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 致：香港交易及結算所有限公司 公司名稱: 康橋悅生活集團有限公司 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) | 02205 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10, ...

Group 1 - As of October 8, 130 stocks reached their 52-week highs, with Mythical World Holdings (02949), Ouhua (01711), and Aisiji Group (08507) leading the increase rates at 61.90%, 57.55%, and 28.00% respectively [1] - The closing prices and peak prices for the top three stocks are as follows: Mythical World Holdings at 0.017 and 0.034, Ouhua at 0.184 and 0.219, and Aisiji Group at 0.640 [1] - Other notable stocks that reached new highs include Wanjia Group (00401) with a high rate of 26.09% and Xincheng Technology (00365) at 20.27% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Kangqiao Yuelife (02205) experiencing the largest decline at -48.11% [4] - Other stocks with significant declines include Yuxing Technology (08005) at -6.98% and Jingfa Property (01354) at -6.93% [4] - The lowest closing price recorded was for Kangqiao Yuelife at 0.465, with a lowest price of 0.275 [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 本月底法定/註冊股本總額： HKD 10,000,000 FF301 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 | 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) | 02205 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 700,000,000 | | | 0 | | 700,000,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 700,000,000 | | | 0 | | 700,000,000 | 公司名稱: ...

Financial Performance - Revenue for the six months ended June 30, 2025 was approximately RMB455.2 million, representing a decrease of 6.6% compared to the corresponding period in 2024[47]. - Gross profit for the Reporting Period was approximately RMB98.5 million, representing a decrease of 6.7% compared to the corresponding period in 2024, with a gross profit margin of 21.6%[46]. - Profit for the Reporting Period was approximately RMB43.4 million, representing a decrease of 18.6% compared to the corresponding period in 2024[48]. - Revenue from property management services was approximately RMB353.7 million, accounting for 77.7% of total revenue, representing an increase of 5.6% compared to the corresponding period in 2024[47]. - Revenue from value-added services to non-property owners was approximately RMB15.7 million, accounting for 3.5% of total revenue, representing a decrease of 72.3% compared to the corresponding period in 2024[47]. - Revenue from community value-added services was approximately RMB45.5 million, accounting for 10.0% of total revenue, representing a decrease of 21.3% compared to the corresponding period in 2024[47]. - Revenue from city services was approximately RMB40.2 million, accounting for 8.8% of total revenue, representing an increase of 7.3% compared to the corresponding period in 2024[47]. - The Group's cost of sales was approximately RMB356.7 million, a decrease of 6.6% compared to RMB381.7 million in 2024[79]. - The gross profit margin for the Group was 21.6%, slightly down from 21.7% in the corresponding period of 2024[86]. - The gross profit margin for property management services was 21.2%, a decrease of 0.2 percentage points from 21.4% in 2024[87]. - The gross profit margin for value-added services to non-property owners increased to 25.5%, up by 5.1 percentage points from 20.4% in 2024[88]. - The gross profit margin for community value-added services increased to 32.1%, up 1.6 percentage points from 30.5% in 2024[90]. - Profit for the period was approximately RMB43.4 million, representing an 18.6% decrease from RMB53.3 million in 2024, with a net profit margin of 9.5%[102]. - The company reported net impairment losses on financial assets of RMB18,071 thousand, an increase from RMB15,130 thousand in the previous year[183]. - The total comprehensive income for the period was RMB42,552 thousand, down from RMB52,522 thousand in the previous year, indicating a decrease of approximately 19.0%[192]. Operational Highlights - For the six months ended June 30, 2025, the Group's contracted gross floor area (GFA) of property management services was approximately 68.3 million sq.m., a decrease of 4.0% compared to the same period in 2024[15]. - The GFA under management increased to approximately 46.2 million sq.m., representing a growth of 6.9% compared to the corresponding period in 2024[15]. - The Group's business contracts now cover 36 cities across 11 provinces, serving millions of property owners[6]. - The Group completed 128 renovation projects for older properties, including upgrades to plumbing, drainage, and facade restoration[23][25]. - Approximately 800 supervisors and team leaders participated in the "Winning Now, Serving the Future" 4V Employee Skills Training Camp, focusing on enhancing service skills and team cohesion[30][33]. - The Group has implemented a standardized security model, including a 24/7 dynamic inspection mechanism and an IoT-based fire safety early-warning cloud platform[26][28]. - The organizational structure has been optimized to create a highly efficient and agile system for future development[31][34]. - The Group aims to enhance