Core Viewpoint - Country Garden Services has announced a change in its Chief Financial Officer (CFO), with Huang Peng resigning to focus on the group's incubation business, effective December 5, 2025. Tian Tian has been appointed as the new CFO, responsible for financial management and capital market operations. The company is undergoing a systematic organizational restructuring to optimize governance and drive business innovation and transformation [1][2]. Organizational Structure Adjustment - The organizational restructuring involves the integration of the basic property management, new business growth, and functional service segments into a "large property segment." The former strategic incubation business segment has been renamed to "incubation business segment," which will include environmental services, commercial management, and asset management among others [1][2]. - The "large property segment" aims to create value, focus on deep cultivation, reduce costs, and streamline authority. The core basic property service business will enhance customer satisfaction and operational efficiency through a tiered service system and digital operations [2][3]. New CFO Profile - The newly appointed CFO, Tian Tian, is a member of the Chinese Institute of Certified Public Accountants (CPA) and the Association of Chartered Certified Accountants (ACCA). He has extensive experience in financial management and capital operations, having previously served as CFO in various companies, including a renewable energy logistics firm and a publicly listed company [3]. Response to National Initiatives - The organizational changes are seen as a proactive response by Country Garden Services to the national "Property Service Quality Improvement Action," emphasizing the strengthening of service foundations while allowing space for high-value innovative business incubation [4]. Community Engagement and Digital Innovation - Country Garden Services has established 612 party branches and over 1,000 joint party branches across its projects, forming a network that supports over 30 million owners and promotes community governance [5]. - The company is investing in digital and intelligent technologies, with over 130 cleaning robots deployed in various cities, aiming to make smart property management a core competitive advantage [5]. - The company has introduced a "full lifecycle health check" service for aging properties, addressing systemic risks associated with property deterioration [5].

Core Insights - The company announced the resignation of CFO Huang Peng, who will focus on managing the group's incubation business, effective immediately [2] - Tian Tian has been appointed as the new CFO, bringing extensive financial management and capital operation experience [2] - The company is undergoing a systematic organizational restructuring, consolidating its business segments into two main areas: "Large Property Segment" and "Incubation Business Segment" [3] Organizational Changes - The "Large Property Segment" will focus on enhancing core property services through a tiered service system and digital operations to improve customer satisfaction and operational efficiency [3] - The new business growth segment will leverage the reputation of core property services to explore high-value diversified businesses, aiming for sustainable growth and value enhancement [3] - The "Incubation Business Segment" will focus on empowering and standardizing existing independent operations and researching innovative business models [3] Management's Response - The company emphasized that the organizational changes do not involve layoffs and aim to strengthen core capabilities, invigorate the organization, and clarify responsibilities [4] - Huang Peng will continue as the Executive President, overseeing daily management of the incubation business, including environmental services and asset management [4] Financial Performance - In the first half of the year, the company's core business revenue showed growth, with property management service revenue reaching 13.61 billion, a year-on-year increase of 6.7% [5] - Community value-added service revenue was 2.1 billion, up 5.3%, while "Three Supplies and One Industry" service revenue surged to 5.07 billion, reflecting a 51.6% increase [5] - Despite revenue growth, multiple financial indicators are under pressure, with the company aiming to return to a customer-oriented approach and reasonable profitability over the next three to five years [5]

已辞任首席财务官黄鹏先生简历如下： 黄鹏先生，41岁，于2023年10月10日获委任为公司执行总裁。其于2016年9月起一直担任首席财务官， 于2018年3月至2024年4月3日担任本公司之联席公司秘书。其目前主要负责本集团的新战略孵化业务 （如城市服务、商业管理服务、「三供一业」、房产经纪业务、资产管理等新业务）的实施及管理、财 务管理、战略及重大投资管理事宜。黄先生亦兼任本集团若干成员公司之董事及监事。 2025年12月7日，港交所上市公司碧桂园服务(06098.HK)发布的公告显示，公司董事会宣布，黄鹏先生 因为需要投入更多精力和时间管理本集团的孵化业务，故已辞任本公司首席财务官，自2025年12月5日 起生效。黄先生将继续担任公司执行总裁，并继续负责孵化业务板块的日常管理工作，包括如环境业 务、商业管理服务、「三供一业」、房产经纪业务、资产管理等新业务，并发展其他创新业务。 董事会进一步宣布，田田女士已获委任为本公司首席财务官，全面负责本公司财务管理及资本市场工 作，自2025年12月5日起生效。 新任首席财务官田田女士简历如下： 田女士是中国注册会计师（CPA）及特许公认会计师公会（ACCA）会员， ...

