香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 Binjiang Service Group Co. Ltd. 濱江服務集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3316） 持續關連交易 重續2025年到期的協議 重續持續關連交易 於2025年12月17日（交易時間後），本公司已訂立2026年協議以重續相應現有 協議所涉及的交易： 1. 提供服務 2. 採購資產 (iv) 2026年停車位、儲藏室及商舖購買主協議。 – 1 – (i) 2026年物業管理服務主協議； (ii) 2026年銷售代理服務主協議； (iii) 2026年顧問主協議；及 上市規則的涵義 於本公告日期，濱江房產由控股股東之一戚金興先生控制，故此根據上市規 則屬於本公司的關連人士。因此，根據上市規則第14A章，2026年協議所涉 及的交易屬於本公司的持續關連交易。 由於2026年協議各自所涉及的年度上限的一個或多個適用百分比率超過0.1% 但均低於5%，故根據上市 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

另一边，广州某小区的物业，将门禁改装成催费喇叭，对着回家的业主播报："您已欠物业费超过XX元，请尽快缴费。" 此外，由于业主拖欠巨额物业费，不少物业公司直接撂挑子走人。据中指研究院不完全统计，仅2025年1—9月，全国已公开披露"主动撤场"案例逾120 起，比去年同期翻了一番，其中不乏龙湖物业、金科服务、中海物业等品牌物企。 业主和物业的相爱相杀，变得更猛烈了。 过去，业主抱怨物业"干啥啥不行，收费第一名"，物业反击业主"低消费高服务"。而现在，双方不打嘴炮了，开始贴身肉搏。 就在这个月，佛山一小区业委会告赢物业，后者被判将车位出租、电梯广告等收益返还给业主，总计414万元。 | 企业 | 2025H1部分上市物企退出项目情况 | | --- | --- | | 中海物业 | 持续优化业务结构及项目治理,退盘2680万m² | | 绿城服务 | 主动退出了部分非核心城市及存在交付风险的储备项目,以尽力减少后续可能出 现的项目交付风险 | | 雅生活服务 | 持续优化项目结构,逐步退出部分低回款、低转化、低效益的问题项目和孤岛城 | | 永升服务 | 终止合约面积1683.7万m²,终止在管面积1567.9万m ...

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11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12月4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 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - In October 2025, new home prices in 70 cities showed a month-on-month decline, while the year-on-year decline narrowed. First-tier cities maintained their price decline [6][10] - Second-hand home prices experienced both month-on-month and year-on-year declines, indicating a continued downward trend in the market [6][10] - The report highlights that the real estate market is moving towards stabilization due to various policies aimed at halting the decline, with expectations for further stabilization in the future [6][10] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities decreased by -0.3%, -0.4%, and -0.5% month-on-month respectively, with an overall decline of -0.5% across 70 cities, which is an increase in the decline rate by 0.1 percentage points compared to September [3][13] - Year-on-year, first, second, and third-tier cities saw declines of -0.8%, -2.0%, and -3.4% respectively, with the overall year-on-year decline for 70 cities narrowing by 0.1 percentage points to -2.6% [3][13] Second-Hand Home Prices - Second-hand home prices in 70 cities fell by -0.7% month-on-month, with the decline rate increasing by 0.1 percentage points. First, second, and third-tier cities saw declines of -0.9%, -0.6%, and -0.7% respectively [4][20] - Year-on-year, second-hand home prices across 70 cities decreased by -5.4%, with the decline rate expanding by 0.2 percentage points [4][20] Key City Performance - In a focus on 35 key cities, new home prices showed mixed results, with Shanghai leading with a month-on-month increase of +0.3% and a year-on-year increase of +5.7% [5][28] - Conversely, second-hand home prices in these cities uniformly declined, with Shanghai experiencing a year-on-year drop of -1.8% [5][28] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can cater to improving customer demand, such as Greentown China, China Overseas Development, and others [6][10] - It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms under the "Good House, Good Service" policy [6][10]

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]