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7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 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 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) | 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/ ...

Core Viewpoint - The property management stocks in China are experiencing a collective decline, with expectations of continued slowdown in financial performance for the first half of 2025, primarily due to a sluggish residential market [1] Group 1: Stock Performance - Country Garden Services (06098) fell by 5.9% to HKD 6.54 - Yashlife Services (03319) decreased by 5.73% to HKD 2.96 - Wanwu Cloud (02602) dropped by 3.83% to HKD 22.6 - Sunac Services (01516) declined by 3.76% to HKD 1.79 [1] Group 2: Earnings Forecast - UBS forecasts that the average profit growth for property management companies will slow to 13% year-on-year in the first half of 2025, down from 17% in the first half of 2024 and 14% for the entire year of 2024 - This is below the market expectation of 15% growth, attributed to a slowdown in the residential market affecting managed area growth, collection rates, and service margins [1] Group 3: Market Analysis - Bank of America Securities noted that property management stocks have risen over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - CITIC Securities highlighted the presence of irrational price-cutting demands from some property owners, indicating intense competition within the industry - Despite this, leading companies have low market share, allowing for significant adjustments in their managed portfolios without a decline in profitability [1] Group 4: Policy and Competitive Landscape - Current policies discourage irrational competition and promote quality pricing, which is expected to stabilize collection rates, fee structures, and profitability for companies that focus on service reputation - There is optimism for companies with strong brand competitiveness in this environment [1]

Group 1 - The core viewpoint indicates that property management stocks in China are experiencing a collective decline, with significant drops in share prices for companies like Country Garden Services, Yashlife Services, Wanwu Cloud, and Sunac Services [1] - UBS forecasts that the financial performance of Chinese property management companies will continue to slow down in the first half of 2025, with an expected average profit growth rate of 13%, lower than the 17% growth in the first half of 2024 and 14% for the entire year of 2024, compared to market expectations of 15% [1] - The slowdown is attributed to a weakening residential market, leading to reduced growth in managed area, declining property fee collection rates, decreased value-added services from developers, and pressure on the gross profit margin of community value-added services [1] Group 2 - Bank of America Securities notes that property management stocks have risen over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - CITIC Securities highlights the presence of irrational price-cutting demands from some property owners, indicating a competitive environment within the industry [1] - Despite the competitive pressures, leading companies have low market share, providing significant room for adjustment in their managed portfolios, and the profitability of these top companies is not expected to decline due to competitive pressures [1] Group 3 - Current policies oppose irrational competition and encourage quality pricing, which is beneficial for companies in terms of collection rates, fee rates, and profitability [1] - Companies that focus on service reputation are viewed positively, with a favorable outlook for those with strong brand competitiveness [1]

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][8]. Core Insights - The company has made significant progress in restructuring its offshore debt, with approximately 82% of bondholders supporting the plan, which is expected to reduce reliance on related parties and enhance independent growth capabilities [1][2]. - The company reported a strong sales performance in May, with total sales amounting to 4.9 billion yuan, a year-on-year increase of 128% [1]. - The company aims to achieve stable growth by focusing on core cities, with a projected revenue of 7 billion yuan in 2023, slightly decreasing to 6.97 billion yuan in 2024, but expected to grow thereafter [4][7]. Summary by Sections Financial Performance - For 2024, the company anticipates revenue of 7 billion yuan, with a core net profit of 800 million yuan, maintaining a dividend payout of approximately 4.4 billion yuan, which is 55% of the core net profit [1][4]. - The gross margin for property management services is projected to be 20.9%, with overall gross margin declining by 1.9 percentage points to 21.9% due to increased service quality costs [3][4]. Business Structure and Growth - The company has significantly reduced its dependence on related parties, with third-party revenue expected to reach 6.8 billion yuan in 2024, accounting for 97.6% of total revenue [2]. - The company has a management area of 290 million square meters, with a project renewal rate of 95%, indicating a solid operational foundation [2]. Profitability Forecast - The company is projected to turn profitable by 2025, with net profit estimates revised to 420 million yuan for 2025 and 620 million yuan for 2027, reflecting a recovery trajectory [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Property Management and Services Theme Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The index has increased by 6.27% in the last month, 12.78% in the last three months, and 9.84% year-to-date [1] - The index comprises 30 listed companies involved in property management services, community value-added services, and non-owner value-added services, reflecting the overall performance of the Hong Kong market in this sector [1] Group 2 - The top ten weighted companies in the index include China Resources Vientiane Life (16.07%), Country Garden Services (15.21%), Poly Property (13.82%), and others, indicating a concentration in a few key players [1] - The index is fully composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation in the property management sector [1] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

智通财经4月30日电，记者获悉，融创服务全资附属公司融远投资近日与广西老彰家物业服务有限公司 等正式签署协议，融创服务以8.27亿元的价格向后者转让其所持广西彰泰融创智慧服务集团80%股权。 此次交易完成后，融创服务将全面退出彰泰服务集团，这标志着双方自2021年以来的战略合作正式终 止。（智通财经记者 李洁） 融创服务出售彰泰物业80%股权 交易代价约8.3亿元 ...

Core Viewpoint - Sunac Services is divesting its 80% stake in Guangxi Zhangtai Rongchuang for approximately RMB 826.62 million to optimize its strategic focus on first and second-tier cities [1] Group 1: Transaction Details - The transaction involves Sunac Services' wholly-owned subsidiary, Rongyuan Investment, entering into a share transfer agreement with Guangxi Laozhangjia [1] - Following the completion of this transaction, Sunac Services will no longer hold any equity in Zhangtai Service Group [1] Group 2: Strategic Implications - The divestment is part of Sunac Services' strategy to concentrate resources and management efforts on core urban areas [1]