股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 世茂服務控股有限公司（於開曼群島註冊成立之有限公司） FF301 呈交日期: 2025年8月1日 截至月份: 2025年7月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00873 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,468,173,000 | | 0 | | 2,468,173,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,468,173,000 | | 0 | | 2,468,173,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註 ...

Core Insights - The property management industry is experiencing a significant trend of companies voluntarily exiting projects due to various operational challenges and financial pressures [1][3][5] - The turnover rate of residential property management has increased from 1.7% in 2021 to 3.3% in 2024, indicating a growing willingness among homeowners to change property management companies [7][10] Group 1: Company Exits - China Overseas Property announced its exit from the Ezhou Shuangchuang Star community by August 31, 2025, due to low occupancy rates and high unpaid fees, with a total outstanding amount of 595,900 yuan as of January 2025 [1][4] - Jin Ke Service will withdraw from Chongqing Hengchun Phoenix City by August 31, 2025, citing reduced property fees and legacy issues from developers leading to losses [1][4] - Longfor Property is set to exit Shanghai Su Di Chun Xiao community by August 2025 due to unresolved historical issues causing operational risks [1][4] Group 2: Industry Trends - A report by CRIC shows that from 2021 to 2024, the residential property turnover rate has increased, suggesting a trend where approximately 20,000 residential communities change property management annually [2][7] - Many property management companies, including Wanwu Cloud, Shimao Service, and others, have publicly announced their termination and exit from various projects in their 2024 annual reports [2][3] - The ongoing dissatisfaction among homeowners regarding property services has led to a rise in the number of homeowners seeking to change property management companies [10][11] Group 3: Financial Pressures - The primary reasons for property management companies exiting projects include rising costs, declining collection rates, and insufficient growth in value-added services [5][6] - In 2024, Wanwu Cloud exited 53 residential projects, impacting a saturated income of 286 million yuan, while Shimao Service and others also reported significant areas of project exits [6][5] - Companies are increasingly focusing on high-quality growth, prioritizing high-capacity cities and quality clients, as evidenced by China Overseas Property's increase in new contract amounts in core urban areas [5][6]

Group 1 - The core point of the article is that Shimao Services is establishing a partnership to invest in a cold chain logistics project in Huludao, Liaoning Province, China [1] - Shimao Services' wholly-owned subsidiary, Shanghai Shimao Tianjing, will contribute RMB 237.6 million to the partnership, while Wuxi Xinghe will contribute RMB 2.4 million [1] - The total investment amount for the partnership is RMB 240 million [1]

Financial Performance - The company's revenue for 2024 was RMB 7,895.54 million, a decrease of 3.73% compared to RMB 8,202.67 million in 2023[16] - The net loss attributable to equity holders for 2024 was RMB 272.36 million, compared to a profit of RMB 273.25 million in 2023[16] - The gross profit for 2024 was RMB 1,564.28 million, down from RMB 1,646.43 million in 2023, reflecting a gross margin of approximately 19.8%[16] - The company reported a significant increase in administrative expenses, which rose to RMB 827.49 million in 2024 from RMB 989.52 million in 2023[16] - For the year ended December 31, 2024, the company's total revenue was RMB 7,895.5 million, with a gross profit of RMB 1,564.3 million, resulting in an annual loss of RMB 223.0 million[37] - The gross profit from property management services was RMB 1,120.8 million, up 5.2% from RMB 1,065.4 million in 2023, maintaining a gross margin of 20.1%[39] - The gross margin for property management services was stable at 20.1%, while community value-added services saw a decline in gross margin to 23.5% from 26.1%[66] - The annual loss reached RMB 223.0 million, compared to a profit of 316.7 million in 2023, with the attributable loss to equity holders amounting to RMB 272.4 million, down from a profit of RMB 273.2 million in 2023[79] Market Strategy and Growth - The company plans to focus on enhancing service quality and expanding into the stock market and non-residential sectors to drive growth[18] - The company aims to provide 6 million affordable housing units over the next five years, as part of a broader government initiative[18] - The company expanded its market presence with a new annual contract