| 股份代號: | 02156 | | --- | --- | | 上市法國名稱: | 建發物業管理集團有限公 | | 日期 (日 / 月 / 年): | 25/10/2025 - 25/11/2025 | | 表格序號 | | 大股東/董事/最高行政人員名稱 作出披露的 冒入 / 萝出或涉及的股每般的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 分野信 | | (請參閱上拉*註解)有投票權股(日/月/年) | | | | | | | | 份自分比 | | | | | | | | 963 | | | CS20251124E00243 | FIL Limited | 1101(L) | 1.947.000(L | HKD 2.8094 | 100.099.500(L | 7.11(L)19/11/2025 | | CS20251124E00234 | Pandanus Associates Inc. | 1101(L) | 1.947.000(L | HKD 2.8094 | 10 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - In October 2025, new home prices in 70 cities showed a month-on-month decline, while the year-on-year decline narrowed. First-tier cities maintained their price decline [6][10] - Second-hand home prices experienced both month-on-month and year-on-year declines, indicating a continued downward trend in the market [6][10] - The report highlights that the real estate market is moving towards stabilization due to various policies aimed at halting the decline, with expectations for further stabilization in the future [6][10] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities decreased by -0.3%, -0.4%, and -0.5% month-on-month respectively, with an overall decline of -0.5% across 70 cities, which is an increase in the decline rate by 0.1 percentage points compared to September [3][13] - Year-on-year, first, second, and third-tier cities saw declines of -0.8%, -2.0%, and -3.4% respectively, with the overall year-on-year decline for 70 cities narrowing by 0.1 percentage points to -2.6% [3][13] Second-Hand Home Prices - Second-hand home prices in 70 cities fell by -0.7% month-on-month, with the decline rate increasing by 0.1 percentage points. First, second, and third-tier cities saw declines of -0.9%, -0.6%, and -0.7% respectively [4][20] - Year-on-year, second-hand home prices across 70 cities decreased by -5.4%, with the decline rate expanding by 0.2 percentage points [4][20] Key City Performance - In a focus on 35 key cities, new home prices showed mixed results, with Shanghai leading with a month-on-month increase of +0.3% and a year-on-year increase of +5.7% [5][28] - Conversely, second-hand home prices in these cities uniformly declined, with Shanghai experiencing a year-on-year drop of -1.8% [5][28] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can cater to improving customer demand, such as Greentown China, China Overseas Development, and others [6][10] - It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms under the "Good House, Good Service" policy [6][10]

Summary of the Conference Call for Jianfa Property Company Overview - Jianfa Property is focusing on high-quality projects located in core first and second-tier cities, with an expected management scale exceeding 90 million square meters by the end of 2025 [2][4]. Key Points and Arguments - **Management Scale and Revenue Growth**: As of September 2025, Jianfa Property's managed area reached 84.96 million square meters, with a net increase of 9.42 million square meters. The property management fee level is 2.75 yuan per square meter per month, reflecting a year-on-year increase of 0.03 yuan, primarily due to the high-quality projects in prime locations [4][2]. - **Contract Area Growth**: The total contracted area reached 115 million square meters, with a net increase of 7.36 million square meters in the first nine months of 2025. The parent company contributed 1.8 million square meters, while 5.56 million square meters came from external expansion [5][2]. - **External Expansion Strategy**: In the first nine months of 2025, external contract amounts approached 700 million yuan, with residential projects accounting for 180 million yuan (25%) and non-residential projects for 510 million yuan (75%). This aligns with the company's strategy to shift focus from residential to non-residential projects [6][7]. - **Profit Margins**: New projects maintain a profit margin of 8-9%, with residential projects at 10-11% and non-residential projects at 7-8%. Significant progress has been made in military and industrial park sectors [7][2]. - **Collection Rate**: The comprehensive collection rate for the first nine months of 2025 was 78%, expected to reach over 90% by the end of the year. However, the industry environment is under pressure, leading to increased service demands from small property owners [8][2]. - **Technological Innovations**: Jianfa Property is exploring the application of smart technologies, such as cleaning robots, to reduce costs and improve efficiency. Over 130 projects have implemented underground cleaning robots, with trials for window cleaning and pool cleaning robots ongoing [9][2]. - **M&A Strategy**: The company aims to expand its management scale through mergers and acquisitions, with a focus on residential property companies that align with existing city layouts. However, finding suitable acquisition targets has been challenging due to the stable cash flow nature of the property industry [10][11]. Additional Important Insights - **Equity Incentives and Dividends**: The management emphasizes the importance of equity incentives to provide financial returns to core staff. There are plans to increase the dividend rate, considering the future funding needs of the company [3][12][13]. - **Future Strategic Planning**: Jianfa Property is developing a new five-year strategic plan, aiming to enhance management scale and operational efficiency while adhering to a principle of quality over quantity in acquisitions [10][11].

