According to Zhitong Finance APP, a research report indicates that in the first half of 2025, 59 sample listed property management companies achieved total net profit attributable to shareholders of 10.06 billion yuan, up 22.0% year-on-year. Against the backdrop of improved expense ratios and reduced impairment impact, profit recovery was significant. Total dividend distribution reached 4.40 billion yuan, up 0.1% year-on-year, with leading property companies showing strong dividend willingness. Currently, as the real estate industry remains in an adjustment phase, property management companies have shifted their development focus from scale expansion to operational efficiency improvement and cash flow management. The report recommends leading property management companies with high dividend willingness, excellent operational efficiency, and solid fundamentals, such as CHINA RES MIXC (01209) and ONEWO (02602).

Key findings include:

**Income Statement: Revenue Growth Slows, Profit Recovery Emerges with Central SOEs and Quality Private Enterprises Outperforming**

For 59 sample listed property companies in the first half of 2025: 1) Total revenue reached 147.07 billion yuan, up 4.1% year-on-year, with growth slowing by 1.9 percentage points compared to the first half of 2024, mainly due to the industry entering a refined development stage where companies actively contracted inefficient projects and businesses. 2) Total net profit attributable to shareholders reached 10.06 billion yuan, up 22.0% year-on-year, showing significant profit recovery amid improved expense ratios and reduced impairment impact, with CHINA RES MIXC, Country Garden Services, and Poly Property Services leading in profits. 3) Gross margin was 19.4%, down 1.2 percentage points year-on-year, mainly affected by low owner payment willingness and rising labor costs. 4) Sales and administrative expense ratio was 7.4%, down 0.5 percentage points year-on-year, indicating positive results from cost reduction and efficiency improvement efforts.

**Balance Sheet: Cash Flow Stabilization and Adequate Cash, Central SOEs Leading in Financial Resilience**

For 59 sample listed property companies in the first half of 2025: 1) Accounts receivable turnover days were approximately 114 days, reduced by about 3 days compared to the first half of 2024. Central SOEs performed best (approximately 70 days), still significantly outperforming the industry average. 2) Total net cash was 92.94 billion yuan, remaining basically flat year-on-year. Central SOEs and quality private enterprises showed clear cash flow advantages, providing a foundation for sustained dividend payments. ONEWO, Poly Property Services, and Country Garden Services ranked top in net cash positions.

**Business Structure: Operations Refocusing on Core Business, External Expansion Emphasizing High-Quality Development**

Revenue from various businesses of 34 listed property companies in the first half of 2025: 1) Property management service revenue up 7.6% year-on-year, accounting for 72.7%, with companies focusing on core business and strengthening fundamentals, showing steady growth in basic property management; 2) Community value-added services down 2.3% year-on-year, as companies contracted inefficient businesses to drive quality improvement; 3) Non-owner value-added services down 24.6% year-on-year, affected by declining new home sales, with revenue proportion likely to continue decreasing. In the first half of 2025, property companies' managed area and contracted area increased 1.4% and 0.2% respectively compared to the beginning of the year, with focus shifting from "scale expansion" to "refined management" and "profitability quality improvement."

**Steady Dividends and Active Buybacks Highlight Leading Property Companies' Value**

For 59 listed property companies in the first half of 2025: 1) Total dividend distribution was 4.40 billion yuan, up 0.1% year-on-year, with leading property companies showing strong dividend willingness, with CHINA RES MIXC, ONEWO, and COLI leading in dividend amounts; 2) Buyback programs progressed steadily, with companies like ONEWO, Greentown Service, and Country Garden Services continuing buybacks to stabilize share prices and boost confidence; 3) Some leading property companies showed strong dividend willingness with dividend yields at relatively high levels, demonstrating good dividend asset characteristics and possessing medium to long-term investment value.

**Investment Recommendation: Focus on Leading Companies with High Dividend Willingness, Excellent Operational Efficiency, and Solid Fundamentals**

The analysis indicates that while the real estate industry remains in an adjustment phase, property management companies have shifted their development focus from scale expansion to operational efficiency improvement and cash flow management. Leading property companies, leveraging their resource endowments, customer loyalty, and service capabilities, maintain strong resilience in basic property management while continuously improving comprehensive operational efficiency through exiting inefficient businesses and optimizing diversified business structures, offering higher investment cost-effectiveness in the current market environment. The recommendation focuses on leading property management companies with high dividend willingness, excellent operational efficiency, and solid fundamentals, such as CHINA RES MIXC (01209) and ONEWO (02602).

**Risk Warning** Policy effects may not meet expectations, related party sales may underperform expectations, and market expansion may fall short of expectations.