Hollwin Urban Operation Service Group (2529) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB316.190m versus RMB311.609m; profit attributable to shareholders was RMB38.537m versus RMB38.177m.

• Property management and commercial operations growth offset lower urban services revenue; gross margin eased to 26.9% from 27.8%.

• No interim dividend was recommended.

Financial highlights

• Revenue rose to RMB316.190m from RMB311.609m; gross profit declined to RMB85.097m from RMB86.675m.

• Operating profit was RMB50.949m versus RMB49.871m; profit before tax was RMB52.077m versus RMB50.932m.

• Profit attributable to shareholders was RMB38.537m versus RMB38.177m; basic and diluted EPS fell to RMB0.24 from RMB0.29.

• Administrative expenses decreased 10.5% to RMB28.2m, partly reflecting higher listing-related expenses in H1 2024; other net income fell 80.1% to RMB0.1m as subsidies and exchange gains declined.

• Income tax increased 5.1% to RMB13.5m.

Outlook and guidance

• H2 priorities include diversifying services, expanding in Hunan through multiple channels, and pursuing projects from CSUD Group and independent third parties.

• Plans include improving service quality and customer satisfaction, expanding value-added offerings, and advancing digitization and automation through management and operating systems.

• M&A and equity investment may be considered subject to target selection and due diligence.