2025年上半年业绩符合预期；无中期股息

Poly Services (6049 HK) 1H25earnings in line;No interim dividend TargetPriceHK$54.91(Previous TPHK$54.03)Up/Downside46.8%Current PriceHK$37.40 Thecompany’s1H25netprofitwas+5.3% YoY (in-line withmarket expectationofmid-single-digitgrowth). Total revenue grew 6.6% YoY, with resilientbasicPMgrowth(+13.1%YoY) driven by third-partyprojectsand commercial/officeprojects.The company delivered strong third-party expansion growth(annualized contracts +17.2% YoY to RMB 1.4bn), particularly in residential(+32.2% YoY) and commercial/office (+18.7% YoY).Non-owner VAS revenuefell 16.1% YoY, weighed down by developers; community VAS (owner VAS)dropped 3.7% YoY, mainly draggedby the property brokerage business.Wemaintain BUYratingand raise TPby2% to HK$54.91on18x 2025E P/E. China Property ManagementMiao ZHANG(852) 3761 8910zhangmiao@cmbi.com.hk Basic PM: stable growth with collection rates down.Segment revenuerose 13.1% YoYin 1H25(ManagedGFA: +10.2% YoY),mainlydriven bythird-partyprojects(revenue+19.9% YoY,managedGFA+11.9% YoY) andcommercial/officeprojects(revenue+29.8%YoY,GFA+26.5%YoY).Despitesector challenges,average PM fee increased to RMB2.47/sq.m/monthin1H25from RMB2.33in1H24,whichsignalledasofterfeecollectionrateandthis wasalsoreflected in31.5% YoY growth inbroader accountreceivablesfrom FY24 to 1H25(third-partyreceivablessurged 40%).Key reasons included local fee caps policy dampeningpayment willingnessand highervacancy rates innewly deliveredprojects.The company is to launch targeted initiatives to address the issue. Efficiencygainsoffset bynon-owner VAS’sdrag onGP margin.Thecompany delivered notable efficiency gains–SG&Aexpenses dropped9.1% YoY (vs revenue growth of 6.6%)driving a 0.9ppt narrowing of theSG&A ratio.However, a 6.8ppt YoY gross margin decline in non-owner VASdragged down the overall gross margin by 1.1ppt YoY. Ultimately,net profitmargin edged down 0.1ppt YoY to 10.6%in 1H25 Nointerim dividend,missing some investors'expectations.Thecompanymaintained its no-interim-dividend policy, falling short of certaininvestors' expectations. Although theFY24payout ratio was raised by 10pptto 50%, it remains ata relatively low level compared to peers. MaintainBUY.Raise TPby2% to HK$54.91(18x 2025E P/E) to reflectearnings estimate adjustments. Risks: 1) Third-party expansion missesexpectations; 2) Greater-than-expected gross margin pressure; 3) Worse-than-anticipated decline in developer-related business. Source: FactSet Related Reports 1.BinjiangService(3316 HK)-1H25: Robust PM with 5S VASdrivershifting;TargetingHKConnectinclusion by FY262.Onewo (2602 HK)-Earnings beatagainst tough weather; Dividendyield remains attractive Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible forthe content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates(as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in ortrade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as anofficer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% overnext 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with therelevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 GardenRoad, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) ImportantDisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objective