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10月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 建發物業管理集團有限公司 呈交日期: 2025年11月3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) | 02156 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 HKD | | 30,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 HKD | | 30,000,000 | ...

（於開曼群島註冊成立的有限公司） （股份代號：1908） C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） C&D Property Management Group Co., Ltd 建發物業管理集團有限公司 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。 持 續 關 連 交 易 重 續 業 務 框 架 協 議 茲 提 述 建 發 國 際 及 建 發 物 業 日 期 均 為 二 零 二 二 年 十 月 十 九 日 的 聯 合 公 告， 內 容 涉 及（其 中 包 括）向(i)餘 下 建 發 房 產 集 團 及 其 關 聯 公 司；及(ii)餘 下 建 發 國 際 集 團 提 供 物 業 管 理 服 務、社 區 ...

Core Viewpoint - The company reported a revenue increase of 13.8% year-on-year for H1 2025, with a net profit attributable to shareholders rising by 13.2% year-on-year, indicating strong operational performance and growth potential in property management and community value-added services [1][2]. Group 1: Financial Performance - The company achieved an operating income of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 13.8%, with a gross profit of 460 million yuan, also up by 13.8%, maintaining a gross margin of 25.2% [1]. - The net profit attributable to shareholders reached 220 million yuan, marking a 13.2% increase year-on-year [1]. Group 2: Property Management and Sales - The property management revenue for H1 2025 was 1.06 billion yuan, showing a significant year-on-year increase of 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1]. - The associated company, Jianfa Real Estate, achieved a total sales amount of 95.6 billion yuan from January to September, up by 12.1% year-on-year, and secured new land worth 80.4 billion yuan, ranking 7th in the industry [1]. Group 3: Community Value-Added Services - Community value-added services generated 450 million yuan in revenue for H1 2025, representing a year-on-year growth of 23.5%, with home living services experiencing a notable increase of 33.9%, making up 32.4% of the community value-added segment [3]. - Non-owner value-added service revenue decreased by 19.4% to 280 million yuan, primarily due to a reduction in the number of sales centers amid market adjustments [3]. Group 4: Operational Efficiency and Future Outlook - As of June 30, 2025, the company managed an area of 83.28 million square meters, with 74.2% located in the Haixi cluster, showcasing significant scale effects [2]. - The overall gross margin for H1 2025 was maintained at a high level of 25.2%, with a sales and management expense ratio of 11.0%, indicating potential for further optimization as the managed scale expands [2].

Core Viewpoint - Evergrande Property (02156) is a state-owned property management company with strong performance growth assurance, maintaining a "Buy" rating by Everbright Securities [1] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 1.82 billion, a year-on-year increase of 13.8%, with a gross profit of 460 million, also up by 13.8%, maintaining a gross margin of 25.2% [1] - The net profit attributable to the parent company reached 220 million, reflecting a year-on-year increase of 13.2% [1] Group 2: Property Management Revenue - In H1 2025, property management revenue was 1.06 billion, representing a year-on-year growth of 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1] - The associated company, Jianfa Real Estate, achieved a total sales amount of 95.6 billion from January to September, a year-on-year increase of 12.1%, and added land worth 80.4 billion, ranking 7th in the industry [1] Group 3: Project Management and Scale - As of June 30, 2025, the company managed an area of 83.28 million square meters, with 74.2% located in the Haixi cluster, primarily in Fujian, showcasing significant scale effects [2] - 90.6% of the managed area consists of residential properties, with the remaining comprising office buildings, industrial parks, hospitals, and schools, indicating a rich and focused operational structure [2] Group 4: Community Value-Added Services - In H1 2025, community value-added service revenue reached 450 million, growing by 23.5%, with home life services experiencing a 33.9% increase, accounting for 32.4% of the community value-added segment [3] - Non-owner value-added service revenue decreased by 19.4% to 280 million, primarily due to the reduction in the number of sales centers amid real estate market adjustments [3]

