Company - 康桥悦生活 (2205.HK) experienced a significant increase of over 29.4%, reaching HKD 0.88 [1] - The company announced a board meeting scheduled for August 27, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend [1] Industry - According to data from 克尔瑞物管, the top 50 companies added approximately 69.68 million square meters of new contract area in July 2025, with a third-party expansion scale of 62.42 million square meters, indicating continued expansion among leading companies [1] - 中泰证券 noted that the operational risks stemming from distressed real estate companies and past goodwill impairment risks have significantly diminished, suggesting that the impairment pressure on property management companies will continue to be low [1] - The current property industry is characterized by "high dividends + high yield + high cash flow," with ample contract area reserves ensuring sustained performance growth [1]

Core Viewpoint - 康桥悦生活 (02205.HK) has announced a board meeting scheduled for August 27, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting will focus on the approval of the company's interim performance [1] - The meeting will also consider the distribution of an interim dividend [1]

Kangqiao Service Group Limited 康橋悅生活集團有限公司 於本公告日期，董事會成員包括主席兼非執行董事宋革委先生；執行董事戴衛先生、 康衛國先生及王娜女士；以及獨立非執行董事金孝賢先生、樊耘博士及黃潤濱先生。 （於開曼群島註冊成立的有限公司） （股份代號：2205） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。康橋悅生活集 團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）考慮及批 准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，並 考慮派發中期股息（如有）。 承董事會命 康橋悅生活集團有限公司 主席 宋革委 香港，二零二五年八月十四日 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。 ...

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 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) | 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 ...

7月25日，截至港股收盘，恒生指数下跌1.09%，报25388.35点。康桥悦生活（02205.HK）收报0.82港 元/股，上涨18.84%，成交量1.6万股，成交额1.12万港元，振幅20.29%。 最近一个月来，康桥悦生活累计涨幅6.15%，今年来累计涨幅1.47%，跑输恒生指数27.95%的涨幅。 财务数据显示，截至2024年12月31日，康桥悦生活实现营业总收入9.61亿元，同比增长2.87%；归母净 利润4841.2万元，同比增长25.8%；毛利率22.51%，资产负债率48.68%。 康桥悦生活(股票代码2205.HK)作为全国知名的综合城市服务与物业管理服务提供商,业态涉及轨道交 通、环卫、产业园、写字楼、商业、住宅、大学、医院、体育馆、银行、文旅等。自2016年起,连续八 年被中指研究院评为中国物业服务百强企业,其中2023年位列第27位。 公司坚持全国化布局之路,深耕河南,并逐步将业务拓展到其他重点地区,服务覆盖全国9省34个城市。截 至2023年12月31日,公司在管面积4100万平米,合约面积6710万平米。 悦生活从对行业的深度研究出发,围绕客户需求,持续深入打造企业核心竞争力,并最 ...

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

Core Viewpoint - 康桥悦生活集团有限公司 released its 2024 ESG report, highlighting its commitment to low-carbon practices, sustainable community building, and social responsibility initiatives [1] Group 1: Performance and Growth - Despite market challenges, 康桥悦生活 achieved a revenue of 9.61 billion RMB, a year-on-year increase of 2.9%, and maintained profitability with a net profit of 0.69 billion RMB [3] - The company expanded its managed area by 12.5% to 46.2 million square meters and its contracted area by 4.7% to 70.3 million square meters, with independent third-party developers accounting for 78.6% and 82.0% of these areas respectively [3] - 康桥悦生活 reduced its reliance on related parties, with revenue from related parties dropping from 32.7% in 2021 to 1.5% in 2024, establishing over 300 long-term partnerships with independent developers [3] Group 2: Social Responsibility and Community Engagement - The company integrates party building with business development, engaging in various public welfare and volunteer activities, and was recognized for its social responsibility efforts [5][6] - 康桥悦生活 launched initiatives to support local agriculture by creating sales channels for local products, benefiting both farmers and customers [5] Group 3: Service Quality and Customer Experience - 康桥悦生活 focuses on enhancing service quality through emergency drills and quality improvement actions, completing nearly 15,000 quality enhancements [8][9] - The company conducted over 3,500 community activities in 2024, achieving a customer satisfaction rate of 98% for certain events, thereby improving customer experience [9] Group 4: Compliance and Sustainability - 康桥悦生活 emphasizes compliance and green low-carbon principles, integrating ESG factors into its risk management processes [10][11] - The company set goals for water conservation, waste reduction, and energy efficiency, and implemented green initiatives across various projects [11][12] Group 5: Employee Development and Welfare - 康桥悦生活 prioritizes employee welfare and development, receiving recognition as a "2024 China Annual Preferred Employer" [13] - The company conducted 342 training sessions, covering over 27,330 employees, and established a supportive workplace culture with various employee recognition programs [14][15]

