Core Insights - The report from the China Index Academy indicates that in August 2025, the top 50 property service companies in China added approximately 54.9 million square meters of new contract area, reflecting continuous expansion among leading firms [1] - The average new contract area for these companies was 1.1 million square meters [1] - Notable companies such as China Resources Vientiane Life Co., Shanghai Yongsheng Property Management Co., and Shimao Services Holdings Ltd. experienced rapid growth, each adding over 5 million square meters of new contract area [1]

Core Viewpoint - Shimao Services achieved record high new contract area during a period of industry restructuring, indicating strong market expansion and operational efficiency [1][3][4] Financial Performance - For the first half of 2025, Shimao Services reported revenue of 3.62 billion yuan, gross profit of 709 million yuan, and core net profit of 282 million yuan [1] - The contracted area reached 343 million square meters, a quarter-on-quarter increase of 9.3%, while the managed area increased by 1.8% [1][2] - Basic property service revenue was 2.81 billion yuan, a year-on-year increase of 1.8%, accounting for 77.7% of total revenue [1] Market Expansion - The company achieved a record high in new contract area, with 40.1 million square meters added, representing a year-on-year increase of 126.6% [1][5] - New annual saturated income reached 1 billion yuan, a year-on-year increase of 66.7% [1][5] - 74% of new projects are located in high-energy urban clusters, with 73% in first and second-tier cities [3][5] Business Optimization - Shimao Services has systematically optimized its business management structure, enhancing independent development capabilities and market-oriented business scale [3][4] - The company has reduced low-efficiency businesses, such as Jinshatian, to mitigate cyclical risks and lay a foundation for long-term growth [4][6] - Non-residential business management has expanded, with non-residential managed area increasing by nearly 8%, now accounting for 43% of total managed area [2][3] Cost Control and Efficiency - Management expenses were reduced by nearly 20%, and labor costs were improved by 17%, leading to a 35% increase in revenue per employee [8] - The company has implemented a comprehensive talent training system to support its growth [8] Future Development Strategy - Shimao Services aims to focus on non-residential business development, enhancing service quality and integrating community services [6][9] - The company plans to leverage AI and other technologies to ensure business growth and shareholder returns [9]

FF301 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 截至月份: 2025年8月31日 狀態: 新提交 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） 呈交日期: 2025年9月1日 FF301 II. 已發行股份及/或庫存股份變動 | 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 ...

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].