Core Viewpoint - Yongsheng Services (01995.HK) announced management changes to strengthen its management team, effective September 1, 2025 [1] Group 1 - Executive Director Zhou Hongbin will no longer serve as the Group's President and will be appointed as Vice Chairman of the Board [1] - Non-Executive Director Lin Zhubo will be promoted to Executive Director and appointed as President and a member of the Company's Strategic Committee [1] - Non-Executive Director Cui Xiaoqing will no longer serve as a member of the Strategic Committee [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。 (1) 董事調任 本公司董事（「董事」）會（「董事會」）宣佈，由於本集團進行職責調任以進一步加強管 理團隊，董事會已進行以下變更，自2025年9月1日起生效： Ever Sunshine Services Group Limited 永升服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1995） (1) 董 事 調 任； 及 (2) 戰略委員會組成的變更 本公告由永升服務集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51(2)條作出。 – 2 – 自2014年10月至2019年5月，周先生擔任中國物業管理協會副會長，並自 2019年 5月起擔任榮譽副會長。彼自2014年3月起先後擔任中國物業管理協會行業發展研 究中心副主任、中國物業管理協會標準化建設專業委員會副主任、中國物業管理協 會社區生活服務專業 ...

（股份代號：1995） 董事名單與其角色及職能 永升服務集團有限公司的董事會（「董事會」）成員載列如下。 執行董事 林中先生 （主席） 周洪斌先生 （副主席） 林祝波先生 周迪先生 獨立非執行董事 Ever Sunshine Services Group Limited 永升服務集團有限公司 （於開曼群島註冊成立的有限公司） 非執行董事 附註： C 指有關董事委員會主席 M 指有關董事委員會成員 香港，2025年9月1日 崔曉青女士 馬永義先生 俞鐵成先生 張偉聰先生 董事委員會 董事 戰略 委員會 審核 委員會 薪酬 委員會 提名 委員會 林中先生 C M C 周洪斌先生 M 林祝波先生 M 周迪先生 M 崔曉青女士 M 馬永義先生 M M M 俞鐵成先生 M C M 張偉聰先生 C M 董事會設立四個委員會。下表提供各董事會成員在該等委員會中所擔任的職位。 ...

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Core Viewpoint - The property management industry is undergoing a transformation amid a downturn in the real estate sector, with listed property companies facing both growth opportunities and challenges in revenue and profitability [2][4][11]. Revenue Growth Trends - Several listed property companies, such as Binhai Service, reported revenue growth, with Binhai Service achieving 2.025 billion yuan, a year-on-year increase of 22.7% [2]. - Greentown Service reported revenue of 9.289 billion yuan, a 6.1% increase year-on-year, but its growth rate has slowed compared to the previous year [3]. - The average revenue growth rate for top property companies has dropped below 5%, with a significant decline in growth rates observed in 2024 compared to 2023 [4]. Profitability Challenges - Some companies, like Yongsheng Service, faced declining net profits, with a 19.4% year-on-year decrease despite a 2.7% increase in revenue [5]. - The overall profitability of property management companies is under pressure due to rising operational costs and a shift in business structure, leading to a low growth phase for earnings [4][10]. Market Dynamics and Competition - The property management industry is transitioning from an incremental growth phase to a stock market phase, intensifying competition and requiring companies to optimize project quality [2][6]. - Companies are responding to challenges such as project withdrawals and service fee reductions, with some reporting significant areas of contract withdrawal [6][7]. Strategic Adjustments - Companies are focusing on strategic adjustments, including optimizing regional layouts and enhancing service quality to cope with market pressures [7][8]. - The use of AI technology is becoming a key driver for cost reduction and efficiency improvement in property management [10]. Future Outlook - The property management industry is still considered to be in a golden development period, with future competition expected to focus on efficiency, quality, brand, and sustainable profitability rather than just scale [11].

