华泰证券指，公司上半年实现营收70.9亿元，同比增长4%；归母净利润7.7亿元，同比增长4%，低于公 司指引（全年归母净利润双位数增长）。公司营收增速有所放缓，主要由于继续退出低质项目，以及增 值服务的拖累。市拓提质并发力城市运营赛道，中期基础派息率稳中有进。该行看好公司继续实现有质 量的稳步增长，逐步提升派息率，维持"买入"评级。展望全年，预计公司归母净利润有望实现同比正增 长，但可能难以做到双位数增长。 消息面上，中海物业公布2025年中期业绩，整体收益同比上升3.7%至人民币70.895亿元，毛利较去年同 期上升4.7%至12.024亿元，公司普通股权持有人应占溢利较去年同期上升4.3%，达7.69亿元。公司拟派 发中期基础股息9港仙，此外，为庆祝公司上市十周年，公司拟派发一次性特别股息1港仙。 智通财经APP获悉，中海物业(02669)跌近5%，截至发稿，跌4.79%，报5.57港元，成交额3.62亿港元。 ...

Core Viewpoint - Jinmao Services (00816) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong operational performance and growth potential in the property management sector [1] Financial Performance - The company achieved a revenue of RMB 1.783 billion, representing a year-on-year increase of 19.58% [1] - The profit attributable to the owners of the parent company was RMB 179 million, reflecting a year-on-year increase of 3.07% [1] Operational Metrics - As of June 30, 2025, the total managed building area reached approximately 10.9 million square meters, which is an increase of about 10.6% compared to June 30, 2024 [1] Dividend Announcement - The board declared an interim dividend of HKD 0.087 per share for the six months ending June 30, 2025, along with a special dividend of HKD 0.066 per share to celebrate the company's third anniversary [1]

Group 1 - The core viewpoint of the article highlights that Jinmao Services (00816) experienced a nearly 4% increase in stock price, reaching HKD 3.3 with a trading volume of HKD 6.2129 million [1] - For the six months ending June 30, 2025, the company reported revenue of RMB 1.783 billion, representing a year-on-year increase of 19.58% [1] - The profit attributable to the parent company was RMB 179 million, showing a year-on-year growth of 3.07% [1] Group 2 - As of June 30, 2025, the total managed building area of the group was approximately 10.9 million square meters, which is an increase of about 10.6% compared to June 30, 2024 [1] - The board declared an interim dividend of HKD 0.087 per share for the six months ending June 30, 2025, along with a special dividend of HKD 0.066 per share to celebrate the company's third anniversary [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [8][13]. Core Insights - The company has demonstrated resilient revenue and profit growth despite challenges in the upstream real estate sector and tightening public finance expenditures. For the first half of 2025, the company reported revenue of 8.39 billion yuan, a year-on-year increase of 6.6%, and a net profit of 0.89 billion yuan, up 5.3% year-on-year [4][7]. - The company continues to strengthen its market position with a total managed area of 1 billion square meters and a third-party project ratio of 65.9% as of the first half of 2025, indicating an optimized business structure and accelerated marketization [7]. - The company has achieved significant growth in third-party property management services, with a revenue increase of 19.9% year-on-year in the first half of 2025, reflecting a successful expansion strategy [7]. Financial Summary - The company’s projected financial performance shows steady growth, with expected revenues of 17.68 billion yuan in 2025, representing an 8.2% year-on-year increase. Net profit is projected to reach 1.57 billion yuan, reflecting a 6.5% growth [6][10]. - Key financial metrics include a projected EPS of 2.84 yuan for 2025, with a corresponding P/E ratio of 12.0 times, indicating a favorable valuation compared to historical performance [6][11]. - The company maintains a solid balance sheet with a debt-to-asset ratio of 42.93%, suggesting a manageable level of financial leverage [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company has achieved stable revenue growth, with a 3.7% year-on-year increase in revenue to 7.09 billion yuan in the first half of 2025. Net profit attributable to ordinary shareholders rose by 4.3% to 770 million yuan [4][7]. - The company is focusing on optimizing its business structure, with a significant portion of new orders (84%) coming from independent third parties. The total new contract amount reached 2.26 billion yuan [7]. - The report highlights the company's strong financial position, with a current price-to-earnings (P/E) ratio of 11.0 times for 2025, indicating a favorable valuation compared to its earnings growth [7][11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 70.9 billion yuan, with property management services contributing 56 billion yuan, an increase of 8.3%. However, non-residential value-added services and residential value-added services saw declines of 5.9% and 11.6%, respectively [4][7]. - The overall gross margin improved to 17%, up by 0.2 percentage points year-on-year, while the selling and administrative expense ratio decreased to 2.1%, down by 0.6 percentage points [7]. Market Expansion and Management Optimization - The company added 31.8 million square meters of new orders in the first half of 2025, with a total new contract amount of 2.26 billion yuan. The management structure is continuously being optimized, with a net increase of 5 million square meters in managed area [7]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 has been slightly adjusted to 0.49 yuan, 0.51 yuan, and 0.54 yuan, respectively, reflecting the company's commitment to optimizing its business structure despite lower-than-expected revenue growth [7][11].

