新业务整合驱动新增长引擎；慷慨股息派发

Newbusinessintegrationdrivesnewgrowthengines; Generousdividendpay-out TargetPriceHK$4.65(Previous TPHK$4.87)Up/Downside41.0%Current PriceHK$3.30 Jinmao Services’revenuegrew19.6% YoYin 1H25giventhedrag from non-owner VAS (rev.-17.3%YoY) offset by new business integration (boost basicPMrev. +31%YoY).During the period, netprofitgrowth narrowed to+3.1%YoY,in-line withmarket expectations, weighed by: 1) 2ppts gross margindecline to 22.5%(impactedfrom basicPMand non-owner VAS); 2) increase inaccounts receivable impairmentdrivingc.RMB30mnrise inother expenses.Excluding this impact, net profit would have achieved double-digit growth.Thecompany declared anspecial dividendof30%, lifting the total dividend payoutratio to 70%which is a surprise.We lower ourTPby 4% to HK$4.65, reflectingdownward revisions to earningsforecasts. TheTPcorresponds to 10x 2025EP/E.Maintain BUY. China PropertyManagement Miao ZHANG(852) 3761 8910zhangmiao@cmbi.com.hk Miao ZHANG(852) 3761 8910zhangmiao@cmbi.com.hk Basic PM: strong growth boosted by new bizintegration.Revenuesurged 31% YoY primarily due to the acquisition of energy operation &maintenance (O&M) business from related parties in 1H25. This businessadopts aPM-like charging model with additional fees on top ofPMfees,commandingmuchhigherfeerates persq.m (well abovePMfee rates) anddeliveringbettergross margins.It now covers 60 in-management projects(c. 7 million sqm). Excluding this business, we estimate basic PM segmentgrowth at low teens, supported by1) 11% YoYmanagedGFA expansion, 2)mild improvement in collection rates, and 3) slight increase inPMfee rates(1H25: RMB 3.8/sq.m/month vs 1H24: RMB 3.7).Looking ahead,we thinkthe new bizmayhelpoffset headwinds like slower GFA growth(Figure 2)given moreprojectwithdrawalsand gross margin pressureon thesegment. Stock Data Owner VAS: Revenuerose3.2% YoYwithgross margin expanded 4pptsto 46.6%in 1H25driven by faster growth of higher-marginbiz (spaceoperation &interior decoration).Thisimpliesthat communitylivingservicesand brokeragebizwere pressured by economic conditions. Special dividend declared:30% extra pay-out on top of 40% basedividendto celebrate the 3rd listing anniversary,demonstrating thecompany’sfocusonstrongshareholder returns. Maintain Buy.We trimTPby4% to HK$4.65 (10x 2025E P/E) to reflectearningsrevision.Risks: 1)slower-than-expected third-party expansion; 2)greater-than-expected gross margin pressure;and3) A/R impairment risketc. Related Reports 1.GreentownService (2869 HK)-Solidgrowth driven by notableefficiency gains 2.Poly Services (6049 HK)-1H25earningsinline;Nointerimdividend3.BinjiangService(3316 HK)-1H25: Robust PM with 5S VASdrivershifting;TargetingHKConnect inclusion by FY264.Onewo (2602 HK)-Earnings beatagainsttough weather;Dividendyield remains attractive Disclosures& Disclaimers AnalystCertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith 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, theanalyst 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 the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in thisreport; 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 monthsHOLD: Stock with potential return of +15% to-10% overnext 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant 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 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International CapitalCorporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere 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 no