operational performance quality and efficiency through digital technology, reaffirming its commitment to high-quality service delivery[32][35]. Strategic Focus and Community Engagement - The Group's strategic focus involved divesting from projects with extended delivery timelines or losses while expanding into high-quality projects, including the Nanjing Niushoushan Scenic Area and Zhengzhou Third People's Hospital[15]. - The Group has launched community activities such as "Four Seasons and One Hall" and "Five Clubs" to foster community engagement across all age groups[11]. - The Group aims to redefine urban living by leveraging smart technology and enhancing urban services in new neighborhoods[12]. - The Group emphasizes the "Four Satisfactions"—employee satisfaction, customer satisfaction, shareholder satisfaction, and societal satisfaction, as part of its strategic goals[32][35]. Rankings and Industry Position - The Group was ranked 23rd among the Top 100 Property Service Companies in China in 2025, maintaining its position in the top tier for ten consecutive years[19]. - The Group ranked 23rd among the top 100 property service companies in China for 2025, maintaining its position for ten consecutive years[21]. - The Group was ranked 23rd in the "2025 China Top 100 Property Management Companies," improving its overall industry strength ranking by two places from 2024[56]. Employee and Governance Information - The Group had a total of 2,322 employees as of June 30, 2025, an increase from 2,108 employees in the previous year[136]. - Employee benefits expenses, including director remuneration, amounted to RMB 95.6 million for the six months ended June 30, 2025, compared to RMB 106.2 million for the same period in 2024, reflecting a decrease of approximately 9.4%[141]. - The company has adopted the Corporate Governance Code and complied with all applicable principles and code provisions during the reporting period[143]. - The audit committee confirmed that the unaudited interim condensed consolidated results for the six months ended June 30, 2025, complied with all applicable accounting principles and standards[151]. Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 136,193 thousand from RMB 132,569 thousand, showing a slight growth of 2.0%[188]. - As of June 30, 2025, total liabilities increased to RMB 785,662 thousand from RMB 735,228 thousand as of December 31, 2024, representing a growth of approximately 6.0%[189]. - Current liabilities rose to RMB 762,868 thousand, up from RMB 721,775 thousand, indicating an increase of about 5.7%[189]. - Cash generated from operations significantly improved to RMB 47,328 thousand for the six months ended June 30, 2025, compared to RMB 19,572 thousand in the prior year, marking an increase of about 141.8%[196]. - Net cash generated from operating activities reached RMB 29,660 thousand, a substantial rise from RMB 5,503 thousand in the previous year, indicating an increase of approximately 438.4%[196].

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: 康橋悅生活集團有限公司 呈交日期: 2025年9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) | 02205 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,00 ...

Core Viewpoint - The article discusses the undervalued potential of Kangqiao Yuelife in the property management sector, highlighting three key areas of expectation that the market has overlooked, which are crucial for its valuation recovery. Group 1: Independence Advantage - Kangqiao Yuelife has a significant independence advantage, with approximately 36.2 million square meters (78.3%) of managed area coming from third-party developers, and about 55.7 million square meters (81.5%) of contracted area also from third-party sources, indicating strong market expansion capabilities [2][3]. Group 2: Differentiated Competitiveness and Non-Residential Layout - The company focuses on high-quality service as its core competitive advantage, achieving industry-leading satisfaction and renewal rates, which supports stable business and future expansion [4][5]. - Kangqiao Yuelife has expanded its services to 36 cities, managing 331 projects with a total managed area of approximately 46.2 million square meters, reflecting a year-on-year growth of 6.9% [4]. - The company has made significant progress in non-residential sectors, achieving revenue of 40.2 million yuan in urban services, a year-on-year increase of 7.3%, and has secured multiple large contracts in various sectors, enhancing its revenue and competitive edge [6]. Group 3: Financial Health and Industry Risk Clearance - Kangqiao Yuelife maintains a robust financial position with cash and cash equivalents of 136 million yuan and restricted cash of 213 million yuan, representing a growth of approximately 3.2% from the end of 2024 [7]. - The company's debt-to-asset ratio stands at 49.1%, indicating manageable debt risk, which supports its stability and future growth potential [7]. - The property management industry is experiencing a gradual clearance of operational risks, with reduced impairment pressures expected, which will benefit Kangqiao Yuelife in the valuation recovery process [8].

