Core Viewpoint - Yasheng Service's stock price has reached a 60-day low, primarily due to ongoing related party risks, performance pressure, and a sluggish sector sentiment [1] Related Party Transactions - Yajule Group, a related party, faced a winding-up petition in December 2025, with a hearing scheduled for February 25, 2026, raising concerns about Yasheng Service's receivables recovery risk [1] - Yasheng Service reported a financial asset impairment loss of 2.884 billion yuan due to related party receivables, directly impacting profits [1] - Yajule's debt restructuring remains incomplete, with total borrowings of 48.916 billion yuan as of the end of 2025, 78.35% of which is due in 2025, affecting Yasheng Service's financing capabilities and third-party business expansion [1] Performance and Operational Situation - The net profit for the first half of 2025 was 448 million yuan, but actual operating profit was under pressure after accounting for impairment impacts [2] - The core business's non-owner value-added services significantly declined due to the contraction of the real estate sector, and third-party expansion progress has been slow [2] Institutional Perspectives - Institutional views are cautious, with no "buy" or "hold" ratings from January to February 2026; 67% of ratings are for reduction or sell, with an average target price of 2.12 HKD, below the current stock price [3] Industry and Risk Analysis - The property service and management sector has seen a decline of 2.08% over the past 20 days, while the Hang Seng Index fell by 1.72% during the same period [4] - The industry is shifting from scale expansion to a "refinement era," leading to cautious sentiment towards companies heavily reliant on real estate [4] Capital Flows - On February 13, there was a net outflow of 3.879 million HKD in major funds, with cumulative net reductions in southbound funds over the past 20 days, indicating increased short-term risk aversion [5] Stock Price Situation - The stock price has fallen below all key moving averages (5-day, 20-day, 60-day), with the MACD histogram showing continuous negative values and the KDJ indicator's J line dropping to 12.5, indicating overselling but insufficient momentum [6] - Trading volume has shrunk, with an average turnover rate of only 0.15% since February, reflecting low market participation and insufficient liquidity amplifying volatility [6] Future Development - Key attention should be paid to the results of the Yajule winding-up petition hearing on February 25, 2026, the impairment provisions in Yasheng Service's full-year 2025 results, and the progress of isolating related party risks [7]

Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

Core Viewpoint - Yasheng Service's recent stock price has increased, but its mid-2025 performance is under pressure due to impairment losses on receivables from related parties [1] Stock Performance - On January 6, 2026, Yasheng Service's stock price rose by 2.19%, closing at HKD 2.33, with a net inflow of HKD 440,000 in main funds for the day, and a cumulative increase of 1.74% over the past five trading days, indicating heightened short-term investor interest [2] Financial Performance - The 2025 interim report shows the company achieved revenue of CNY 6.465 billion and a net profit of CNY 448 million, but recognized a net impairment loss on financial assets of CNY 2.884 billion, primarily related to receivables from related parties, which exerted pressure on profits [3] - In August 2025, the company issued a profit forecast indicating a significant year-on-year increase in profit attributable to shareholders; during the earnings conference, it mentioned accelerating AI applications, with 90% of services being processed "at the fingertips" to enhance operational efficiency [3] - In October 2025, the company disclosed impairment losses on receivables from related parties such as Agile Group, necessitating ongoing attention to the progress of collections and the financial status of related parties [3] Future Development - The company has not announced a specific date for the full-year 2025 earnings release, but based on industry practices, investors should monitor potential earnings disclosures in the first quarter of 2026, particularly regarding the subsequent developments of impairment impacts [4] - The property segment is influenced by fluctuations in the real estate industry, and attention should be paid to relevant policies (such as the "Hundred Million Project" community rollout) that may impact the company's business model [4]

