閣 下 對 本 通 函 的 任 何 方 面 或 應 採 取 的 行 動 如 有 任 何 疑 問，應 諮 詢 持 牌 證 券 交 易 商 或 註 冊 證 券 機 構、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 售 出 或 轉 讓 名 下 所 有 建 發 物 業 管 理 集 團 有 限 公 司 股 份，應 立 即 將 本 通 函 及 隨 附 的 代 表 委 任 表 格 送 交 買 主 或 承 讓 人，或 經 手 出 售 或 轉 讓 的 銀 行、持 牌 證 券 交 易 商 或 註 冊 證 券 機 構 或 其 他 代 理 人，以 便 轉 交 買 主 或 承 讓 人。 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 通 函 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 會 就 因 本 通 函 全部或任何部分內容而產生或因倚賴該等內容而引致的 ...

建 發 物 業 管 理 集 團 有 限 公 司 （於英屬處女群島註冊成立的有限公司） 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。 C&D Property Management Group Co., Ltd （股份代號：2156） 延遲寄發通函 茲提述本公司日期為二零二五年十月三十日有關訂立經重續業務框架協議的公告 （「 該 公 告 」）。 除 另 有 指 明 者 外 ， 本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 誠如該公告所載，載有該公告所述交易的進一步資料的通函（「通函」）預期將於二 零二五年十二月五日或之前寄發予股東。由於本公司需要額外時間落實將載於通 函內的若干資料，通函寄發日期將會延遲至二零二五年十二月十二日或之前。 承董事會命 建發物業管理集團有限公司 主席兼執行董事 喬海俠 香港，二零二五年十二月五日 於本公告日期，本公司執 ...

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 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 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 | 截至月份: 2025年11月30日 狀態: 新提交 本月底法定/註冊股本總額： HKD 30 ...

（於英屬處女群島註冊成立的有限公司） （股份代號：2156） （「本公司」） 提 名 委 員 會 職 權 範 圍 C&D Property Management Group Co., Ltd 建發物業管理集團有限公司 1. 組 成 2. 成 員 – 1 – 1.1 提 名 委 員 會（「委 員 會」）乃 根 據 本 公 司 董 事 會（「董 事 會」）在 二 零 二 零 年 十 二 月 二 十 三 日 通 過 的 決 議 案 而 成 立。 1.2 委 員 會 職 權 範 圍 須 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上 市 規 則」）及 其 他 任 何 監 管 規 定（經 不 時 修 訂）。 1.3 除 本 文 另 有 明 確 規 定 的 情 況 外，委 員 會 的 會 議 程 序 須 受 本 公 司 組 織 章 程 細 則 關 於 規 管 董 事 會 會 議 程 序 的 規 定。 2.1 委 員 會 須 由 董 事 會 委 任，並 須 由 至 少 三 名 成 員 組 成，當 中 大 多 數 成 員 須 為 本 公 司 的 獨 立 非 執 行 董 事（「獨 立 非 執 ...

Core Viewpoint - FIL Limited increased its stake in Jianfa Property (02156.HK) by purchasing 1,947,000 shares at an average price of HKD 2.8094 per share, raising its ownership from 6.97% to 7.11% [1][2]. Group 1 - FIL Limited's total shareholding after the purchase is 100,099,500 shares [1]. - The total investment made by FIL Limited in this transaction amounts to approximately HKD 5.4699 million [1].

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].