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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 截至2025年6月30日止六個月 中期業績 財務摘要 – 1 – • 截至2025年6月30日止六個月，本集團連同其合營企業及聯營公司，共實現歸屬本 公司股東權益的合同銷售金額約人民幣167.5億元，歸屬本公司股東權益的合同銷 售面積約205萬平方米。 • 期內，本集團實現總收入約為人民幣725.7億元，同比減少約28.9%。 • 期內，本集團實現淨虧損約為人民幣196.5億元，歸屬本公司股東應佔淨虧損約為 人民幣190.8億元。 • 期內，本集團營銷及市場推廣成本和行政費用約為人民幣39.4億元，同比下降 18.9%。 碧桂園控股有限公司（「本公司」或「公司」）董事會（「董事會」，個別董事下稱「董事」）宣 佈，本公司及其附屬公司（統稱「本集團」、 ...

Core Viewpoint - Goldman Sachs reports that Country Garden Services (06098) achieved a core net profit of 1.6 billion RMB in the first half of the year, representing a 15% year-on-year decline, which is equivalent to 53% of the bank's previous full-year forecast [1] Financial Performance - The company's core business revenue growth outpaced its peers, despite a 3 percentage point decrease in gross margin year-on-year [1] - The average core net profit forecast for the company from 2025 to 2027 has been raised by 4% [1] Target Price and Rating Adjustment - Goldman Sachs has increased the target price for Country Garden Services from 5.1 HKD to 6.3 HKD [1] - The rating has been upgraded from "Sell" to "Neutral" [1] Business Restructuring - The company has undergone significant business restructuring over the years, including exiting underperforming contracts and refocusing on core business by reducing non-core operations [1] - The stability of recurring business scale and improved cash flow outlook are highlighted as positive developments [1]

智通财经APP获悉，高盛发布研报称，碧桂园服务(06098)上半年核心净利润为16亿元人民币，同比减 15%，相当于该行原先对其全年预测的53%。即使本身规模庞大，其核心业务收入增幅跑赢同业，但毛 利率同比减少3个百分点。该行指，将公司在2025年至2027年核心净利润预测平均上调4%，同时将其目 标价由5.1港元上调至6.3港元，其评级由"沽售"升至"中性"，主要是集团经过多年艰苦的业务重组，包 括退出业绩不佳的合同，以及透过缩减非核心业务重新聚焦核心业务，经常性业务规模保持稳定，现金 流前景改善。 ...

Core Viewpoint - Several Chinese real estate companies, including Greentown China, China Jinmao, and others, experienced stock price increases of over 2% on August 29, indicating a positive market sentiment towards the sector [1]. Group 1: Company Performance - Xincheng Development saw a stock price increase of 2.89%, with a latest price of 2.490 and a total market capitalization of 17.594 billion [2]. - Greentown China reported a 2.93% increase in stock price, reaching 9.830, with a total market value of 24.964 billion [2]. - China Jinmao's stock rose by 2.78%, with a latest price of 1.480 and a market capitalization of 19.989 billion [2]. - China Overseas Hong Kong Group's stock increased by 2.71%, priced at 2.270, with a total market value of 8.08 billion [2]. - Zhongliang Holdings experienced a 2.70% rise, with a stock price of 0.076 and a market capitalization of 0.331 billion [2]. - R&F Properties also saw a 2.70% increase, with a latest price of 0.760 and a total market value of 2.852 billion [2]. - Midea Real Estate's stock rose by 2.33%, priced at 4.840, with a market capitalization of 6.947 billion [2]. Group 2: Market Sentiment - The overall positive movement in stock prices for these companies suggests a favorable outlook for the real estate sector in China, reflecting investor confidence [1].

