越秀服务管理层称，今年上半年来自关联方的新增交付面积为364万平方米，与预期的400万至500万平 方米基本匹配，另外，报告期内，越秀服务还从关联方获得了596万平方米的合约面积，其中有286万平 方米来自母公司越秀地产，贡献度将近一半，"对公司整个基础业务的发展起到了一定的支撑作用"。 至于交付标准，管理层直言，产品力依旧是越秀服务的核心竞争力，为保持水准，公司和地产开发的业 务协同工作会进行得更加紧密，验收环节也推动了6090机制，公司积极践行与地产双向延伸的管理机 制。 业务结构来看，以商业运营及管理业务为代表的商业收入为3.7亿元，占18.9%；包括基础物管业务在内 的非商收入为15.92亿元，占81.1%。其中，基础物业管理收入为7.16亿元，同比增长19.2%，这是越秀 服务连续第四年基础物业营收保持增速20%左右的高增长。 当日召开的中期业绩会上，对于越秀服务在物业费定价机制上的探索，常务副总裁张成皓称，公司一直 提倡根据项目的实际情况来挖掘客户需求，围绕客户的物理触点、人际触点还有数字触点进行服务设 计，满足客户对使用价值、资产价值及情绪价值的需求，提供质价相符、优质优价的服务。 他指出，当前 ...

支撑公司整体业绩稳健表现的主要因素，是核心的基础物业管理业务收入的持续增长。2025年上半年， 越秀服务基础物业管理收入实现7.16亿元，同比增长19.2%，连续四年增速近20%，成为穿越行业周期 的关键支撑。 规模扩张方面，数据显示，截至6月底，越秀服务合约面积达9245万平方米，在管面积超7231万平方 米，较2024年末分别增长4.2%和4.3%。值得注意的是，公司在管面积中91%位于一二线核心城市，平均 物业管理单价约2.8元/平方米，处于行业中高水平。 越秀服务管理层在业绩说明会上表示，2025年上半年，越秀服务新增合约面积596万平方米，成功中标 港航大厦、国家管网集团华南公司、广州民俗博物馆等代表项目，并与多家央企国企大客户建立了友好 联系，公司主要围绕资信优、支付能力强、战略匹配高的赛道展开，提升评审标准，强化风险管控，寻 找优质项目与标的。 "物业管理行业是比较优质的轻资产市场，我们会持续关注各种优质发展机会，也会通过核心城市的选 择，聚焦自身能力的建设，选择有利于股东，有利于业主，且符合国家物业服务加生活服务多元化融合 的发展方向。"8月21日，越秀服务非执行董事兼董事会主席江国雄在业绩发 ...

8月21日，越秀服务（06626.HK）披露2025年中期业绩报告。报告显示，上半年越秀服务营业收入为19.62亿元，商业收入3.70亿元，占18.9%，非商收入 15.92亿元，占81.1%，其中商业运营及管理服务收入3.12亿元，基础物业管理收入为7.16亿元，同比增长19.2%。这是越秀服务连续第四年保持"基本盘"基础 物业营收达成增速20%左右的高增长。同时，报告期内股东应占盈利2.40亿元，继续保持盈利势头。 业绩会上，管理层宣布维持50%高派息率，将业务增长切实转化为投资回报。 | 人民币亿元 | 1H2025 | 1H202 | | --- | --- | --- | | 营业收入 | 19.62 | 19.61 | | 销售成本 | (15.44) | (14.53 | | 毛利率 | 21.3% | 25.99 | | 行政开支费率 | 7.3% | 8.1% | | 银行利息收入 | 0.51 | 0.5: | | 股东应占盈利 | 2.40 | 2.71 | | 归母净利率 | 12.2% | 14.2% | | 每股基本盈利 (元) | 0.16 | 0.11 | | 中期每股派息(人 ...

