来源：经济观察网 经济观察网 根据公开信息及市场数据，苏新服务（02152.HK）近期成交清淡主要与以下因素相关： 股票近期走势 资金面与技术面 苏新服务在2026年2月16日至20日期间，区间成交量为0股，成交额为零港元，换手率持续为0%。该股 流通股本为2604.7万股，总市值约4.85亿港元，属于小市值股票，天然流动性较低。资金流向显示，近 期散户资金呈净流出（如2月9日净流出6850港元），主力资金全程无参与，进一步削弱交易活跃度。 公司基本面 业绩表现分化：2025年中期报告显示，公司合约建筑面积同比增长57.2%至2830万平方米，但毛利同比 下降6.0%，物业租赁服务收入同比下滑46.1%。贸易应收款增至5.67亿元（较2024年末增长29.4%），回 款周期较长可能影响现金流预期。 行业竞争加剧：物业服务行业面临毛利率压力，苏新服务2025年中期毛利率为17.0%，同比下滑2.7个百 分点。同期港股物业服务及管理板块近5日涨幅1.55%，但苏新服务股价表现弱于板块指数。 技术指标信号偏弱：截至2月20日，股价位于布林带中轨（4.865港元）附近，MACD柱状图虽转正但幅 度较小（0.058）， ...

Group 1 - The core viewpoint of the article highlights that Jiangsu Province has introduced measures to optimize financial services for the private economy, which may indirectly benefit the property service industry, but the actual catalytic effect on Su Xin Services needs to be monitored [1] Group 2 - Stock performance: Over the past 7 trading days (as of February 13, 2026), Su Xin Services' stock price increased from HKD 4.64 (opening on February 9) to HKD 4.96 (closing on February 13), representing a 6.90% increase with the same percentage in volatility. However, during the same period, the Hong Kong property service and management sector rose by 1.55%, indicating that the company's stock performance lagged behind the industry index [2] - Trading volume: The total trading volume during this period was only 4,000 shares, with a transaction value of HKD 19,200, and the turnover rate was below 0.01%, indicating extremely low liquidity which may amplify price volatility risks [2] - Fund flow: Retail investor funds showed a net outflow trend (e.g., a net outflow of HKD 6,850 on February 9), while institutional funds did not participate throughout, reflecting low market attention [2] - Technical signals: The short-term moving average (5-day at HKD 4.91) remains below the long-term moving average (60-day at HKD 5.42). The Bollinger Band's middle track is at HKD 4.85, the MACD histogram has turned positive but with a weak magnitude (0.07), and the KDJ's J value has risen to 90.54, indicating short-term overbought risks, maintaining an overall weak consolidation pattern [2]

Group 1 - The stock price of Su Xin Services (02152.HK) decreased from HKD 5.00 to HKD 4.87 over the past seven trading days, representing a decline of 2.60% with a trading range of 7.20% [1] - Trading volume was extremely low, with a total of only 3,000 shares traded and a total turnover of HKD 14,000, indicating weak investor interest [1] - Retail investors showed a net outflow of funds, with net outflows of HKD 6,850 on February 9 and HKD 2,320 on February 6, while institutional investors did not participate in trading [1] Group 2 - On February 11, 2026, Jiangsu Province introduced measures to further optimize financial services for the private economy, which may indirectly benefit property service sectors and related industries [2] - The property service and management sector in Hong Kong saw a 5-day increase of 1.55%, but Su Xin Services underperformed compared to the sector index [2]

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: 2026年1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: 蘇新美好生活服務股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02152 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 2. 股份分類 | 普 ...

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12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: 蘇新美好生活服務股份有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02152 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 2. 股份分類 | ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇新美好生活服務股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02152 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 26,047,000 | RMB | | | 1 RMB | | 26,047,000 | | 2. 股份分類 | ...

Core Insights - The Jiangsu delegation showcased over 170 enterprises and institutions at the 2025 China International Service Trade Fair, highlighting innovations in service trade across new business models and technologies [1][2] - The exhibition area focused on themes such as cultural IP service consumption, AI in service trade, integration of service and goods trade, and digital trade clusters, creating an interactive experience for attendees [1] - Significant technological advancements were displayed, including the first full-state simulation skin robot and AR glasses, demonstrating the integration of digital trade with industrial internet [1] Group 1: Exhibition Highlights - Jiangsu's service trade image exhibition covered 100 square meters, themed "Su New Service, Smart Benefits for the World," featuring four main sectors [1] - Interactive experiences included IP check-ins, product demonstrations, and immersive technology displays, showcasing the potential of digital technology in enhancing quality of life [1] Group 2: Cooperation and Achievements - Jiangsu delegation achieved notable cooperation breakthroughs, including the launch of the "Su Data Cross-Border Public Service Platform" and international collaboration with the New Zealand Basketball Association [2] - The "15-Minute Convenient Living Circle" project was recognized as a demonstration case in service consumption, reflecting the delegation's commitment to enhancing local services [2] - Jiangsu enterprises participated in various thematic exhibitions, showcasing diverse industry strengths and promoting international service exports [2]

