机构：开源证券 在管面积双位数增长，物业服务收入毛利率均提升得益于在管面积稳定增长，公司2025H1 实现物业服 务收入66.33 亿元，同比+10.2%，占主营收入的71.4%，毛利率同比+0.4pct 至15.3%。截至2025H1 公司 在管面积达5.36 亿平，同比+11.3%；储备面积3.47 亿平，同比-2.9%，主要由于公司退出了部分非核心 城市及存在交付风险的项目。分区域来看，公司在杭州在管面积和收入占比分别为16.7%和34.7%，收 入贡献较大。 园区服务、咨询服务协同发展，毛利率稳健增长公司2025H1 园区服务收入13.57 亿元，同比-6.0%，毛 利率同比+3.2pct 至26.6%，收入下降、盈利提升主要系毛利率较低的硬装业务被指定为合营公司影响， 导致居家生活服务板块收入-53.8%。公司将科技服务业务归类于咨询服务板块，上半年收入12.99 亿 元，同比+0.6%，毛利率同比+0.2pct 至33.1%，其中在建物业和管理咨询服务收入同比分别+1.5% 和-2.5%。 风险提示：政策支持不及预期、行业销售恢复不及预期、公司融资不及预期。 营收利润保持增长，盈利能力稳步提升 公 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 绿城服务2025年上半年核心经营利润同比增长25% 绿城服务发布2025年中期业绩报告，期内实现营收93亿元，同比增长6.1%（公司在2024年出售MAG，计算同 比时，对2024年上半年的收入数据进行重列，使之不包含终止经营的业务，下同），实现毛利18亿元，同比增 长8.9%，毛利率19.5%，同比提升0.5pct；核心经营利润（毛利-行政开支-营销开支）10.7亿元，同比增长 25.3%；归母净利润6.1亿元，同比增长22.6%。 查看完整报告 点击注册小程序 特别申明： 2) 外拓聚焦核心区域，新拓项目质量较高。2025年上半年，公司物业管理新拓项目年饱和营收15.2亿元，其中 非住宅占比52.5%，新拓展项目平均物管单价为3.7元/月/㎡，项目整体质量 ...

Group 1: Business Performance and Strategy - The company's cable business, primarily operated by Qufu Cable, achieved a profit increase of 23.40% year-on-year in 2024 [2] - The company is focused on industrial park development, comprehensive asset operation, and cable production as its main business areas [2] - Future plans include optimizing engineering projects and improving operational efficiency of existing assets [3] Group 2: Asset Management and Corporate Governance - The company has terminated the restructuring plan with Huaneng Shanghai E-commerce and is exploring other asset optimization strategies [3] - As a state-owned enterprise, the company is committed to enhancing operational quality, optimizing asset structure, and increasing profitability [4] - The company aims to improve investor communication and transparency in information disclosure to build market trust [4] Group 3: Business Focus and Transition - Since Q3 2023, the company has ceased supply chain-related businesses that do not align with the group's smart supply chain development direction [4] - The company is actively seeking new growth points and aims to accelerate its transformation and upgrade efforts [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue growth of 6.5% year-on-year, with a net profit growth of 29.7% for the year 2024 [1] - The company has a strong cash reserve, with a cash flow from operating activities of 1.47 billion RMB and a generous dividend payout ratio of 75% [3] - The company is focusing on enhancing operational efficiency and optimizing its business model, which has led to improved profit margins across various segments [2][3] Financial Performance Summary - For 2024, the company reported total revenue of 18.5 billion RMB, with a gross profit of 3.2 billion RMB and a gross margin of 17.3% [1] - The core operating profit increased by 22.5% year-on-year, reaching 1.59 billion RMB [2] - The company’s management has adjusted its business model, including the sale of its stake in MAG and restructuring its home service business, which has impacted short-term revenue but is expected to optimize long-term growth [2] Business Segment Performance - The company’s property management, park services, and consulting services generated revenues of 12.4 billion RMB, 3.37 billion RMB, and 2.41 billion RMB respectively, with property management showing a growth of 11.7% [2] - The company maintains a leading position in the industry with a managed area of 500 million square meters and a reserve area of 360 million square meters, primarily concentrated in the Yangtze River Delta region [2] Profitability and Efficiency - The company has implemented measures to enhance quality and efficiency, resulting in improved profit margins across its business segments, with property management, park services, consulting, and technology businesses achieving gross margins of 13.7%, 22.6%, 24.9%, and 39.3% respectively [3] - The selling expense ratio decreased to 1.9%, while the management expense ratio fell to 6.8% [3] Future Earnings Forecast - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 943 million RMB and 1.1 billion RMB, reflecting increases of 20.1% and 16.7% respectively [4] - The report projects a net profit of 1.21 billion RMB for 2027, with corresponding price-to-earnings ratios of 14, 12, and 11 for the years 2025, 2026, and 2027 [4]