越秀服务非执行董事兼董事会主席江国雄表示，当前市场环境对物管行业在服务品质和经营质量上均提 出了更高要求，越秀服务本身具备高质量发展的根基。面向未来，公司将会坚持和落实"以客户满意为 先"的理念，不断提升基础服务能力、增加区域深耕耐力、挖掘增值赛道潜力、强化市场综合竞争力， 在行业回归理性增长的共识下，静水流深，以坚守长期主义的理念和原则，持续穿越市场周期。 截至报告期末，越秀服务账面现金及定期存款为47.91亿元，较2024年末增加8900万元，经营性现金流 持续为正，现金持有量在上市物企中居第一梯队。 截至报告期末，越秀服务合约面积达9245万平方米，较2024年末提升4.2%，合约项目515个，在管面积 超7231万平方米，较2024年末提升4.3%，在管项目444个。越秀服务区域深耕战略是其收益持续稳定增 长的重要原因之一。其在管面积中91%位于一二线城市，公司平均物管单价约 2.8元/平方米，属于行业 中高水平。 "行业整体回归理性，我们强调高质量发展。"越秀服务管理层在业绩说明会上表示，公司主要围绕资信 优、支付能力强、战略匹配高的赛道展开，提升评审标准，强化风险管控，寻找优质项目与标的，保证 公 ...

越秀服务(06626)今日披露2025年中期业绩报告。报告显示，上半年越秀服务营业收入为19.62亿元，商 业收入3.70亿元，占18.9%，非商收入15.92亿元，占81.1%，其中商业运营及管理服务收入3.12亿元，基 础物业管理收入为7.16亿元，同比大增19.2%。这是越秀服务连续第四年基础物业营收保持增速20%左 右的高增长。 在行业回归理性增长的大环境下，越秀服务通过精准的城市与业态战略布局，及母公司越秀地产持续的 高品质交付，已构建稳健的高净值项目池，始终保持韧性发展。截至2025年6月末，越秀服务总在管面 积7231万平方米，其中91%位于一二线核心城市，物业费单价高、客户粘性强、未来服务长期可持续， 密度效应带动人均管理面积提升，单项目边际成本下降，夯实了公司基础物业收入的高增速发展。第三 方权威调研显示，截至2024年末，越秀服务满意度已连续三年保持90分以上;同时其2025年上半年收缴 率实现逆市上升，侧面印证了业主对公司服务品质的认可。 截至报告期末，越秀服务账面现金及定期存款为47.91亿元，较2024年末再增8900万元;同时经营性现金 流持续为正，稳居上市物企"现金一梯队"。中物 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points Industry and Market Dynamics - Non-owner value-added services are declining due to the real estate cycle, although engineering services are providing some offset, leading to an overall decrease in performance [2][3] - The third-party market expansion revenue growth is faster than internal projects, but the lower gross margin impacts overall profitability [2][3] - In the first five months of 2025, market expansion exceeded expectations with contract amounts increasing year-on-year, focusing on core cities and high-quality clients [2][4] Financial Performance - For the first five months of 2025, the company achieved expected revenue growth of approximately 5%, but profit faced pressure due to a reduction in non-owner value-added services and structural factors in basic property management [3] - The company aims for a total external expansion target of 3 billion yuan for the year, maintaining quality while ensuring good reputation in core cities [5][10] Revenue and Payment Collection - C-end payment pressure has increased since the second half of 2024, continuing into 2025, with a noticeable decline in C-end collection rates [7] - B-end and G-end collections are affected by seasonal factors and budget constraints, but the overall changes remain manageable as of May [7] - The company reported that property fee reductions have minimal impact, with less than 1% of projects experiencing price cuts, and the overall sentiment is stabilizing [8] Pricing and Service Quality - The proportion of price reduction projects in 2024 was low, primarily in second and third-tier cities, with adjustments made through negotiation rather than exiting the market [9] - Owners' demands focus on cost-effectiveness and service quality improvements, with a small percentage of projects experiencing price cuts [9][11] Profitability and Cost Management - Profitability is under pressure due to the decline in non-owner value-added services and slower-than-expected progress in new business lines [10] - The gross margin is facing pressure due to an increase in third-party project contributions, which typically have lower margins [13] - The company is implementing cost-reduction measures, including the use of AI and robotics to enhance operational efficiency [19] Dividend Policy - The company has increased its dividend payout ratio to 50% and aims to continue enhancing cash returns to investors, with future dividends to be determined based on year-end discussions and investor feedback [15][18] Technology and Innovation - The introduction of AI and robotics is expected to significantly improve operational efficiency in property management, with pilot projects already underway [19] Future Outlook - The company maintains a positive outlook on the long-term demand for quality services and living experiences, despite current market pressures [16][17] Additional Insights - The company is focusing on high-quality projects, such as large contracts with strong payment capabilities, to ensure both volume and quality in its market expansion [6][10]