Company Overview - For the year ended December 31, 2024, Kangqiao Service served millions of property owners and won over 300 awards, ranking 25th among the 2024 Top 100 Property Management Companies in China[4]. - The Group's listing on the Main Board of The Stock Exchange of Hong Kong occurred on July 16, 2021, under stock code 2205[3]. - The Group was incorporated in the Cayman Islands on October 8, 2020, and its shares were listed on the Main Board of the Stock Exchange on July 16, 2021[180]. - The Group is principally engaged in property management services and related value-added services in the PRC[180]. Financial Performance - In 2024, the Group achieved total revenue of approximately RMB 960.8 million, representing a year-on-year increase of 2.9%[31]. - The Group's total revenue for the year was approximately RMB 960.8 million, reflecting a 2.9% increase from approximately RMB 934.0 million in 2023[75][77]. - Revenue from property management services was approximately RMB 681.3 million, accounting for 70.9% of total revenue, and increased by 14.7% compared to the previous year[61]. - Revenue from city services was approximately RMB 79.7 million, representing an increase of 22.7% compared to approximately RMB 64.9 million in 2023[70][72][83][87]. - Revenue from value-added services to non-property owners decreased by 37.6% to approximately RMB 86.4 million from approximately RMB 138.4 million in 2023[81][85]. - Revenue from community value-added services was approximately RMB 113.4 million, down 16.9% from approximately RMB 136.6 million in 2023[82][86]. - The Group's cost of sales was approximately RMB 744.6 million, an increase of 4.4% from approximately RMB 713.3 million in 2023[90][91]. - Profit for the year increased by approximately 30.8% to RMB 68.8 million from RMB 52.6 million in 2023, driven by lower expenses[109]. Market and Industry Trends - In 2024, the property service industry experienced a slowdown due to global economic adjustments, but the Group remains optimistic about the recovery potential of the real estate industry and property service sector[21]. - The Group's strategic direction is anchored in industry trends, believing in stable cash flow and the long-tail value chain of customers as key growth drivers[22]. - The Group's commitment to sustainable growth with quality has allowed it to navigate market cycles effectively, demonstrating strong business resilience[21]. Strategic Focus and Development - The Group emphasizes "Joyful Service" and "Intelligent Technology" as its core values, focusing on all business forms and service scenarios throughout the property development lifecycle[5]. - Kangqiao Service aims to redefine urban life by leveraging smart technology and enhancing community services, positioning itself as a smart city service provider[7]. - The Group's future plans include deepening participation in urban services and injecting vitality into new neighborhoods through innovative service offerings[9]. - The Group is shifting from rapid "scale expansion" to sustained "value growth" by optimizing service quality and improving operational efficiency[39]. - The Group aims to enhance operational efficiency and customer satisfaction while ensuring sustainable development and brand influence[55]. Customer and Community Engagement - The Group has launched community activities such as "Four Seasons and One Hall" and "Five Clubs" to address community needs and foster emotional connections among residents[6]. - Customer satisfaction regarding comprehensive services increased by 5.0 percentage points, reaching a higher level of service quality[25]. - The Group aims to achieve intelligent and refined management of services, further enhancing customer experience and service efficiency[43]. Technological Innovations - The Group's digital knowledge assets include 72 copyrights, 29 systems, 16 self-owned source codes, and 131 code projects as of December 31, 2024[30]. - Technological innovations include the development of energy consumption control systems and quality inspection software to improve service efficiency[29]. - The Group will continue to increase technology investment to promote the upgrade of the "business-finance integration" digital technology system, enhancing service management through IoT, big data, and AI[40]. Human Resources and Management - The annual internal training ratio for employees was up to 65.8%, with employee satisfaction increasing by 2.7% year-on-year in 2024[46]. - The Group emphasizes a competitive salary, bonuses, benefits, and systematic training opportunities to attract talented employees[145]. - The Group has implemented a comprehensive recruitment system that includes online recruitment, job fairs, campus recruitment, and referrals[145]. - The Group is committed to promoting diversity and providing equal opportunities for all employees in recruitment, training, and professional development[145]. - The Group aims to create a happy culture in the workplace while promoting work-life balance for all employees[145]. Governance and Risk Management - The Board is committed to maintaining high standards of corporate governance and financial transparency[178]. - The independent non-executive directors provide oversight and independent advice to enhance corporate governance[158]. - The Group's risk management practices aim to mitigate operational risks, including customer loss and senior management turnover[183]. - The Group's financial risk management objectives and policies include managing interest rate risk, credit risk, and liquidity risk[192]. Operational Metrics - The Group managed 328 projects across 35 cities in China, with a contracted gross floor area (GFA) of approximately 70.3 million sq.m., representing a 4.7% increase from 67.1 million sq.m. in 2023[56]. - The GFA under management increased by 12.5% to approximately 46.2 million sq.m. from 41.0 million sq.m. in 2023, with 78.6% from third-party property developers[58]. - Non-residential properties under management reached approximately 7.4 million sq.m., an increase of 11.1% from 6.6 million sq.m. in 2023, with 99.2% from third-party developers[58]. Management Team - The company has a strong management team with diverse backgrounds in finance, engineering, and corporate governance[158]. - The management team has extensive experience in the real estate sector, which is crucial for the company's growth strategy[156]. - The Group's management team includes professionals with significant experience in finance and administration, enhancing its operational capabilities[171][172].

