2025年半年报：强劲第三方扩张带来11%股息率，维持买入评级

1H25: Strong 3rd-partyexpansion with 11%div.yield;MaintainBUY Target PriceHK$2.50(Previous TPHK$2.67)Up/Downside22.7%Current PriceHK$2.04 Revenue/net profit grew4.3/2.4% YoYin 1H25, largely in line with marketexpectations. BasicPMremained resilient (revenue +15% YoY) driven by robustthird-party expansion(new contracted value+59%YoY),with strategicpartnerships contributingmeaningfully to both project volume and quality.Owner VASrevenuegrew modestly at 4% YoY (slowed by macro headwinds,particularlygroup dining),though third-party expansion made positiveprogress—projects meeting high food safety standards have been secured,underpinningfuture growth. Commercialoperation/non-owner VASrevenuedropped 29/26% YoYdue to related party biz contraction. The company raisedits payout ratio by 10ppts to 70%, implying an ~11% dividend yield.MaintainBUYandtrim our TPby6% to HK$2.5 (8x 2025E P/E) to reflect slight earningsestimate revisions. China Property Management Miao ZHANG(852) 3761 8910zhangmiao@cmbi.com.hk Stock Data Resilient basic PM supported by strong third-party expansion.Segment revenue grew 15% YoY to RMB467mn,supported by steady GFAunder management growth (+7% to 38mn sqm),with third-party GFA up14% YoY owingto robust third-party expansionin 1H25: new contractedvaluehit RMB560mn (+59% YoYandclose toRMB605mn in FY24), ofwhichRMB193mn came from strategic partnerships(+188%YoY),underscoringthis as an effective strategyamid intense market competition.Meanwhile, theoverall PMfeerate edged upagainst the trend (1H25:RMB3.14/sqmvs 1H24: RMB3.02), which,despitethe impact of exiting low-qualityprojects,reflects the company's ongoing portfolio optimizationtoward high-end projects. CommunityVAS growth moderated amid economic headwinds.Segment revenue rose 3.6% YoY in 1H25, with communitylivingservicelargelyflatthanks to support from in-home biz.Group dining grew 9% YoY(vs 45%/45% in 1H24/FY24) as corporate clients cutspending.The positivesideis thatthe share ofthird-partygroup diningrose 11ppts to 91% in 1H25,including high-profile contracts like thecanteen ofSichuan Provincial HealthCommissiontoendorseits professional capability. Dividend pay-outratioraised to 70%, yield hits 11%.The companyraised its dividend payout ratio by 10ppts to 70%, translating to an industry-leading dividend yield of 11% based on yesterday's closing price. Maintain BUY.Welower TPby6% to HK$2.5 (8x 2025E P/E) to reflectmodestearnings estimate revisions.Risks:1)Worse-than-expectedeconomic slowdown; 2) Subpar third-party expansion; 3) A/R impairment. Related Reports1.CRMixC Lifestyle(1209 HK)- 1H25: Robust core biz growth with100%dividend payout;MaintainBuy 2.Jinmao Services (816 HK)-Newbusinessintegration drives newgrowthengines;Generousdividend pay-out3.GreentownService(2869 HK)-Solidgrowth driven by notableefficiency gains4.Poly Services (6049 HK)-1H25earningsinline;Nointerimdividend 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 months: Stock with potential return of +15% to-10% overnext 12 months: Stock with potential loss of over 10% over next 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 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 in