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Jianfa Property (02156), citing strong performance and growth prospects due to its status as a state-owned enterprise [1] Group 1: Financial Performance - In H1 2025, Jianfa Property achieved revenue of 1.82 billion yuan, a year-on-year increase of 13.8%, with a gross profit of 460 million yuan, also up 13.8%, resulting in a gross margin of 25.2%, unchanged year-on-year [1] - The net profit attributable to the parent company reached 220 million yuan, reflecting a year-on-year increase of 13.2% [1] Group 2: Business Segments - Property management revenue for H1 2025 was 1.06 billion yuan, up 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1] - Community value-added business revenue was 450 million yuan, growing 23.5% year-on-year, with home life services seeing a significant increase of 33.9%, making up 32.4% of the community value-added segment [3] Group 3: Market Position and Growth - Jianfa Property's associated company, Jianfa Real Estate, achieved total sales of 95.6 billion yuan from January to September 2025, a year-on-year increase of 12.1%, and added land worth 80.4 billion yuan, ranking 7th in the industry [1] - The company manages an area of 83.28 million square meters as of June 30, 2025, with 74.2% located in the Haixi cluster, showcasing significant scale effects [2] Group 4: Cost Management - The overall gross margin for H1 2025 was 25.2%, maintaining a high level within the industry, while the sales and management expense ratio was 11.0%, indicating potential for further optimization as the managed scale expands [2]

Summary of CIFI Property Conference Call Company Overview - CIFI Property has a reserve area of approximately 30 million square meters, primarily located in first and second-tier core cities, with a unit price above 3 RMB. It is expected that by the end of 2025, the managed area will exceed 90 million square meters [2][3]. Key Financial Metrics - As of September 30, 2025, the managed area is close to 85 million square meters, with a net increase of 9.42 million square meters. The property management fee reached 2.75 RMB per square meter, an increase of 0.03 RMB compared to the end of last year [3]. - The contracted area reached 115 million square meters, with a net increase of 7.36 million square meters, and a contract amount of 690 million RMB. The goal for external contract amounts is to reach 1 billion RMB for the year [2][3]. Strategic Adjustments - The company is strategically shifting to increase the proportion of non-residential properties, focusing on projects with strong payment capabilities in sectors such as finance, military, energy, and tobacco [2][5]. - CIFI Property has maintained a collection rate of 92%-93% over the past five years, with an expected annual collection rate of over 90% for this year [2][6]. Revenue and Cost Management - To address declining gross margins, CIFI Property is deploying cleaning robots to replace manual labor and optimizing personnel allocation. The company is also expanding value-added services such as housekeeping, retail, and home improvement [4][10]. - The company has successfully deployed over 140 cleaning robots, each replacing 1.3 to 1.5 cleaning staff, thereby reducing costs [10]. Project Exits and Standards - CIFI Property has exited six projects this year, primarily due to developers' inability to pay property fees or contract expirations. The exit strategy is based on payment capability, long-term loss risks, and safety concerns [8][9]. Acquisition Strategy - CIFI Property has a strong cash position with total assets of approximately 4.1 billion RMB, including 2.8 billion RMB in cash. However, the company has high acquisition standards and has not found suitable targets for acquisition this year [9]. Future Outlook - The company is optimistic about its performance over the next two to three years, expecting revenue and profit growth of 10% to 15%. The management emphasizes maintaining a good dividend level while ensuring stable growth [14]. Support from Parent Company - CIFI Group provides significant support in enhancing value-added services and product upgrades, which helps improve overall operational capabilities [12][13]. Importance of Value-Added Services - Value-added services are crucial for future growth, as increasing the penetration rate of these services can effectively boost revenue and stabilize profit margins [11].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1.82 billion yuan in H1 2025, representing a year-on-year growth of 13.8%, with a net profit of 220 million yuan, also up by 13.2% [1] - The property management revenue reached 1.06 billion yuan in H1 2025, growing by 23.1% year-on-year, accounting for 58.0% of total revenue, indicating strong growth in the property management segment [2] - Community value-added services generated 450 million yuan in H1 2025, a 23.5% increase year-on-year, with home living services seeing a significant growth of 33.9% [4] Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 460 million yuan, maintaining a gross margin of 25.2% [1] - The company’s projected net profits for 2025 and 2026 have been revised down to 380 million yuan and 425 million yuan respectively, with an EPS forecast of 0.27 yuan for 2025 [4][5] Business Operations - The company manages a total area of 83.28 million square meters, with 74.2% located in the Haixi region, showcasing significant scale effects [3] - The company’s property management business remains the largest revenue source, with a strong pipeline of projects due to the robust performance of its affiliated real estate company [2] Community Value-Added Services - The company is diversifying its services, with a focus on home living, smart community, and elderly care, which are increasingly aligned with owner needs [4] - Non-owner value-added service revenue decreased by 19.4% to 280 million yuan, primarily due to a reduction in the number of sales centers in the real estate market [4]