（股份代號：1995） 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。 承董事會命 永升服务集团有限公司 主席 林中 香港，2025年8月11日 Ever Sunshine Services Group Limited 董事會會議日期 永升服務集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事會會 議將於2025年8月21日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其附屬 公司截至2025年6月30日止六個月之中期業績及其發佈，並考慮派發中期股息（如 有）。 永升服務集團有限公司 （於開曼群島註冊成立的有限公司） 於本公告日期，執行董事為林中先生、周洪斌先生及周迪先生；非執行董事為崔曉青女士及林祝波 先生；及獨立非執行董事為馬永義先生、俞鐵成先生及張偉聰先生。 ...

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: 永升服务集团有限公司 呈交日期: 2025年8月6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) | 01995 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | 本月底法定/ ...

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]

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]

Financial Performance - The company reported a consolidated profit of $X million for the fiscal year, representing a Y% increase compared to the previous year[10]. - The company's revenue for the year ended December 31, 2024, increased by approximately 4.6% year-on-year, reaching RMB 6,841.1 million[15]. - The gross profit increased by 7.6% to RMB 1,348.7 million, with net profit attributable to the company's owners rising by 10.0% to RMB 478.0 million[15]. - In 2024, the total dividend per share is projected to be HKD 0.1843, a year-on-year increase of 35.1%, representing approximately 61.1% of the profit attributable to shareholders[26]. - The company's revenue for 2024 was approximately RMB 6,841.1 million, representing a 4.6% increase from RMB 6,537.4 million in 2023[62]. - Gross profit increased by approximately 7.6% to RMB 1,348.7 million in 2024, up from RMB 1,253.0 million in 2023[66]. - Profit before tax rose by approximately 11.6% to RMB 759.5 million in 2024, compared to RMB 680.7 million in 2023[73]. - Net profit attributable to the company's owners increased by approximately 10.0% to RMB 478.0 million in 2024, up from RMB 434.5 million in 2023[75]. Revenue Breakdown - Revenue from property management services accounted for 74.4%, while community value-added services contributed 12.6%, together making up 87.0% of total revenue[25]. - Property management services generated revenue of approximately RMB 5,091.4 million, accounting for 74.4% of total revenue, up from RMB 4,463.2 million in 2023, reflecting a growth of about 14.1%[63]. - Community value-added services revenue decreased by 3.1% to approximately RMB 862.4 million in 2024, down from RMB 890.3 million in 2023[64]. - Revenue from value-added services to non-owners fell by approximately 23.0%, from RMB 777.6 million in 2023 to RMB 599.1 million in 2024, primarily due to a weak real estate market[64]. - The revenue breakdown for value-added services in 2024 included: - Coordination services: RMB 192,842 thousand (32.2%) - Additional customized services: RMB 245,115 thousand (40.9%) - Preliminary planning and design consulting: RMB 29,134 thousand (4.9%) - Property repair services: RMB 103,346 thousand (17.2%) - Pre-delivery inspection services: RMB 28,671 thousand (4.8%) [52]. User and Market Growth - User data showed an increase in active users to Z million, reflecting a growth rate of A% year-over-year[10]. - The company plans to expand its market presence in regions E and F, targeting a market share increase of G%[10]. - The total contracted construction area increased by 13.8% from 308.3 million square meters to 350.9 million square meters[16]. - The area under management increased by 13.2% from 221.4 million square meters to 250.6 million square meters[16]. - The company operates in 101 cities across China, focusing on effective scale expansion and deepening urban presence[35]. Strategic Initiatives - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected profit margin of C%[10]. - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on innovative technology[10]. - Recent acquisitions are expected to enhance operational efficiency and are projected to add H million to the annual revenue[10]. - Strategic initiatives include partnerships with key industry players to leverage synergies and enhance competitive advantage[10]. - The company is committed to long-term sustainable development while navigating the challenges posed by the current economic environment[17]. Research and Development - The company is investing in R&D, allocating $I million towards the development of new technologies and products[10]. - The company is exploring the use of AI and robotics to enhance operational efficiency and address rising labor costs[22]. - The company will invest further in technology and smart operations to improve service quality and operational efficiency, including upgrading internal management systems and establishing a centralized command center[60]. Corporate Governance - The company has adopted and applied good corporate governance principles to enhance shareholder value and accountability[137]. - The board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors[142]. - The company aims to maintain high corporate governance standards to protect shareholder interests and enhance corporate value[137]. - The company has established four board committees, including a strategy committee, audit committee, remuneration committee, and nomination committee, to oversee specific areas of governance[140]. - The company has mechanisms for directors to seek independent professional advice at the company's expense[157]. Employee and Talent Management - The company employed 25,734 staff as of December 31, 2024, an increase from 24,605 employees as of December 31, 2023, indicating growth in operational capacity[101]. - The company is committed to continuous talent acquisition and organizational upgrades to foster a passionate and capable team aligned with its development goals[59]. - The company has made progress in maintaining a satisfactory gender balance in recent years, focusing on abilities and qualifications rather than gender in HR processes[170]. Risk Management - The company has a risk management system in place that operates on three levels, focusing on strategic, operational, financial, and legal risks[179]. - The risk assessment process considers both internal risks (e.g., employee ethics, financial status) and external risks (e.g., economic developments, technological advancements)[182]. - The board has not identified any significant internal control or risk management deficiencies during the review period[193]. Shareholder Engagement - Shareholders holding at least 10% of the company's paid-up capital can request a special general meeting within two months of the request[200]. - If the board does not convene the meeting within 21 days of the request, the requesting shareholders can call the meeting themselves[200]. - The company will reimburse all reasonable expenses incurred by the requesting shareholders due to the board's failure to convene the meeting[200].

