Q&A 中海物业 20251210 摘要 中海物业上半年股东应占溢利同比增长 4.3%至 7.7 亿元，纯利率维持 在 10.9%的高位，并宣布中期派息每股 9 港仙，同比增长 0.5 港仙，派 息比例为 35.7%，同时派发一次性特别股息每股 1 角钱。 公司收入结构中，物管主航道占比 79%，增值服务占比 21%；毛利结 构中，物管业务占比 72%，增值服务占比 28%。上半年在管面积达 4.36 亿平方米，物管收入上升 8.3%至 56 亿元，毛利上升 8.6%至 8.7 亿元。 中海物业积极拓展第三方项目和非住宅业态，新增外拓年合约额为 9.8 亿元，单个项目均值同比上升 17%，城市运营项目年合约额同比上升 9.6%，四大核心都市圈项目占比超过六成。 增值服务方面，住宅住户增值收入为 6.1 亿元，毛利率提升至 35.2%， 主要受益于社区资产经营业务；非雾增值服务收入为 8.6 亿元，受地产 行业影响规模有所下滑，毛利率为 13.4%。 公司重视股东回报，坚持每年两次分红派息，分红总金额已与上市时市 值相当，并将分红比例提高到 35%左右，同时关注市场变化，考虑回购 等举措以提升市值。 中海物业在 ...

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].