智通财经APP讯，绿城服务(02869)公布，2025年12月15日耗资约96.89万港元回购21.4万股股份。 该信息由智通财经网提供 ...

格隆汇12月15日丨绿城服务(02869.HK)发布公告，2025年12月15日耗资96.9万港元回购21.4万股，回购 价格每股4.5-4.54港元。 ...

绿城服务(02869)公布，2025年12月15日耗资约96.89万港元回购21.4万股股份。 ...

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12月15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 ...

Summary of Greentown Service (2869.HK) Conference Call Company Overview - **Company**: Greentown Service (GTS) - **Sector**: Property Management Services - **Market Cap**: HK$13.9 billion / $1.8 billion - **Current Price**: HK$4.4 - **12-Month Price Target**: HK$6.5, implying an upside of 47.7% [10][12] Key Points and Arguments Financial Performance and Projections - GTS is expected to achieve an average revenue growth rate of 10% per annum from 2026E to 2028E, driven by managed GFA expansion and recovery in community living services [5][6] - Core earnings are projected to grow at an average of 24% year-on-year from 2025E to 2027E, with a 17% increase in EPS for 2028E [5][11] - The company maintains a high dividend payout ratio of 75%, with an expected dividend yield of around 8% from 2026E to 2028E [6][10] Competitive Positioning - GTS stands out among peers due to strong support from its affiliated SOE developer, Greentown, and its ability to optimize its GFA portfolio effectively [3][11] - The company has a competitive edge in acquiring high-quality project management contracts, with an average PM fee for new projects being 15% above the existing portfolio [4][11] - GTS has established partnerships with 261 large SOE customers, enhancing its market presence [4] Profitability and Efficiency - Continuous improvement in profitability is anticipated, supported by a focus on high-margin projects and efficiency enhancements [6][11] - The gross profit margin is expected to improve by approximately 0.3 percentage points per annum from 2025E to 2028E, aided by strategic project engagement and cost-saving measures [5][6] Risks and Challenges - Key risks include potential misses in GFA expansion due to market competition, lower-than-expected margins from property management services, and challenges in recovering community living services revenue [13] - There is a concern regarding the execution of collection rates, which could impact cash flow generation [13] Market Outlook - The property management sector is expected to recover, with GTS positioned to capitalize on this trend due to its strong brand and customer satisfaction ratings [3][11] - The company is well-poised to gain market share amid cyclical property headwinds, supported by its robust growth track record and ongoing support from its SOE background [11] Additional Insights - GTS has been proactive in restructuring its business model, including exiting low-performing contracts and enhancing its service offerings to meet core household needs [3][6] - The company has a solid free cash flow generation outlook, with expectations of high-teen percentage CAGR from 2026E to 2028E [6][11] This summary encapsulates the essential insights from the conference call regarding Greentown Service, highlighting its financial outlook, competitive advantages, and potential risks in the property management sector.

Summary of Key Points Core Viewpoint - The article discusses the stock buyback activities of various companies, highlighting the amounts repurchased and their significance in terms of total shares outstanding. Group 1: Major Buybacks - Tencent Holdings (00700) had the largest buyback, repurchasing 1.044 million shares for a total of 636 million [1][2] - China Merchants Industry Holdings (01919) repurchased 4.461 million shares for 60.86 million, representing 2.986% of its total shares [2] - Geely Automobile (00175) bought back 1.362 million shares for 23.92 million, which is 0.078% of its total shares [2] Group 2: Notable Buyback Activities - China Feihe (06186) repurchased 5.655 million shares for 23.18 million, accounting for 2.605% of its total shares [2] - Yum China (09987) conducted two buybacks totaling 58,000 shares for 21.67 million, representing 4.750% of its total shares [2] - Kweichow Moutai (01951) repurchased 772,200 shares for 19.35 million, which is 0.280% of its total shares [2] Group 3: Other Companies Involved - Vitasoy International (00345) repurchased 2,000 shares for 13,300, which is 2.209% of its total shares [3] - Yanzhiyu (01497) bought back 200,000 shares for 1.39 million, representing 0.786% of its total shares [3] - Weigao Group (01066) repurchased 120,000 shares for 631,000, which is 5.179% of its total shares [3]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The central economic work conference emphasized stabilizing the real estate market and managing risks effectively, with policies tailored to local conditions [30][31]. - The report identifies two major opportunities: the rise of "good housing" policies and the potential for value reassessment in quality commercial real estate during a monetary easing cycle [3][30]. Industry Data Summary New Housing Transactions - In the week of December 6-12, 2025, new housing transactions in 34 key cities totaled 2.423 million square meters, a decrease of 12.3% week-on-week [4][7]. - Year-on-year, December transactions in these cities are down 32%, with first and second-tier cities also experiencing a 32% decline [7][8]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.114 million square meters, a slight decrease of 0.4% week-on-week, and a year-on-year decline of 36.4% for December [12][13]. Inventory and Supply - In the week of December 6-12, 2025, 15 cities launched 980,000 square meters of new housing, with a transaction-to-launch ratio of 0.84 [22][23]. - The total available residential area in these cities reached 90.05 million square meters, reflecting a 0.2% increase week-on-week [22]. Policy and News Tracking - The central economic work conference outlined strategies for stabilizing the real estate market, including controlling inventory and encouraging the acquisition of existing housing for affordable housing projects [30][31]. - New policies in various cities, such as Qingdao's "good housing" standards and Beijing's expedited property registration processes, aim to enhance housing supply and streamline administrative procedures [30][33]. Company Dynamics - Sales data for November showed significant declines for many real estate companies, with Poly Developments reporting a 24.9% decrease in sales [36][38]. - Financing activities included new bond issuances and loans, with companies like Yuexiu Property securing a 2 billion RMB loan and New City Holdings issuing bonds worth 1.75 billion RMB [36][38].

绿城服务(02869)发布公告，于2025年12月12日斥资195.23万港元回购43万股。 ...

格隆汇12月12日丨绿城服务(02869.HK)公告，12月12日耗资195.2万港元回购43万股。 ...

智通财经APP讯，绿城服务(02869)发布公告，于2025年12月12日斥资195.23万港元回购43万股。 ...