智通财经APP获悉，中金发布研报称，维持永升服务(01995)2025年盈利预测不变(预计25年归母净利润 5.0亿元，同比增长5%)，引入2026年归母净利润预测(预计26年归母净利润5.2亿元，同比增长5%)。维 持跑赢行业评级和目标价2.5港元，对应2025年8倍目标市盈率，隐含30%上行空间，公司当前交易于6 倍2025年市盈率。 中金主要观点如下： 2024年业绩符合市场预期 公司公布2024年业绩：营收同比增长5%至68.4亿元，归母净利润同比增长10%至4.8亿元，符合市场预 期。董事会建议年末每股派息0.07港元(年度合计0.18港元)，合计派息比例62%，末期股息对应4月1日收 盘价股息收益率为3.5%(全年累计派息对应股息收益率为9.4%)。 市场拓展表现强劲，增值服务体量则有所承压。2024年末公司在管面积较2023年末净增2,923万平米至 2.51亿平米，同比增长15%，其中年内共退出项目面积2,961万平米;第三方外拓对应年合约金额约15.8亿 元(对应合约面积超8,300万平米)，同比大幅增长36%，公司持续推进战略聚焦核心区域、10个区域公司 拓展年合约金额突破亿元。增值服务收 ...

Core Viewpoint - CIFI Holdings Group reported a narrowing loss in 2024, with a revenue of 47.789 billion yuan and a net profit loss reduced by 1.907 billion yuan compared to 2023, indicating a stable operational performance amidst industry challenges [1][2] Financial Performance - The company achieved a revenue of 47.789 billion yuan in 2024, with a gross profit margin of 15.4% [1] - CIFI's net profit loss decreased by 1.907 billion yuan compared to the previous year, marking a continuous reduction in loss for two consecutive years [1] - The company maintained positive net cash flow from operating activities for three consecutive years [1] Delivery and Project Management - In 2024, CIFI delivered 62,000 new homes across 55 projects in 49 cities, achieving an overall delivery rate of 95% from 2022 to 2024 [1][2] - The company received "white list" financing support for 55 projects in 2024, improving cash flow and ensuring smooth project operations [2] Sales and Market Position - CIFI recorded a contracted sales amount of 33.67 billion yuan, ranking 31st in the CRIC Top 100 sales list, maintaining a strong position among private real estate companies [3] - The "Platinum Forest" product line, particularly the Guangzhou project, achieved over 1.2 billion yuan in sales, becoming the top-selling project in the Nansha area for 2024 [3] Land Reserves and Future Development - As of the end of 2024, CIFI's total land reserve reached 29 million square meters, with an unsold value exceeding 250 billion yuan, and 81% of the reserves located in first and second-tier cities [3] - The company is set to commence construction on its first fourth-generation residential complex in Kunming in March 2025 [3] Diversified Business Growth - CIFI's property management arm, Yongsheng Services, reported a revenue of 6.84 billion yuan in 2024, with a net profit of 480 million yuan, reflecting a 10% increase [4] - The long-term rental segment, Lingyu International, has opened 52,000 units of affordable rental housing, addressing housing needs for new urban residents and youth [4][5] Debt Management and Restructuring - CIFI's total debt decreased to 204.1 billion yuan by the end of 2024, down over 100 billion yuan from its peak [6] - The company has been actively restructuring its offshore debt since November 2022, with a principle agreement reached with creditors for a restructuring support agreement [6][7] - CIFI is exploring innovative debt solutions, including bond cancellations and extensions, to simplify its domestic debt structure [7] Strategic Outlook - CIFI aims to transition to a "light asset, low debt, high quality" development model by 2025, marking a critical year for strategic transformation [8] - The company has maintained core resources and capabilities during the industry adjustment period, positioning itself for sustainable growth [8]

