绿城服务(02869.HK)公告，10月22日耗资98.9万港元回购21.6万股。 ...

智通财经APP讯，绿城服务(02869)发布公告，于2025年10月22日斥资98.9万港元回购21.6万股。 ...

绿城服务(02869)发布公告，于2025年10月22日斥资98.9万港元回购21.6万股。 ...

呈交日期： 2025年10月22日 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 綠城服務集團有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02869 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 ...

2025 年 10 月 22 日 行业研究 1-9 月百城宅地成交"量缩价升"，30 城整体溢价率 11% ——土地市场月度跟踪报告（2025 年 9 月） 要点 2025 年 1-9 月，百城宅地成交建面同比-6%，成交楼面均价同比+17%。 2025 年 1-9 月，百城成交住宅类用地建面为 1.54 亿平，累计同比-6.2%；成交 楼面均价为 6,847 元/平方米，累计同比+17.1%。分能级城市来看，1-9 月， 一线城市：供应住宅类用地建面为 726 万平，累计同比-26.9%；成交建面为 613 万平，累计同比-23.6%；成交楼面均价为 41,137 元/平方米，累计同比+42.0%。 1-9 月核心 30 城宅地成交面积占百城比重 48%，成交总价占百城比重 82%。 2025 年 1-9 月，光大核心 30 城宅地成交建面 7,430 万平，占百城住宅用地成交 建面的比重为 48.1%；核心 6 城宅地成交建面 1,854 万平，占百城比重为 12.0%； 光大核心 30 城宅地成交总价 8,671 亿元，占百城比重为 82.0%；核心 6 城宅地 成交总价 4,976 亿元，占百城比重为 ...

2025 年 10 月 21 日 投资收缩快于销售下降,行业继续完库存当中 房地产 1-9 月月报 本期投资提示: 申万宏源研究微信服务 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 (8621)23297818× quzheng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 投资端: 投资低位继续走弱, 开工降幅收窄、竣工单月转正。从 2025 年 1-9 月累计来 看，投资同比-13.9%，较前值-1pct; 新开工同比-18.9%，较前值+0.6pct; 施工同比- 9.4%，较前值-0.1pct; 竣工同比-15.3%，较前值+2pct。9 月单月来看, 投资同比- 21.3%,较前值-1.8pct;开工同比-14.4%,较前值+5.9pct;竣工同比+1.5%,较前值 +22.9pct。我们认为,目前房地产行业投资端依然较弱,尤其短期拿地偏弱,并考虑到 本轮周期中供给主体的过度出清及补库存的困难，从而导致 ...

行 业 及 产 业 2025 年 10 月 21 日 投资收缩快于销售下降，行业继续去库存当中 看好 ——房地产 1-9 月月报 本期投资提示： 证 券 研 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 (8621)23297818× guzheng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 究 报 告 房地产 证券分析师 相关研究 - ⚫ 投资端：投资低位继续走弱，开工降幅收窄、竣工单月转正。从 2025 年 1-9 月累计来 看，投资同比-13.9%，较前值-1pct；新开工同比-18.9%，较前值+0.6pct；施工同比- 9.4%，较前值-0.1pct；竣工同比-15.3%，较前值+2pct。9 月单月来看，投资同比- 21.3%，较前值-1.8pct；开工同比-14.4%，较前值+5.9pct；竣工同比+1.5%，较前值 +22.9pct。 ...

Group 1 - The company focuses on its core property management business, with strong growth momentum, expecting property management service revenue to account for 71.4% and gross profit to account for 56.3% by mid-2025 [1] - The company is enhancing its park services and consulting services by focusing on park products and services, while downplaying home life and cultural education services, which is expected to lead to operational recovery [1] - The company shows both growth and resilience in its financials, with projected net profit growth rates of 29.7% for 2024 and 21.4% for the first half of 2025, alongside improved gross and net profit margins [1] Group 2 - The company emphasizes shareholder returns with a dividend payout ratio exceeding 70% for 2023-2024 and has been actively repurchasing shares since 2022, with approximately 2.9% of total shares repurchased by October 17, 2025 [2] - The company is expected to achieve net profits of 9.4 billion, 10.9 billion, and 12.6 billion from 2025 to 2027, with corresponding price-to-earnings ratios of 14.0, 12.0, and 10.4 [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][68]. Core Insights - The company is focusing on its core property management business, which has shown strong growth momentum, with property management services accounting for 71.4% of revenue and 56.3% of gross profit as of the first half of 2025 [8][17]. - The company has a clear shareholder structure, with the four founding shareholders holding 46.61% of shares, ensuring operational independence [13][15]. - The company emphasizes shareholder returns, maintaining a high dividend payout ratio of over 70% for 2023-2024 and actively repurchasing shares [60][62]. Summary by Sections Company Overview - The company has been providing property management services for nearly 30 years and is recognized as a leading high-end property service provider in the industry [12][17]. Property Management Services - The company has maintained its position in the top tier of the industry, with significant expansion in managed area and high property fees [19][24]. - The average property fee reached 3.71 RMB/sqm/month in the first half of 2025, supported by a strong brand reputation [24][30]. - Key operational metrics such as renewal rates and collection rates are performing well, indicating strong service quality and management capabilities [31][32]. Financial Analysis - The company is expected to achieve a net profit of 935 million RMB in 2025, with a growth rate of 19.12% [7][64]. - The gross profit margin is projected to rise to 19.5% in the first half of 2025, reflecting improved operational efficiency [44][46]. - The company’s sales and management expense ratio is on a downward trend, indicating potential for further cost optimization [47][67]. Shareholder Returns - The company has consistently maintained a dividend payout ratio above 30% since its listing, with a significant increase to over 70% in recent years [58][60]. - The company has repurchased approximately 2.9% of its total shares since 2022, demonstrating a commitment to enhancing shareholder value [62][63]. Earnings Forecast and Valuation - The company is projected to achieve total revenues of 19.44 billion RMB in 2025, with a year-on-year growth rate of 8.6% [64][65]. - The estimated PE ratios for 2025 are 14.0, 12.0, and 10.4 for the years 2025-2027, indicating a favorable valuation compared to peers [68][69].

房地产 2025 年 10 月 12 日 行 业 研 究 / 行 业 点 券 研 究 报 证券分析师 陈鹏 (8621)23297818× chenpeng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 房地产基本面依然低迷，板块业绩短期仍然承压 看好 ——房地产行业 2025 年三季报业绩前瞻 本期投资提示： 评 证 告 ⚫ 考虑到板块结算下降及利润率低位，预计 3Q2025 房企业绩仍承压、但有分化。基本面方 面，2022-24 年房地产行业基本面大幅下行；随着宏观及行业政策持续加码，预计后续行 业基本面有望呈现底部复苏迹象，但复苏态势仍然缓慢、且出现反复现象，预计改善路径 将呈现"L"型曲折性弱复苏走势。展望 3Q2025 板块业绩，我们认为板块业绩仍将继续 承压，主要源于：1）2021 年后销售连续下降导致结算下降；2）前期降价促 ...