格隆汇8月12日丨建发物业(02156.HK)公告，公司将于2025年8月22日(星期五)举行董事会会议，以考虑 及通过公司及其附属公司截至2025年6月30日止的6个月中期业绩，及派发中期股息(如有)，以及处理任 何其他事项。 ...

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 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） 主席兼執行董事 喬海俠 香港，二零二五年八月十二日 於本公告日期，本公司執行董事為喬海俠女士（ 主席 ）及黃黨輝先生（ 行政總裁 ）； 本公司非執行董事為林偉國先生及許伊旋先生；及本公司獨立非執行董事為李卓 然先生、李國泰先生及胡一威先生。 （股份代號：2156） 董事會會議召開日期 建發物業管理集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十二日（ 星期五 ）舉行董事會會議，以考慮及通過本公司及其附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 的 六 個 月 中 期 業 績 ， 及 派 發 中 期 股 息（ 如 有 ） ...

Core Viewpoint - The delivery of takeout in residential areas, particularly high-end communities, faces challenges in balancing efficiency and safety, with various property management companies implementing effective solutions to address these issues [1][2][3]. Group 1: Delivery Challenges - The "last 100 meters" delivery issue remains unresolved, with no unified industry standards, leading to conflicts between delivery riders and property management [1][5]. - High-end residential areas like Rinheng Park Century in Shanghai have implemented strict delivery protocols, causing frustration among delivery riders due to time-consuming processes [2][3]. - The increasing number of "people-vehicle separated" communities complicates the delivery process, with differing opinions among residents on how to manage deliveries safely [3][6]. Group 2: Successful Management Cases - Some property management companies have successfully collaborated with internet delivery platforms to enhance delivery efficiency, such as implementing shuttle services for riders [1][4]. - The "Rider-Friendly Community" initiative is being promoted across various provinces, aiming to improve the delivery experience for riders while ensuring safety for residents [1][8]. - Examples of effective management include the implementation of dedicated delivery vehicles in large residential areas, allowing riders to switch to community-provided vehicles for faster delivery [6][7]. Group 3: Technological Solutions - Leading property companies are leveraging technology to streamline the entry process for delivery riders, significantly reducing wait times at entry points [7][8]. - Initiatives like the "Rider-Friendly Map" in Shanghai have been introduced to optimize delivery routes, saving riders an average of 20% in delivery time [9]. - Local governments are also taking steps to categorize residential areas based on delivery access, simplifying the entry process for riders and reducing conflicts [8][9].

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7月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 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8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, ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The property management industry is experiencing a slowdown in growth, with a focus on improving project quality as companies exit low-margin projects and enhance service quality [5][8] - The REITs market is expected to continue expanding, driven by policy support and the attractiveness of high-dividend assets in a declining interest rate environment [7][8] Summary by Sections Property Management Industry Overview - As of the end of 2024, the property management industry in China managed a total area of 314.1 billion square meters, reflecting a year-on-year growth of 4% [5][16] - The average growth rate of managed area for the top 100 property management companies has decreased to 2%, indicating a trend of slowing expansion [16][21] Performance and Financials - Revenue growth for the top property management companies remains steady but has declined to single digits, with profitability under pressure due to increased competition and declining real estate sales [44][46] - The average cash on hand for sample companies remains robust, with a stable dividend payout ratio, indicating financial resilience [58][60] Development Opportunities in 2025 - The industry is expected to benefit from three main directions: enhancing service quality under the "Good House, Good Service" concept, leveraging AI for operational efficiency, and capitalizing on urban renewal opportunities driven by housing pension policies [6][8][89] REITs Market Trends - The REITs market has shown significant structural differentiation, with anti-cyclical sectors performing well while cyclical sectors face challenges. Future growth is anticipated in areas supported by policy, such as elderly care and new infrastructure [7][8][20]

Financial Performance - The Group achieved operating revenue of approximately RMB3,292.9 million, representing a year-on-year decrease of 7.7%[15] - Profit attributable to equity holders of the Group was RMB323.5 million, representing a year-on-year decrease of 30.8%[17] - Excluding the hard decoration services, the Group achieved revenue of RMB3,269.3 million, representing a year-on-year increase of 13.3%[17] - Profit attributable to equity holders, excluding hard decoration services, amounted to RMB325.8 million, representing a year-on-year increase of 15.1%[17] - Total revenue for the Group was approximately RMB3,292.9 million for the year ended 31 December 2024, representing a decrease of approximately 7.7% from approximately RMB3,569.3 million for the year ended 31 December 2023[107] Revenue Breakdown - Revenue from property management services was approximately RMB1,781.1 million, representing a year-on-year increase of 25.6%[16] - Revenue from community value-added and synergy services was approximately RMB760.3 million, representing a year-on-year decrease of 44.7%[16] - Revenue from property management services for Xiamen C&D Group was RMB 1,145.8 million, accounting for 64.3% of total revenue, while revenue from independent third parties was RMB 635.3 million, making up 35.7% of total revenue for the year ended December 31, 2024[82] - Revenue from community value-added and synergy services decreased by approximately 44.7% to approximately RMB760.3 million for the year ended 31 December 2024, down from approximately RMB1,374.8 million for the year ended 31 December 2023[113] Operational Metrics - The Group's property management service satisfaction score was 94 out of 100, maintaining industry benchmark levels[23] - The overall collection rate for the Year was 93.7%, ensuring steady operations and sustainable development despite industry-wide challenges[27] - As of December 31, 2024, the Group's contracted GFA of property management services was 109.1 million sq.m., a year-on-year increase of 7.2%[30] - The GFA under management of property management services reached 75.5 million sq.m., representing a year-on-year increase of 22.9%[30] - The number of contracted projects increased to 703, up approximately 6.7% from 659 projects as of December 31, 2023[67] Strategic Initiatives - The Group is actively embracing technologies such as artificial intelligence and robotics to enhance service efficiency and quality[14] - The Group plans to strengthen project expansion by actively tracking high-quality M&A opportunities, leveraging upstream and downstream resources for sustainable project reserves[43] - The Group will accelerate digital transformation and smart property construction, including piloting AI-enabled customer services for improved responsiveness[49] - The Group aims to enhance service quality and customer satisfaction by implementing "Everyday Excellence" services and developing more "beacon" service projects[179] Challenges and Market Conditions - The economic environment remains challenging, with the Chinese economy facing slow demand recovery and structural contradictions[13] - The property management sector has entered a new normal of prioritizing efficiency and service quality amid macroeconomic fluctuations[14] Management and Leadership - Mr. Huang Danghui has over 26 years of experience in the property management business, having held various positions including project manager and general manager[196] - Ms. Qiao Haixia has over 24 years of experience in the property management sector and has been the chairperson of the board of C&D Property Service since February 2018[193] - Mr. Lin Weiguo served as the financial director of C&D International Investment Group from July 2013 to January 2016, and as the chief operating officer from March 2016 to March 2019[198] Future Outlook - By 2025, the Group aims to create higher-quality living spaces through a customer-centric approach and the implementation of "Everyday Excellence" services[42] - The Group's mission for 2025 is to create a better quality of living space while adhering to the strategy of improving quality, stabilizing operations, optimizing management, and innovating[179]