value of RMB 1,482.7 million, representing a year-on-year increase of 28.2%, and a new contracted construction area of 43.1 million square meters, up 3.4% year-on-year[21] - The company is committed to long-term development and aims to reshape its strategies in response to market changes[19] - In 2025, the company plans to adjust its operational structure for better resource allocation, actively explore new third-party bidding markets, and innovate service models to enhance revenue generation[26] - The company aims to maintain its business scale in the residential sector while improving customer retention and expanding value-added services to contribute stable profits[27] - The company is shifting its strategic focus from acquisitions to third-party bidding and market expansion due to the slowdown in the real estate sector[58] Operational Efficiency and Cost Management - The company is committed to cost control by optimizing personnel allocation and implementing lean cost management practices to ensure effective cost oversight[30] - The company will enhance service quality in the residential sector through comprehensive updates in image, standards, and service, while also improving operational efficiency in the non-residential sector with smart management systems[31] - The total sales and service costs decreased by 3.4% to RMB 6,331.3 million, attributed to reduced revenue scale and ongoing organizational optimization[65] - Administrative expenses amounted to RMB 827.5 million, a 16.4% decrease from RMB 989.5 million in 2023, representing 10.5% of total revenue, down 1.6 percentage points from 12.1% in 2023, due to effective cost control measures[69] Employee and Workforce Management - Employee headcount decreased by 25.0% to 35,633 from 47,531 in 2023, with total employee costs down by 12.9% to RMB 3,408.3 million[63] - The company is focused on management training and professional empowerment to build a strong core employee team and enhance overall operational capabilities[32] Community and Social Responsibility - The company received an upgrade in its ESG rating from MSCI from BB to BBB and was recognized as one of the top 10 leading companies in ESG sustainable development in China[34] - The group emphasizes the importance of environmental protection and sustainable development in its operations[93] - The company has established a code of conduct emphasizing integrity and professional ethics, covering six key dimensions including conflicts of interest and information accuracy[187] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the fiscal year ending December 31, 2024[145] - The board consists of three executive directors and three independent non-executive directors, with independent directors accounting for more than one-third of the total board members[151] - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring unbiased oversight of the executive management[151] - The company has established a risk management and internal control system to identify, assess, manage, and report all significant risks, including environmental, social, and governance risks[180] Shareholder Engagement and Communication - The company has adopted a shareholder communication policy to ensure timely access to comprehensive and understandable information for all shareholders[191] - The company encourages shareholder participation in annual general meetings to enhance accountability and keep them informed of strategic goals[193] - Shareholders holding at least 10% of voting rights can request a special general meeting, which must be held within two months of the request[198]

Core Viewpoint - The independent external expansion capability of property management companies has become a focal point in the real estate industry's deep adjustment in 2024, marking a fundamental shift in the growth logic of the property management service sector as it enters a new cycle of destocking [1] Group 1: Financial Performance - In 2024, the property management service segment of the company achieved revenue of 5.564 billion yuan, a year-on-year increase of 5.1%, accounting for 70.5% of total revenue, with a stable gross margin of 20.1% [2] - The company realized a new contract amount of 1.483 billion yuan from third-party external expansion, a year-on-year increase of 28.2%, with a new contracted building area of 43.1 million square meters, up 3.4% year-on-year [2] - The average property management fee for new projects surged to 2.9 yuan per square meter per month, a significant increase of 26.1% year-on-year, indicating a notable improvement in external expansion quality [2] Group 2: Strategic Focus and Asset Optimization - The company is actively adjusting its asset structure by exiting