Investment Rating - CMOC Group Ltd is rated as HOLD with a target price of HK$10.74 [4][5][6] - RemeGen Co Ltd is rated as HOLD with a target price of HK$90.00 [7][9][10] - Poly Property Service is rated as BUY with a target price of HK$45.65 [12][13][14] Core Insights - CMOC Group Ltd's net profit surged 60% YoY to RMB8.67 billion in 1H25, driven by higher metal prices and reduced expenses [4][6] - RemeGen Co Ltd's revenue reached RMB1.09 billion, a 48% YoY increase, with a narrowing net loss of 42% to RMB450 million, indicating strong drug sales momentum [7][10] - Poly Property Service's revenue grew 6.6% YoY to RMB8.39 billion, with basic property management revenue increasing by 13.1% YoY [12][14] Summary by Sections CMOC Group Ltd - The company experienced a significant profit increase due to rising metal prices and lower interest expenses [4][6] - Earnings are expected to grow by 32% HoH in 2H25, supported by a RMB1.5 billion disposal gain [5][6] - The stock has outperformed the market by 71% in the past three months, leading to a downgrade to HOLD [5][6] RemeGen Co Ltd - The company reported strong revenue growth and a significant reduction in net loss, with expectations of breakeven by 2026 [7][10] - Key catalysts for future growth include data publications and regulatory submissions for its drug candidates [8][9] - The target price reflects anticipated peak sales for its key products in China and overseas [9][11] Poly Property Service - The company’s revenue growth was in line with expectations, with strong performance in core property management services [12][14] - Despite a decline in gross margin for other sectors, community value-added services saw an improvement [13][14] - EPS forecasts for 2026-27 have been increased due to accelerated property management revenue growth [13][14]

Core Insights - The article presents the weekly ranking of outstanding works titled "作·嗅之星" for the period from August 15 to August 21, 2025, highlighting the top articles and their authors [1][10]. Ranking Summary - TOP 1: "The History of Middle-Aged Poverty in Japan" by Analyst Boden [4][6] - TOP 2: "Property Fees, Nationwide Plunge" by Yan Finance [4][7] - TOP 3: "The Mechanical Parking Spaces Everyone is Against are Finally Fading" by Cha Ping Jun [4][7] - TOP 4: "Backstab? Russia Announces Ban on Chinese Trucks" by Fast Knife Finance [4][7] - TOP 5: "The Collapse of 'Erdogan Economics', Where is Turkey Headed?" by New Trend Think Tank [4][7] - TOP 6: "The Biggest Challenge for Moutai is Young People Not Posting Moutai on Xiaohongshu" by Zhuo Zhuo You Wen [4][7] - TOP 7: "Why Russia is Reluctant to Develop the Far East?" by Jiang Ning Zhi Fu [4][7] - TOP 8: "Xiaomi's Moment of Weakness" by Autocar Weekly [4][7] - TOP 9: "How Sheraton Declined in China?" by Travel Industry [4][7] Support for Authors - The platform will regularly provide bonuses and special support rights to the awarded authors to encourage the continuous production of quality content [9].