Core Viewpoint - The establishment of a "rider-friendly scene" at Wuyue Plaza in Zhenjiang Economic Development Zone effectively addresses the challenges faced by delivery riders, enhancing their working conditions and improving delivery efficiency [1][2]. Group 1: Initiatives and Measures - A new "green channel" for riders has been created, allowing them to park their vehicles in designated areas without long walks, thus saving time and effort [1]. - During high-temperature periods, a "warm passage" will be opened to ensure that the walking distance for riders to pick up orders does not exceed 15 meters, along with the establishment of three centralized parking areas [1]. - The implementation of "vehicle coding management" will enhance rider education and enforce regulations for civilized pick-up and quick departures, improving overall service standards [1]. Group 2: Governance and Collaboration - The initiative is part of a broader governance innovation led by the Party Building in the Zhenjiang Economic Development Zone, focusing on collaborative efforts to address the urgent needs of riders [2]. - The market supervision bureau plans to summarize and promote the "Wuyue experience" to better meet the needs of the rider community and enhance their work and life services [2]. - The initiative aims to create a harmonious and efficient urban living environment by involving riders in community governance activities, such as safety supervision and public order maintenance [2].

Core Viewpoint - The company has adjusted its profit forecasts for 2025 and 2026, lowering them by 16% and 15% to 420 million and 440 million yuan respectively, reflecting a year-on-year decline of 12% and a growth of 5% [1] Financial Performance - In the first half of 2025, the company's revenue increased by 3% to 3.46 billion yuan, while net profit attributable to shareholders fell by 19% to 210 million yuan, which was below market expectations due to declining gross margins in core businesses and increased provisions for receivables [2] - The company plans to distribute an interim dividend of 0.095 HKD per share, with a payout ratio of 70%, resulting in an interim dividend yield of 4.4% [2] Business Development - The company achieved an annualized contract amount of approximately 870 million yuan from third-party expansion in the first half of 2025, marking a historical high for the half-year period with a year-on-year growth of 9% [3] - The managed area increased by 7% year-on-year to 25.4 million square meters, while the company continued to exit non-core cities and low-quality projects, resulting in a reduction of managed area by 15.68 million square meters [3] Margin and Cash Flow - The gross margin of core businesses faced pressure, with the gross margin for basic property services declining by 2 percentage points to 18.5%, attributed to rising labor costs and increased service quality investments [4] - The gross margin for community value-added services dropped by 8.9 percentage points to 28.2%, mainly due to a decrease in the proportion of high-margin parking space sales and leasing [4] - Operating cash flow turned negative with a net outflow of 230 million yuan, compared to an inflow of 100 million yuan in the same period last year, primarily due to pressure on collection rates and an increase in receivables [4] Strategic Focus - The company aims to strengthen its internal capabilities and continue its strategic transformation amidst industry and economic challenges, focusing on enhancing service quality, optimizing cost structures, and strengthening team capabilities [5] - The performance of operating cash flow and shareholder returns are considered critical factors influencing the company's stock price in the future [5]

智通财经APP获悉，中金发布研报称，基于对永升服务(01995)细分业务结构及毛利率调整，分别下调 2025和2026年盈利预测16%和15%至4.2和4.4亿元(同比分别下降12%和增长5%)。维持跑赢行业评级，下 调目标价7%至2.33港元(对应2025年8.7倍目标市盈率和8.0%预期股息收益率，隐含12%上行空间)，主要 反映盈利预测调整以及潜在股息率支撑。公司当前交易于2025年7.8倍市盈率和9.0%的预期股息收益率 (基于普通派息50%和特别派息20%比例)。 中金主要观点如下： 1H25业绩低于市场预期 公司公布1H25业绩：收入同比增长3%至34.6亿元，归母净利润同比下跌19%至2.1亿元，低于市场预 期，主要系核心业务毛利率下滑及应收账款减值拨备增加等因素所致。公司拟每股分派中期股息0.095 港元，派息比例70%(普通派息50%、特别派息20%)，中期派息对应股息率4.4%。 第三方外拓延续较好势头 核心业务毛利率承压，经营性现金流流出扩大 2025年上半年公司核心业务毛利率面临一定压力，其中基础物业毛利率同比下降2个百分点至18.5%， 主要系人工成本有所增长、服务品质及基础投入增加 ...

