Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was approximately RMB 1,049.2 million, representing an increase of about 10.3% compared to RMB 951.5 million for the fiscal year ending December 31, 2024[3]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 162.2 million, an increase of about 13.3% from RMB 143.2 million for the fiscal year ending December 31, 2024[4]. - The net profit for the fiscal year ending December 31, 2025, was approximately RMB 66.2 million, which is an increase of about 8.3% compared to RMB 61.1 million for the fiscal year ending December 31, 2024[4]. - The gross profit margin for the fiscal year ending December 31, 2025, was approximately 15.5%, up from 15.1% for the fiscal year ending December 31, 2024, reflecting a growth of about 0.4%[4]. - Basic earnings per share for the fiscal year ending December 31, 2025, were RMB 0.96, compared to RMB 1.01 for the fiscal year ending December 31, 2024[6]. - Total revenue for the year ended December 31, 2025, was RMB 7,479,000, compared to RMB 8,531,000 for 2024, representing a decrease of approximately 12.3%[22]. - Interest income decreased to RMB 990,000 in 2025 from RMB 1,214,000 in 2024, a decline of about 18.5%[22]. - Employee costs increased to RMB 559,002,000 in 2025 from RMB 527,542,000 in 2024, reflecting a rise of approximately 5.9%[24]. - The income tax expense for the year ended December 31, 2025, was RMB 17,405,000, up from RMB 13,290,000 in 2024, indicating a growth of approximately 31.8%[28]. - Basic earnings per share for 2025 were RMB 0.96, compared to RMB 1.01 for 2024, showing a decrease of about 4.9%[29]. Assets and Liabilities - The total assets less current liabilities as of December 31, 2025, amounted to RMB 332.4 million, compared to RMB 266.6 million as of December 31, 2024[7]. - The company's net assets as of December 31, 2025, were RMB 328.3 million, an increase from RMB 263.0 million as of December 31, 2024[8]. - Trade and other receivables increased to RMB 382,140,000 in 2025 from RMB 251,428,000 in 2024, a significant rise of approximately 51.9%[31]. - The total trade payables as of December 31, 2025, amounted to RMB 265,733 thousand, a significant increase from RMB 157,456 thousand in 2024, reflecting a growth of 68.8%[34]. - The financial liabilities measured at amortized cost increased to RMB 581,903 thousand in 2025 from RMB 491,824 thousand in 2024, marking a rise of 18.3%[33]. - The net current assets increased to approximately RMB 200.0 million, attributed to increases in trade receivables and cash[67]. - As of December 31, 2025, the group's cash and cash equivalents amounted to approximately RMB 445.5 million, with 80.8% denominated in RMB[68]. Revenue Breakdown - Customer contract revenue under IFRS 15 for the year ended December 31, 2025, was RMB 1,046,200 thousand, an increase of 10.3% from RMB 948,279 thousand in 2024[18]. - Revenue from urban services for the year ended December 31, 2025, was RMB 654,749 thousand, up from RMB 594,309 thousand in 2024, representing a growth of 10.2%[18]. - Revenue from residential property management services for the year ended December 31, 2025, reached RMB 229,020 thousand, an increase of 14.0% compared to RMB 200,914 thousand in 2024[18]. - Revenue from commercial property management services for the year ended December 31, 2025, was RMB 162,431 thousand, up from RMB 153,056 thousand in 2024, reflecting a growth of 6.1%[18]. - Total revenue recognized over time for the year ended December 31, 2025, was RMB 987,709 thousand, an increase from RMB 905,366 thousand in 2024[18]. - Total revenue recognized at a point in time for the year ended December 31, 2025, was RMB 61,509 thousand, up from RMB 46,161 thousand in 2024[18]. Operational Highlights - The total contracted area as of December 31, 2025, was approximately 32.4 million square meters, with a managed area of approximately 31.9 million square meters[4]. - The number of projects under management increased to 201 in 2025, with a total managed area of 31,875 thousand square meters, compared to 169 projects and 30,055 thousand square meters in 2024, indicating a growth of 18.9% in project count[40]. - The group has secured contracts to provide public property management services for 201 projects, covering a total contracted area of approximately 32.4 million square meters as of December 31, 2025[38]. - The group has increased its managed residential properties to 42 projects with a managed area of 7,987 thousand square meters in 2025, up from 31 projects and 7,355 thousand square meters in 2024, reflecting a growth of 35.5% in project count[40]. - The group operates 117 public properties, providing management services for a total area of approximately 20.6 million square meters as of December 31, 2025[42]. Strategic Initiatives - The group aims to enhance market share and brand influence through strategic expansion and quality improvement initiatives[47]. - The group plans to focus on integrated facility management (IFM) and catering services as part of its second growth curve strategy[47]. - The company is committed to building a talent pool with high quality and structure to enhance brand reputation and customer loyalty[48]. - The company is actively recruiting skilled personnel in property management to support sustainable business development[86]. Corporate Governance and Future Plans - The company has adopted corporate governance principles and has complied with all applicable rules during the reporting period[89]. - The company has no significant events to report following December 31, 2025, up to the date of this announcement[93]. - The 2025 Annual General Meeting is scheduled for June 25, 2026, with the shareholder register closing from June 18 to June 25, 2026[98]. - The 2025 Annual Report will be available on the company's website and the Hong Kong Stock Exchange website in due course[99]. - The company plans to allocate net proceeds from the global offering for various purposes, with a total expected utilization of HKD 100.0 million, of which HKD 90.5 million has been utilized as of December 31, 2025[85]. - The expected timeline for the utilization of remaining proceeds is no later than December 31, 2026, subject to market conditions[85].

