集团期内毛利约为人民币16.267亿元，同比增长约1.0%，毛利率约为19.38%，同比下降约1.08个百分 点。期内溢利约为人民币9.040亿元，同比增长约5.8%，净利率约为10.8%，同比下降约0.1个百分点。 公司拥有人应占期内溢利约为人民币8.906亿元，同比增长约5.3%，每股基本盈利约为人民币1.6178 元。 保利物业公布截至2025年6月30日的六个月的中期业绩。期间，集团总收入约为人民币83.920亿元，同 比增长约6.6%。收入主要来自三部分：物业管理服务收入为人民币63.248亿元，同比增长约13.1%；非 业主增值服务收入为人民币8.631亿元，同比下降约16.1%；社区增值服务收入为人民币12.041亿元，同 比下降约3.7%。 ...

期內，集团毛利约为1.627亿元，同比增加1.0%；毛利率约为19.38%，同比减少约1.08个百分点。 本文源自：财华网 【财华社讯】保利物业(06049.HK)公布，截至2025年6月30日止六个月，收入约83.92亿元(人民币,下 同)，同比增加6.6%；公司拥有人应占溢利约8.91亿元，同比增加5.3%；每股基本盈利1.6178元。不派 息。 ...

Core Insights - The company reported a revenue of approximately RMB 8.392 billion for the first half of 2025, representing an increase of about 6.6% compared to the same period in 2024 [1] - The revenue from property management services increased by approximately 13.1% to around RMB 6.325 billion, while non-owner value-added services revenue decreased by about 16.1% to approximately RMB 863 million, and community value-added services revenue decreased by about 3.7% to around RMB 1.204 billion [1] Financial Performance - The company recorded a gross profit of approximately RMB 1.627 billion, an increase of about 1.0% year-on-year, with a gross margin of approximately 19.38%, down by about 1.08 percentage points from the previous year [1] - The profit for the period was approximately RMB 904 million, reflecting an increase of about 5.8% compared to 2024, with a net profit margin of approximately 10.8%, a slight decrease of 0.1 percentage points year-on-year [1] - The profit attributable to the owners of the company was approximately RMB 891 million, an increase of about 5.3% compared to the same period in 2024 [1]

Core Viewpoint - Poly Property reported a 6.61% increase in revenue for the first half of 2025, reaching 8.392 billion yuan, with a net profit attributable to equity holders of 891 million yuan, reflecting a 5.28% year-on-year growth [1][3]. Financial Performance - Total revenue for the first half of 2025 was 8.392 billion yuan, showing a growth rate decrease from 8.50% in 2024 [3]. - Net profit attributable to equity holders was 891 million yuan, with a growth rate lower than the 6.79% recorded in 2024 [3]. - Gross margin improved to 19.38% from 18.26% in 2024, indicating effective cost control [3]. - Net profit margin increased to 10.77%, up from 9.11% in 2024, suggesting enhanced profitability [3]. - Annualized return on equity rose to 18.20%, an increase of 2.2 percentage points from 16.00% in 2024, reflecting improved capital efficiency [3]. - Accounts receivable surged to 3.926 billion yuan from 2.816 billion yuan at the end of 2024, with accounts receivable turnover decreasing to 2.49 times [3]. Asset and Liability Structure - Total assets reached 17.620 billion yuan by the end of June 2025, a 5.00% increase from 16.781 billion yuan at the end of 2024 [4]. - Cash and cash equivalents slightly decreased to 9.648 billion yuan from 9.891 billion yuan at the end of 2024 [4]. - The debt-to-asset ratio increased to 42.93%, up 1.75 percentage points from 41.18% at the end of 2024 [4]. - Current liabilities totaled 7.503 billion yuan, a 9.68% increase from 6.841 billion yuan at the end of 2024, primarily due to an increase in other payables and accrued expenses [4]. - A new mid-to-long-term deposit project added 2.017 billion yuan in the first half of 2025, though details on its nature and purpose were not provided [4]. Strategic Planning - The company aims to focus on quality and efficiency in 2025, emphasizing "quality-driven, market-driven, operation-driven, and organization-driven" initiatives [5]. - In market expansion, the company will implement a "one city, one policy" approach for resource allocation, enhancing core city density [6]. - The company plans to leverage its state-owned service brand advantages in commercial and office buildings, town scenic areas, and existing residential sectors to strengthen differentiated service advantages [6]. - There is a commitment to enhance community asset services and living services for over 2 million households, aiming to provide more convenient and cost-effective living services [6]. - The company will continue to build comprehensive service capabilities covering various asset types, including management, leasing, and maintenance [6].

上半年，本集团持续审慎经营，以品质服务与精益运营赢得市场，实现业务规模稳步增长、管理效益不 断夯实。下半年，本集团将在增强增长动能、品质基石、组织效能与科技赋能四大维度协同发力，实现 规模与效益的动态平衡、服务与创新的深度融合，把握当下行业发展机遇。 保利物业(06049)发布2025年中期业绩，该集团取得收入人民币83.92亿元(单位下同)，同比增加6.6%;公 司拥有人应占期内溢利8.91亿元，同比增加5.3%;每股基本盈利1.6178元。 ...