Core Insights - Country Garden Services has reported a revenue of 23.19 billion yuan for the first half of 2025, marking a year-on-year growth of 10.2% [2] - The company continues to maintain a strong scale advantage with a total of 8,108 managed property projects and a managed area of 1.06 billion square meters [2] - Despite revenue growth, the company's profit has declined, with a gross profit of approximately 4.299 billion yuan, down 3.5% year-on-year, and a core net profit of about 1.568 billion yuan, down 14.8% [2] Revenue Breakdown - Property management service revenue reached 13.61 billion yuan, a year-on-year increase of 6.7% [2] - Community value-added service revenue was 2.1 billion yuan, growing by 5.3% year-on-year [2] - The "Three Supplies and One Industry" business saw significant growth, reaching 5.07 billion yuan, with a year-on-year increase of 51.6% [2] Profitability Challenges - The decline in profit is attributed to two main factors: discounts from clearing historical receivables and the impact of downsizing less efficient segments such as sanitation and urban services [2] - The company reported a loss of 108 million yuan from the sale of subsidiaries and an expense of 56.9 million yuan related to fair value changes of financial assets [3] Cash Flow Management - Operating cash flow showed a net outflow of 870 million yuan in the first half of the year, compared to a net inflow of 3.87 billion yuan by the end of 2024 [3] - As of June 30, 2025, the company had approximately 16.47 billion yuan in bank and structured deposits, indicating a healthy cash reserve [3] - The company maintained a current ratio of 1.4, with net current assets of about 12.04 billion yuan [3] Market Position and Strategy - The proportion of revenue from related parties has decreased significantly from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a shift towards independent market operations [3] - The company is preparing for potential reductions in property fees, reflecting ongoing industry challenges and regulatory changes [4] - Country Garden Services has entered nearly 20 low property fee communities, aiming to capture opportunities in segmented markets [5] Future Outlook - The company plans to focus on customer-oriented strategies over the next three to five years, aiming for reasonable profit margins and aligning pricing with customer expectations [5] - Management emphasizes the importance of enhancing operational efficiency and service quality through investments in smart technology and innovation [5]

新华财经上海8月28日电（谈瑞） 碧桂园服务（6098.HK）27日发布的2025年中报显示，今年上半年公司实现营业收入231.9亿元，同比增长10.2%，股东应 占核心净利润约15.7亿元，期末银行存款和结构性存款约164.7亿元，经营和现金流总体保持稳健。 业绩会上披露的信息显示，上半年碧桂园服务核心业务收入保持增长态势，经营基础进一步巩固。具体来看，物业管理服务收入达136.1亿元，同比增长 6.7%；社区增值服务收入21.0亿元，同比增长5.3%；"三供一业"（供电、供水、供暖以及物业管理）服务收入50.7亿元，同比增长51.6%。摩根大通最新报 告认为，物业管理业务的收入及毛利按年分别增长7%及2%，高于该行此前预估值。 比如，在社区增值服务领域，碧桂园服务自营品牌"智享楼下充电"，通过自营设备为业主提供安全、便利的两轮充电服务。截至上半年，已累计在全国超 5000个社区运营约60万个充电插座，累计注册用户数超550万，累计服务超1亿人次。据悉，公司正在加速布局外部市场，为市场化项目提供一站式场地管理 充电解决方案。 截至6月30日，碧桂园服务管理物业项目总数达8108个，遍布中国内地31个省市、香 ...

21世纪经济报道记者 吴抒颖 在现金储备方面，碧桂园服务与行业的整体水平表现匹配。截至2025年6月30日，碧桂园服务的银行存 款和结构性存款约164.7亿元，在手现金较为充裕；银行及其他借款约8.58亿元，报告期内所有到期借款 均得以按时偿还；公司流动资产净值约120.4亿元，流动比率为1.4倍。 除了业务表现之外，碧桂园服务与关联方之间的业务处理，也是影响碧桂园服务近年业绩表现的重要方 面。中报显示，截至6月30日，碧桂园服务关联方收入占总收入的比例从2018年的20.3%持续下降， 2025年上半年降至1.1%的水平，已基本实现从传统地产依赖型模式向独立市场化运营的转型。 今年以来，全国屡有小区要求下降物业费，碧桂园服务也为此做好准备。碧桂园服务执行董事、总裁徐 彬淮在业绩发布会上表示，当前物业费降价的呼声反映了行业发展还不够规范的现状。近期国家关于扎 实开展物业服务领域突出问题集中整治的政策出台，对物业企业的诚信经营、合规经营提出了更高的要 求，中长期来看对推动行业规范稳健发展是好事情。 碧桂园服务在今年上半年也开始在低物业费市场取得进展，已经进入了近20个低物业费社区。碧桂园服 务计划在细分市场加速 ...

