Core Viewpoint - The company has demonstrated robust growth in revenue and profit, with a stable expansion in its property management scale, leading to a maintained "Buy" rating. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.823 billion yuan, a year-on-year increase of 13.35% [1] - The net profit attributable to shareholders reached 216 million yuan, also reflecting a year-on-year growth of 13.23% [1] - The company maintained a gross profit margin of 25.16% and a net profit margin of 12.14%, with the net profit margin increasing by 0.04 percentage points year-on-year [2] Group 2: Business Expansion - The company’s property management service revenue was 1.058 billion yuan, up 23.1% year-on-year, while community value-added and collaborative service revenue reached 446 million yuan, growing by 23.5% [2] - The total contracted building area reached 113 million square meters, with the number of contracted projects increasing by approximately 3.4% compared to the end of 2024 [2] - The area under management was 83 million square meters, with the number of managed projects increasing by 10.2% compared to the end of 2024 [2] Group 3: Cash Flow and Financial Ratios - The net cash inflow from operating activities was 90 million yuan, a significant increase of 259 million yuan year-on-year, turning from negative to positive [2] - The company’s debt ratio stood at 54.64%, with a current ratio of 1.78 and a quick ratio of 1.75 [2] - Trade receivables amounted to 809 million yuan, reflecting a year-on-year increase of 54.2% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company has demonstrated steady growth in revenue and profit, with a robust expansion in its core property management scale. The operating cash flow has improved, and the gross margin remains stable. The earnings forecast for the years 2025-2027 is projected at 3.8 billion, 4.4 billion, and 5.1 billion respectively, corresponding to EPS of 0.27, 0.31, and 0.36, with current stock price reflecting a PE ratio of 10.6, 9.1, and 7.8 [5][6][8] Financial Performance - For the first half of 2025, the company reported operating revenue of 1.823 billion, a year-on-year increase of 13.35%. The net profit attributable to the parent company was 216 million, also up by 13.23%. The gross margin and net margin were 25.16% and 12.14%, respectively, showing stability compared to the previous year [6][7] - The company’s property management service revenue reached 1.058 billion, growing by 23.1%, while community value-added and collaborative service revenue was 446 million, up by 23.5%. However, non-owner value-added service revenue decreased by 19.4% [7] Business Structure and Growth - As of the end of the first half of 2025, the company had a contracted building area of 113 million square meters and 730 contracted projects, reflecting growth of approximately 3.4% and 3.8% compared to the end of 2024. The managed building area reached 83 million square meters, with 558 managed projects, marking increases of 10.2% and 5.9% respectively [7]