股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 濱江服務集團有限公司（「本公司」） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | 本 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 濱江服務集團有限公司（「本公司」） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 USD | | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 USD | | | 0. ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas have shown a month-on-month increase, while real estate development investment has decreased year-on-year from January to August 2025 [3] - The report highlights that the decline in housing prices has been consistent since 2022, with a significant drop in both new and second-hand housing prices across 70 cities, although the rate of decline has started to narrow due to supportive policies [5][16] - It emphasizes that the relationship between population growth and housing prices is not straightforward, as effective housing demand driven by economic development and income growth is crucial for influencing prices [5][25] Summary by Sections Industry Overview - The real estate market has entered a downward trend since 2022, with new and second-hand housing prices experiencing a decline for over 40 months [5][16] - As of August 2025, the new housing price index across 70 cities has decreased by 3.0% year-on-year, while the second-hand housing price index has dropped by 5.5% [16][20] Population Impact - The report concludes that population factors are long-term variables with limited mid-term impact on housing prices, as the marginal changes in housing prices are influenced more by monetary policy, supply-demand relationships, and economic expectations [25][39] - A regression analysis across several developed countries shows that housing price indices do not have a significant correlation with population growth rates [40][42] International Experience - The report draws parallels with international experiences, noting that stable fiscal and monetary policies are essential for stabilizing housing prices after declines [6][46] - It cites examples from the U.S., Japan, and South Korea, where coordinated fiscal and monetary policies have successfully supported housing market recovery after significant downturns [46][49] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and solid fundamentals in urban areas, such as China Overseas Development and Poly Developments [7] - It also suggests that companies excelling in both residential and commercial real estate, as well as those providing high-quality property management services, are well-positioned for growth [7]

Group 1 - The core viewpoint is that the impact of mid-term population changes on housing prices in developed countries/regions is limited, as there is no significant positive correlation between housing price indices and population growth rates or numbers [1] - From 2022, housing prices in 70 cities have entered a downward trend, with a widening decline expected in Q3 2024, although the year-on-year decline has narrowed since Q4 due to supportive policies [1] - The current adjustment cycle in the housing market has seen both new and second-hand housing price indices decline for over 40 months [1] Group 2 - Historical data shows that housing prices in developed countries/regions have experienced fluctuations since the 1980s, with price corrections often exceeding those in China, but eventually stabilizing [2] - Key factors for stabilizing and recovering housing prices include coordinated fiscal and monetary policies, such as large-scale quantitative easing, interest rate cuts, and fiscal subsidies [2] - A stable policy outlook, low interest rate environment, and improved supply-demand structure are crucial for halting the decline and stabilizing the real estate market [2] Group 3 - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population dynamics [3] - Recommended investment targets include strong credit property companies with good urban fundamentals and leading product capabilities, as well as firms that can drive both residential and commercial real estate [3] - The increasing penetration rate of second-hand housing indicates a promising outlook for the real estate after-service sector [3]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,025,041, an increase of 22.7% compared to RMB 1,650,407 for the same period in 2024[13] - Gross profit for the reporting period was RMB 455,076, reflecting a 7.9% increase from RMB 421,745 in the previous year[13] - Profit for the reporting period increased by 12.2% to RMB 305,562, up from RMB 272,347 in the corresponding period of 2024[13] - Basic earnings per share rose to 1.08 from 0.96, marking a significant increase in shareholder value[13] - The Group's total revenue increased by 22.7% to RMB2,025.0 million in the first half of 2025[43] - Total property management services revenue for the six months ended June 30, 2025, reached RMB 1,158,370,000, a 28% increase from RMB 905,335,000 in the same period of 2024[66] - Residential property management revenue was RMB 914.87 million for the first half of 2025, compared to RMB 689.43 million in 2024, reflecting a growth of approximately 32.7%[64] - Non-residential property management revenue increased to RMB 241.86 million in the first half of 2025, up from RMB 212.83 million in 2024[64] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 4,984,824, compared to RMB 4,258,607 at the end of 2024[16] - Current assets increased to RMB 4,448,188 from RMB 3,081,958, indicating improved liquidity[16] - The current