摩根士丹利发布研报称，上半年内地物管股的业绩呈现初期稳定讯号。该行预计下半年行业增长较快， 料2025至27年的盈利增长同比分别为4%、9%及11%。该行相信，物管股与发展商相关所遗留下来的问 题，会于今年之后逐渐消失，且不再是主要阻力。该行预期，行业未来增长的动力来自第三方项目及非 发展商的增值服务。 在增长恢复正常的情况下，股东回报将成为估值基础。 该行将万物云(02602)评级由"与大市同步"上调至"增持"，目标价由22.51港元升至29.21港元，以反映公 司业务转亏为盈及股息率吸引; 另部分个股盈利前景温和，且缺乏重评的催化因素，将中海物业 (02669)、碧桂园服务(06098)及中国国贸（600007）(600007.SH)的评级调整至"与大市同步"; 该行将融创 服务(01516)评级下调至减持目标价由1.72港元降至1.01港元，认为其盈利及股息前景疲弱。 ...

该行将万物云的评级由"与大市同步"上调至"增持"，目标价由22.51港元上调至29.21港元，以反映公司 业务转亏为盈及股息率吸引；部分个股盈利前景温和，且缺乏重评的催化因素，将中海物业、碧桂园服 务及中国国贸的评级调整至"与大市同步"；该行将融创服务的评级下调至"减持"，目标价由1.72港元下 调至1.01港元，认为其盈利及股息前景疲弱。 摩根士丹利发表研究报告指，上半年内地物管股的业绩呈现初期稳定讯号，预计下半年行业增长较快， 2025至27年的盈利增长按年分别为4%、9%及11%。该行预期，行业未来增长的动力来自第三方项目及 非发展商的增值服务，在增长恢复正常的情况下，股东回报将成为估值基础。 ...

Group 1 - The core point of the article is that Sunac Services (01516) is optimizing its strategic layout by focusing more resources and management efforts on first and second-tier core cities [1] - The company has entered into a share transfer agreement with Guangxi Laozhangjia to fully divest from Zhangtai Service Group by transferring 80% of its indirect stake in Guangxi Zhangtai Sunac Wisdom for a consideration of RMB 826.62 million [1] - Following the completion of this transaction, the company will no longer hold any equity interest in Zhangtai Service Group [1]

公告称，截至本公告日期， 公司全资附属公司融远投资已收悉全部交易价款， 股权过户登记已完成， 集团不再持有彰泰服务集团任何权益。 智通财经APP讯，融创服务(01516)发布公告，集团为进一步优化战略布局，将更多资源与管理精力聚焦 投入在一二线核心城市，于2025年4月29日，公司全资附属公司融远投资与广西老彰家等订立股权交易 协议，以实现集团全面煺出彰泰服务集团。据此，融远投资将其间接持有的广西彰泰融创智慧80%股 权，以代价人民币8.2662亿元，通过相关交易安排转让给广西老彰家。本次交易完成后，集团将不再持 有彰泰服务集团任何权益。 ...

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份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。 SUNAC SERVICES HOLDINGS LIMITED 融創服務控股有限公司 （於開曼群島註冊成立的有限公司） （股票代號：01516） 完成出售目標公司股權 茲提述融創服務控股有限公司（「本公司」）日期為2025年4月29日及2025年7月18日 之公告（「該等公告」），內容有關出售目標公司股權之須予披露交易。除文義另有所 指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 截至本公告日期， 本公司全資附屬公司融遠投資已收悉全部交易價款， 股權過戶登 記已完成，本集團不再持有彰泰服務集團任何權益。 承董事會命 融創服務控股有限公司 主席 汪孟德 香港，2025年9月4日 於本公告日期， 董事會主席兼非執行董事為汪孟德先生； 執行董事為曹鴻玲女士及 楊曼女士； 非執行董事為路鵬先生及高曦先生； 及獨立非執行董事為王勵弘女士、 姚寧先生及趙中華先生。 ...

