External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Greentown Service Group / Equity Bottom-Up

<ul><li>Greentown Service's 1H26 revenue rose 6.3% YoY to RMB9.87bn, driven by resilient basic PM (+10.1% YoY) and offset by weak community VAS (-6.7% YoY).</li><li>Core operating profit (GP–SG&amp;A) and attributable NP grew 16.3%/15.2% YoY to RMB1.25bn/RMB0.71bn respectively, beating the "&gt;15% core OP growth" full-year guidance even after a 34% YoY surge in receivable impairment — partly helped by a 0.5ppt YoY gross-margin lift to 20.0% and a 0.6ppt drop in the SG&amp;A ratio to 7.3%.</li><li>Basic PM is trading scale for quality, while value-added services remain constrained by the macro backdrop. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greentown Service's 1H26 revenue rose 6.3% YoY to RMB9.87bn, driven by resilient basic PM (+10.1% YoY) and offset by weak community VAS (-6.7% YoY).Core operating profit (GP–SG&amp;A) and attributable NP grew 16.3%/15.2% YoY to RMB1.25bn/RMB0.71bn respectively, beating the "&gt;15% core OP growth" full-year guidance even after a 34% YoY surge in receivable impairment — partly helped by a 0.5ppt YoY gross-margin lift to 20.0% and a 0.6ppt drop in the SG&amp;A ratio to 7.3%.Basic PM is trading scale for quality, while value-added services remain constrained by the macro backdrop. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greentown Service (2869 HK) - Trading Scale for Quality in 1H26; Maintain BUY

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Leading Player in Premium Segment: Greentown Service is a leading property management firm in China, particularly in the high-end residential segment in the Yangtze River Delta, which provides a stable foundation of recurring revenue.</li>
 <li>
Growth in Value-Added Services (VAS): The company is strategically expanding beyond basic property management into higher-margin community living and consulting services, which represent key long-term growth drivers.</li>
 <li>
Challenging Macro Environment: The company's performance is intrinsically linked to China's broader property market, which faces significant headwinds, pressuring growth and profitability.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Leading Player in Premium Segment: Greentown Service is a leading property management firm in China, particularly in the high-end residential segment in the Yangtze River Delta, which provides a stable foundation of recurring revenue.
  
Growth in Value-Added Services (VAS): The company is strategically expanding beyond basic property management into higher-margin community living and consulting services, which represent key long-term growth drivers.
  
Challenging Macro Environment: The company's performance is intrinsically linked to China's broader property market, which faces significant headwinds, pressuring growth and profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Greentown Service Group (2869 HK) - Aug 2026

<ul><li>Greentown Service’s FY25 net profit (NP) grew 12.1% YoY to RMB 880mn, missing Bloomberg consensus by 6.3% and in line with our forecast.</li><li>Core operating profit (=GP-SG&amp;A) rose 24.6% YoY, largely beating the 15% guidance set by management earlier thanks to its continued efforts on efficiency improvement.</li><li>Share price went up 6.5% after analyst briefing given company guided a &gt;15% core OP growth in FY26 with further efficiency improvement as well as the high payout ratio to be maintained. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greentown Service’s FY25 net profit (NP) grew 12.1% YoY to RMB 880mn, missing Bloomberg consensus by 6.3% and in line with our forecast.Core operating profit (=GP-SG&amp;A) rose 24.6% YoY, largely beating the 15% guidance set by management earlier thanks to its continued efforts on efficiency improvement.Share price went up 6.5% after analyst briefing given company guided a &gt;15% core OP growth in FY26 with further efficiency improvement as well as the high payout ratio to be maintained. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greentown Service (2869 HK) - Continue to Bear Fruit from Efficiency Gains

Thematic (Sector/Industry)

<ul><li>On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.</li><li>Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.</li><li>We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

<ul><li>We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view</li><li>2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)</li><li>3) property transaction data are robust </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)3) property transaction data are robust Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - City-Level Relaxation Came Earlier...

China

Greentown Service Group Co. Ltd. is a leading property management and services company. It provides comprehensive property management, community living, consulting, and technology services. The company was established in 1998 and is headquartered in Xihu District, Hangzhou, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Greentown Service Group (2869 HK)

Greentown Service (2869 HK) - Trading Scale for Quality in 1H26; Maintain BUY

Management left full-year guidance unchanged and reaffirmed a high payout. We maintain BUY with an unchanged TP of HK$6.55, based on 18x 2026E P/E.

CMB International

Primer: Greentown Service Group (2869 HK) - Aug 2026

Leading Player in Premium Segment: Greentown Service is a leading property management firm in China, particularly in the high-end residential...

αSK Primers

Greentown Service (2869 HK) - Continue to Bear Fruit from Efficiency Gains

Greentown Service’s FY25 net profit (NP) grew 12.1% YoY to RMB 880mn, missing Bloomberg consensus by 6.3% and in line with our forecast.

CMB International

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive...

CMB International

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)