Core Viewpoint - The company reported lower-than-expected performance for 1H25, with revenue growth of 3% to 3.46 billion yuan and a net profit decline of 19% to 210 million yuan, primarily due to a decrease in core business gross margin and an increase in accounts receivable impairment provisions [1][2] Financial Performance - Revenue for 1H25 increased by 3% to 3.46 billion yuan, while net profit decreased by 19% to 210 million yuan, falling short of market expectations [1] - The company plans to distribute an interim dividend of 0.095 HKD per share, with a payout ratio of 70%, resulting in a dividend yield of 4.4% [1] - The gross margin for core business faced pressure, with the basic property gross margin down by 2 percentage points to 18.5% and community value-added services gross margin down by 8.9 percentage points to 28.2% [2] Operational Highlights - The company achieved a historical high in third-party expansion with an annualized contract amount of approximately 870 million yuan, a 9% increase year-on-year [1] - The managed area increased by 7% to 254 million square meters, while the company exited non-core cities and low-quality projects, reducing the managed area by 15.68 million square meters [1] Cash Flow and Cost Management - Operating cash flow showed a net outflow of 230 million yuan, compared to an inflow of 100 million yuan in the same period last year, primarily due to pressure on collection rates and an increase in accounts receivable [2] - The selling and administrative expense ratio decreased by 0.6 percentage points to 6.6%, benefiting from ongoing optimization of back-office management efficiency [2] Strategic Outlook - The company aims to solidify its internal capabilities and focus on cash flow performance and shareholder returns amid industry and economic challenges [2] - The company is committed to strategic transformation, enhancing service quality, optimizing cost structures, and strengthening team capabilities to maintain competitiveness [2] Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been lowered by 16% and 15% to 420 million yuan and 440 million yuan, respectively [3] - The target price has been reduced by 7% to 2.33 HKD, reflecting adjustments in earnings forecasts and potential dividend yield support [3] - The company is currently trading at a 2025 price-to-earnings ratio of 7.8 times and a projected dividend yield of 9.0% [3]

Core Viewpoint - The company acknowledges challenges faced in the past six months but remains committed to finding solutions and improving performance [2] Financial Performance - For the first half of 2025, the company reported a revenue of 3.46 billion yuan, a year-on-year increase of 2.7% [3] - The net profit attributable to shareholders was 210 million yuan, a year-on-year decrease of 19.4% [3] - The overall gross profit margin decreased by 2.7 percentage points to 18.6% [3] Business Strategy - The company is optimizing its business structure by reducing non-owner value-added services and focusing on a strategy of deepening its presence in 100 key cities [3][4] - The revenue contribution from basic property services was 77.1%, while community value-added services accounted for 11.4% and non-owner value-added services shrank to 7.8% [3] - The company has exited non-core cities to concentrate resources on major cities, with over 95% of its operations now in second-tier cities and above [4] Community Value-Added Services - The management is optimistic about community value-added services, expecting gross margins to return to over 30% [5][6] - The company plans to open over 250 new community express stations by 2025, expanding service coverage [6] - The focus will be on enhancing professional capabilities and brand service to increase customer loyalty [6] Shareholder Returns - The company has a dividend payout ratio of 70% for the first half of 2025, distributing approximately 150 million yuan in dividends [6] - It commits to maintaining a dividend payout ratio of no less than 50% over the next two years [6] Industry Outlook - The company believes in the increasing importance and value of property management in the future [7] - The overall property management industry is currently facing low valuations, but the company's confidence in community value-added services indicates a potential for growth [7]