low-efficiency projects and focusing on technology transformation to achieve cost reduction and efficiency enhancement [4] - In 2024, the company disposed of 60% of its stake in Wuxi Jinsitian Technology, recovering 250 million yuan, thereby reducing goodwill impairment pressure [4] - The company plans to leverage AI and big data for intelligent management, aiming to enhance operational efficiency and provide better personalized services to clients [4][5] Group 3: Market Positioning and Future Outlook - The company is adopting a strategy of "selecting the best among the best" in project evaluation to ensure high-quality income and enhance brand influence and market share [3] - The aging population and rising demand in the elderly care market present new opportunities for property management companies, with the company reporting a 15.1% year-on-year increase in elderly care service revenue, reaching 187 million yuan [6][7] - The company aims to maximize unit space output while actively exploring market boundaries to achieve sustained business scale expansion [7][8]

Core Insights - The property management industry in China has undergone a significant transformation from being a "real estate subsidiary" to an "independent track," especially after the deep adjustments in the real estate sector post-2020, leading to a shrinking incremental market and intensified competition in the existing market [1][2] Financial Performance - Shimao Services (00873.HK) reported a revenue of 7.9 billion yuan for 2024, a slight decline of 3.7% year-on-year, with property management service revenue increasing by 5.1% to 5.56 billion yuan [1] - The company's gross margin remained stable at 20.1%, and the annualized contract amount surged by 28.2% year-on-year, with non-residential properties accounting for 72.1% of new managed buildings [1][3] - The revenue from non-residential projects increased significantly by 45.1% to 2.342 billion yuan [1] Strategic Shifts - The company has achieved a structural breakthrough from "relying on external funding" to "self-sustaining," with basic property service revenue accounting for 70.5% of total revenue [3] - As of the end of 2024, Shimao Services managed an area of 21.8 million square meters, with third-party managed areas making up 71.5% of the total [3] Market Positioning - The company focuses on high-tier cities, with 74.4% of residential projects located in first-tier, new first-tier, and second-tier cities, ensuring access to a large consumer base and payment capacity [4] - The average property management fee for new projects increased by 26.1% year-on-year, indicating a strong pricing power in high-tier markets [4] Cost Management - Shimao Services maintained effective cost control, with sales and marketing expenses decreasing by 14.9% and administrative expenses down by 16.4% year-on-year [4] Competitive Advantages - The company emphasizes three core competencies: service capability, technological capability, and ecological capability, creating a sustainable growth cycle [5] - Shimao Services has implemented a "high-quality service" strategy, enhancing service capabilities in both residential and non-residential sectors, and has received multiple awards for service excellence [6][7] Technological Integration - The integration of AI and big data technologies has optimized equipment management and energy consumption, leading to a significant reduction in energy costs [8] - The company aims to transition from a labor-intensive model to a technology-driven model, enhancing service quality and operational efficiency [8] Ecosystem Development - Shimao Services is expanding its ecosystem through a diversified business matrix, including community value-added services, with a 15.1% year-on-year increase in revenue from its elderly care services [9] - The collaboration between its elderly care brand and Shimao Services has created an efficient service model, tapping into new revenue streams [9] Conclusion - The property management industry is experiencing a fundamental shift from scale expansion to capability accumulation, with Shimao Services establishing a growth framework through structural optimization, technological empowerment, and ecological deepening [10] - The company has transitioned from a "cyclical stock" to a "value growth stock," focusing on quality as a foundation for future growth [10]