Core Viewpoint - The financial market is experiencing fluctuations with a slight tightening of liquidity, a rebound in the bond market, and a collective rise in convertible bond indices, while U.S. Treasury yields are generally on the rise. Group 1: Domestic News - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss the implementation of agreements from recent high-level meetings, emphasizing the importance of continued cooperation in economic and trade relations [2] - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted the need to develop first-class investment banks and institutions to support high-quality capital market development, advocating for a shift from price competition to value competition and better service to the real economy [3] - The CSRC is soliciting public opinions on the draft of the "Regulations on the Supervision of Listed Companies," which aims to strengthen comprehensive regulation throughout the lifecycle of listed companies [4] Group 2: Monetary Policy and Market Operations - The People's Bank of China conducted a 139.8 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net withdrawal of 161.5 billion yuan due to maturing reverse repos [9] - The overall liquidity in the market remains loose, with the DR001 and DR007 rates slightly increasing to 1.300% and 1.438%, respectively [10] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.15 basis points to 1.8285% as market sentiment improved following rumors of policy easing [12] - The secondary market for credit bonds saw significant price deviations, with "22 Vanke 02" dropping over 11% and "21 Vanke 02" falling over 10% [14] - Several companies, including Zhengyuan Real Estate and Fusheng Group, received public reprimands from the Shanghai Stock Exchange for disclosure violations [15] Group 4: Convertible Bonds - The convertible bond market experienced a collective rise, with major indices increasing by approximately 0.94% to 0.98%, and a total trading volume of 601.53 billion yuan, reflecting a significant increase from the previous day [17] - Several convertible bonds are set to trigger price adjustment clauses, while others announced early redemption [19] Group 5: International Market Insights - U.S. Treasury yields rose across various maturities, with the 2-year yield increasing by 4 basis points to 3.56% and the 10-year yield rising by 3 basis points to 4.14% [20] - Major European economies also saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.80% [22]

回顾碧桂园重组历程，其境外债自1月9日披露重组方案关键条款，到4月11日正式公告重组支持协议， 从8月18日代表性债权人群体就主要条款达成一致，到11月5日债权人会议投票通过，再到12月4日法院 裁定通过，全程历时329天。而境内债从9月19日公布重组方案，到12月3日9笔债券重组方案全部通过， 全程历时85天。 至此，碧桂园境内外债务重组已基本落地。其推进速度之快，彰显了公司高效的执行力和对债务重组的 坚定决心。 长江商报消息 在房地产行业深度调整的大背景下，碧桂园（02007.HK）迎来关键转折点。 12月4日，碧桂园规模约177亿美元的境外债务重组方案，获香港高等法院正式批准。前一日，碧桂园最 后一笔境内债券的重组方案顺利通过债券持有人会议的审议。这意味着碧桂园涉及9笔合计规模约137.7 亿元人民币的境内债务重组方案已全部通过。 据碧桂园披露，此次境内外债务重组落地，预计实现超900亿元降债规模，缓解未来5年偿付压力。 长江商报记者注意到，2025年前11个月，碧桂园交付房屋14万套，实现权益合同销售金额合计303.1亿 元。其中，11月单月实现权益合同销售金额约23.5亿元，权益合同销售建筑面积约3 ...

Group 1 - The core point of the news is that Country Garden Services has undergone significant organizational changes, including the resignation of CFO Huang Peng and the appointment of Tian Tian as the new CFO, aimed at enhancing governance and driving business innovation and transformation [2][3] - Huang Peng will continue to serve as the Executive President and manage the incubation business, which includes environmental services, commercial management, real estate brokerage, and asset management [2] - The organizational restructuring consolidates various service segments into a "Big Property Segment" and renames the strategic incubation segment to "Incubation Business Segment," with no layoffs involved [3] Group 2 - The "Big Property Segment" will focus on value creation, efficiency improvement, and customer satisfaction through systematic construction and digital operations [4] - The new business growth segment will leverage the reputation of basic property services to explore high-value diversified businesses and accelerate business incubation [4] - Recent collaborations include a strategic partnership with Mengniu Group to enhance community retail services and a joint venture with Anhui Keda Nengtong Technology to develop community renewable energy services [5] Group 3 - For the first half of 2025, Country Garden Services reported a revenue of 23.19 billion, reflecting a stable growth of 10.2% year-on-year, with core business revenues reaching 20.781 billion, a 14.9% increase [5] - The core businesses now account for 89.7% of total revenue, with a managed area of 1.063 billion square meters outside of the "Three Supplies and One Industry" business [5] - The adjustments signify a shift from scale expansion to core capability building, enhancing long-term competitiveness [5][6]

