Group 1 - The relationship between property owners and property management companies has intensified, with owners increasingly taking legal action against management for financial disputes [2] - A recent case in Foshan saw a homeowners' committee win a lawsuit against a property management company, resulting in the return of 4.14 million yuan in revenue from parking spaces and elevator advertisements to the owners [2] - In Guangzhou, a property management company has resorted to aggressive tactics, such as installing a loudspeaker at the entrance to demand overdue fees from residents [3] Group 2 - A significant number of property management companies are withdrawing from projects due to unpaid fees, with over 120 cases of "voluntary withdrawal" reported in the first nine months of 2025, doubling from the previous year [5] - Major property management firms like Longfor Property and Kinka Service have also been involved in these withdrawals, indicating a broader trend in the industry [5] - The data shows that property management companies are increasingly exiting projects, with some firms terminating contracts for millions of square meters of managed area [6] Group 3 - The property management industry is facing a shift from a seller's market to a buyer's market, leading to competitive pricing strategies, including significant reductions in management fees [13][15] - The average collection rate of property fees has dropped from 83.7% in 2018 to 76.2% in 2023, indicating a growing trend of owners refusing to pay [18] - Many owners believe that the services provided do not justify the fees charged, leading to a higher turnover rate of property management companies [21][22] Group 4 - The withdrawal of property management companies often results in negative consequences for communities, such as increased disorder and decreased property values [27] - A study indicates that over 70% of property management companies are affiliated with developers, which may contribute to service quality issues [28] - The lack of transparency in financial dealings, such as the management of common assets, exacerbates tensions between owners and property management [37] Group 5 - To rebuild trust, property management companies need to enhance service quality and transparency, potentially through standardized service offerings and clear financial reporting [33][39] - Successful models include flexible pricing based on actual services rendered and community oversight of financial management [34][39] - Establishing a reliable financial management system can lead to improved satisfaction among property owners and potentially higher fee collection rates [41]

Summary of Zhonghai Property's Conference Call Company Overview - **Company**: Zhonghai Property - **Industry**: Property Management Key Financial Highlights - **Shareholder Profit**: Increased by 4.3% year-on-year to HKD 770 million, maintaining a net profit margin of 10.9% [2][3] - **Interim Dividend**: Declared at HKD 0.09 per share, up by HKD 0.005, with a payout ratio of 35.7% [2][3] - **Revenue Growth**: Total revenue for the first half of 2025 reached HKD 7.1 billion, a 3.7% increase year-on-year [3] - **Gross Profit**: Increased by 4.7% to HKD 1.2 billion, with a gross margin improvement of 0.2 percentage points to 17% [3] Revenue Structure - **Revenue Composition**: Property management accounts for 79% of revenue, while value-added services contribute 21% [2][4] - **Gross Profit Composition**: Property management represents 72% of gross profit, with value-added services at 28% [2][4] - **Managed Area**: Total managed area reached 436 million square meters, with property management revenue rising by 8.3% to HKD 5.6 billion [5] Expansion and Project Management - **Third-Party Projects**: New external contracts amounted to HKD 980 million, with an average project value increasing by 17% year-on-year [6] - **Urban Operations**: Annual contract value for urban operation projects rose by 9.6%, with core metropolitan area projects exceeding 60% of total contracts [6] - **Project Management Strategy**: The company employs a strategy of high contracts, high conversion, and high efficiency to enhance profitability [8] Value-Added Services Performance - **Residential Value-Added Income**: Reached HKD 610 million, with a gross margin of 35.2%, primarily driven by community asset management [7] - **Non-Residential Value-Added Services**: Revenue of HKD 860 million, with a gross margin of 13.4%, slightly down by 0.7 percentage points due to market conditions [7] - **Parking Space Sales**: Sold 365 parking spaces, generating revenue of HKD 27 million, with a stable gross margin above 20% [7] Shareholder Returns and Market Strategy - **Dividend Policy**: The company has consistently paid dividends since its IPO in 2015, with total dividends now equivalent to its market capitalization at listing [8] - **Future Dividend Plans**: There is potential for further increases in the dividend payout ratio, currently at around 35% [12] Future Outlook - **Performance Goals**: Focus on achieving targets for 2025, with strategic planning aligned with the "14th Five-Year Plan" [9] - **Project Optimization**: Continuous evaluation of projects for potential divestment based on cash flow, profit margins, and collection rates [10][11] Growth Areas in Value-Added Services - **Key Focus Areas**: 1. **Residential Services**: Significant growth in real estate brokerage, with potential for further expansion [13] 2. **Maintenance Services**: Increasing demand for maintenance as properties age, identified as a growth opportunity [13] 3. **Urban Operations**: Development of new value-added services based on foundational services [14] This summary encapsulates the key points from Zhonghai Property's conference call, highlighting financial performance, revenue structure, expansion strategies, and future growth areas.