Core Insights - The company reported a slight decline in overall revenue, with a total income of approximately 79.96 billion yuan, down 3.7% year-on-year, and a net profit of 4.92 billion yuan, down 24% [1][2] Property Management Services - Revenue from property management services reached 55.64 billion yuan, marking a 5.1% increase year-on-year, which constitutes 70.5% of total revenue [2][3] - The gross profit for property management services was 11.21 billion yuan, with a gross margin of 20.1% [2] - The company managed 1,447 projects, including residential, educational, public, industrial, and healthcare properties [2] - New annual contract value for property management services increased by 28.2% to 14.83 billion yuan, with an average management fee of 2.9 yuan per square meter per month, up 26.1% [2] Other Business Segments - Revenue from community value-added services decreased by 11.4% to 12.078 billion yuan, non-owner value-added services fell by 17.4% to 1.76 billion yuan, and urban services dropped by 29.0% to 9.4 billion yuan [3] - The decline in these segments is attributed to the overall downturn in the real estate industry and reduced consumer demand for community and home services [3] - Notably, the elderly care services within the community value-added services segment saw a revenue increase of 15.1% to 1.87 billion yuan [3] Organizational Restructuring - The company undertook an optimization of its organizational structure, creating a new framework consisting of four regions and 18 districts to enhance operational efficiency [4] - Starting from May 2024, the company aims to improve project management capabilities, reduce costs, and maintain profit margins in property management services [5] Strategic Focus - The company is shifting its strategy from scale expansion to prioritizing quality, with a focus on enhancing independent non-residential business segments and exploring new growth avenues [5] - Future plans include optimizing operational structures, improving service quality, and enhancing cash flow management [5]

Core Viewpoint - Shimao Services (00873) reported strong annual performance for the year ending December 31, 2024, with revenue of 7.896 billion RMB and a gross profit of 1.564 billion RMB, demonstrating resilience in a challenging real estate market [1] Group 1: Financial Performance - For the year 2024, Shimao Services achieved a new annual contract value of 1.483 billion RMB, an increase of 28.2% year-on-year [1] - The newly contracted building area reached 43.1 million square meters, reflecting a year-on-year growth of 3.4% [1] - The average property management fee for new projects was 2.9 RMB per square meter per month, up 26.1% compared to the previous year [1] Group 2: Core Business Development - Property management services, as the core business segment, showed a steady upward trend, with revenue from this segment reaching 5.564 billion RMB, a year-on-year increase of 5.1% [1] - The growth in property management service revenue was driven by active third-party bidding, an increase in managed building area, and improved service quality [1] Group 3: Project Composition and Market Position - As of 2024, residential projects accounted for 63.9% of the managed projects, providing a solid foundation for the business [2] - Among these residential projects, 74.4% are located in first-tier, new first-tier, and second-tier cities, allowing Shimao Services to tap into diverse local demands and expand value-added services [2]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 7,895.5 million, a decrease of 3.7% compared to RMB 8,202.7 million in the same period of 2023[3]. - The annual loss was RMB 223.0 million, a significant decrease from a profit of RMB 316.7 million in 2023[5]. - The core net profit attributable to equity holders was RMB 492.4 million, down 24.0% from RMB 647.7 million in 2023[5]. - The company reported a basic loss per share of RMB 0.11, a significant decrease from a basic earnings per share of RMB 0.11 in 2023[5]. - The gross profit margin for the year was 19.8%, with a core net profit margin of 6.2%[11]. - The group experienced an operating loss of RMB 157.7 million, a significant drop from an operating profit of RMB 343.6 million in 2023[75]. - The company reported a loss before tax of RMB 147.7 million, a decrease from a profit of RMB 387.8 million in 2023[77]. - The company reported a total equity of RMB 8,039,043 thousand in 2024, down from RMB 8,646,153 thousand in 2023, reflecting a decrease of approximately 7%[99]. Revenue Breakdown - Property management services revenue was RMB 5,564.3 million, accounting for 70.5% of total revenue, an increase of 5.1% from RMB 5,291.9 million in 2023[3]. - The community value-added service revenue was RMB 1,207.7 million, a decrease of 11.4% compared to RMB 1,362.9 million in 2023, primarily due to the overall downturn in the real estate industry[42]. - The revenue from smart scene solutions was RMB 81.9 million, down 4.3% from RMB 85.6 million in 2023[46]. - The revenue from parking asset operation services was