呈交日期: 2025年9月3日 I. 法定/註冊股本變動 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: 融創服務控股有限公司 | 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) | 01516 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Group 1 - Goldman Sachs has downgraded Sunac Services (01516) average profit forecasts for 2025 to 2027 by 55% and core earnings estimates by 11% [1] - The target price has been reduced from HKD 1.78 to HKD 1.48, and the rating has been lowered from "Neutral" to "Sell" [1] - The group's net profit performance in the first half of the year was weak, with a 4 percentage point decline in gross profit margin for property management services compared to the same period last year [1] Group 2 - Management has become more cautious regarding revenue recognition from services provided to residential owners, leading to increased provisions for impairment [1] - Rising maintenance and repair costs due to the expiration of warranty periods for projects delivered in recent years have contributed to an increase in third-party receivables impairment [1] - The outlook suggests that due to a significant number of low-quality projects delivered by its affiliated developer, Sunac China (01918), profit margins may take another year to stabilize, and impairment risks will take time to ease [1]

Group 1 - The company downgraded its rating from outperform to neutral due to significant pressure on gross profit margin and receivables impairment despite turning a profit of 122 million yuan in 1H25 compared to a loss of 472 million yuan in the same period last year [1] - The company's gross profit margin decreased by 3.7 percentage points to 20.2% in 1H25, primarily due to a more cautious revenue recognition strategy for high-risk third-party clients, resulting in a 180 million yuan reduction in gross profit [1][2] - The company has a high concentration of projects in core first and second-tier cities, with 87% of its revenue coming from these areas, which is expected to provide stable cash flow in the long term [2] Group 2 - The company plans to maintain a dividend payout ratio of 55% of core net profit from 2022 to 2024, reflecting good corporate governance and a commitment to shareholder returns, but cash flow performance may limit its ability to sustain this [2] - The company has adjusted its profit forecasts for 2025-26, reducing expected net profit by 80.5% and 78.0% to 131 million yuan and 149 million yuan respectively, due to increased impairment on receivables and conservative revenue recognition policies [3] - The target price has been lowered by 23.5% to 1.53 HKD, corresponding to a P/E ratio of 32.6 times for 2025, indicating potential downside risk [3]

Core Viewpoint - Sunac Services has turned a profit in the first half of 2025, reporting a net profit of approximately 1.22 billion yuan, compared to a loss of about 4.72 billion yuan in the same period last year [2][3]. Financial Performance - In the first half of 2025, Sunac Services achieved revenue of approximately 35.47 billion yuan, representing a year-on-year growth of about 2% [2][3]. - The revenue from property management and operation services, the core business of Sunac Services, was approximately 32.92 billion yuan, with a year-on-year increase of 3.8% [3]. - The gross profit margin for the first half of 2025 was approximately 21.8%, a decrease of about 3.7 percentage points compared to the previous year [4]. Revenue Composition - Revenue from community life services was 2.1 billion yuan, accounting for 6% of total revenue, while non-owner value-added service revenue was 43.56 million yuan, making up 1.2% [3]. - Revenue from properties developed by Sunac Group and its joint ventures accounted for approximately 72.2% of total revenue, while revenue from independent third-party property developers was 27.8% [3]. Challenges and Management Strategies - The company faces increased operational pressure compared to the previous year, primarily due to rising maintenance costs, decreased willingness of owners to pay, and cost overruns from previous delivery issues in the real estate sector [6]. - Sunac Services has implemented measures to address these challenges, including organizational restructuring, optimizing labor models, and enhancing energy management [6]. - The company has set a bottom line for projects that continue to incur losses, leading to the decision to exit over 20 projects in the first half of 2025 [7]. Future Outlook - The negative impact from real estate deliveries is expected to gradually resolve over the next two years, with a significant reduction in delivery volumes anticipated from 2024 to 2025 [5][7].

Core Viewpoint - Sunac Services Holdings Limited reported a turnaround in its financial performance for the first half of 2025, achieving a profit of 122 million yuan compared to a loss of 472 million yuan in the same period last year, driven by reduced sales and management expenses and a significant decrease in receivables from related parties [2][3]. Financial Performance - The company generated revenue of 3.547 billion yuan, marking a 2% year-on-year increase [2]. - The sales and marketing expenses were 21.8 million yuan, down by 4.1 million yuan from the previous year, with a sales and management expense ratio of 7.9%, a decrease of 1.3 percentage points year-on-year [3]. Revenue Composition - Property management and operation services remained the core business, contributing approximately 3.292 billion yuan, which accounted for 92.8% of total revenue and represented a 3.8% year-on-year growth [3]. - The company reported a market expansion contract amount of about 180 million yuan, reflecting an 8% year-on-year increase [3]. Project Management - The company exited over 20 poorly performing projects in the first half of the year, optimizing the quality of its managed projects [4][5]. - The exit from the partnership with Zhangtai Group, which began in 2021, was completed with the sale of 80% of Zhangtai Rongchuang's equity for 826 million yuan, allowing the company to focus more resources on core cities [5]. Financial Position - As of the end of June, the company had available funds totaling approximately 3.04 billion yuan, including cash and cash equivalents, restricted funds, and bank deposits with maturities over three months [5].