Core Viewpoint - The company reported slightly better-than-expected performance for 1H25, with revenue of 9.29 billion yuan, a year-on-year increase of 6%, and a core operating profit of 1.07 billion yuan, up 25% year-on-year [1] Group 1: Financial Performance - The company's revenue from basic property management services, which accounts for about 70% of total revenue, grew by 10% year-on-year, solidifying the overall growth foundation [1] - The new annualized contract income reached 1.52 billion yuan, comparable to the same period last year, with a 5 percentage point increase in the proportion of core city projects to 95% [1] - The average property fee for new contracts was 3.7 yuan per square meter per month, compared to 3.2 yuan for existing contracts [1] - The gross profit margins for property services, park services, and consulting services increased by 0.4, 3.2, and 0.2 percentage points respectively, leading to a 0.5 percentage point rise in overall gross profit margin [1] - Selling and administrative expenses decreased by 9% year-on-year, with the expense ratio down by 1.3 percentage points [1] Group 2: Cash Flow and Shareholder Returns - The company has a strong cash position, with total cash (including cash and time deposits) of approximately 5.45 billion yuan, an increase of 1.14 billion yuan year-on-year [1] - Trade and other receivables grew by 12% year-on-year, while operating cash outflow was 400 million yuan, slightly up from 360 million yuan in the same period last year [1] - The company is expected to maintain an active shareholder return policy, with a payout ratio exceeding 70% over the past two years and a cumulative repurchase amount of approximately 60 million yuan in 1H25 [2] Group 3: Future Outlook and Valuation - The company aims for quality growth and cash profit, with an annualized churn rate of 4-5% over the past three years, and is expected to continue improving profit margins [2] - Profit forecasts remain unchanged, with core operating profit expected to grow by 15% year-on-year in 2025 and 2026, reaching 1.83 billion yuan and 2.11 billion yuan respectively [2] - The target price has been raised by 8% to 6.0 HKD, corresponding to a 19 times target P/E ratio for 2025, indicating an 18% upside potential [2]

Core Viewpoint - The company achieved an operating income of 9.29 billion yuan in the first half of 2025, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 610 million yuan, a year-on-year increase of 22.6%. The growth rate of net profit outpaced that of revenue mainly due to improved gross margin and decreased sales and management expense ratios [1][2]. Financial Performance - In the first half of 2025, the company reported an operating income of 9.29 billion yuan, up 6.1% year-on-year, and a net profit attributable to shareholders of 610 million yuan, up 22.6% year-on-year [1]. - The gross margin for the first half of 2025 was 19.5%, an increase of 0.5 percentage points compared to the same period last year. The sales expense ratio was 1.5%, down 0.3 percentage points, and the management expense ratio was 6.4%, down 1.0 percentage points [2]. Operational Efficiency - The company’s property management service revenue reached 6.63 billion yuan, a year-on-year increase of 10.2%, accounting for 71.4% of total revenue, with a gross margin of 15.3%, up 0.4 percentage points year-on-year. The managed area reached 540 million square meters, a year-on-year increase of 11.3% [2]. - The company is focusing on prudent expansion and enhancing the quality of its project reserves by deepening its presence in high-quality existing projects and actively exiting non-core cities and projects with delivery risks [2]. Professional Services - The company’s park services and consulting services showed mixed revenue performance in the first half of 2025, with park service revenue at 1.36 billion yuan, down 6.0%, and consulting service revenue at 1.30 billion yuan, a slight increase of 0.6%. However, both services saw improvements in gross margins, with park services at 26.6% and consulting services at 33.1%, up 3.2 and 0.2 percentage points respectively [3]. Future Outlook - The company maintains its earnings forecast and buy rating, predicting EPS of 0.30, 0.35, and 0.39 yuan for 2025-2027, corresponding to a PE of 15.4 times for 2025. The company’s high growth in performance and steady improvement in operational quality and efficiency support this outlook [3].