张贵清介绍，上半年公司延续去年的关于教育等业务的调整策略，并重点推进市拓聚焦、亏损治理、收 缴清欠等工作。 期内，公司实现收入70.89亿元，同比增加3.67%。利润方面，中海物业实现毛利12.02亿元，同比增加 4.71%；毛利率16.96%，上年同期为16.79%；本公司普通股权持有人应占利润为7.69亿元，同比增加 4.28%。 上半年，中海物业新增管理建筑面积3180万平方米，其中，84.0%来自独立第三方，新签合约总额约 22.58亿元；住宅项目及非住宅项目分别占新增在管面积的41.0%和59.0%，合约额分别为12.5亿元和 10.08亿元。 期内，中海物业退盘2680万平方米。截至今年6月底，中海物业在管面积为4.36亿平方米，较去年年底 增加500万平方米。 8月25日，中海物业（02669.HK）召开中期业绩沟通会，董事会主席张贵清、行政总裁肖俊强、副总裁 庞金营、财务总监甘沃辉出席会议。 张贵清表示，房地产行业的压力传导到物业领域有滞后性，但现在还是比较明显的；物业管理行业的调 整还在继续，企业的发展出现分化，行业的集中度进一步提升。 肖俊强表示，上半年整个物管行业的增速都在放缓，市场拓展 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.36 [6]. Core Views - The company reported a revenue of HKD 7.09 billion for the first half of 2025, reflecting a year-on-year growth of 4%, which is below the company's guidance for double-digit growth in net profit for the year [1][2]. - The company is focusing on enhancing urban operations while continuing to exit low-quality projects, which has contributed to the slowdown in revenue growth [1][3]. - The interim basic dividend proposed is HKD 0.09, with a special dividend of HKD 0.01, resulting in a total payout ratio of 40% [4]. Revenue and Profitability - The company's core property management revenue grew by 8% year-on-year, despite a net increase of only 5 million square meters in managed area compared to the end of 2024 [2]. - The gross margin improved by 0.2 percentage points to 17.0%, driven by cost-saving measures [2]. - The forecast for net profit attributable to the parent company for 2025 is expected to show positive growth, but may not reach double digits [2]. Urban Operations and Market Position - The company has seen a 5% year-on-year decline in new external contract value, totaling HKD 9.8 billion, but has improved project quality with a 17% increase in the average contract value for new projects [3]. - The urban operations segment has shown significant growth, with a 60% increase in new external contract value, reaching HKD 6.2 billion [3]. - The company continues to leverage its differentiated advantages in the Hong Kong and Macau regions, maintaining the largest market share in Hong Kong's property management sector [3]. Dividend Policy - The company aims to steadily increase its dividend payout ratio, with the basic dividend rate increasing by 1 percentage point year-on-year to 36% [4]. - The total dividend payout for the first half of 2025 is set at 40%, celebrating the company's tenth anniversary [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been revised downwards to RMB 0.48, RMB 0.52, and RMB 0.57, reflecting a decrease of 6%, 10%, and 13% respectively [5]. - The target price has been adjusted to HKD 7.36 based on a price-to-earnings (P/E) ratio of 14 times for 2025, down from a previous target of HKD 7.74 [5].

Core Viewpoint - Jinmao Service (00816.HK) reported a total revenue of approximately 1.783 billion yuan for the first half of 2025, reflecting a year-on-year increase of 19.6% [1] Financial Performance - Total revenue for the first half of 2025 was approximately 1.783 billion yuan, with property management service revenue accounting for about 1.321 billion yuan (74.1%) [1] - Non-owner value-added service revenue was approximately 146 million yuan (8.2%), while community value-added service revenue was about 315 million yuan (17.7%) [1] - Gross profit was approximately 401 million yuan, representing a year-on-year increase of about 9.6%, with a gross margin of 22.5%, down 2.1 percentage points year-on-year [1] - Profit for the period was approximately 184 million yuan, showing a year-on-year increase of 1.9% [1] - Cash and cash equivalents stood at approximately 1.656 billion yuan [1] Operational Highlights - As of June 30, 2025, the managed building area was approximately 108 million square meters, a year-on-year increase of about 10.6% [2] - The management team aims to manage accounts receivable growth to be below revenue growth for the full year, addressing collection pressures [2] - The company plans to accelerate the collection of accounts receivable and improve cooperation with quality suppliers [2] Strategic Focus - The company will focus on "survival" in the second half of the year, emphasizing cash collection, governance of inefficient projects, and cost reduction measures [2] - Jinmao Service aims to strengthen its operational foundation and risk management throughout its operations [2] - The company is committed to quality service and competitive barriers, while also pursuing high-quality scale growth through collaboration with stakeholders [2] Business Development - Jinmao Service will optimize its structure to unlock the value potential of value-added services, adjusting community services and enhancing supply chain and marketing capabilities [3] - The company is focused on organizational efficiency and talent development, implementing streamlined structures and nurturing young talent [3] - Investments in digital and intelligent operations will enhance operational efficiency and customer experience [3]