Core Viewpoint - The company reported a resilient performance in the first half of 2025, with revenue of 8.39 billion and a year-on-year growth of 6.6%, while net profit attributable to shareholders reached 890 million, increasing by 5.3% [1][2] Group 1: Financial Performance - The company did not declare an interim dividend for the first half of 2025 [1] - As of the first half of 2025, the contracted area and managed area were 1 billion and 830 million square meters respectively, indicating a continued strengthening of scale advantages [1] - The revenue from third-party property management services grew by 19.9% year-on-year, with its proportion in basic property management income increasing by 2.5 percentage points [1] Group 2: Market Position and Strategy - The company maintained its leading position in the industry, with sales from related parties, particularly Poly Development, ranking first according to the CRIC list [1] - The company is actively enhancing project selection and density focus, with new third-party project contract amounts increasing by 17.2% year-on-year [1] - The company has optimized its business mix, with third-party projects and non-residential formats accounting for 65.9% and 61.5% of the managed area respectively [1] Group 3: Community Value-Added Services - The company is optimizing its community asset service layout and upgrading public service operations, with a focus on "asset operation services + community life services" [2] - The gross profit margin of community value-added services increased by 1.1 percentage points year-on-year [2] - The company is advancing its public service strategy with a focus on "city branding" and has entered the Shenzhen Xiyong International Coastal Tourism Scenic Area [2] Group 4: Investment Outlook - The financial operations of the company's related party, Poly Development, remain stable, providing reliable support for future operations [2] - The company is expected to maintain its industry-leading position due to ongoing reforms and optimizations in third-party expansion and community value-added services [2] - The company’s EPS forecasts for 2025-2027 are 2.84, 3.00, and 3.15 respectively, with corresponding PE ratios of 12.0, 11.4, and 10.8 times [2]

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].