Core Viewpoint - The property management industry is transitioning from a "scale dividend" to an "efficiency dividend," creating opportunities for mid-sized property management companies to be revalued based on their comprehensive operational quality [1] Financial Performance - Kangqiao Yue Life (02205.HK) reported a stable annual performance for 2024, with revenue of approximately 961 million RMB, a year-on-year increase of 2.9%, and a net profit of approximately 69 million RMB, up 30.8% year-on-year [2][4] - The company's revenue structure shows a significant increase in urban service revenue, which accounted for 8.3% of total revenue, growing by 22.7% year-on-year, while non-owner value-added services saw a notable decrease in proportion [2][4] Business Drivers - The company exhibits three main value drivers: independence, diversified operations, and regional deepening [5] - Independence is highlighted by Kangqiao Yue Life's third-party management area accounting for 78.6% of its total, significantly above the industry average, indicating strong market recognition and brand power [6][7] - The diversified operations include various property types and urban services, with urban service revenue growing at a compound annual growth rate of 73.4% from 2022 to 2024 [8][11] Strategic Focus - The company is committed to a strategy of "one three four five," focusing on commercial management and urban services while deepening its core regions, particularly in Jiangsu and Zhejiang [12][15] - Kangqiao Yue Life's ability to expand rapidly in the Nanjing market, increasing its service projects significantly in a short time, demonstrates its effective regional strategy [15] Long-term Value Proposition - The long-term value of Kangqiao Yue Life is anchored in its independence, professionalism, and technological advancement, which are expected to enhance its market position and profitability [16] - The company is investing in technology to improve service efficiency and customer experience, positioning itself to leverage AI and big data for operational enhancements [17]

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 960.8 million, an increase of 2.9% compared to 2023[2] - The profit for the year was approximately RMB 68.8 million, representing an increase of about 30.8% from RMB 52.6 million in 2023[3] - The basic and diluted earnings per share for the year were RMB 0.07, up from RMB 0.05 in 2023[5] - The company reported a net profit attributable to owners of RMB 48,412,000 for the year ended December 31, 2024, compared to RMB 38,484,000 in 2023, reflecting a year-on-year increase of 25.9%[24] - The company’s total expenses for the year were RMB 803,701,000, an increase from RMB 784,891,000 in 2023[20] - Profit for the year increased by approximately 30.8% to RMB 68.8 million from RMB 52.6 million in 2023, driven by reductions in sales and marketing expenses, administrative expenses, and credit impairment losses[71] Revenue Breakdown - Property management service revenue was approximately RMB 681.3 million, accounting for 70.9% of total revenue, with a growth of 14.7% from 2023[2] - Property management services contributed RMB 681,325,000 to total revenue, up from RMB 594,104,000 in 2023, representing a growth of 14.7%[19] - Urban service revenue increased by 22.7% to RMB 79.7 million from RMB 64.9 million in 2023[51] - Non-owner value-added service revenue decreased to RMB 86,402,000 from RMB 138,381,000, a decline of 37.5%[19] - Community value-added service revenue declined by 16.9% to RMB 113.4 million from RMB 136.6 million in 2023, attributed to a downturn in domestic economic conditions[50] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 1,516.3 million, an increase from RMB 1,252.4 million in 2023[6] - The total liabilities as of December 31, 2024, were RMB 738.2 million, compared to RMB 488.6 million in 2023, indicating a significant increase[7] - Current assets increased by approximately 21.6% to RMB 1,299.9 million from RMB 1,069.2 million in 2023, indicating a strong financial position[72] - Trade and other receivables rose by 36.1% to approximately RMB 939.5 million from RMB 690.5 million in 2023, primarily due to slower collection of trade receivables[74] Operational Metrics - The total managed area for property management contracts was approximately 70.3 million square meters, a growth of 4.7% compared to 2023[3] - The managed project count reached 328, with a total contracted building area of approximately 70.3 million square meters, a growth of 4.7% from 67.1 million square meters in 2023[46] - The proportion of third-party property developers in managed area reached 78.6%, indicating strong market competitiveness[39] - The company signed new third-party service contracts totaling approximately RMB 17.1 million, with a new signed contract area of about 6.4 million square meters[39] Employee and Governance - The total employee count increased to 2,244 as of December 31, 2024, compared to 2,088 in the previous year[84] - Employee benefits expenses for the year were RMB 197,249,000, slightly down from RMB 198,312,000 in 2023[20] - Employee satisfaction increased by 2.7% year-on-year, with a training participation rate of 65.8%[43] - The company has adopted the corporate governance code and has complied with all applicable provisions during the year[91] Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[3] - The company did not recommend a final dividend for the year ended December 31, 2024, compared to a final dividend of RMB 0.053 per share totaling RMB 37.1 million for the previous year[31] Future Outlook and Strategy - The company emphasized the importance of quality growth amidst the evolving global economic landscape and the restructuring of the property management industry[32] - The group aims to enhance its product, organizational, operational, data science, and brand capabilities over the next four years to ensure standardized services and product branding[52] - The group plans to expand its non-residential property and urban service product lines while maintaining balanced development across its three main pillars: residential property, non-residential property, and urban services[52] - The company aims to transition from rapid scale expansion to sustained value growth by optimizing service quality and operational efficiency[40] Compliance and Audit - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and confirmed that the financial results are prepared in accordance with applicable accounting standards and regulations[95] - The consolidated comprehensive income statement and balance sheet for the year ending December 31, 2024, have been verified by the auditor, confirming consistency with the audited financial statements[96] - There were no significant events reported from December 31, 2024, to the announcement date[89]