Core Viewpoint - The company reported stable growth in revenue and net profit for the first half of 2025, driven by an increase in managed area and a healthy financial structure [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.823 billion yuan, a year-on-year increase of 13.8% [1]. - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year growth of 13.2% [1]. - The gross profit margin remained stable at 25.2%, and the net profit margin was 11.9%, both unchanged year-on-year [1]. Group 2: Operational Analysis - The managed area increased to 83.28 million square meters, up 10.2% from the end of the previous year [2]. - The contracted area reached 112.79 million square meters, a 3.4% increase from the end of last year [2]. - The company maintained a high collection rate of 66.2%, slightly down from 67.0% in the first half of 2023 [2]. Group 3: Revenue Structure - The revenue from property management services, community value-added services, non-owner value-added services, and commercial property management services accounted for 63.9%, 16.8%, 16.8%, and 2.5% respectively [1]. - The proportion of revenue from non-owner value-added services decreased, while the share of stable revenue from property management services increased by 4.2 percentage points [1]. Group 4: Future Outlook - The company expects net profit attributable to shareholders to reach 367 million yuan, 403 million yuan, and 435 million yuan for 2025, 2026, and 2027, with year-on-year growth rates of 13.4%, 9.8%, and 8.2% respectively [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.2x, 10.2x, and 9.5x for 2025, 2026, and 2027 [2].

Core Viewpoint - The company maintains its profit forecast for Greentown Service (02869), expecting a 15% year-on-year growth in core operating profit for 2025-26, reaching 1.83 billion and 2.11 billion yuan respectively, with a 17% growth in net profit attributable to shareholders, reaching 920 million and 1.07 billion yuan [1] Group 1: Financial Performance - The company reported 1H25 results with revenue of 9.29 billion yuan, a 6% year-on-year increase; core operating profit of 1.07 billion yuan, a 25% increase; and net profit attributable to shareholders of 610 million yuan, a 23% increase, slightly exceeding expectations [2] - The basic property management business, accounting for about 70% of revenue, grew by 10% year-on-year, solidifying the company's overall growth foundation [3] Group 2: Profitability and Cost Management - Profit margins across various business segments improved, with property services, park services, and consulting services' gross margins increasing by 0.4, 3.2, and 0.2 percentage points respectively, leading to a 0.5 percentage point increase in overall gross margin [4] - Selling and administrative expenses decreased by 9% year-on-year, with the expense ratio declining by 1.3 percentage points [4] Group 3: Cash Flow and Financial Health - The company has ample cash on hand, with broad cash (cash and time deposits) amounting to 5.45 billion yuan, an increase of 1.14 billion yuan year-on-year; trade and other receivables grew by 12% [5] - Operating cash outflow was 400 million yuan, slightly up from 360 million yuan in the same period last year [5] Group 4: Strategic Development and Shareholder Returns - The company aims for quality development, leveraging its brand advantage to expand quality projects while actively updating its project portfolio, maintaining a 4-5% annual attrition rate over the past three years [6] - The company continues to implement an active shareholder return policy, maintaining a target of operating cash flow covering net profit by more than one time, with a payout ratio exceeding 70% in the past two years and a cumulative repurchase amount of approximately 60 million yuan in 1H25 [7]

Core Viewpoint - The company reported lower-than-expected performance for 1H25, with revenue growth of 3% to 3.46 billion yuan and a net profit decline of 19% to 210 million yuan, primarily due to a decrease in core business gross margin and an increase in accounts receivable impairment provisions [1][2] Financial Performance - Revenue for 1H25 increased by 3% to 3.46 billion yuan, while net profit decreased by 19% to 210 million yuan, falling short of market expectations [1] - The company plans to distribute an interim dividend of 0.095 HKD per share, with a payout ratio of 70%, resulting in a dividend yield of 4.4% [1] - The gross margin for core business faced pressure, with the basic property gross margin down by 2 percentage points to 18.5% and community value-added services gross margin down by 8.9 percentage points to 28.2% [2] Operational Highlights - The company achieved a historical high in third-party expansion with an annualized contract amount of approximately 870 million yuan, a 9% increase year-on-year [1] - The managed area increased by 7% to 254 million square meters, while the company exited non-core cities and low-quality projects, reducing the managed area by 15.68 million square meters [1] Cash Flow and Cost Management - Operating cash flow showed 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 accounts receivable [2] - The selling and administrative expense ratio decreased by 0.6 percentage points to 6.6%, benefiting from ongoing optimization of back-office management efficiency [2] Strategic Outlook - The company aims to solidify its internal capabilities and focus on cash flow performance and shareholder returns amid industry and economic challenges [2] - The company is committed to strategic transformation, enhancing service quality, optimizing cost structures, and strengthening team capabilities to maintain competitiveness [2] Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been lowered by 16% and 15% to 420 million yuan and 440 million yuan, respectively [3] - The target price has been reduced by 7% to 2.33 HKD, reflecting adjustments in earnings forecasts and potential dividend yield support [3] - The company is currently trading at a 2025 price-to-earnings ratio of 7.8 times and a projected dividend yield of 9.0% [3]