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02152 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 26,047,000 | RMB | | | 1 RMB | | 26,047,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇新美好生活服務股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02152 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 26,047,000 | RMB | | 1 | RMB | | 26,047,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 26,047,000 | RMB | | | 1 RMB | | 26,047,000 | | 2. 股份分類 | ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the interim period[1]. - Operating profit margin improved to 22%, up from 18% in the previous year[1]. - Cash flow from operations increased by 12%, totaling RMB 300 million, indicating strong financial health[1]. - Revenue increased by approximately 8.6% from approximately RMB447.5 million for the six months ended 30 June 2024 to approximately RMB485.9 million for the six months ended 30 June 2025[64]. - Revenue from city services rose by approximately 12.6% from approximately RMB288.3 million to approximately RMB324.7 million, driven by new projects[64]. - Revenue from commercial property management services increased by approximately 4.5% from approximately RMB119.4 million to approximately RMB124.8 million[64]. - Revenue from property leasing services decreased by approximately 46.1% from approximately RMB7.6 million to approximately RMB4.1 million due to declining occupancy rates[64]. - Gross profit decreased by approximately 6.0% from approximately RMB88.1 million to approximately RMB82.8 million, mainly due to low gross profit from new projects[70]. - Profit for the period increased from approximately RMB32.4 million for the six months ended 30 June 2024 to approximately RMB33.9 million for the six months ended 30 June 2025, representing a growth of about 4.6%[85][89]. User Growth and Market Expansion - User data showed a growth in active users by 20%, totaling 5 million users as of the end of the reporting period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2026[1]. - The company provided a positive outlook, projecting a revenue growth of 10-15% for the next quarter[1]. - New product launches contributed to a 25% increase in sales, with three new services introduced during the period[1]. Strategic Initiatives - The company completed a strategic acquisition of a local competitor, expected to enhance service offerings and increase customer base by 15%[1]. - The company plans to invest RMB 200 million in marketing initiatives to boost brand awareness in new markets[1]. - The Group aims to enhance customer loyalty and brand recognition through a diverse range of services[26]. - The Group plans to expand its business coverage to all cities in Jiangsu Province while exploring projects in other provinces, focusing on professionalized services and enhancing core competitiveness[53]. Operational Metrics - Research and development expenses increased by 18%, amounting to RMB 150 million, focusing on technology enhancements[1]. - The average occupancy rate of the Group's leased properties decreased to approximately 24.6% as of June 30, 2025, down from 39.0% in the same period of 2024[49]. - The Group's talent housing project, Jinshan Sunshine Community, achieved a 74% occupancy rate at launch in May 2025, with the overall occupancy rate reaching 95% as of now[58]. - The Group's contracted gross floor area (GFA) reached approximately 28.3 million sq.m. as of June 30, 2025, representing a 57.2% increase compared to June 30, 2024[27]. Financial Position and Assets - Trade receivables increased by approximately 29.4% from approximately RMB438.3 million as of 31 December 2024 to approximately RMB567.0 million as of 30 June 2025, primarily due to the expansion of city services[99][104]. - Total current assets increased by approximately 2.2% from approximately RMB947.9 million as of 31 December 2024 to approximately RMB969.2 million as of 30 June 2025[110]. - Cash and cash equivalents amounted to approximately RMB261.8 million as of 30 June 2025, down from approximately RMB358.1 million as of 31 December 2024[111]. - The value of investment properties decreased from RMB370.0 million as of 30 June 2024 to RMB367.2 million as of 30 June 2025, a decline of approximately 0.8% due to the disposal of certain properties[87][91]. Shareholder and Governance Changes - The shareholders approved adjustments to the business scope and amendments to the Articles of Association on August 19, 2025[147]. - Mr. Wang Hua was appointed as an executive director and chairman of the board on September 25, 2025[151]. - The supervisory committee was dissolved on 13 June 2025, with its duties taken over by the Audit Committee[196]. - The Group actively recruits skilled personnel in property management to support sustainable business growth and provides regular training programs[172]. Future Plans and Investments - The company plans to acquire other property management companies and city services providers, with an allocation of HK$ 52.9 million[164]. - The expected timeline for full utilization of the Net Proceeds for the acquisition of property management companies has been postponed from December 31, 2024, to December 31, 2025, due to a more prudent approach in selecting acquisition targets amid a downturn in the PRC property industry[170]. - The company intends to utilize the net proceeds according to the amended plans outlined in the prospectus[160].