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: 建發物業管理集團有限公司 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 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 | 本月底法定/註冊股本總額： HKD 30, ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas have shown a month-on-month increase, while real estate development investment has decreased year-on-year from January to August 2025 [3] - The report highlights that the decline in housing prices has been consistent since 2022, with a significant drop in both new and second-hand housing prices across 70 cities, although the rate of decline has started to narrow due to supportive policies [5][16] - It emphasizes that the relationship between population growth and housing prices is not straightforward, as effective housing demand driven by economic development and income growth is crucial for influencing prices [5][25] Summary by Sections Industry Overview - The real estate market has entered a downward trend since 2022, with new and second-hand housing prices experiencing a decline for over 40 months [5][16] - As of August 2025, the new housing price index across 70 cities has decreased by 3.0% year-on-year, while the second-hand housing price index has dropped by 5.5% [16][20] Population Impact - The report concludes that population factors are long-term variables with limited mid-term impact on housing prices, as the marginal changes in housing prices are influenced more by monetary policy, supply-demand relationships, and economic expectations [25][39] - A regression analysis across several developed countries shows that housing price indices do not have a significant correlation with population growth rates [40][42] International Experience - The report draws parallels with international experiences, noting that stable fiscal and monetary policies are essential for stabilizing housing prices after declines [6][46] - It cites examples from the U.S., Japan, and South Korea, where coordinated fiscal and monetary policies have successfully supported housing market recovery after significant downturns [46][49] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and solid fundamentals in urban areas, such as China Overseas Development and Poly Developments [7] - It also suggests that companies excelling in both residential and commercial real estate, as well as those providing high-quality property management services, are well-positioned for growth [7]

Group 1 - The core viewpoint is that the impact of mid-term population changes on housing prices in developed countries/regions is limited, as there is no significant positive correlation between housing price indices and population growth rates or numbers [1] - From 2022, housing prices in 70 cities have entered a downward trend, with a widening decline expected in Q3 2024, although the year-on-year decline has narrowed since Q4 due to supportive policies [1] - The current adjustment cycle in the housing market has seen both new and second-hand housing price indices decline for over 40 months [1] Group 2 - Historical data shows that housing prices in developed countries/regions have experienced fluctuations since the 1980s, with price corrections often exceeding those in China, but eventually stabilizing [2] - Key factors for stabilizing and recovering housing prices include coordinated fiscal and monetary policies, such as large-scale quantitative easing, interest rate cuts, and fiscal subsidies [2] - A stable policy outlook, low interest rate environment, and improved supply-demand structure are crucial for halting the decline and stabilizing the real estate market [2] Group 3 - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population dynamics [3] - Recommended investment targets include strong credit property companies with good urban fundamentals and leading product capabilities, as well as firms that can drive both residential and commercial real estate [3] - The increasing penetration rate of second-hand housing indicates a promising outlook for the real estate after-service sector [3]

執行董事 喬海俠女士 （主席） 黃黨輝先生 （行政總裁） 非執行董事 林偉國先生 許伊旋先生 獨立非執行董事 李卓然先生 李國泰先生 胡一威先生 審核委員會 CONTENTS 目錄 | 頁次 | | | --- | --- | | Page | | | 2 | 公司資料 | | | CORPORATE INFORMATION | | 5 | 中期簡明綜合損益及其他全面收益表 | | | INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | | | AND OTHER COMPREHENSIVE INCOME | | 7 | 中期簡明綜合財務狀況表 | | | INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | | 9 | 中期簡明綜合權益變動表 | | | INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | 11 | 中期簡明綜合現金流量表 | | | INTERIM CONDENSED ...

Group 1 - New housing prices in first-tier cities have seen a reduction in the rate of decline both month-on-month and year-on-year, with overall new housing prices in 70 cities showing a year-on-year decline narrowing to 3.0% [1][10][24] - The number of cities with rising new housing prices month-on-month increased to 9 in August, compared to 6 in July, while the number of cities with year-on-year price increases remained at 5 [1][14][24] - In August, Shanghai led the new housing price increases with a month-on-month rise of 0.4% and a year-on-year increase of 5.9%, making it the only first-tier city to achieve growth in both metrics [3][20][23] Group 2 - Second-hand housing prices in 70 cities experienced a month-on-month decline of 0.6%, with the rate of decline expanding by 0.1 percentage points [2][15][19] - Year-on-year, second-hand housing prices decreased by 5.5%, with the decline narrowing by 0.4 percentage points, while first-tier cities showed mixed results in their year-on-year performance [2][15][19] - In August, only one city, Changchun, saw a month-on-month increase in second-hand housing prices, while all cities experienced year-on-year declines [2][19][20] Group 3 - The overall real estate market in China is moving towards stabilization, with expectations for continued small fluctuations in housing prices amid supportive fiscal and monetary policies [4][24] - Recommended investment targets include strong credit real estate companies that can cater to improving customer demand, as well as firms benefiting from both residential and commercial real estate recovery [4][24]

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8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: 建發物業管理集團有限公司 呈交日期: 2025年9月4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 | 本月底法定/註冊股本總額： HKD 30,0 ...

Group 1 - FIL Limited increased its stake in Jianfa Property (02156.HK) by acquiring 153,000 shares at an average price of HKD 3.141 per share, totaling approximately HKD 480,600 [1] - Following this transaction, FIL Limited's total shareholding rose to 84,603,500 shares, with its ownership percentage increasing from 5.99% to 6.01% [1]

Group 1 - Fidelity International increased its stake in China Xinhua Property (02156) by 153,000 shares at a price of HKD 3.141 per share, totaling approximately HKD 480,600 [1] - After the transaction, Fidelity International's total shareholding reached 84,603,500 shares, representing a 6.01% ownership stake [1] - The transaction involved other related parties, including Pandanus Associates Inc. and Pandanus Partners L.P. [1]

Group 1 - Fidelity International increased its stake in Jianfa Properties (02156) by 153,000 shares at a price of HKD 3.141 per share, totaling approximately HKD 480,600 [1] - After the transaction, Fidelity International's total shareholding reached 84,603,500 shares, representing a 6.01% ownership stake [1] - The transaction involved other related parties, including Pandanus Associates Inc. and Pandanus Partners L.P. [1]

Core Viewpoint - The company has demonstrated robust growth in revenue and profit, with a stable expansion in its property management scale, leading to a maintained "Buy" rating. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.823 billion yuan, a year-on-year increase of 13.35% [1] - The net profit attributable to shareholders reached 216 million yuan, also reflecting a year-on-year growth of 13.23% [1] - The company maintained a gross profit margin of 25.16% and a net profit margin of 12.14%, with the net profit margin increasing by 0.04 percentage points year-on-year [2] Group 2: Business Expansion - The company’s property management service revenue was 1.058 billion yuan, up 23.1% year-on-year, while community value-added and collaborative service revenue reached 446 million yuan, growing by 23.5% [2] - The total contracted building area reached 113 million square meters, with the number of contracted projects increasing by approximately 3.4% compared to the end of 2024 [2] - The area under management was 83 million square meters, with the number of managed projects increasing by 10.2% compared to the end of 2024 [2] Group 3: Cash Flow and Financial Ratios - The net cash inflow from operating activities was 90 million yuan, a significant increase of 259 million yuan year-on-year, turning from negative to positive [2] - The company’s debt ratio stood at 54.64%, with a current ratio of 1.78 and a quick ratio of 1.75 [2] - Trade receivables amounted to 809 million yuan, reflecting a year-on-year increase of 54.2% [2]