绿城服务-2025 年上半年核心利润超出预期；进入盈利能力改善新阶段；买入评级

26 August 2025 | 7:30AM CST Greentown Service (2869.HK) 1H25 core profit beat; onto next stage for profitability improvement; Buy GTS reported an upbeat 1H with core operating profit at +25% yoy (vs. prior full-year 25E management guidance/GSe of +15%/+17% yoy). A multiple-year effort from management on portfolio/customer optimization, business restructuring and cost-saving endeavors started to yield positive impacts on its margins: GPM up +0.5pp yoy, with all sub-segments recording yoy GPM increase. In par ...