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依賴該等內容而引致的任何損失承擔任何責 任。 西安經發物業股份有限公司 董事長兼執行董事 吳鎖正先生 香 港，2026年3月13日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1354） 董事會會議通告 西 安 經 發 物 業 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公司將於2026年3月25日（星 期 三）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮 及 批 准 本公司及其附屬公司截至2025年12月31日 止 年 度 業 績 以 供 發 佈，並 考 慮 建 議 派 發 末 期 股 息（如 有）。 承董事會命 Xi'an Kingfar Property Services Co., Ltd. 西安經發物業股份有限公司 於 本 公 告 日 期，董 事 會 包 括：(i)執 行 董 事 吳 鎖 正 先 生、孫 琦 先 ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01354 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 16,666,800 | RMB | | | 1 RMB | | 16,666,800 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 16,666,800 | RMB | | | 1 RMB | | 16,666,800 | 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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 西安經發物業股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | ...

Core Viewpoint - The stock performance of Jingfa Property (01354.HK) was subdued over the week from February 14 to February 20, 2026, with a slight increase in price on February 20 despite a general decline in the property service sector and the Hang Seng Index [1] Stock Performance Summary - On February 16, the closing price was HKD 3.09 with no trading volume, while on February 20, it closed at HKD 3.14, marking a 1.62% increase with a trading volume of HKD 2,835 [1] - The stock experienced a cumulative increase of 1.62% over the period, with a price fluctuation of 3.24% [1] Technical Indicators Summary - The MACD histogram improved from 0.032 on February 16 to 0.038 on February 20, indicating a positive shift in momentum [1] - The KDJ indicator's J-line rose significantly from 10.844 to 62.722, suggesting a rebound after a short-term oversold condition [1] Market Context Summary - During the same period, the property service and management sector declined by 0.59%, and the Hang Seng Index fell by 1.10%, highlighting the company's stock's relative strength [1] - The net inflow of funds was solely from retail investors, with no participation from major players [1]

Group 1 - The core point of the article is that Jingfa Property (01354.HK) plans to acquire assets from a related party for 63.08 million yuan, which exceeds the company's projected net profit for 2024 of 61.09 million yuan [1] - The target assets' rental income has significantly decreased from approximately 2.01 million yuan in 2023 to 757,200 yuan in 2025, representing a decline of over 60% [1] - The occupancy rates for the commercial units are projected to be only 8.7% and 14.3% for 2024 and 2025, respectively, which is substantially lower than the average market rate of 70%-85% in Xi'an [1] - The transaction has raised concerns in the market regarding asset quality and pricing rationality, as it is perceived as a transfer of inefficient assets from a related party to the listed platform [1] Group 2 - In the recent stock performance, Jingfa Property's share price fluctuated within a range of 7.74% over the past week, with a slight decline of 0.32% [2] - As of February 13, the closing price was 3.09 HKD, with a single-day increase of 0.32% and very low trading volume of only 900 shares, resulting in a turnover of 2,817 HKD and a turnover rate of 0.01% [2] - The technical analysis indicates that the stock price is near the middle band of the Bollinger Bands (3.111 HKD), with the MACD histogram turning positive (0.033), but the KDJ K value (13.858) is in the oversold range, suggesting that short-term volatility may be amplified by low trading volume [2] - During the same period, the Hong Kong property service sector declined by 2.08%, and the Hang Seng Index fell by 1.72%, indicating that the company's performance was slightly better than the sector but weaker than the overall market [2]