12月7日，碧桂园服务(06098.HK)公告称集团执行总裁、首席财务官黄鹏辞任首席财务官，投入更多精 力和时间管理集团孵化业务。记者了解到，碧桂园服务近期了实施组织架构，分设"大物业板块""孵化 业务板块"，调整不涉及人员裁撤。 记者获得一份内部文件显示，碧桂园服务对组织架构进行系统性调整，基础物业管理板块、新业务成长 板块、职能服务板块，统一为"大物业板块"；战略孵化业务板块，更名为"孵化业务板块"。 其中，"大物业板块"继续以"创造价值、聚焦深耕、降本增效、简政放权"为总体管理导向。 碧桂园服务相关负责人表示，此次组织架构调整不涉及人员裁撤，主要目的是强化公司核心能力，激发 组织活力，明确权责分工，为公司的长期稳健发展与市场竞争力提升奠定坚实基础。 碧桂园服务今日披露的人事变动公告印证了这一信息，黄鹏辞任公司首席财务官，自12月5日起将继续 担任公司执行总裁，并继续负责孵化业务板块的日常管理工作，包括如环境业务、商业管理服务、"三 供一业"、房产经纪业务、资产管理等新业务，并发展其他创新业务。 碧桂园服务委任田田为公司首席财务官，全面负责财务管理及资本市场工作。田田的简历显示，中国注 册会计师(CPA) ...

Group 1 - The company announced a change in its executive team, with Huang Peng resigning as Chief Financial Officer (CFO) to focus on the management of the group's incubation business, effective December 5, 2025 [1] - Huang Peng will continue to serve as the Executive President and manage daily operations of the incubation business, which includes environmental services, commercial management, "Three Supplies and One Industry," real estate brokerage, and asset management [1] - Tian Tian has been appointed as the new CFO, effective December 5, 2025, and will be responsible for the company's financial management and capital market operations [1] Group 2 - Tian Tian is a member of the Chinese Institute of Certified Public Accountants (CPA) and the Association of Chartered Certified Accountants (ACCA), with extensive experience in financial management and capital operations [2] - Tian Tian's previous roles include CFO of a new energy logistics company from May 2022 to June 2025, Vice President of Finance at Waterdrop from October 2020 to February 2022, and Executive Director at Zebra Global Capital from July 2016 to September 2020 [2] - In the first half of this year, the company reported revenue of 23.19 billion yuan, a year-on-year increase of 10.16%, while net profit attributable to shareholders decreased by 30.81% to 996.6 million yuan [2]

Core Viewpoint - Country Garden Services announced a significant organizational restructuring aimed at optimizing governance, promoting business innovation, and enhancing transformation capabilities, which includes the appointment of a new CFO and the rebranding of business segments [1][3][4]. Group 1: Management Changes - Huang Peng has resigned as CFO to focus on managing the group's incubation business, effective immediately [1][3]. - Ms. Tian Tian has been appointed as the new CFO, responsible for financial management and capital market operations [1][3]. - Huang Peng will continue as the Executive President, overseeing daily management of the incubation business segment [1][3]. Group 2: Organizational Restructuring - The company has unified its property management, new business growth, and functional service segments into a "Large Property Segment" [1][3][4]. - The strategic incubation business segment has been renamed to "Incubation Business Segment" [1][3][4]. - The restructuring aims to enhance core capabilities, stimulate organizational vitality, and clarify responsibilities, without involving personnel layoffs [2][4]. Group 3: Business Strategy - The "Large Property Segment" will focus on value creation, deepening service quality, cost reduction, and streamlining authority [2][4]. - New business growth segments will leverage the reputation of core property services to explore high-value diversified businesses [2][4]. - The Incubation Business Segment is positioned for multi-dimensional growth, including empowering existing independent businesses and researching innovative business models [2][4]. Group 4: Industry Response - Analysts view the organizational changes as a proactive response to the national "Property Service Quality Improvement Action," emphasizing the need to solidify service foundations while allowing space for high-value innovation [3][5]. - The adjustments are seen as practical and forward-looking, addressing current challenges in the property industry and providing a clear path for sustainable development [5].

碧桂园服务(06098)发布公告，黄鹏先生因为需要投入更多精力和时间管理集团的孵化业务，故已辞任 公司首席财务官，自2025年12月5日起生效。 田田女士已获委任为公司首席财务官，全面负责公司财务管理及资本市场工作，自2025年12月5日起生 效。 ...