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Period**: January to May 2025 Key Points Industry and Company Performance - **Contract Amount Growth**: In the first five months of 2025, the contract amount increased by a mid-to-high single-digit percentage year-on-year, exceeding initial expectations [2][5] - **Net Profit Growth**: The company achieved positive net profit growth, although it may not reach the full-year guidance of 5% [2][5] - **Revenue Growth**: Revenue growth met the 5% guidance, driven primarily by basic property management services, which are expected to grow by 10% [2][9] Revenue and Profit Drivers - **Third-Party Business Growth**: The growth rate of third-party expansion business is faster than that of internal system business, indicating a strong market position [2][9] - **Property Management Fees**: The average property management fee for newly delivered projects by Poly Real Estate is significantly higher, approaching 2.8 yuan in 2024, compared to 2.4 yuan for all managed projects [2][6] Market and Cash Flow - **Cash Collection**: The collection rate slightly declined year-on-year, but the company has increased collection efforts in June 2025 [4] - **Accounts Receivable**: The accounts receivable from the parent company is manageable, with a ratio of operating cash flow to net profit exceeding 1.5 times in 2024 [4][12] M&A Strategy - **Acquisition Plans**: The company is actively seeking acquisition opportunities, having increased its M&A team and exploring potential targets [2][7] - **Market Environment**: The current market environment is favorable for buyers, with less competition and prices returning to reasonable levels [7] Non-Owner Value-Added Services - **Revenue Decline**: Non-owner value-added service revenue decreased year-on-year, accounting for 12% of total revenue in 2024 [2][7] - **New Business Initiatives**: To counteract the decline in traditional business, the company established an engineering service business, although it is expected to face challenges in growth [7][8] Community Value-Added Services - **Service Growth**: The "at-home service" segment within community value-added services has shown slight growth, while asset management services are declining due to the real estate cycle [9] Future Outlook - **Revenue Growth Drivers**: The primary growth driver for future revenue is expected to be basic property management services, with an anticipated growth rate of 10% [9][10] - **Market Share Potential**: The company aims to increase its market share in the third-party property management sector, which is currently around 2% to 3% [17] Dividend Policy - **Dividend Rate**: The dividend rate has been increasing, reaching 50% in 2024, with a corresponding dividend yield of approximately 4.5% [4][20] - **Future Intentions**: The company expresses a clear intention to enhance shareholder returns, supported by a strong cash position [20] Industry Trends - **Market Dynamics**: The property management industry is experiencing a slowdown in revenue growth, influenced by the cyclical nature of the real estate sector [14] - **Profit Margin Pressures**: The industry faces downward pressure on profit margins due to the increasing share of lower-margin third-party projects [15][16] Conclusion - **Long-Term Confidence**: Despite short-term challenges, the company maintains confidence in long-term growth opportunities driven by market expansion and operational improvements [14]

Summary of the Conference Call on the Property Management Industry Industry Overview - The property management industry is experiencing a recovery phase, with many mainstream companies (market cap over 2 billion) achieving net profit restoration in 2024, alongside a significant focus on shareholder returns through dividends and buybacks, with an average dividend payout ratio exceeding 50% and a total return rate close to 6.2% [1][3][7]. Key Points Financial Performance - Property companies are reducing receivables and amortization, leading to improved net profit margins and cash flow stability. The net profit margin for many companies has shown signs of recovery, with some achieving growth rates of 15% to 20% in 2024 [1][19]. - The average dividend payout ratio for 15 key property companies reached over 50%, with some even hitting 100%, indicating a strong commitment to returning capital to shareholders [7][30]. - The gross profit margin for quality property companies is beginning to recover, driven by strategies such as pushing out loss-making old projects and increasing operational density [1][13]. Revenue Structure Changes - The revenue structure of property management companies has shifted from a model of "60% basic management fees + 20% non-owner value-added services" to "80-90% basic management fees + 10-20% community value-added services," enhancing profit stability [1][8]. Cash Flow and Receivables Management - Most property companies maintain a cash flow coverage ratio of over 1, indicating that profits are being effectively converted into cash flow. Companies like Wanxiang, Binhai, and Poly are recognized for their strong cash collection capabilities [1][21][27]. - The receivables and impairment provisions have improved, with many companies achieving an 80% provision rate for bad debts, indicating a reduction in financial strain from related parties [15][16]. Market Dynamics - There is a notable increase in attention towards the property management sector, partly due to speculation around the use of robots for security and cleaning services, although this trend is seen as a short-term market behavior [6]. - The overall market for property management continues to grow, with companies like Greentown and China Overseas managing substantial areas, although the scale of acquisitions has decreased compared to previous years [9]. Challenges and Opportunities - Some regions are experiencing localized declines in property fees, particularly in cities like Chongqing, while others, such as Hangzhou, are seeing stable or increasing fees due to rising property values [10][11]. - The industry is facing challenges related to cash flow management and the need for efficient use of capital, with a focus on maximizing returns through dividends and potential acquisitions [2][32]. Investment Insights - Investors are encouraged to focus on high-growth small property companies, those with superior performance and attractive dividend yields, and firms with excess cash flow that can support future dividends [37][38]. - The overall sentiment towards the property management sector is positive, with expectations of stable profit margins and cash flow, making it an attractive investment opportunity [33][35]. Additional Important Insights - The trend of increasing dividends and buybacks is a response to the need for companies to demonstrate financial independence and maintain a positive image in the capital markets [29]. - The potential for light asset divestiture and reduced financial costs presents opportunities for property companies to optimize their financial structures [36]. This summary encapsulates the key insights from the conference call regarding the property management industry, highlighting its financial recovery, structural changes, and investment potential.

Core Viewpoint - The real estate market has experienced a slowdown in both supply and demand, leading to increased competition in the property management sector. In this context, Yuexiu Services has focused on enhancing service quality and achieving steady operational performance, with a revenue increase of 20% year-on-year in 2024 [1] Financial Performance - In 2024, Yuexiu Services reported total revenue of 3.868 billion yuan, a 20% increase year-on-year; gross profit exceeded 900 million yuan, up 5.3%; and core net profit, excluding goodwill impairment, was 512 million yuan, reflecting a 5.1% growth [1] - The total dividend for 2024 was 0.169 yuan per share, a 5.6% increase year-on-year, with a dividend payout ratio of 50% based on core net profit [1] Strategic Development - For 2025, Yuexiu Services has set a development strategy of "Lean Services, Striving for New Heights," focusing on digital transformation and enhancing service quality to build a competitive edge [2] - The company aims to deepen service quality across all business segments in 2024, with a strong emphasis on customer needs [7] Business Segments - The non-commercial property management and value-added services segment generated revenue of 3.134 billion yuan, a 19.2% increase, accounting for 81% of total revenue. This segment includes basic property management, non-owner value-added services, and community value-added services [7] - Basic property management services, a cornerstone of Yuexiu Services, achieved revenue of 1.236 billion yuan, up 20.1% [7] - Community value-added services generated revenue of 1.217 billion yuan, with a growth rate exceeding 30%, becoming a key driver of performance [8] Market Expansion - As of the end of 2024, Yuexiu Services' contracted area reached 88.73 million square meters, a 6.3% increase, while the