RMB 264.6 million, a decrease of 10.2% from RMB 294.6 million in 2023[47]. - The revenue from home improvement services was RMB 69.7 million, down 44.9% from RMB 126.5 million in 2023[48]. - The revenue from campus value-added services was RMB 361.1 million, a decrease of 12.5% from RMB 412.7 million in 2023[49]. - The revenue from elderly care services increased by 15.1% to RMB 187.3 million compared to RMB 162.7 million in 2023, driven by business expansion in new markets[50]. Operational Efficiency - The company is focusing on enhancing service quality and customer satisfaction as a core operational principle[17]. - A strategic committee has been established to evaluate project conditions comprehensively, ensuring high operational management and profitability[12]. - The company is restructuring its organization into four regions and 18 districts to improve operational efficiency and management effectiveness[19]. - The group focused on operational efficiency, systematically evaluating all managed projects to enhance operational quality and competitiveness in the market[38]. - The company is focusing on integrating artificial intelligence and big data applications to improve operational efficiency and customer satisfaction[63]. - The company is transitioning from a labor-intensive model to a technology-driven approach to reduce costs and enhance service quality[64]. Market Trends and Strategic Focus - The property management services industry is experiencing a shift towards focusing on existing projects and non-residential markets due to challenges in traditional growth models[7]. - The government has announced measures to stabilize the real estate market, including the provision of 6 million affordable housing units over the next five years[8]. - The real estate industry is experiencing a downturn, impacting the growth rate of property management services, leading the company to shift its strategic focus from acquisitions to external market expansion[58]. - New business opportunities are emerging in community services and pet services, which the company aims to explore for diversified growth[64]. Asset and Liability Management - Cash and cash equivalents, including time deposits over three months, were RMB 3,764.2 million, a decrease of 21.4% from RMB 4,788.3 million as of December 31, 2023[5]. - Accounts receivable increased by 5.3% to RMB 3,378.3 million, influenced by slower customer payment speeds due to the macroeconomic environment[86]. - Accounts payable rose by 16.5% to RMB 1,412.3 million, attributed to delayed payments to suppliers[87]. - Current assets increased by 5.1% to RMB 9,648.9 million, while cash and cash equivalents decreased by 42.9% to RMB 2,164.1 million[88]. - The company’s total liabilities decreased from RMB 5,243,723 thousand in 2023 to RMB 4,768,067 thousand in 2024, a reduction of approximately 9%[99]. Employee and Cost Management - Employee count decreased by 25.0% to 35,633 from 47,531 in 2023, with total employee costs down by 12.9% to RMB 3,408.3 million[65]. - Administrative expenses decreased by 16.4% to RMB 827.5 million, representing 10.5% of total revenue, down from 12.1% in 2023[72]. - Marketing expenses decreased by 14.9% to RMB 116.3 million, representing 1.5% of total revenue, down from 1.7% in 2023[71]. - The total depreciation and amortization expenses decreased to RMB 326,993,000 in 2024 from RMB 392,377,000 in 2023, a reduction of approximately 16.7%[118]. Corporate Governance and Future Plans - The company has not granted any shares under the share incentive plan adopted on June 28, 2021, which allows for a maximum of 3% of the total issued shares (70,919,190 shares) to be awarded over a ten-year period[53]. - The company has not completed any acquisitions as of December 31, 2024, and will continue to seek suitable targets while enhancing due diligence processes[61]. - The company plans to allocate RMB 1,140 million for potential acquisitions, with RMB 609 million already utilized and RMB 531 million remaining, expected to be used by 2025[58]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with 2023[123]. - The annual general meeting is scheduled for June 10, 2025, to discuss shareholder matters[140].

2025 年 3 月 2 日 公司研究 关联方境外债重组落地，基础物管稳健增长 事件：关联方境外债重组计划获得超过 95%的债权人投票赞成。 2 月 24 日，世茂服务关联方世茂集团发布公告，其境外债重组计划已获得 2053 名（占出席人数的 98.75%）持有投票计划债权总额约 110 亿美元（占债权总额 的 95.39%）的计划债权人投票赞成，后续世茂集团将寻求高等法院对重组计划 进行批准和裁决。 点评：关联方境外债重组落地，基础物管稳健增长，地产关联业务影响较小。 1) 基础物管稳健增长，增值业务有所调整。2024H1 公司实现营业收入 40.3 亿 元，同比下降 1.6%，毛利 8.1 亿元，同比下降 5.9%，归母净利润 1.8 亿元，同 比增长 18.9%。期内，物业管理/社区增值/非业主增值/城市服务分别实现收入 27.6/5.9/0.8/6.0 亿元，同比分别为+5.7%/-17.3%/-33.2%/-7.9%，基础物管业 务实现稳健增长，社区增值和非业主增值不同程度受到房地产市场和国内经济形 势及消费环境影响，业务开展面临一定挑战；城市服务收入下滑则由于公司主动 退出了部分利润率较低及信用期 ...