Core Viewpoint - Shimao Services (00873) announced the resignation of Mr. Cao Shiyang from his position as executive director, effective from August 31, 2025, due to his need to devote more time to personal affairs and family [1] Company Summary - Mr. Cao Shiyang's resignation will take effect on August 31, 2025 [1]

Group 1 - The core point of the article is the resignation of Mr. Cao Shiyang from the position of executive director of Shimao Services, effective from August 31, 2025, due to personal and family commitments [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 獨 立 非 執 行 董 事 顧雲昌先 生 周心怡女 士 許 偉 文 先 生 董 事 會 已 設 立 三 個 董 事 委 員 會。下 表 提 供 各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 的 職 位 。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （ 股 份 代 號 ： 873） 董 事 名 單 與 其 角 色 和 職 能 自 20 25年 8月 3 1日 起 ， 世 茂 服 務 控 股 有 限 公 司 董 事 會 （「 董事會 」） 成 員 載列如下 ： 執行董事 許 世 壇 先 生 （ 主 席 ） 邵 亮 先 生 （ 總 裁 ） | 董 事 許 世 邵 亮 | 董 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損 失 承 擔 任 何 責 任 。 代表董事會 世 茂 服 務 控 股 有 限 公 司 主 席 許世壇 香港， 2025 年 8 月 29 日 於本公告日期 ， 本 公 司 董事會包括 三 名執行董事許世壇先生（主席）、 邵 亮 先 生（ 總 裁 ）及 曹 士 揚 先 生；以 及 三 名 獨 立 非 執 行 董 事 顧 雲 昌 先 生、 周 心 怡 女 士 及 許 偉 文 先 生 。 執行董事辭任 世 茂 服 務 控 股 有 限 公 司（「 本公司 」，連 同 其 附 屬 公 司 統 稱「 本 集 團 」） 董 事 會（「 董事會 」）謹 此 宣 佈 曹 士 揚 先 生（「 曹先生 」）由 於 需 投 放 更 多時間在其個人 事 務 及家庭上，已提出 辭 任 本 公 司 執 行 董 事 職 務，由2025 年8月31日 起生效 。 曹 先 生 已 確 認 彼 與 董 事 會 並 無 任 何 意 見 分 歧 ， 亦 無 其 ...

Core Viewpoint - The property management sector is regaining investor interest in the current bull market, characterized by both defensive and growth attributes, with a year-to-date increase of 23%, closely aligning with the Hang Seng Index's 25% rise. However, internal differentiation within the industry remains, necessitating careful identification of unique value propositions among various property companies [1][4]. Group 1: Industry Overview - The property management sector has unique appeal for investors, particularly in uncertain external environments, due to its high dividends and stable cash flow, providing a safety net with low risk and anti-cyclical characteristics [4]. - Despite facing challenges in recent years due to the real estate market's downturn, the core value of property management stocks remains unchanged, characterized by a "three excellence" model: excellent light-asset operation, excellent cash flow, and excellent long-term growth potential [4][5]. - The current rapid development phase of the property management industry is driven by urbanization and the increasing demand for high-quality living, with business boundaries expanding beyond traditional residential markets to include commercial, public, and industrial properties [5][6]. Group 2: Company Performance - Shimao Services reported a revenue of 3.62 billion yuan and a core net profit of 282 million yuan for the first half of 2025, indicating a significant discrepancy between market expectations and the company's actual performance [3]. - The company has demonstrated strong independent growth capabilities, with 72% of its managed area and 78% of its contracted area coming from third-party sources, reducing reliance on its parent company [8][18]. - The company achieved a remarkable 54.6% year-on-year increase in new annual contract value from third-party bidding, with a 126.6% increase in newly contracted building area [11]. Group 3: Strategic Developments - Shimao Services is actively expanding into non-residential sectors, with over 80% of newly contracted building area in the first half of 2025 coming from non-residential properties, highlighting its strategic value in diversifying its business [14][19]. - The company is focusing on systematic service upgrades across various sectors, aiming for a comprehensive renewal that enhances market competitiveness and injects vitality into urban living [16]. - The company's strategic investments in high-potential urban areas, such as Hangzhou, have led to increased market share and competitive positioning [15][20]. Group 4: Market Misconceptions - The market has overly pessimistic views regarding the risks associated with Shimao Services' ties to real estate companies, underestimating its independent development capabilities [18]. - There is a lack of recognition of the strategic value of Shimao Services' expansion into non-residential sectors, which has become a significant growth driver, contributing 36.22% to total revenue [19]. - The market has not fully appreciated the benefits of Shimao Services' urban deep cultivation strategy, which has created scale effects and cost advantages, nor its ongoing digital transformation efforts that enhance operational efficiency [20][22].