Core Viewpoint - The company, Jingfa Property, is acquiring underperforming commercial assets from its affiliate, Jingfa Real Estate, for 63.0075 million yuan, which exceeds its projected net profit for 2024, raising concerns about the valuation and future profitability of the assets involved [3][11]. Group 1: Transaction Details - The total transaction amount is 63.0075 million yuan (approximately 69.3106 million HKD), which includes the acquisition of 14 commercial property units and 224 underground parking spaces [4]. - The first part of the transaction involves an asset acquisition for 55.2475 million yuan, covering a total building area of 3,267.13 square meters for commercial units and 8,743.12 square meters for parking spaces [4]. - The payment for the asset acquisition is structured in two phases, with the first payment of 11.0495 million yuan due within five days after inspection and the remaining 44.198 million yuan due within 15 days after the agreement takes effect [4]. Group 2: Financial Performance and Projections - In 2024, Jingfa Property is projected to achieve operating revenue of 952 million yuan and a net profit of 61.092 million yuan, while the transaction amount represents 17.5% of the company's cash reserves [5]. - The rental income from the target assets has significantly declined, from approximately 2.0081 million yuan in 2023 to 745,000 yuan in 2024, marking a drop of over 62% [7]. - The occupancy rates for the commercial units are projected to be only 8.7% and 14.3% for 2024 and 2025, respectively, compared to the average market occupancy rate of 70%-85% in Xi'an [7]. Group 3: Market Context and Concerns - The assets have not been successfully marketed for six years, indicating potential challenges in their operational viability [8]. - Jingfa Property claims that the acquisition aims to diversify income and stabilize rental revenue, but the historical performance of the assets raises questions about their future profitability [6][7]. - The transaction is characterized as a related-party transaction, with Jingfa Property purchasing assets from its parent company's subsidiary, which has led to increased scrutiny regarding the transaction's justification and potential risks [9][11].

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: 2026年1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: 西安經發物業股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 FF301 第 1 頁 共 11 頁 v 1.2.0 FF301 由於本公司於中華人民共和國註冊成立的股份有限公司，「法定股本」的概念並不適用。於第I部分所列載資料是指本公司的「已發行股本」。 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01354 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 16,666,800 | RMB | | | 1 RMB | | 16,666,800 | | 增加 / 減少 (-) | | | 0 | ...

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依賴該等內容而引致的任何損失承擔任何責 任。 Xi'an Kingfar Property Services Co., Ltd. 西安經發物業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1354） 於2026年1月30日舉行之 臨時股東大會投票結果 西 安 經 發 物 業 股 份 有 限 公 司（「本公司」）於2026年1月30日（星 期 五）上 午 十 時 正 假 座中國陝西省西安市經濟技術開發區鳳城二路51號西安金融創新中心3幢1單 元10701室 舉 行 臨 時 股 東 大 會（「臨時股東大會」）。除 另 有 界 定 者 外，本 公 告 所 用 詞彙與本公司日期為2026年1月14日 的 通 函（「通 函」）所 界 定 者 具 有 相 同 涵 義。 由 於 贊 成 普 通 決 議 案 的 票 數 超 過 半 數，故 於 臨 時 股 東 大 會 上 提 呈 的 普 ...

臨 時 股 東 大 會 由 董 事 會 召 集，並 由 董 事 長 吳 鎖 正 先 生 主 持。全 體 董 事 均 親 臨 或 以 電 子 方 式 出 席 臨 時 股 東 大 會。臨 時 股 東 大 會 之 召 開、召 開 程 序 及 表 決 程 序 符 合 中 國 公 司 法 及《公 司 章 程》的 規 定。臨 時 股 東 大 會 提 呈 之 決 議 案 之 投 票 結 果 如 下： | | 普通決議案 | 票 數 | （%） | | | --- | --- | --- | --- | --- | | | | 贊 成 反 | 對 | 棄 權 | | 1. | 批准新物業管理服務總框架協議項下 | 5,861,100 | 0 | 0 | | | 擬進行之持續關連交易及相關建議年 | (100.0%) | (0.0%) | (0.0%) | | | 度 上 限，並 批 准 謹 此 授 權 董 事（共 同 或 | | | | | | 以 委 員 會 形 式 行 事）或 任 何 董 事（單 獨 | | | | | | 行 事）作 出 一 切 其 認 為 就 落 實 及╱或 令 | | | | | | 有關持續關連交 ...

Xi'an Kingfar Property Services Co., Ltd. 西安經發物業股份有限公司 （附註8） ： （於中華人民共和國註冊成立的股份有限公司） （股份代號：1354） 臨時股東大會代表委任表格 本人╱吾等 （附註1） 地址為 （附註2） 為西安經發物業股份有限公司（「本公司」） 股內資股╱H股 （附註4） 的股東 （附註3） ， 現委任 （附註5） 本公司臨時股東大會主席或 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席將於2026年1月30日（星期五）上午十時正於中國陝西省西安市經濟技術開發區 鳳城二路51號西安金融創新中心3幢1單元10701室舉行的本公司臨時股東大會（「臨時股東大會」）或其任何續會，藉以審議並酌 情通過召開臨時股東大會通告所載之決議案，並代表本人╱吾等，並以本人╱吾等之名義按照下列 （附註4） 指示，就將於臨時股東 大會及其任何續會上所提呈的決議案投票。 除非另有指明，本代表委任表格所用詞彙與本公司日期為2026年1月14日之通函所界定者具有相同涵義。 | | | （附註6） 普通決議案 | （附註7） 贊成 | （附註7） 反對 | （附註7） 棄權 | ...