智通财经APP讯，绿城服务(02869)发布公告，于2025年10月27日斥资96.8万港元回购20.8万股股份。 ...

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 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； 公司名稱： 綠城服務集團有限公司 呈交日期： 2025年10月27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 | ...

Core Viewpoint - Multiple companies, including China Feihe and Lianyi Rong Technology, conducted share buybacks on October 24, 2025, with China Feihe leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 5.885 million shares for a total of 23.6977 million yuan, representing 0.087% of its total share capital [2]. - Lianyi Rong Technology (09959) repurchased 2.4 million shares for 7.3782 million yuan, accounting for 3.516% of its total share capital [2]. - Beike-W (02423) repurchased 1.1784 million shares for 7 million yuan, which is 1.722% of its total share capital [2]. Group 2: Other Notable Buybacks - Yum China (09987) repurchased 17,800 shares for 6.2549 million yuan, representing 2.830% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 400,000 shares for 5.7447 million yuan, which is 0.545% of its total share capital [2]. - Kangsong Pharmaceutical (01681) repurchased 100,000 shares for 1.5180 million yuan, accounting for 8.582% of its total share capital [2].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][28]. Core Views - The "Good House" policy is expected to create new pathways for recovery in core cities, leading to a resurgence in leading companies and opening new development avenues with "new products, new pricing, and new models" [3][28]. - The current monetary easing cycle highlights the advantages of commercial real estate, with a reassessment of the value of quality commercial properties already beginning to manifest [3][28]. Industry Data Summary New Home Transaction Volume - In the week of October 18-24, 2025, new home transactions in 34 key cities totaled 2.566 million square meters, a decrease of 1.9% week-on-week [4][6]. - Year-on-year, October transactions in these cities fell by 23%, with first and second-tier cities down 20.7% and third and fourth-tier cities down 42.6% [6][7]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 cities totaled 1.155 million square meters, down 6.1% week-on-week [12]. - Cumulatively, October transactions were down 20.1% year-on-year, with a significant drop of 38.4% compared to September [12][13]. Inventory and Supply - In the week of October 18-24, 2025, 15 cities launched 710,000 square meters of new supply, with total transactions of 1.05 million square meters, resulting in a transaction-to-launch ratio of 1.48 [20]. - The total available residential area in these cities was 89.75 million square meters, a decrease of 0.4% week-on-week [20]. Policy and News Tracking Macro Policies - The 20th Central Committee's Fourth Plenary Session emphasized the need to promote high-quality development in the real estate sector [28][31]. - The National Bureau of Statistics reported a 13.9% year-on-year decline in real estate investment for the first nine months of 2025, totaling 6.7706 trillion yuan [28][29]. Company Dynamics - China Overseas Development reported a 14% decline in sales revenue for the first nine months of 2025, totaling 170.5 billion yuan [35]. - Poly Development issued new bonds totaling 5 billion yuan with a 2% interest rate and 25 billion yuan with a 2.21% interest rate [35][36]. Market Performance Review - The SW Real Estate Index rose by 1.51%, underperforming the CSI 300 Index, which increased by 3.24%, resulting in a relative return of -1.73% [38]. - The average price-to-earnings (P/E) ratio for mainstream AH-listed real estate companies for 2025 and 2026 is projected at 19.7 and 17.5 times, respectively [38][42].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][40]. Core Views - The report emphasizes the potential of the "Good House" policy to create new pathways for recovery in core cities, leading to a resurgence in leading companies and the opening of new development avenues [3][40]. - It highlights the ongoing monetary easing cycle in China, which is expected to enhance the value of quality commercial real estate [3][40]. Industry Data Summary New Housing Transactions - In the week of October 18-24, 2025, new housing transactions in 34 key cities totaled 2.566 million square meters, a decrease of 1.9% week-on-week [3][4]. - Year-on-year, new housing transactions in October showed a decline of 23% across 34 cities [3][6]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.155 million square meters, down 6.1% from the previous week [3][12]. - Cumulatively, second-hand housing transactions in October were down 20.1% year-on-year [3][12]. Inventory and Sales - The report notes that 15 cities had a total of 710,000 square meters of new housing launched, with a sales-to-launch ratio of 1.48 times [3][21]. - The total available residential area in these cities was 89.75 million square meters, reflecting a 0.4% decrease [3][21]. Policy and News Tracking Macro Policies - The 20th Central Committee's Fourth Plenary Session called for promoting high-quality development in the real estate sector [3][30]. - National statistics revealed a 13.9% year-on-year decline in real estate investment for the first three quarters of 2025, totaling 677.06 billion yuan [3][30]. Company Dynamics - Major state-owned enterprises remain active in financing, with Poly Developments reporting a new guarantee of 41.03 billion yuan for 2025 [3][36]. - China Overseas Development achieved sales of 7.56 million square meters, down 1%, with a revenue of 170.5 billion yuan, down 14% [3][36]. Sector Performance Review - The SW Real Estate Index rose by 1.51%, underperforming compared to the Shanghai and Shenzhen 300 Index, which increased by 3.24% [3][40]. - The report identifies key companies to watch, including China Resources Land, Longfor Group, and Poly Developments, among others [3][40].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within 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 investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]

Core Viewpoint - Greentown Service (02869.HK) announced a share buyback on October 24, 2025, spending HKD 971,800 to repurchase 208,000 shares at a price range of HKD 4.62 to HKD 4.68 per share [1] Summary by Category - **Company Actions** - The company executed a share buyback program, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 971,800, which reflects the company's strategy to manage its capital structure [1] - **Market Impact** - The buyback price per share ranged from HKD 4.62 to HKD 4.68, 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10月24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 | 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 ...

智通财经APP讯，绿城服务(02869)发布公告，于2025年10月23日，该公司斥资98.41万港元回购21.4万 股。 （原标题：绿城服务(02869)10月23日斥资98.41万港元回购21.4万股） ...

绿城服务(02869)发布公告，于2025年10月23日，该公司斥资98.41万港元回购21.4万股。 ...