Core Viewpoint - The company is actively optimizing its business structure by focusing on core operations and adjusting non-core businesses, which includes divesting subsidiaries like Jinsha Tian. These adjustments may have a short-term impact on profits but ultimately enhance the company's ability to respond to market and policy changes [1] Financial Performance - After excluding the impact of subsidiaries like Jinsha Tian, the company's overall revenue still achieved approximately 3% growth [1] - The core property management business maintained steady growth, with revenue exceeding 2.8 billion, reflecting a nearly 3% year-on-year increase [1] Market Expansion - The company achieved significant market expansion, with new contracted area reaching 40.1 million square meters, a year-on-year increase of 126.6% [1] - New annual saturated revenue reached 1 billion, marking a 66.7% year-on-year growth, both figures setting historical highs [1] Operational Efficiency - Nearly 80% of the contracted area comes from third-party clients, indicating a stable operational base and continuous optimization of the revenue structure [1] - Through refined management and digital operations, the company's operational efficiency and cyclical resilience are continuously improving, laying a solid foundation for long-term stable development [1]

Core Viewpoint - Shimao Services emphasizes a long-term strategic approach focused on quality service and brand value enhancement, despite facing industry adjustments and intensified market competition [1][10]. Financial Performance - For the first half of 2025, Shimao Services reported revenue of RMB 3.62 billion, gross profit of RMB 709 million, and core net profit of RMB 282 million, indicating a temporary fluctuation in core net profit due to proactive business transformation [1][3]. - The company’s basic property service revenue reached RMB 2.81 billion, accounting for 77.7% of total revenue, reflecting stability in its operational foundation [3]. Market Expansion - Shimao Services achieved a significant increase in contracted area, with 40.1 million square meters added, representing a year-on-year growth of 126.6%, and a new annual revenue potential of RMB 1 billion, up 66.7% [4]. - 74% of new projects are located in key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area, with 73% in first and second-tier cities [4]. Business Diversification - The company has seen substantial growth in various service segments, including community value-added services (up 8.5%), rental and sales services (up 32.6%), and new retail value-added services (up 188.9%) [3][5]. - Shimao Services maintains a leading position in property management for universities and healthcare logistics, enhancing its reputation in high-barrier sectors [5]. Service Quality and Innovation - The company is implementing a "Heart Gravity Live+" quality renewal plan, focusing on standardization and digitalization to enhance service quality and operational efficiency [6]. - In non-residential sectors, Shimao Services has introduced an AIS smart energy management platform to improve operational efficiency and service response times [7]. Talent Development and Operational Efficiency - Management expenses were reduced to RMB 340 million, with a 35.2% increase in revenue per employee, showcasing improved management efficiency [8][9]. - The company is investing in talent development through a structured training program, ensuring a high-quality service workforce [9]. Long-term Strategy - Shimao Services plans to continue its long-term strategy centered on "service first, quality priority," focusing on creating a friendly and integrated community covering all age groups [10].

Core Viewpoint - Shimao Services (00873) reported strong mid-year results for the six months ending June 30, 2025, showcasing significant growth in contract amounts and management services despite challenging macroeconomic conditions [1][2] Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.62 billion RMB, with a gross profit of 709 million RMB [1] - Profit attributable to equity holders was 8.519 million RMB, with basic earnings per share at 0.003 RMB [1] - Property management services generated 2.812 billion RMB in revenue, reflecting a year-on-year increase of 1.9%, while maintaining stable gross margins [1] Group 2: Market Expansion and Strategy - The company achieved a record high in its market expansion team, with a new annual contract value of 958 million RMB, up 54.6% year-on-year, and a new contracted area of 40.1 million square meters, up 126.6% year-on-year [1] - As of mid-2025, non-residential property projects accounted for 38.4% of the managed area, significantly diversifying the client base [2] - 96.6% of non-residential projects are located in first-tier, new first-tier, and second-tier cities, which are key consumption drivers [2] - The company is expanding its service offerings to include smart energy, space operations, business support, and customized logistics across various property types [2]

Core Insights - Shimao Services reported a revenue of 3.62 billion RMB for the six months ending June 30, 2025, with a gross profit of 709 million RMB and a net profit attributable to equity holders of 8.52 million RMB, translating to a basic earnings per share of 0.003 RMB [1] Group 1: Financial Performance - For the first half of 2025, Shimao Services achieved a new annualized contract amount of 958 million RMB, representing a year-on-year increase of 54.6% [1] - The newly contracted building area reached 40.1 million square meters, showing a significant year-on-year increase of 126.6% [1] - Revenue from property management services was 2.812 billion RMB, reflecting a year-on-year growth of 1.9%, with stable gross margins [1] Group 2: Market Expansion and Strategy - The company actively expanded its client base by developing various non-residential property clients, increasing the proportion of non-residential projects to 38.4% of the managed area as of mid-2025 [2] - A significant 96.6% of non-residential projects are located in first-tier, new first-tier, and second-tier cities, which are characterized by high industrial density and consumer traffic [2] - Shimao Services has extended its service offerings to include office buildings, industrial parks, public facilities, and urban complexes, continuously fostering growth through smart energy, space operations, business support, and customized logistics [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：873） 截 至2025年6月30日止六個月 中期業績公告 業績摘要 – 1 – 1. 收入為人民幣3,619.8百 萬 元，較2024年同期的人民幣4,031.8百萬元下降 10.2%。 2. 本 集 團 收 入 來 自 四 個 業 務：(i)物 業 管 理 服 務；(ii)社 區 增 值 服 務；(iii)非 業 主 增 值 服 務；及(iv)城 市 服 務。期 內(i)物業管理服務收入約為人民幣 2,812.3百 萬 元，佔 總 收 入 的77.7%，較 去 年 同 期 的 人 民 幣2,761.0百 萬 元， 實現同比增長1.9%；(ii)社區增值服務收入達人民幣 538.9百 萬 元，佔 總 收 入 的14.9%，相 較 於 去 年 同 期 的 人 民 幣586 ...