributable to shareholders was 12.807 million, showing a year-on-year increase of 92.93% [1] Group 2 - The increase in profit was primarily due to a 6.1% rise in gross profit, which reached 43.6 million [1] - Administrative expenses decreased by 12.1% to 18.9 million [1] - Impairment losses were reduced to 5.4 million [1]

Group 1 - The core viewpoint of the articles highlights the financial performance of Midea Real Estate for the six months ending June 30, 2025, showing a revenue increase of 41.3% year-on-year to 1.997 billion RMB, while shareholder profit decreased by 18.73% to 305 million RMB [1] - The property management service revenue reached 930 million RMB, an increase of 8.7% compared to 856 million RMB in the same period of 2024, driven by business expansion and the rolling delivery of existing residential projects [1] - As of the reporting period, the contracted area for property management was 96.06 million square meters, with managed area at 79.46 million square meters, and the average occupancy rate of operational commercial entities exceeded 90% [1] Group 2 - The development services segment was established following the completion of the physical distribution and sale (restructuring) on October 22, 2024, focusing on the full-chain development management of real estate assets held by the controlling shareholder post-restructuring [2] - This new segment encompasses property design, development, planning, construction, and sales, and aims to qualitatively expand third-party construction services [2]

Core Viewpoint - The company reported a revenue of RMB 471 million for the six months ending June 30, 2025, representing a year-on-year increase of 1.76% [1] Financial Performance - Gross profit reached RMB 79.3 million, showing a year-on-year increase of 13.87% [1] - Profit attributable to owners of the company was RMB 30.9 million, which is a 4% increase compared to the previous year [1] - Basic earnings per share stood at RMB 0.46 [1] Operational Metrics - As of June 30, 2025, the total contracted gross floor area of the group was approximately 18.2 million square meters, an increase of 11.56% from June 30, 2024 [1]

Group 1 - The company, Jingfa Property (01354), reported a revenue of 471 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 1.76% [1] - Shareholders' profit attributable to the company was 30.855 million RMB, which is a year-on-year increase of 3.98% [1] - The basic earnings per share were 0.46 RMB [1]

Core Viewpoint - The company reported a slight increase in revenue and profit for the six months ending June 30, 2025, indicating stable financial performance despite market conditions [1] Financial Performance - Revenue for the period was 471 million RMB, representing a year-on-year increase of 1.76% [1] - Shareholders' profit amounted to 30.855 million RMB, which is a year-on-year increase of 3.98% [1] - Basic earnings per share were reported at 0.46 RMB [1]

Core Insights - The company reported a revenue of 6.47 billion yuan and achieved a net profit turnaround, with an adjusted net profit of 590 million yuan for the first half of 2025 [1] - The three main non-cyclical business segments, including property services, owner value-added services, and urban services, generated 6.42 billion yuan, accounting for 99.4% of total revenue [1] - The company maintained a cost control ratio of 4.5%, demonstrating effective cost reduction and efficiency improvement [1] Financial Performance - Revenue for the first half of 2025 reached 6.47 billion yuan, with a gross profit of 940 million yuan [1] - The adjusted net profit was reported at 590 million yuan, indicating a successful turnaround from previous losses [1] - The company revised its dividend policy, maintaining a payout ratio of 25% to provide long-term returns to shareholders [1] Operational Metrics - As of June 30, 2025, the company managed a contracted area of approximately 690 million square meters, with an operational area of about 520 million square meters [1] - The operational area composition includes 49.0% residential, 40.7% public buildings, and 10.3% commercial and office spaces, reflecting a balanced multi-sector layout [1] - Over 72% of the managed area is concentrated in first and second-tier cities, with around 43% of property service revenue coming from top-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1]

Core Viewpoint - The company is actively optimizing its business structure by focusing on core operations and adjusting non-core businesses, which includes divesting subsidiaries like Jinsha Tian. These adjustments may have a short-term impact on profits but ultimately enhance the company's ability to respond to market and policy changes [1] Financial Performance - After excluding the impact of subsidiaries like Jinsha Tian, the company's overall revenue still achieved approximately 3% growth [1] - The core property management business maintained steady growth, with revenue exceeding 2.8 billion, reflecting a nearly 3% year-on-year increase [1] Market Expansion - The company achieved significant market expansion, with new contracted area reaching 40.1 million square meters, a year-on-year increase of 126.6% [1] - New annual saturated revenue reached 1 billion, marking a 66.7% year-on-year growth, both figures setting historical highs [1] Operational Efficiency - Nearly 80% of the contracted area comes from third-party clients, indicating a stable operational base and continuous optimization of the revenue structure [1] - Through refined management and digital operations, the company's operational efficiency and cyclical resilience are continuously improving, laying a solid foundation for long-term stable development [1]