Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.82 billion yuan for H1 2025, representing a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 220 million yuan, up 13.2% year-on-year [1] - The company's property management revenue reached 1.06 billion yuan in H1 2025, growing by 23.1% year-on-year, which constitutes 58.0% of total revenue, indicating strong growth in the property management segment [2] - Community value-added services generated 450 million yuan in revenue for H1 2025, reflecting a 23.5% year-on-year increase, with home living services showing a significant growth of 33.9% [4] Summary by Sections Financial Performance - For H1 2025, the company achieved a gross profit of 460 million yuan, maintaining a gross margin of 25.2% [1][3] - The company’s overall revenue forecast for 2025 is adjusted to 3.68 billion yuan, with a net profit forecast of 383 million yuan [5][9] Business Segments - The property management segment remains the largest revenue source, with a high growth rate supported by strong sales performance from affiliated companies [2] - The company has a high density of managed projects, with 74.2% of the managed area located in the Haixi region, primarily in Fujian [3] Community Value-Added Services - The company is expanding its community services, with a focus on home living, smart community, and elderly care services, which are increasingly aligned with owner needs [4]

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]

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors, including executive, non-executive, and independent non-executive directors, ensures sound governance - Board members include Chairperson Ms. Qiao Haixia (**Executive Director**) and CEO Mr. Huang Danghui (**Executive Director**)[4](index=4&type=chunk) - The Audit Committee is chaired by Mr. Li Zhuoran, the Remuneration Committee by Mr. Hu Yiwei, and the Nomination Committee by Ms. Qiao Haixia[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Registration and Principal Place of Business](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%A8%BB%E5%86%8A%E8%88%87%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company is registered in the British Virgin Islands, with its principal place of business in Hong Kong and headquarters in Xiamen - The company's registered office is in the British Virgin Islands, with its principal place of business in Hong Kong at Wu Chung House, Wan Chai[7](index=7&type=chunk)[8](index=8&type=chunk) - The company's headquarters and principal place of business in China are located in C&D International Tower, Huandao East Road, Xiamen, China[8](index=8&type=chunk) [Other Company Information](index=5&type=section&id=%E5%85%B6%E4%BB%96%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's Hong Kong share registrar is Tricor Investor Services Limited, its auditor is Grant Thornton Hong Kong Limited, its principal bank is Bank of China, and its stock code is 2156 - The Hong Kong share registrar is Tricor Investor Services Limited[9](index=9&type=chunk) - The auditor is Grant Thornton Hong Kong Limited, and the principal bank is Bank of China[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's stock code is **2156**[10](index=10&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Profit or Loss Overview](index=6&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company's revenue **increased by 13.8%** to **RMB 1,822.88 million**, profit for the period **increased by 13.8%** to **RMB 221.34 million**, and basic and diluted earnings per share were both **RMB 0.16** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,822,878 | 1,602,395 | 13.8% | | Cost of Sales | (1,364,209) | (1,199,184) | 13.8% | | Gross Profit | 458,669 | 403,211 | 13.8% | | Other Income | 3,980 | 5,813 | -31.5% | | Selling and Marketing Expenses | (3,307) | (3,395) | -2.6% | | Administrative and Other Operating Expenses | (197,680) | (174,690) | 13.2% | | Net Provision for Expected Credit Losses | (11,756) | (8,952) | 31.3% | | Net Finance Income | 45,008 | 36,105 | 24.7% | | Share of Results of Associates | 164 | 584 | -71.9% | | Profit Before Income Tax | 295,078 | 258,676 | 14.1% | | Income Tax Expense | (73,736) | (64,117) | 15.0% | | Profit for the Period | 221,342 | 194,559 | 13.8% | | Profit Attributable to Owners of the Company | 216,032 | 190,795 | 13.2% | | Profit Attributable to Non-controlling Interests | 5,310 | 3,764 | 41.1% | | Basic Earnings Per Share (RMB) | 0.16 | 0.14 | 14.3% | | Diluted Earnings Per Share (RMB) | 0.16 | 0.14 | 14.3% | [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Balance Sheet Overview](index=7&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, the company's total assets slightly **decreased**, net current assets **increased**, and contract liabilities **grew significantly by 44.6%**, reflecting business expansion and increased prepayments Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 186,778 | 189,103 | -1.2% | | Current Assets | 3,909,232 | 3,685,838 | 6.1% | | **Liabilities** | | | | | Current Liabilities | 2,194,530 | 2,020,287 | 8.6% | | Non-current Liabilities | 43,725 | 44,044 | -0.7% | | **Equity** | | | | | Equity Attributable to Owners of the Company | 1,805,864 | 1,762,216 | 2.5% | | Non-controlling Interests | 51,891 | 48,394 | 7.2% | | **Key Metrics** | | | | | Net Current Assets | 1,714,702 | 1,665,551 | 2.95% | | Total Assets Less Current Liabilities | 1,901,480 | 1,854,654 | 2.52% | | Net Assets | 1,857,755 | 1,810,610 | 2.60% | | Trade and Other Receivables | 954,936 | 662,696 | 44.1% | | Contract Liabilities | 741,181 | 512,598 | 44.6% | | Cash and Cash Equivalents | 2,829,278 | 2,894,833 | -2.3% | [Interim Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Equity Changes Overview](index=9&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company's total equity **increased** to **RMB 1,857.76 million**, primarily due to profit for the period, while also impacted by the 2024 final dividend payment Changes in Equity Attributable to Owners of the

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]