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之內容概不負責， 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。 CHINA OVERSEAS PROPERTY CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中海物業集團有限公司 （於開曼群島註冊成立之有限公司） (股份代號：2669) 茲提述本公司日期為二零二三年四月二十八日的公告及本公司日期為二零二三年 五月三十日的通函，內容有關（其中包括）訂立中國海外發展服務協議，據此本集 團可不時參加競標，以於截至二零二六年六月三十日止三個年度期間內就中國海 外發展集團、中國海外發展的聯繫人及彼等的附屬公司（不包括彼等各自於任何 證券交易所上市的聯繫人及附屬公司）於中國、香港、澳門及其他地區擁有或持 有的物業發展項目或物業（包括住宅社區、商用物業及其他物業）向彼等提供該等 服務（包括但不限於智能設置服務）。 另茲提述本公司日期為二零二二年四月二十八日及二零二二年十二月九日的公 告，內容有關本公司向中海企業提供第一項中海企業公司擔保及第二項 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

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11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: 中海物業集團有限公司 | 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) | 02669 | 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 | | | | 3,283,960,460 | | 0 | | 3,283,960,460 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,283,960,460 | | 0 | | 3,283,960,460 | 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 ...

业绩小幅增长，费用管控能力提升 智通财经APP获悉，中泰证券发布研报称，维持中海物业(02669)"买入"评级，公司2025年上半年核心物 业管理业务实现稳健增长，外拓业态持续丰富，毛利率改善，展现出了较强的韧性能力，该行预计公司 未来仍可以维持一定增速的规模与业绩增长，持续看好公司能够实现长期高质量发展。 中泰证券主要观点如下： 中海物业发布2025年半年报 公司上半年实现营收70.9亿，同比增长3.7%，权益股东应占净利润7.7亿，同比增长4.3%。 2025年上半年公司实现营收70.9亿，同比+3.7%，权益股东应占净利润为7.7亿元，同比+4.3%，净利润 增速高于营收增速。公司总体毛利率17.0%，同比上升0.2pct。核心业务物业管理服务营收较2024年同 期增加8.3%，毛利率15.5%，同比上升0.1pct。销售及行政费用同比下降18.6%，总体费用下降17.8%， 费用率2.2%，同比下降0.6pct，费用管控能力有所提升，公司整体盈利能力有所提升。 外拓能力优秀，新合约构成合理 2025年上半年，公司新增订单0.3亿平方米，当中84.0%来自第三方。公司新签合约总额约达人民币22.6 亿元 ...

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for China Overseas Property (02669), highlighting the company's resilient performance and expected long-term high-quality development, with a projected steady growth in scale and performance in the future [1] Financial Performance - In the first half of 2025, the company achieved revenue of 7.09 billion, a year-on-year increase of 3.7%, and a net profit attributable to equity shareholders of 770 million, up 4.3% year-on-year [2] - The overall gross margin was 17.0%, an increase of 0.2 percentage points year-on-year, while the core property management service revenue grew by 8.3% compared to the same period in 2024, with a gross margin of 15.5%, up 0.1 percentage points [2] - Sales and administrative expenses decreased by 18.6% year-on-year, leading to an overall expense reduction of 17.8%, with an expense ratio of 2.2%, down 0.6 percentage points, indicating improved cost control and enhanced overall profitability [2] Business Expansion - In the first half of 2025, the company added 0.3 billion square meters of new orders, with 84.0% coming from third parties, and the total new contract amount reached approximately 2.26 billion [3] - The company optimized its business structure and project governance, resulting in a slight increase in managed area to 4.4 billion square meters compared to the end of 2024, with residential and non-residential project areas accounting for 41.0% and 59.0% of new contracts, respectively, enhancing the company's risk resilience [3] Shareholder Returns - The company declared an interim dividend of 0.09 HKD per share, along with a special dividend of 0.01 HKD per share to celebrate its 10th anniversary, totaling 39.2% of net profit attributable to equity shareholders, with an overall increase of 0.015 HKD per share compared to the same period last year [4] - The stable dividend amidst operational improvements is expected to enhance shareholder returns and attract investors [4]

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。 CHINA OVERSEAS PROPERTY CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中海物業集團有限公司 （於開曼群島註冊成立之有限公司） (股份代號：2669) 有關 新停車位框架協議的 持續關連交易 新中國海外發展框架協議 茲提述本公司於二零二二年九月五日刊發的公告及本公司日期為二零二二年 十月十二日的通函，內容有關（其中包括）本公司與中國海外發展於二零二二年 九月五日訂立的現有中國海外發展框架協議，據此，訂約方同意本集團可不時 就本集團收購停車位使用權（包括佔用、分配或出租的權利，直至停車位所在的 相關項目土地使用權屆滿為止）作其庫存之用而與中國海外發展集團訂立交易（即 中國海外發展交易），該等停車位為中國海外發展集團所興建、發展或擁有的 發展項目或物業的停車位，並由本集團（作為物業管理人）管理，協議為期三年， 由二零二三年一月一日起至二零二五年十二月 ...

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]