Financial Performance - Revenue for 2024 was approximately RMB 6,841.1 million, an increase of 4.6% compared to RMB 6,537.4 million in 2023[2] - Gross profit for 2024 was approximately RMB 1,348.7 million, up 7.6% from RMB 1,253.0 million in 2023[2] - Profit for 2024 was approximately RMB 591.3 million, representing an increase of about 11.6% from RMB 530.0 million in 2023[2] - The profit attributable to owners of the company for 2024 was approximately RMB 478.0 million, a 10.0% increase from RMB 434.5 million in 2023[2] - Basic and diluted earnings per share for 2024 were RMB 0.2758, compared to RMB 0.2484 in 2023[6] - The company reported a profit attributable to equity holders of RMB 477,996,000 for the year ended December 31, 2024, an increase of 10% from RMB 434,472,000 in 2023[32] - The gross margin for 2024 was 19.7%, up 0.5 percentage points from 19.2% in 2023, mainly due to improved property management service margins[71] - The gross margin for community value-added services improved to 34.7% in 2024 from 31.3% in 2023, due to the exit from low-profit businesses[71] Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.0839 per share for the first half of 2024, compared to HKD 0.045 per share in 2023, and a special dividend of HKD 0.0336 per share[2] - The total dividend declared for the year ended December 31, 2024, is HKD 0.0668 per share, totaling HKD 115,467,000, down from HKD 159,879,000 in 2023[31] - The board has proposed a final dividend of HKD 0.0668 per share for the year ending December 31, 2024, which, if approved, will result in a total annual dividend of HKD 0.1843 per share, maintaining a payout ratio of no less than 50% over the next two years[115] - The company repurchased a total of 15,324,000 shares on the stock exchange, all of which were cancelled by December 31, 2024[2] - The company repurchased a total of 15,324,000 shares at a total cost of approximately HKD 22,665,910, representing 10% of the issued share capital as authorized by shareholders[120] - The share repurchase included transactions at various prices, with the highest price being HKD 1.86 and the lowest price being HKD 1.07 per share[121][122] - The company completed the buyback of shares on July 19, 2024, with all repurchased shares canceled[123] - The board believes that the share trading price does not reflect the company's fundamental value, indicating confidence in long-term business prospects[123] Revenue Breakdown - Revenue from property management services was RMB 5,091,428,000 in 2024, up from RMB 4,463,188,000 in 2023, indicating a growth of about 14.1%[23] - Revenue from community value-added services decreased slightly to RMB 862,395,000 in 2024 from RMB 890,282,000 in 2023, a decline of about 3.1%[23] - Revenue from urban services was RMB 286,114,000 in 2024, down from RMB 405,953,000 in 2023, indicating a decrease of approximately 29.5%[23] - Revenue from residential properties in 2024 was RMB 3,018,694,000, representing 59.3% of total property management revenue[51] - Revenue from value-added services to non-owners fell by about 23.0% to RMB 599,108,000 in 2024, compared to RMB 777,557,000 in 2023[56] Assets and Liabilities - Total assets less current liabilities amounted to RMB 5,464.1 million as of December 31, 2024, compared to RMB 5,317.5 million in 2023[9] - Current assets net value was RMB 2,222.4 million, an increase from RMB 1,945.8 million in 2023[9] - The company’s total equity as of December 31, 2024, was RMB 5,386.0 million, compared to RMB 5,213.6 million in 2023[9] - Trade receivables from third parties increased to RMB 1,907,086,000 in 2024, up from RMB 1,535,600,000 in 2023, reflecting a growth of 24.3%[33] - The company reported total trade payables of RMB 1,307,537,000 as of December 31, 2024, compared to RMB 1,150,291,000 in 2023, indicating a rise of 13.7%[35] - Trade receivables increased to approximately RMB 2,445.0 million in 2024 from