料下半年经营趋势平稳中或略有改善。上半年公司经营面临一定压力，展望下半年我们预计或略有改 善：一方面经历过去一年半的集中退盘，公司低效项目规模恢复至合理水平，后续退盘压力边际减弱； 另一方面，住户增值服务端，公司加大在资产运营服务以及部分居家生活服务的推进力度和业务覆盖范 围，预计对下半年的业务进展有一定支撑。 外拓大体平稳，在管项目持续换仓保持良性发展。2025 年上半年公司外拓年合约额约9.8 亿元（其中城 市运营占比超过60%），与去年同期大体持平；其中千万元级项目的年化合约额均值提升17%，外拓质 量保持平稳提升态势。上半年末在管面积较2024 年末净增加500 万平米，主要原因系上半年退盘2,680 万平米，对应包干制下的基础物业毛利率小幅提升0.1 个百分点至13.6%。 增值服务整体承压，细分资产运营及工程服务仍有韧性。2025 年上半年公司住户及非住户增值服务收 入体量均出现不同程度下行，主要系整体环境影响。住户增值服务方面，上半年收入同比下降12%至 6.1 亿元，其中房屋租售等社区资产运营服务收入同比实现增长6%，居家生活服务及商业运营收入同比 则下降26%；非住户增值服务端，与地产行业较 ...

外拓大体平稳，在管项目持续换仓保持良性发展 2025年上半年公司外拓年合约额约9.8亿元(其中城市运营占比超过60%)，与去年同期大体持平;其中千 万元级项目的年化合约额均值提升17%，外拓质量保持平稳提升态势。上半年末在管面积较2024年末净 增加500万平米，主要原因系上半年退盘2,680万平米，对应包干制下的基础物业毛利率小幅提升0.1个百 分点至13.6%。 增值服务整体承压，细分资产运营及工程服务仍有韧性 2025年上半年公司住户及非住户增值服务收入体量均出现不同程度下行，主要系整体环境影响。住户增 值服务方面，上半年收入同比下降12%至6.1亿元，其中房屋租售等社区资产运营服务收入同比实现增 长6%，居家生活服务及商业运营收入同比则下降26%;非住户增值服务端，与地产行业较为相关的交付 前查验等业务拖累整体收入增速，工程服务收入则保持双位数左右的增长。 综合收缴率略有改善，账款管理维持良性 智通财经APP获悉，中金发布研报称，基于对中海物业(02669)细分业务结构及毛利率调整，下调2025年 和2026年盈利预测5%和6%至16.0亿元和17.1亿元(同比分别增长6%和7%)。维持跑赢行业评级和 ...

中金发布研报称，基于对中海物业(02669)细分业务结构及毛利率调整，下调2025年和2026年盈利预测 5%和6%至16.0亿元和17.1亿元(同比分别增长6%和7%)。维持跑赢行业评级和目标价6.5港元(对应12倍 2025年市盈率，隐含22%上行空间)，主要考虑到市场风险偏好变化，公司当前交易于10倍2025年市盈 率。 该行测算1H25综合回款率同比小幅提升，其中当年回款率同比上行、往期回款率则小幅下行。贸易应 收款原值同比增长1%，低于上半年收入增速。 料下半年经营趋势平稳中或略有改善 中金主要观点如下： 1H25业绩略低于市场预期 增值服务整体承压，细分资产运营及工程服务仍有韧性 2025年上半年公司住户及非住户增值服务收入体量均出现不同程度下行，主要系整体环境影响。住户增 值服务方面，上半年收入同比下降12%至6.1亿元，其中房屋租售等社区资产运营服务收入同比实现增 长6%，居家生活服务及商业运营收入同比则下降26%;非住户增值服务端，与地产行业较为相关的交付 前查验等业务拖累整体收入增速，工程服务收入则保持双位数左右的增长。 综合收缴率略有改善，账款管理维持良性 公司公布1H25业绩：收入同比 ...

Core Viewpoint - The company reported a slight increase in net profit for 2025H1, with a dividend payout ratio raised to 40%, indicating stable growth despite market expectations being slightly missed [1][4]. Financial Performance - In 2025H1, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7% [1] - Gross profit reached 1.2 billion yuan, up 4.7% year-on-year [1] - Net profit attributable to shareholders was 770 million yuan, reflecting a 4.3% increase year-on-year, slightly below market expectations [1] - Basic earnings per share were 0.23 yuan, also up 4.3% year-on-year [1] - The company's gross margin and net profit margin were 17.0% and 10.8%, respectively, with slight year-on-year increases of 0.2 percentage points and 0.1 percentage points [1] - Return on equity (ROE) was 28.8%, down 5.0 percentage points year-on-year [1] Project Management and Area - The managed area increased by 1.2% year-on-year, reaching 436 million square meters by the end of 2025H1 [2] - Of the newly added managed area of 31.8 million square meters, 84% came from third parties [2] - The company’s managed area composition included 60.9% from related parties and 39.1% from third parties [2] - The company’s new external contracts decreased by 14% year-on-year, with a contract value of 980 million yuan, down 5% year-on-year [2] Revenue Breakdown - Property management services generated revenue of 5.6 billion yuan, up 8.3% year-on-year [3] - Non-residential value-added services and residential value-added services saw revenue declines of 5.9% and 11.6%, respectively [3] - The gross margins for property management services, non-residential value-added services, and residential value-added services were 15.5%, 13.4%, and 35.2%, with year-on-year changes of +0.1, -0.7, and +5.0 percentage points, respectively [3] - The company is actively expanding into various sectors, including urban services, office buildings, hospitals, financial institutions, and government agencies [3] Investment Analysis - The company maintains a "buy" rating due to steady growth in performance and an increased dividend rate [4] - The net profit forecasts for 2025-2027 have been adjusted downwards to 1.64 billion, 1.77 billion, and 1.94 billion yuan, respectively [4] - The current price corresponds to a 2025 PE ratio of 10.7X, with strong pricing power in property fees and significant potential in value-added services [4]

房地产 2025 年 08 月 26 日 中海物业(2669.HK) 业绩平稳增长，管理持续优化 股价：5.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.copl.com.hk | | 大股东/持股 | 中国海外集团有限公司/56.07% | | 实际控制人 | 中国建筑集团有限公司 | | 总股本(百万股) | 3283.96 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 3283.96 | | 总市值（亿元） | 174.95 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.87 | | 资产负债率(%) | 55.14 | 行情走势图 相关研究报告 【平安证券】中海物业（2669.HK）*年报点评*业务结 构优化，业绩稳健增长*推荐20250327 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | ...