Core Viewpoint - The company, Binjiang Services, has entered into a strategic cooperation agreement with the Chinese artificial intelligence company, Yupan Intelligent, aiming to leverage AI technology for high-quality growth and enhance brand value [1] Group 1: Strategic Cooperation - The partnership aims to utilize Yupan Intelligent's technology to initiate an AI-driven growth engine, solidifying brand premium and promoting industrial ecology [1] - The cooperation will focus on improving operational efficiency, energy management, cost reduction, service experience enhancement, and robotic application services [1] Group 2: Long-term Collaboration - Yupan Intelligent will establish a long-term cooperation mechanism with Binjiang Services, continuously investing in research and development for self-developed and co-developed solutions and products [1] - The goal is to ensure that new products and technologies are prioritized for application within Binjiang Services, with ongoing enhancements to functionality for commercial promotion and industry leadership [1]

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，概不對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） 自願性公告 戰略合作協議 本公告由濱江服務集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願刊發，旨在向本公司股東及有意投資者提供有關本集團業務發展的最新 資料。 訂約方資料 本集團是中國知名的專注高端物業的物業管理服務提供商。秉承「業主第一、 服務第一、質量第一」的企業宗旨與「從心出發，讓愛回家」的服務理念，致力 於成為「物業行業品牌領跑者，高端服務品質標準制訂者」。 – 2 – 戰略合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司下屬全資子公司杭州濱 江物業管理有限公司（「濱江物業」）與杭州宇泛智能科技股份有限公司（「宇泛 智能」）於2025年8月10日訂立戰略合作協議（「戰略合作協議」）。 本集團與宇泛智能將在AI智能化發展及機 ...

截至月份: 2025年7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8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 | 本月底法定/註冊股本總額： USD 100,000 股份發行人及根據《上市規則》第十九 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

Core Insights - The property management industry is experiencing a significant trend of companies voluntarily exiting projects due to various operational challenges and financial pressures [1][3][5] - The turnover rate of residential property management has increased from 1.7% in 2021 to 3.3% in 2024, indicating a growing willingness among homeowners to change property management companies [7][10] Group 1: Company Exits - China Overseas Property announced its exit from the Ezhou Shuangchuang Star community by August 31, 2025, due to low occupancy rates and high unpaid fees, with a total outstanding amount of 595,900 yuan as of January 2025 [1][4] - Jin Ke Service will withdraw from Chongqing Hengchun Phoenix City by August 31, 2025, citing reduced property fees and legacy issues from developers leading to losses [1][4] - Longfor Property is set to exit Shanghai Su Di Chun Xiao community by August 2025 due to unresolved historical issues causing operational risks [1][4] Group 2: Industry Trends - A report by CRIC shows that from 2021 to 2024, the residential property turnover rate has increased, suggesting a trend where approximately 20,000 residential communities change property management annually [2][7] - Many property management companies, including Wanwu Cloud, Shimao Service, and others, have publicly announced their termination and exit from various projects in their 2024 annual reports [2][3] - The ongoing dissatisfaction among homeowners regarding property services has led to a rise in the number of homeowners seeking to change property management companies [10][11] Group 3: Financial Pressures - The primary reasons for property management companies exiting projects include rising costs, declining collection rates, and insufficient growth in value-added services [5][6] - In 2024, Wanwu Cloud exited 53 residential projects, impacting a saturated income of 286 million yuan, while Shimao Service and others also reported significant areas of project exits [6][5] - Companies are increasingly focusing on high-quality growth, prioritizing high-capacity cities and quality clients, as evidenced by China Overseas Property's increase in new contract amounts in core urban areas [5][6]

Core Viewpoint - The property management industry is experiencing a wave of service withdrawals from major companies due to ongoing pressure from rising operational costs and unsuccessful negotiations on property fee reductions, leading to a shift from aggressive expansion to focusing on quality service [1][10][12]. Summary by Sections Property Fee Reductions - Over 100 residential communities across the country have successfully negotiated property fee reductions ranging from 20% to 35% since last year [1]. - In Chongqing, the first city to implement fee reductions, at least ten property management companies have announced their withdrawal from service due to failed negotiations and low collection rates [3][4]. Reasons for Withdrawal - Major property companies cite reasons for withdrawal including broken negotiations on fee reductions and high rates of unpaid property fees, with some companies reporting that over half of the owners have not paid their fees [4][8]. - Companies like Chongqing California Property Service and others have stated that the drastic fee reductions are unsustainable given the rising costs of labor, aging equipment, and maintenance [3][4]. Industry Trends - The property management industry is shifting away from "scale expansion" to "quality deepening," with many companies opting to exit low-efficiency projects rather than engage in intense competition [1][10][12]. - The overall revenue growth for property companies has slowed, prompting a focus on reducing competition and improving service quality [10]. Case Studies - In Chongqing, California Property Service announced a fee reduction from 2.0 yuan to 1.3 yuan per square meter, which they deemed unsustainable [3]. - In Hangzhou, the leading property company, Binjiang Property, withdrew from the Wan Gu Jun Fu community after failing to agree on a fee reduction from 2.8 yuan to 2.2 yuan per square meter [6][8]. Market Dynamics - The average property service fee in major cities is around 2.72 yuan per square meter per month, with Hangzhou's fees at 2.98 yuan, indicating a competitive pricing environment [8]. - Some smaller property companies are lowering fees to attract business, while larger firms are focusing on high-quality service areas such as public buildings and hospitals [12]. Conclusion - The property management sector is undergoing significant changes as companies adapt to new market realities, focusing on quality over quantity in service provision to ensure sustainability in a challenging economic environment [10][12].

Core Insights - The property management industry is experiencing a wave of companies withdrawing from service due to failed negotiations on fee reductions and low collection rates [1][3][7] - Major cities like Chongqing and Hangzhou are witnessing significant exits from property management firms, indicating a shift in focus from expansion to quality service [2][4][9] Group 1: Reasons for Withdrawal - Over 100 residential communities nationwide have seen property fees reduced by 20%-35% since last year, leading to unsustainable operational costs for property management companies [1][8] - In Chongqing, at least ten property management companies have announced their exit, citing broken negotiations on fee reductions and ongoing low collection rates [2][3] - Companies like Chongqing California Property Service and Chongqing Kaimai Property Management have specifically mentioned that the drastic fee reductions are not feasible given rising operational costs [2][3] Group 2: Industry Trends - The property management sector is shifting away from aggressive competition and expansion strategies, focusing instead on quality service and sustainable projects [7][9] - Many leading property management firms are opting to exit low-efficiency projects, with companies like Wanwu Cloud and Shimao Service announcing significant project withdrawals [7][8] - The overall trend indicates a move towards servicing higher-quality clients and projects, such as public buildings and high-end residential areas, rather than competing in saturated markets [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]