Core Viewpoint - Country Garden Services reported a revenue of 23.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.2%, despite a slight decline in gross profit and fluctuations in core net profit due to debt management and operational adjustments [3][4]. Financial Performance - The company achieved a revenue of 23.19 billion yuan, with a gross profit of 4.3 billion yuan, down 3.5% year-on-year, and a core net profit attributable to shareholders of approximately 1.57 billion yuan [3]. - As of June 30, the total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters, of which approximately 40.2% is located in first- and second-tier cities [3]. Market Environment - The property market is experiencing a downward trend in new projects, with increasing turnover rates and intensified competition [4]. - Recent government policies aimed at addressing issues in the property service sector are expected to promote more standardized and stable industry development, benefiting leading companies [4]. Strategic Focus - The company plans to return to a customer-oriented approach over the next three to five years, aiming for reasonable profit margins and aligning service pricing with customer needs [4]. - The revenue from property management services reached 13.61 billion yuan, up 6.7% year-on-year, while community value-added services and "three supplies and one industry" services saw significant growth [4]. Operational Improvements - The company is enhancing operational quality through service stratification, digital operations, and improved customer relationship management, resulting in a 3.5 percentage point increase in overall charging rates [5]. - The third-party market expansion signed area reached 6.477 million square meters, a 66% increase year-on-year, indicating a shift towards independent market operations [5]. Future Outlook - Despite current performance pressures, the company believes there are substantial opportunities in the market, emphasizing the need to stabilize core business and enhance product offerings for sustainable financial growth [6]. - The management expresses confidence that the capital market will eventually recognize the company's value as it continues to deliver strong performance [6].

Core Viewpoint - The company acknowledges current performance pressures and transformation pains but emphasizes the existence of significant opportunities within the industry [2][4]. Financial Performance - In the first half of the year, the company achieved revenue growth, with total revenue reaching 23.19 billion yuan, a year-on-year increase of 10.2% [2]. - The total number of managed property projects reached 8,108, with the managed area increasing to 10.6 billion square meters [2]. - However, several financial indicators faced pressure, with gross profit approximately 4.299 billion yuan, a year-on-year decline of 3.5%, and core net profit around 1.568 billion yuan, down 14.8% [2][3]. Business Segments - Core business revenue continued to grow, with property management service revenue at 13.61 billion yuan, up 6.7%, community value-added service revenue at 2.1 billion yuan, up 5.3%, and "three supplies and one industry" service revenue at 5.07 billion yuan, up 51.6% [3]. - The company plans to prioritize cash flow over scale growth, strategically exiting less profitable projects [3]. Industry Outlook - The property industry is currently undervalued, with significant opportunities in areas such as construction, elderly care, smart spaces, and digital home services [4]. - The company is investing in technology, including the deployment of nearly 100 cleaning robots and plans to implement over 1,000 units in South China by the end of the year [5]. Regulatory Environment - Ongoing calls for reduced property fees reflect the industry's need for more standardized development [5]. - Recent government policies aimed at addressing issues in the property service sector are expected to create more opportunities for leading companies [5]. Future Strategy - The company aims to return to a customer-oriented approach and achieve reasonable profit margins over the next three to five years [5]. - It is focusing on building core capabilities in low property fees, having entered nearly 20 low-fee communities this year [5].

彭雨说，碧桂园服务的战略定力清晰可见——主动收缩非核心业务、重投入服务品质与数字基座、压降 关联风险敞口。他说，短期阵痛或为长期价值让渡空间：服务分级的深化、人机协作模式的验证、增值 业务生态的成熟，正逐步构筑差异化竞争壁垒。中指研究院认为，当行业从规模竞赛转向能力竞逐，碧 桂园服务在科技赋能与品质升级上的前瞻投入，或将成为破局同质化竞争的关键变量。未来半年，如何 将管理面积优势转化为可持续的盈利能力，将是观察企业战略转型成色的核心标尺。 编辑：王媛媛 转自：新华财经 新华财经北京8月28日电（记者高婷）碧桂园服务（06098)发布截至2025年6月30日止六个月业绩，收入 231.855亿元，同比增长10.2%；公司股东应占利润9.97亿元，同比下降30.8%；每股基本盈利29.82分。 中指研究院物业事业部研究副总监彭雨表示，碧桂园服务中期业绩折射出物管企业面临的共性命题：如 何在规模扩张中守住盈利底线，在行业调整期实现发展模式的质变。公司通过"三供一业"整合、增值服 务市场化转型、科技效能提升的组合策略，在营收端保持双位数增长，展现龙头韧性。但毛利率下滑与 现金流压力亦揭示行业面临的成本刚性约束与服务溢 ...