Core Insights - Poly Property (06049) reported a mid-year performance for 2025, achieving revenue of RMB 8.392 billion, representing a year-on-year increase of 6.6% [1] - The profit attributable to the company's owners for the period was RMB 891 million, reflecting a year-on-year growth of 5.3% [1] - Basic earnings per share stood at RMB 1.6178 [1] Business Performance - The company maintained a prudent operational approach, focusing on quality service and lean operations to capture market share, resulting in steady business growth and enhanced management efficiency [1] - In the second half of the year, the company plans to enhance growth momentum, quality foundation, organizational effectiveness, and technological empowerment across four dimensions to achieve a dynamic balance between scale and efficiency, as well as deep integration of service and innovation [1]

Core Insights - Poly Property (06049.HK) reported a revenue of approximately RMB 8.392 billion for the six months ending June 30, 2025, representing an increase of about 6.6% compared to the same period in 2024 [1] Revenue Breakdown - Property management service revenue increased by approximately 13.1% to about RMB 6.325 billion compared to 2024 [1] - Non-owner value-added service revenue decreased by approximately 16.1% to about RMB 863 million compared to 2024 [1] - Community value-added service revenue decreased by approximately 3.7% to about RMB 1.204 billion compared to 2024 [1] Profitability Metrics - The company recorded a gross profit of approximately RMB 1.627 billion, an increase of about 1.0% year-on-year, with a gross margin of approximately 19.38%, down by 1.08 percentage points from 2024 [1] - Profit for the period was approximately RMB 904 million, an increase of about 5.8% compared to 2024, with a net profit margin of approximately 10.8%, down by 0.1 percentage points from 2024 [1] - Profit attributable to owners for the period was approximately RMB 890 million, an increase of about 5.3% compared to 2024, with basic earnings per share of approximately RMB 1.6178 [1]

保利物业公告，2025年上半年营业收入83.92亿元，同比增长6.6%。其中，物业管理服务收入63.25亿 元，同比增长13.1%；非业主增值服务收入8.63亿元，同比下降16.1%；社区增值服务收入12.04亿元， 同比下降3.7%。毛利16.27亿元，同比增长1.0%。期内溢利9.04亿元，同比增长5.8%。公司拥有人应占 期内溢利8.91亿元，同比增长5.3%。基本每股盈利1.62元，同比增长6.6%。 本文源自：金融界AI电报 ...

Core Viewpoint - The company has adjusted its profit forecasts for 2025 and 2026, lowering them by 16% and 15% to 420 million and 440 million yuan respectively, reflecting a year-on-year decline of 12% and a growth of 5% [1] Financial Performance - In the first half of 2025, the company's revenue increased by 3% to 3.46 billion yuan, while net profit attributable to shareholders fell by 19% to 210 million yuan, which was below market expectations due to declining gross margins in core businesses and increased provisions for receivables [2] - The company plans to distribute an interim dividend of 0.095 HKD per share, with a payout ratio of 70%, resulting in an interim dividend yield of 4.4% [2] Business Development - The company achieved an annualized contract amount of approximately 870 million yuan from third-party expansion in the first half of 2025, marking a historical high for the half-year period with a year-on-year growth of 9% [3] - The managed area increased by 7% year-on-year to 25.4 million square meters, while the company continued to exit non-core cities and low-quality projects, resulting in a reduction of managed area by 15.68 million square meters [3] Margin and Cash Flow - The gross margin of core businesses faced pressure, with the gross margin for basic property services declining by 2 percentage points to 18.5%, attributed to rising labor costs and increased service quality investments [4] - The gross margin for community value-added services dropped by 8.9 percentage points to 28.2%, mainly due to a decrease in the proportion of high-margin parking space sales and leasing [4] - Operating cash flow turned negative with a net outflow of 230 million yuan, compared to an inflow of 100 million yuan in the same period last year, primarily due to pressure on collection rates and an increase in receivables [4] Strategic Focus - The company aims to strengthen its internal capabilities and continue its strategic transformation amidst industry and economic challenges, focusing on enhancing service quality, optimizing cost structures, and strengthening team capabilities [5] - The performance of operating cash flow and shareholder returns are considered critical factors influencing the company's stock price in the future [5]

智通财经APP获悉，中金发布研报称，基于对永升服务(01995)细分业务结构及毛利率调整，分别下调 2025和2026年盈利预测16%和15%至4.2和4.4亿元(同比分别下降12%和增长5%)。维持跑赢行业评级，下 调目标价7%至2.33港元(对应2025年8.7倍目标市盈率和8.0%预期股息收益率，隐含12%上行空间)，主要 反映盈利预测调整以及潜在股息率支撑。公司当前交易于2025年7.8倍市盈率和9.0%的预期股息收益率 (基于普通派息50%和特别派息20%比例)。 中金主要观点如下： 1H25业绩低于市场预期 公司公布1H25业绩：收入同比增长3%至34.6亿元，归母净利润同比下跌19%至2.1亿元，低于市场预 期，主要系核心业务毛利率下滑及应收账款减值拨备增加等因素所致。公司拟每股分派中期股息0.095 港元，派息比例70%(普通派息50%、特别派息20%)，中期派息对应股息率4.4%。 第三方外拓延续较好势头 核心业务毛利率承压，经营性现金流流出扩大 2025年上半年公司核心业务毛利率面临一定压力，其中基础物业毛利率同比下降2个百分点至18.5%， 主要系人工成本有所增长、服务品质及基础投入增加 ...