managed area grew to 69.31 million square meters, also up 6.3% [12] - The company has strategically focused on high-quality management projects, with significant new contracts including major national projects, enhancing brand influence and securing government public service channels [13] Regional Focus - Yuexiu Services is concentrating on strategic core cities, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, where approximately 60% of the managed area is located [14] - The company plans to expand its footprint in economically vibrant cities, targeting a revenue goal of 400 million yuan from external expansion in 2025 [14] New Business Initiatives - Yuexiu Services is exploring new business opportunities in areas such as energy management, environmental governance, and high-end housekeeping, with a focus on light asset operations [11] - The Integrated Facility Management (IFM) service system has been established to cater to B-end clients, enhancing the value of non-residential projects [9][10] Acquisition Strategy - The company is actively looking for acquisition opportunities, particularly in value-added service sectors such as smart home solutions and energy management, with 5 billion yuan of raised funds earmarked for acquisitions [15]

Summary of Yuexiu Services Conference Call Company Overview - **Company**: Yuexiu Services - **Fiscal Year**: 2024 - **Revenue**: 3.868 billion RMB, up 20% year-on-year - **Core Net Profit**: 512 million RMB, up 5.1% year-on-year - **Customer Satisfaction**: Maintained at a high level of 91 points Key Financial Metrics - **Property Management Revenue**: 1.236 billion RMB, up 20.1% year-on-year - **Contracted Area**: 88.73 million square meters, up 6.3% year-on-year - **Managed Area**: 69.31 million square meters, up 6.3% year-on-year - **Net Assets**: Increased by 3.5 billion RMB year-on-year - **Return on Equity (ROE)**: 14% - **Cash and Deposits**: 4.702 billion RMB - **Accounts Receivable Turnover Days**: 47 days - **Dividend Payout**: 0.169 RMB, up 5.6% year-on-year, with a payout ratio of 50% [3][4][7][20] Business Segment Performance - **Non-Commercial Revenue**: 81% of total revenue, up 19.2% to 3.134 billion RMB - **Core Property Management Revenue**: 1.236 billion RMB, up 20% - **Community Value-Added Services**: 1.217 billion RMB, up 31% - **Non-Owner Value-Added Services**: 681 million RMB, stable - **Commercial Revenue**: 19% of total revenue, up 23% to 734 million RMB - **Overall Gross Margin**: Decreased by 3 percentage points to 23% [5][6][13] Strategic Initiatives - **Project Optimization**: Removed 26 underperforming projects, increasing the proportion of projects in the Greater Bay Area from 55% to 60% [3][7] - **Focus on High-Quality Development**: Emphasis on enhancing expansion standards and regional layout, particularly in the Greater Bay Area [8] - **Digital Tools and Customer Orientation**: Implementation of digital technology to improve customer satisfaction and operational efficiency [8][9] - **New Business Ventures**: Launched integrated facility management services targeting B-end and G-end clients, achieving a contract value of 64.25 million RMB [8] Market Challenges and Responses - **Impact of Real Estate Cycle**: Non-owner value-added services affected by the real estate cycle, but early-stage and intelligent design consulting services performed well [6] - **Decline in Non-Commercial Gross Margin**: Non-commercial gross margin decreased by 3.3 percentage points, with expectations for future margins around 20% [15][16] - **Project Exit Strategy**: Exited projects primarily due to declining payment capabilities of clients and low consumer spending, with plans to exit an additional 2 million square meters in 2025 [18][19] Future Outlook - **Investment Directions**: Focus on rental income assets and mergers in value-added sectors, including community commercial developments [21] - **Strategic Goals for 2025**: Aim to become a trusted leader in smart services, enhancing service quality, digital transformation, and optimizing value-added services [14] Additional Insights - **Cash Management**: Maintained stable cash levels despite significant renovation payments, with a focus on cash management and potential special dividend plans [20] - **Commercial Operations**: Commercial operations revenue increased by approximately 24%, with an average occupancy rate of 85% across projects [13]