ratio improved to 1.35 from 1.16, suggesting a stronger short-term financial position[16] - Total equity attributable to equity shareholders increased to RMB 1,593,034 from RMB 1,528,960, indicating growth in shareholder equity[16] - As of June 30, 2025, the Group's contract liabilities amounted to RMB1,840.0 million, an increase of 18.3% compared to RMB1,555.4 million as of December 31, 2024[125] - Trade and other receivables rose to RMB857.9 million, a 45.4% increase from RMB590.2 million as of December 31, 2024, due to business scale expansion[136] - Trade and other payables increased by 14.2% to RMB1,152.4 million as of June 30, 2025, compared to RMB1,009.0 million as of December 31, 2024[137] Operational Metrics - In the first half of 2025, the Group achieved a total managed area of 75.1 million sq.m., representing a year-on-year increase of 19.0%[29] - The contracted management area exceeded 96.4 million sq.m., reflecting a year-on-year growth of 7.1%[29] - The average property management fee for 10 projects increased by 14.1% due to service upgrades, with a renewal rate for mature projects reaching 100%[24][26] - The number of projects managed increased to 470 in the first half of 2025, up from 398 in the same period of 2024[64] - The addition of contracted GFA was 4,179 thousand sq.m. in the first half of 2025, while the GFA under management increased by 7,664 thousand sq.m.[61] Revenue Sources - Revenue from furnishing services increased by 34.4% year-on-year, while interior design revenue surged by 502.8%[31][32] - The Group's 5S value-added service system generated revenue of RMB652.5 million, marking a year-on-year growth of 32.0%[30][32] - Contracted sales amount for Youjia's second-hand house agency reached approximately RMB853 million, with a year-on-year growth of 20.1% in sales amount and 102.0% in the number of units sold[30][32] - Third-party revenue contribution grew by 26.8% year-on-year, with 55.5% of the GFA under management coming from independent third parties[27] Cost and Expenses - Cost of sales increased by 27.8% from RMB1,228.7 million for the six months ended 30 June 2024 to RMB1,570.0 million for the six months ended 30 June 2025[102] - Selling and marketing expenses increased by 5.6% from RMB10.7 million for the six months ended 30 June 2024 to RMB11.3 million for the six months ended 30 June 2025[103] - Administrative expenses decreased by 6.6% from RMB49.9 million for the six months ended 30 June 2024 to RMB46.6 million for the six months ended 30 June 2025[107] Corporate Governance - The Company has complied with all applicable provisions of the Corporate Governance Code, except for the combined roles of chairman and chief executive officer held by Mr. Yu Zhongxiang[162] - The Board declared an interim dividend of HK$0.826 per share for the six months ended 30 June 2025, amounting to approximately HK$242.1 million, representing a payout ratio of about 70% of net profit attributable to equity shareholders[158] - The Company is committed to maintaining high standards of corporate governance to enhance corporate value and accountability[162] - The Board will continue to review the separation of the roles of chairman and chief executive officer as appropriate[162] Employee and Workforce - The Group employed a total of 15,091 employees as of June 30, 2025, up from 14,022 employees as of December 31, 2024, with staff costs amounting to RMB703.2 million during the Reporting Period[142] Review and Compliance - The interim financial report as of June 30, 2025, is prepared in accordance with International Accounting Standard 34[200] - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410[198] - The financial report is deemed reliable for stakeholders based on the review findings[200]

Group 1 - New housing prices in first-tier cities have seen a reduction in the rate of decline both month-on-month and year-on-year, with overall new housing prices in 70 cities showing a year-on-year decline narrowing to 3.0% [1][10][24] - The number of cities with rising new housing prices month-on-month increased to 9 in August, compared to 6 in July, while the number of cities with year-on-year price increases remained at 5 [1][14][24] - In August, Shanghai led the new housing price increases with a month-on-month rise of 0.4% and a year-on-year increase of 5.9%, making it the only first-tier city to achieve growth in both metrics [3][20][23] Group 2 - Second-hand housing prices in 70 cities experienced a month-on-month decline of 0.6%, with the rate of decline expanding by 0.1 percentage points [2][15][19] - Year-on-year, second-hand housing prices decreased by 5.5%, with the decline narrowing by 0.4 percentage points, while first-tier cities showed mixed results in their year-on-year performance [2][15][19] - In August, only one city, Changchun, saw a month-on-month increase in second-hand housing prices, while all cities experienced year-on-year declines [2][19][20] Group 3 - The overall real estate market in China is moving towards stabilization, with expectations for continued small fluctuations in housing prices amid supportive fiscal and monetary policies [4][24] - Recommended investment targets include strong credit real estate companies that can cater to improving customer demand, as well as firms benefiting from both residential and commercial real estate recovery [4][24]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 濱江服務集團有限公司（「本公司」） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | 本月底 ...