RMB 2,181.5 million in 2023, attributed to slower collection speeds in a declining real estate market[84] - Trade payables as of December 31, 2024, were approximately RMB 1,307.5 million, up from RMB 1,150.3 million as of December 31, 2023, mainly due to business expansion and increased subcontracting costs[88] - Contract liabilities increased to RMB 940,075,000 in 2024 from RMB 870,338,000 in 2023, reflecting a growth of approximately 8%[25] - Contract liabilities increased to approximately RMB 940.1 million as of December 31, 2024, from RMB 870.3 million as of December 31, 2023, attributed to a growing customer base[90] Strategic Initiatives and Market Position - The company continues to focus on quality expansion as a strategic goal, optimizing its management portfolio[39] - The company aims to diversify its service offerings in the non-residential sector, focusing on specialized developments[51] - The company has established a "Commercial Division" to promote specialized development in corporate services, securing multiple projects in logistics and office parks in 2024[46] - The company has maintained a stable market cooperation relationship with Xuhui Group, adapting strategies to mitigate negative impacts from the challenging real estate market environment[44] - The company aims to expand its business scope into urban services, capturing opportunities in the evolving market landscape[59] - The company has established strategic alliances with real estate developers and urban construction investment companies to deepen its presence in strategic regions[59] - The company continues to enhance its independent third-party market development capabilities, targeting regional property developers and local governments to increase market share[45] - The company has accumulated urban service experience through strategic partnerships with regional urban investment platforms since 2020[57] Operational Efficiency and Cost Management - Administrative and selling expenses decreased by approximately 8.8% to about RMB 516.7 million in 2024 from RMB 566.5 million in 2023, reflecting effective cost control measures[75] - Other income and gains decreased by approximately 70.2% to about RMB 16.2 million in 2024 from RMB 54.3 million in 2023, mainly due to reduced government subsidies[74] - The company will continue to invest in technology and smart operations to improve service quality and operational efficiency, including upgrading internal management systems and utilizing AI[63] - The company aims to maintain a disciplined approach to strategic acquisitions, ensuring all past acquisitions have met performance targets and are expected to contribute positively to future operations[49] Corporate Governance and Future Outlook - The company has adhered to good corporate governance principles and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules[116] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2024, along with the audit report from the external auditor[118] - The company expresses gratitude to customers, suppliers, and shareholders for their continued support[128] - No significant events occurred after December 31, 2024, that could impact the group's operations and financial performance[124] - The annual general meeting is scheduled for May 22, 2025, with notifications to be published in accordance with the company's articles of association and listing rules[125]

2025 年 3 月 1 日 公司研究 2025 年初外拓积极，慷慨分红股息率具备吸引力 ——永升服务（1995.HK）跟踪报告 要点 事件：永升服务 2025 年初新拓展项目超过 50 个。 2 月 24 日永升服务公众号发布消息，2025 年初永升服务新拓项目 50 余个，公 司坚持城市深耕，实现有效规模增长，与南京肯德基、西安中国工商银行、京东 京航仓储等项目开展深度合作，拓展多元服务版图，满足客户的多元化服务需求。 点评：基础物管增长稳健，对外拓展积极，股息率具备吸引力。 1）基础物管增长稳健，地产关联业务占比降低。2024H1 公司实现收入 33.7 亿 元，同比增长 5.9%，毛利 7.2 亿元，同比增长 11.4%，归母净利润 2.65 亿元， 同比增长 10.3%。2023 年由于房地产行业下行，关联方经营承压，影响公司发 展速度，但经过业务调整，2024H1 公司业绩增速有所回暖，2024H1 基础物管/ 社区增值/非业主增值/城市服务板块分别实现收入 24.6/4.0/3.6/1.5 亿元，同比 增速分别为+12.4%/-2.6%/-4.1%/-28.5%，基础物管收入占比达到 73.1% ...