摩根士丹利发表技术研报，预计绿城服务股价未来15天将上升，发生机率料介乎70%至80%。对该股评 级"增持"，目标价5.18港元。 报告指，绿城服务上半年业绩稳固，在可比基础上核心溢利按年增长25%，是物业管理板块中增长率最 高的公司之一，主要由于利润率扩张较预期强劲。该行认为业绩证明公司在新管理团队的领导下执行力 强劲，增加了全年盈利增长的能见度，并可能导致市场预测上调。此外，公司亦正按计划扩展15亿元的 新合约。 ...

Core Insights - The property service industry is undergoing significant transformation, with owners increasingly focused on service quality and facing challenges in fee collection [1] - The concept of "quality-price alignment" has emerged as a key to breaking through the current industry challenges, requiring property companies to meet strict assessments from owners to receive full fees [1] Group 1: Service Transparency - Traditional property service models often leave owners passively accepting service content, leading to dissatisfaction due to a lack of involvement in decision-making [3] - Some property companies are exploring new models by breaking down service content into detailed lists, allowing owners to choose specific services and frequencies, thus enhancing transparency and customization [3] - This shift towards transparent and refined services helps resolve deeper community governance issues while linking service standards more closely to pricing [3] Group 2: Strategic Shift in Property Companies - Property companies are shifting their strategies from "pursuing scale" to "pursuing quality," focusing on high-quality projects and exiting low-quality ones due to difficulties in fee collection leading to operational losses [4] - The turnover rate of residential properties has increased, indicating a significant number of residential communities changing property companies annually, reflecting a collective response to industry pressures and evolving owner demands [4] - Some property companies are innovating service models to acquire new projects in a saturated market, leading to year-on-year growth in annualized revenue and improved fee collection rates [4] - The industry is transitioning from "scale expansion" to "quality competition," necessitating clear service and pricing standards, and adherence to contractual obligations to achieve the "quality-price alignment" goal [4]