Core Insights - The property management industry in China is undergoing a "dual transformation" in 2025, facing intense market competition while also responding to increasing public demand for improved living standards [1] - Kangqiao Yuelife Group has demonstrated resilience and stability in its mid-year performance report, reflecting its strategic determination and operational resilience amidst industry challenges [3][11] Financial Performance - For the first half of 2025, the company reported revenue of approximately 455 million RMB, with property management service revenue at about 354 million RMB, value-added services at around 61.28 million RMB, and urban services at approximately 40.21 million RMB [3] - The company achieved a 6.9% year-on-year growth in managed area, marking the fifth consecutive year of growth since its listing [4] Market Expansion and Competitiveness - The company managed 331 projects with a total managed area of 46.2 million square meters and a contracted area of 68.3 million square meters, with independent third-party developers accounting for 78.3% and 81.5% of these areas, respectively [4] - The company has actively reduced transactions with related parties, with the contribution of related transactions to total revenue decreasing from 38.1% in 2021 to just 0.9% in 2025 [4] Service Quality and Customer Satisfaction - The company focuses on enhancing service quality through technology and human touch, implementing regular emergency drills and utilizing smart tools for service precision [6] - Over 2,800 community cultural activities were conducted in the first half of 2025, engaging over 130,000 participants, alongside more than 2,400 convenience service events [7] Community Engagement and Corporate Responsibility - The company integrates community culture into its services through the "Neighborly Gift Exchange" initiative, enhancing community engagement and satisfaction [7] - Kangqiao Yuelife actively promotes "red property" initiatives, enhancing community governance and achieving recognition for its efforts in integrating party leadership with business operations [9][10]

Group 1 - The core viewpoint of the article is that 康桥悦生活 (02205) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating financial challenges faced by the company [1] - The company's revenue for the period was RMB 455 million, representing a year-on-year decrease of 6.58% [1] - The profit attributable to shareholders was RMB 33.483 million, which reflects a year-on-year decrease of 21.79% [1] - The earnings per share reported a loss of RMB 0.048 [1]

Core Viewpoint - 康桥悦生活集团有限公司 reported a stable performance in its interim results for the period ending June 30, 2025, despite challenges in the real estate market and increased competition [1] Financial Performance - The company achieved a total revenue of approximately 455 million RMB, with property management service revenue around 354 million RMB, non-owner value-added service revenue about 16 million RMB, community value-added service revenue approximately 45 million RMB, and urban service revenue around 40 million RMB [1] - Gross profit for the first half of the year was approximately 98 million RMB, net profit was about 43 million RMB, and attributable net profit was around 33 million RMB [1] Growth and Market Position - The company maintained a healthy fundamental performance despite some fluctuations in key indicators, achieving a 6.9% growth rate in managed building area, marking five consecutive increases since its listing [1] - The total managed building area reached approximately 46.2 million square meters, with contracted building area at about 68.3 million square meters, where the share from third-party developers was 78.3% and 81.5% respectively [1] Service Expansion - In the urban services sector, the company experienced a year-on-year growth of 7.3% in the first half of 2025, reaching 40.2 million RMB [1]

Group 1 - The company, 康桥悦生活 (02205), reported a revenue of RMB 455 million for the six months ending June 30, 2025, representing a year-on-year decrease of 6.58% [1] - The profit attributable to shareholders was RMB 33.48 million, which is a year-on-year decrease of 21.79% [1] - The company reported a loss per share of RMB 0.048 [1]