格隆汇8月15日丨世茂服务(00873.HK)公告，公司将于2025年8月27日(星期三)举行董事会会议，藉以(其 中包括)批准公司及其附属公司截至2025年6月30日止6个月中期业绩，以及考虑派发中期股息(如有)。 ...

Core Insights - In July 2025, the top 50 property service companies in China added approximately 50.48 million square meters of new contract area, with an average of 1.01 million square meters per company, indicating continued expansion among leading firms [1][9] Group 1: New Contract Area - The top three companies by new contract area are Shimao Services Holdings Limited with over 3.3 million square meters, Shanghai Yongsheng Property Management Co., Ltd. with 3.43 million square meters, and China Merchants Jinling Industry Co., Ltd. with significant growth [1][2] - The total new contract area for the top 50 companies reached approximately 50.48 million square meters, with an average of 1.01 million square meters per company [1][8] Group 2: Third-Party Market Expansion - The total area expanded in the third-party market by the top 50 property service companies was approximately 42.56 million square meters, with an average of 0.85 million square meters per company [7][8] - The leading companies in third-party market expansion include Shimao Services Holdings Limited with 4.11 million square meters and Shanghai Yongsheng Property Management Co., Ltd. with 3.38 million square meters [5][6] Group 3: Associated Area Undertaking - The top 50 companies undertook approximately 9.63 million square meters of associated area, with an average of 0.19 million square meters per company [13] - Leading firms such as Wuhan Urban Services Group Co., Ltd. and Poly Property Services Co., Ltd. are expected to add over 800,000 square meters of managed area due to support from parent companies [9][13] Group 4: Bidding Performance - Shenzhen Jindi Property Management Co., Ltd. achieved a notable bidding amount of 64.45 million yuan, followed by Greentown Property Service Group Co., Ltd. with 35.23 million yuan [14] - Other companies like Guangdong Hongde Technology Property Co., Ltd. and Shenzhen Xinghe Zhishan Life Co., Ltd. also secured significant projects in the urban services sector [14]

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]