Summary of the Conference Call for Binjiang Service Company Overview - **Company**: Binjiang Service - **Industry**: Property Management Key Financial Metrics - **Gross Margin**: 22.5%, down 3.1 percentage points year-on-year, primarily due to a decline in non-owner value-added services [2][3] - **Net Profit Margin**: 15.1%, maintaining an industry-leading position [2][3] - **Revenue**: 20.25 billion, a year-on-year increase of 22.7%, leading the industry in growth [3] - **Operating Cash Flow**: Net inflow of 4 billion, with cash covering net profit at 1.3 times [4] - **Total Cash and Deposits**: 36.3 billion, up 23.5% year-on-year [4] - **Dividend Payout Ratio**: Increased to 70%, indicating a stable and sustainable dividend income trend [5] Cost Control and Efficiency - **Management Expense Ratio**: Decreased by 0.7 percentage points to 2.3% [6] - **Sales Expense Ratio**: Remained stable at 0.6% [6] - **Property Management Revenue**: 16 billion, up 23.5%, accounting for 46.2% of total revenue with a gross margin of 18.2% [7] Business Segment Performance - **5S Value-Added Services Revenue**: 6.5 billion, up 32%, accounting for 37% of total revenue with a gross margin of 26.1% [7] - **Third-Party Expansion**: Contributed to 55% of revenue with a growth rate of 26.8% [7] - **Property Fee Collection Rate**: Increased by 0.55 percentage points, with an average property fee of 4.2 yuan per month per square meter [7] Strategic Focus and Future Plans - **Regional Strategy**: Focus on deepening presence in Hangzhou and other high-potential areas [8] - **Digital Transformation**: Optimization of business processes, pilot projects for AI energy management, and seamless access technologies [9][10] - **Market Expansion**: Plans to increase the proportion of second-hand housing market involvement and aim for a 60% share of third-party projects by 2027 [11] Risk Management - **Property Fee Decline**: Company plans to enhance transparency regarding property fees and communicate openly with homeowners to mitigate risks [12] - **Impact of Social Security Policies**: Limited impact due to low outsourcing ratio; most employees are in-house [12] Market Position and Growth Outlook - **Mother Company's Land Acquisition Strategy**: Expected to support Binjiang Service's growth and maintain double-digit growth in the coming years [13] - **Market Risks**: Cautious approach in cities with high pressure; overall risk in Hangzhou remains low [14][16] Additional Insights - **Value-Added Services**: Focus on first-hand and second-hand housing collaboration, with significant growth expected in second-hand sales [18] - **Soft and Hard Decoration Services**: Targeting high-margin services, with plans to expand into the ToC market [18] - **Entry into Hong Kong Stock Connect**: A key goal for 2025, with preparations underway to enhance company visibility and value in the capital market [17]

Core Viewpoint - The property management industry is undergoing a transformation amid a downturn in the real estate sector, with listed property companies facing both growth opportunities and challenges in revenue and profitability [2][4][11]. Revenue Growth Trends - Several listed property companies, such as Binhai Service, reported revenue growth, with Binhai Service achieving 2.025 billion yuan, a year-on-year increase of 22.7% [2]. - Greentown Service reported revenue of 9.289 billion yuan, a 6.1% increase year-on-year, but its growth rate has slowed compared to the previous year [3]. - The average revenue growth rate for top property companies has dropped below 5%, with a significant decline in growth rates observed in 2024 compared to 2023 [4]. Profitability Challenges - Some companies, like Yongsheng Service, faced declining net profits, with a 19.4% year-on-year decrease despite a 2.7% increase in revenue [5]. - The overall