格隆汇11月13日丨绿城服务(02869.HK)发布公告，2025年11月13日耗资98.02万港元回购20.2万股，回购 价格每股4.77-4.89港元。 ...

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 呈交日期： 2025年11月13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) 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 ...

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 呈交日期： 2025年11月11日 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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

Summary of Key Points Core Viewpoint - Multiple companies conducted share buybacks on November 10, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 9.753 million shares for a total of 43.2831 million yuan, representing 0.919% of its total share capital [2]. - China Merchants Industry Holdings (01919) repurchased 3 million shares for 42.5626 million yuan, accounting for 0.562% of its total share capital [2]. - Sinopec Limited (00386) repurchased 4.072 million shares for 17.7963 million yuan, which is 0.110% of its total share capital [2]. Group 2: Other Notable Buybacks - Yimai Sunshine (N23020) repurchased 929,000 shares for 14.9596 million yuan, representing 0.712% of its total share capital [2]. - Lianyi Technology-W (09959) repurchased 2.31 million shares for 7.4321 million yuan, which is 4.518% of its total share capital [2]. - Gushengtang (02273) repurchased 250,000 shares for 7.4123 million yuan, accounting for 3.541% of its total share capital [2].

Core Viewpoint - Greentown Service (02869) announced a share buyback plan, indicating confidence in its stock value and potential for future growth [1] Summary by Categories Company Actions - The company plans to repurchase 38,000 shares at a total cost of HKD 177,100 [1] - The buyback price per share ranges from HKD 4.62 to HKD 4.70 [1] Financial Implications - The total expenditure for the share buyback reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - Greentown Service (02869.HK) announced a share buyback on November 10, 2025, spending HKD 177,100 to repurchase 38,000 shares at a price range of HKD 4.62 to 4.70 per share [1] Summary by Category - **Company Actions** - The company executed a share buyback, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 177,100, which reflects the company's strategy to manage its capital effectively [1] - **Market Impact** - The buyback price per share ranged from HKD 4.62 to HKD 4.70, which may influence market perceptions of the company's stock value [1]

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 呈交日期： 2025年11月10日 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 | | | | | | 已發行股份（不包括庫存股份）數 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [3][33]. Core Insights - The real estate market is experiencing significant pressure, with new home sales in 34 key cities dropping by 45% week-on-week and 47% year-on-year in November [3][4]. - The report emphasizes the importance of localized policies, such as credit rating links to pre-sale fund supervision in Fuzhou and tax subsidies in Suzhou, which aim to stimulate market activity [27][30]. - The report identifies potential investment opportunities in commercial real estate and property management, particularly in light of ongoing monetary easing in China [3][33]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 158.6 million square meters, a week-on-week decrease of 45.4% and a year-on-year decrease of 46.5% [4][5]. - Sales in first and second-tier cities saw a week-on-week decline of 46.1%, while third and fourth-tier cities experienced a 34.4% drop [4][5]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 98.8 million square meters, reflecting a week-on-week decrease of 15.2% and a year-on-year decrease of 30.3% [12][5]. - The cumulative sales for the year reached 50.1 million square meters, showing a slight increase of 1.4% year-on-year [12]. Inventory and Supply - In 15 key cities, 82 million square meters were launched for sale, with a transaction-to-launch ratio of 0.78, indicating a challenging market environment [19][5]. - The total available residential area in these cities was 89.5 million square meters, with a slight week-on-week increase of 0.2% [19]. Policy and News Summary - The National Development and Reform Commission has initiated a digital transformation action plan to promote smart city development and property digitalization [27]. - Localized policies are being implemented, such as Fuzhou's new regulations linking credit ratings to pre-sale fund supervision and Suzhou's tax subsidies for home purchases [27][30]. - The report notes that various cities are relaxing residency requirements and enhancing public housing policies to stimulate demand [27][30]. Company Dynamics - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments down 50.1% and China Overseas Development down 55.1% year-on-year [33]. - Financing activities included China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and Daxin City reducing the interest rate on its issued bonds to 2.15% [33][36]. - The report highlights stock buybacks by companies such as Shell-W and Greentown Service, indicating a strategic move to enhance shareholder value [37].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [4]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4]. - The report continues to favor investments in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

Core Viewpoint - The company reaffirms its performance guidance for 2025, emphasizing cash distribution through dividends and share buybacks, while sharing strategies for improving profitability and managing accounts receivable [1][2]. Group 1: Performance Guidance - The company maintains its initial guidance for 2025, targeting a double-digit year-on-year growth in property service revenue, an overall gross margin increase of 0.5 percentage points, a decrease in sales and management expense ratio by 0.5 percentage points, and a 15% year-on-year growth in core operating profit [1]. - The company aims for operating cash flow net income to cover net profit attributable to shareholders by more than one time, with a target of 4 billion yuan in new contract amounts for the year [1]. - The focus for the next 3-5 years will be on improving efficiency rather than revenue growth, with a goal of maintaining double-digit growth in core operating profit [1]. Group 2: Cash Utilization Plan - The company prioritizes dividends and share buybacks, with a dividend payout ratio for 2025 not less than the historical average of 50%, and has initiated a new round of share buybacks since October [1]. - The company does not plan to consider mergers and acquisitions of homogeneous properties and is cautious about diversifying into other business areas, focusing primarily on strategic investments rather than financial investments [1]. Group 3: Profitability Improvement - The company shared several efficiency enhancement measures, including the "All Staff Housekeeper" program, the "Golden Plate Plan" for measuring cleaning and greening work areas, shutting down inefficient value-added services, incentivizing employees for performance, and the "Lighthouse Action" integrating AI with property management [2]. Group 4: Accounts Receivable Management - The company requires management entities to take responsibility for overdue accounts receivable and actively pursue large overdue payments [2]. - The "All Staff Housekeeper" program is used to understand the needs of clients with outstanding payments, aiming to resolve issues effectively [2]. - The company seeks to shorten payment cycles for B-end clients, moving from quarterly to monthly payments, and focuses on expanding projects only in 56 key cities while carefully evaluating project repayment capabilities [2]. Group 5: Earnings Forecast and Valuation - The company maintains its earnings per share (EPS) forecast for 2025-2027 at 0.30, 0.36, and 0.43 yuan respectively [2]. - The average price-to-earnings (PE) ratio for comparable companies in 2025 is projected at 13.4 times, while the company believes a reasonable PE ratio for 2025 is 20 times, setting a target price of 6.56 HKD [2].