Greentown Service Group’s 1H In Line, Community Living Services Revenue Up but MAG Headwind Persists

No-moat Greentown Service Group, or GSG’s, first-half 2021 result is in line, revenue and net profit rose 27.2% and 46.3% year on year to CNY 5.6 billion and CNY 546.7 million, respectively. This is as higher gross profit by 24.1% year on year flowed through to the bottom line. This was anchored by core property management services revenue, which grew 20% year on year during the same period.