profitability of property management companies is under pressure due to rising operational costs and a shift in business structure, leading to a low growth phase for earnings [4][10]. Market Dynamics and Competition - The property management industry is transitioning from an incremental growth phase to a stock market phase, intensifying competition and requiring companies to optimize project quality [2][6]. - Companies are responding to challenges such as project withdrawals and service fee reductions, with some reporting significant areas of contract withdrawal [6][7]. Strategic Adjustments - Companies are focusing on strategic adjustments, including optimizing regional layouts and enhancing service quality to cope with market pressures [7][8]. - The use of AI technology is becoming a key driver for cost reduction and efficiency improvement in property management [10]. Future Outlook - The property management industry is still considered to be in a golden development period, with future competition expected to focus on efficiency, quality, brand, and sustainable profitability rather than just scale [11].

Core Viewpoint - Binjiang Service's stock price surged by 8.25% following the release of its interim results, reflecting positive market sentiment towards its financial performance [1] Financial Performance - Binjiang Service reported a revenue of 2.025 billion yuan for the first half of the year, a year-on-year increase of 22.7% [2] - The gross profit reached 455 million yuan, up 7.9% year-on-year, with a gross margin of 22.5%, down 3.1 percentage points [2] - The net profit attributable to shareholders was 298 million yuan, representing a 12.2% increase compared to the previous year [1][2] - Basic earnings per share for the first half of 2025 were 1.08 yuan, a 12.5% increase year-on-year, with an interim dividend of 0.826 HKD per share, reflecting a payout ratio of 70%, up 10 percentage points from last year [1] Revenue Breakdown - Property management services generated 1.158 billion yuan, accounting for 57.2% of total revenue, with a year-on-year growth of 27.9% [2] - Non-owner value-added services reported revenue of 214 million yuan, down 14.6% year-on-year, contributing 10.6% to total revenue [2] - 5S value-added services achieved revenue of 652 million yuan, a 32.0% increase year-on-year, making up 32.2% of total revenue [2] Profitability Analysis - The gross profit from property management services was 210 million yuan, a 17.9% increase year-on-year, with a gross margin of 18.2%, down 1.5 percentage points [2] - Non-owner value-added services saw a gross profit of 74.2 million yuan, down 31.3% year-on-year, with a gross margin of 34.7%, a significant decline of 8.3 percentage points [2] - 5S value-added services generated a gross profit of 170 million yuan, up 25.7%, with a gross margin of 26.1%, down 1.3 percentage points [2] Market Expansion and Strategy - Binjiang Service aims to enhance its market expansion capabilities beyond relying solely on Binjiang Group, focusing on acquiring more quality projects [5] - As of the first half of 2025, the company managed approximately 75.1 million square meters, a year-on-year increase of 19.0%, with a contracted area of about 96.4 million square meters, up 7.1% [5] - The revenue from independent property developers reached 574 million yuan, with a managed area of 41.67 million square meters, indicating a growing reliance on third-party projects [6] Future Outlook - Management expressed confidence in the potential of 5S value-added services to offset the decline in non-owner value-added services, positioning it as a second growth curve for the company [3] - The average property management fee increased slightly to 4.20 yuan per square meter per month, up from 4.17 yuan, with service upgrades leading to a 14.1% fee increase in 10 projects [7]