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23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 ...

Core Viewpoint - On October 22, 35 Hong Kong-listed companies conducted share buybacks, totaling 10.4965 million shares and an amount of 52.7745 million HKD [1][2]. Group 1: Buyback Details - The company with the highest buyback amount on October 22 was AAC Technologies, with a buyback amount of 11.9098 million HKD for 300,000 shares [1][2]. - Linklogis Technology-W followed with a buyback of 2.430 million shares, amounting to 7.4708 million HKD [1][2]. - Mengniu Dairy repurchased 500,000 shares for 7.1714 million HKD [1][2]. Group 2: Year-to-Date Buyback Totals - AAC Technologies has conducted multiple buybacks this year, with a cumulative buyback amount of 858.628 million HKD [2]. - Linklogis Technology-W's total buyback amount for the year reached 225.0668 million HKD [2]. - Mengniu Dairy's year-to-date buyback amount stands at 45.832 million HKD [2]. Group 3: Buyback Volume Rankings - The highest number of shares repurchased on October 22 was by Linklogis Technology-W, with 2.43 million shares [1][2]. - Other notable buybacks in terms of volume included MorningX Technology with 1.064 million shares and China Hengyou Group with 1 million shares [1][2].

Summary of Key Points Core Viewpoint - A total of 30 companies, including major players like 瑞声科技 (AAC Technologies) and 蒙牛乳业 (Mengniu Dairy), conducted share buybacks on October 22, 2025, indicating a trend of companies returning capital to shareholders amidst market conditions. Group 1: Buyback Details - 瑞声科技 (AAC Technologies) had the largest buyback amount, repurchasing 300,000 shares for a total of 11.90 million yuan [1] - 联易融科技-W (Lianyi Technology) repurchased 2.43 million shares, totaling 7.47 million yuan, representing 3.288% of its total share capital [2] - 蒙牛乳业 (Mengniu Dairy) bought back 500,000 shares for 7.17 million yuan, which is 0.517% of its total share capital [2] Group 2: Other Notable Buybacks - 康臣药业 (Kangchen Pharmaceutical) repurchased 283,000 shares for 4.33 million yuan, accounting for 7.969% of its total share capital [2] - 连连数字 (Lianlian Digital) bought back 440,000 shares for 3.54 million yuan, which is 0.138% of its total share capital [2] - 固生堂 (Gushengtang) repurchased 91,300 shares for 2.75 million yuan, representing 2.076% of its total share capital [2] Group 3: Additional Companies Involved - 绿城服务 (Greentown Service) repurchased 216,000 shares for 989,300 yuan, which is 0.007% of its total share capital [2] - 歌礼制药-B (Galactico Pharmaceutical) bought back 100,000 shares for 926,500 yuan, accounting for 0.068% of its total share capital [2] - 医渡科技 (Yidu Technology) repurchased 17,700 shares for 99,800 yuan, representing 0.330% of its total share capital [2]

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 ...

Investment Rating - The industry is rated as "Add" [6] Core Insights - In the first nine months of 2025, the transaction area of residential land in 100 cities decreased by 6% year-on-year, while the average transaction floor price increased by 17% [1] - The overall premium rate for residential land transactions in 30 core cities is 11% [4] - The top three companies in terms of newly added land reserve value are China Overseas Land & Investment (112.4 billion), China Merchants Shekou (94.1 billion), and Greentown China (63.2 billion) [2][90] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In the first nine months of 2025, the supply of land area in 100 cities decreased by 11.9% year-on-year, while the transaction area decreased by 7.2% [11] - The supply of residential land area in 100 cities decreased by 16.5% year-on-year, with a transaction area decrease of 6.2% [20] 2. Transaction Prices of Land/Residential Land - The average transaction floor price of residential land in 100 cities increased by 17.1% year-on-year, reaching 6,847 yuan per square meter [55] - The average transaction floor price in first-tier cities was 41,137 yuan per square meter, up 42% year-on-year [66] 3. Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 63.9% year-on-year increase in newly added land reserve value, totaling 847.6 billion in the first nine months of 2025 [82] - The newly added land reserve area for the top 50 companies increased by 5.5% year-on-year [87] 4. Transaction Situation of Residential Land in 30 Core Cities - In September 2025, the transaction area of residential land in the 30 core cities increased by 16% year-on-year, with a total transaction price of 1,358 billion [96] - The total transaction area for the first nine months was 7,430 million square meters, accounting for 48.1% of the total transaction area in 100 cities [104] 5. Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments, China Merchants Shekou, and China Jinmao [118] - Look for companies with rich existing resources and operational brand competitiveness, such as China Resources Land and Shanghai Lingang [118] - Consider the long-term development potential of property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [118]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].