近日，全国多地小区公告栏陆续贴出一张张刺眼的撤场公告。 中海、龙湖、金科……这些曾被视为行业标杆的物业企业，正在上演一场"集体大撤离"。 在重庆某小区，金科服务结束了长达10年的服务；在鄂州某小区，中海物业因近60万元物业费拖欠无奈退出；物业公司主动"撂挑子"的现象正在全国蔓 延。据不完全统计，仅2025年7月以来，就有近50个项目撤场。 | 灯 标 | 物业服务企业 | 79 | 正式 出时间 | 开力量 | 新闻物业 | | --- | --- | --- | --- | --- | --- | | 宁波 | 耐森物业 | 主动撤出 | 2025年7月1日 | 都州区圣喜大厦 | | | 海口 | 新世界物业 | 强制退出 | 2025年7月10日 | 海口新世界花园小区 | 恒辉物业 | | 辖州 | 龙湖智创生活 | 主动撤出 | 2025年7月14日 | 辽宁锦州时代西湖雅居 | | | 문 8 | 金碧物业 | 主动撤出 | 2025年7月30日 | 岳阳湘阴六建溪上桃花源小区 | | | 南京 | 栖霞建设物业 | 主动撤出 | 2025年7月30日 | 南京东方城小区 | | | 重庆 | 重 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a core operating profit growth of 25% year-on-year in the first half of 2025, indicating a clear trend of profit improvement [1] - Revenue for the first half of 2025 reached 9.3 billion yuan, a year-on-year increase of 6.1%, with a gross profit of 1.8 billion yuan, up 8.9% year-on-year [1] - The overall gross margin improved to 19.5%, an increase of 0.5 percentage points year-on-year, reflecting effective cost control and operational efficiency [3] Summary by Sections Main Business Performance - The company's revenue from property management, park services, and consulting services for the first half of 2025 was 6.63 billion, 1.36 billion, and 1.30 billion yuan respectively, showing a year-on-year growth of 10.2%, a decline of 6.0%, and an increase of 0.6% [2] - Property management accounted for 71.4% of total revenue, providing stable support for the company's performance [2] - The revenue from home life services within park services decreased by 53.8% due to the exclusion of a subsidiary from consolidation, but other segments showed positive growth [2] Expansion and Project Quality - The company focused on core regions for expansion, achieving a saturated revenue of 1.52 billion yuan from new property management projects, with non-residential projects making up 52.5% [2] - The average management fee for new projects was 3.7 yuan/month/㎡, indicating high project quality [2] - As of June 30, 2025, the total managed area reached 540 million square meters, with the Yangtze River Delta region accounting for 58.8% of the managed area and 69.7% of revenue [2] Profitability and Shareholder Returns - The overall gross margin for the first half of 2025 was 19.5%, with property management, park services, and consulting services gross margins at 15.3%, 26.6%, and 33.1% respectively [3] - The management expense ratio decreased to 6.4%, down 1.0 percentage points year-on-year, contributing to the profit improvement trend [3] - The company repurchased 17.17 million shares, representing 0.5% of the issued shares, and has a high historical dividend payout ratio [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 940 million, 1.1 billion, and 1.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 12 times [4][3] - The report emphasizes the company's strong brand reputation and competitive edge in new project expansion, highlighting the gradual improvement in profitability [3]

Core Viewpoint - The company reported stable revenue for the first half of 2025, with a slight decline in net profit, indicating challenges in the market while maintaining a consistent dividend payout ratio [3]. Group 1: Financial Performance - The company achieved revenue of 1.96 billion yuan, a year-on-year increase of 0.1%, with non-commercial segment revenue at 1.59 billion yuan, down 0.6%, and commercial segment revenue at 370 million yuan, up 3.1% [3]. - The gross profit margin was 21.3%, a decrease of 4.6 percentage points year-on-year, and the net profit attributable to shareholders was 240 million yuan, a year-on-year decline of 13.7% [3]. - The interim dividend declared was 0.08 yuan per share, maintaining a payout ratio of 50% year-on-year [3]. Group 2: Operational Insights - The management scale has steadily increased, with a total managed area of 72.31 million square meters as of June 30, 2025, reflecting a net increase of 3 million square meters since the end of 2024 [4]. - The composition of the managed area includes 62% residential, 15% TOD, 15% commercial and industrial parks, and 8% public buildings, with 62% located in the Greater Bay Area, enhancing project expansion potential and operational efficiency [4]. - Non-commercial property management services generated revenue of 720 million yuan, a year-on-year increase of 19.2%, indicating a stronger performance compared to overall revenue growth [4]. Group 3: Strategic Adjustments - Community value-added service revenue was 560 million yuan, a year-on-year decrease of 13.5%, primarily due to a reduction in high-margin renovation services delivered in the previous year [5]. - The company is actively restructuring its value-added service offerings to address performance fluctuations, focusing on lifestyle service demands and expanding into non-residential sectors such as smart campuses and community commerce [5]. - Administrative expense ratio decreased to 7.3%, down 0.8 percentage points year-on-year, with cash on hand amounting to 4.79 billion yuan, slightly increasing from the end of 2024, indicating strong liquidity and stable dividend capabilities [6].