Core Viewpoint - MSCI announced its quarterly index adjustments for February 2026, which will take effect after the market closes on February 27. The adjustments include the addition and removal of several stocks in the MSCI Global Small Cap Index for both China and Hong Kong regions [1]. Group 1: Additions to MSCI Global Small Cap Index - In the China region, 21 stocks will be added, including: - Anjuke Food (02648) - Autohome (ATHM.US) - Baidu (02315) - Bruker (00325) - China Communications Services (00552) - China Rare Earth Holdings (03788) [1][2] - In the Hong Kong region, the following stocks will be added: - Champion REIT (02778) - Chuang's Consortium International (00755) - FWD Group (01828) - Eagle Precision (01286) - Dexion Shipping (02510) [3][4] Group 2: Removals from MSCI Global Small Cap Index - In the China region, 11 stocks will be removed, including: - Yasheng Group (03319) - BOE Technology Group (00710) - Jianfa International Group (01908) - Chaince Digital (CD.US) [2] - In the Hong Kong region, the following stocks will be removed: - Cafe de Coral (00341) - Derin International (01126) - SuperX AI (SUPX.US) [3][4]

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: 2026年1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: 雅生活智慧城市服務股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03319 | 說明 | 境外上市外資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,420,000,800 | RMB | | 1 | RMB | | 1,420,000,800 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,420,000,800 | RMB | | 1 | RMB | | 1,420,000,800 | ...

雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (股份代號：3319) 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的內容概不負責，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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 A-LIVING SMART CITY SERVICES CO., LTD. * 承董事會命 根據上市規則第 13.51B(2)及 13.51(2)(h)條公告 本公告乃由雅生活智慧城市服務股份有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.51B(2)及13.51(2)(h) 條而作出。 茲提述聯交所於2026年1月13日刊發的紀律行動聲明（「聲明」），該聲明涉及對星悅康旅股 份有限公司（前稱：奧園健康生活集團有限公司） （「星悅康旅」，連同其附屬公司統稱 「星悅集團」）（一家在聯交所主板上市的公司，股票代碼：3662），以及星悅康旅及/或中 國奧園集團股份有限公司（「中國奧園」）（一家在聯交所主板上市的公司，股票代碼 ...

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12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: 雅生活智慧城市服務股份有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03319 | 說明 | 境外上市外資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,420,000,800 RMB | | | 1 RMB | | 1,420,000,800 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,420,000,800 RMB | | | 1 RMB | | 1,420,000,800 | FF301 III.已發行股份及 ...

Core Insights - The total market capitalization of 63 listed property companies reached 267.416 billion yuan, reflecting a significant increase of approximately 238.234 billion yuan, with a growth rate of 816.37% [1] Market Performance Summary - Among the 63 property companies, 57 maintained stable market values, accounting for 90% of the total [1] - Four companies experienced an increase in market value, totaling an increase of 13.641 billion yuan [1] - Two companies saw a decline in market value [1] Top Gainers - The company with the highest market capitalization increase was Zhongtian Service, which rose by 35.82%, adding 644 million yuan to its total market value of 2.443 billion yuan [1] - The top ten companies by market capitalization increase include Zhongtian Service, Zhujiang Co., New Dazheng, China Merchants Jiyu, Tefa Service, Nandu Property, Runhua Service, Lingyue Service Group, Suxin Service, and Likao Health Life [1] Top Losers - The company with the largest market capitalization decline was Country Garden Services, which reported a 0% decline, resulting in a total market value of 19.024 billion yuan [1] - The top ten companies by market capitalization decline include Country Garden Services, Greentown Services, Color Life, China Overseas Property, Yalife Service, Poly Property, Zhongao Home, Qifu Life Services, Pujiang China, and Xingye Wulian [1]

Group 1 - The relationship between property owners and property management companies has intensified, with owners increasingly taking legal action against management for financial disputes [2] - A recent case in Foshan saw a homeowners' committee win a lawsuit against a property management company, resulting in the return of 4.14 million yuan in revenue from parking spaces and elevator advertisements to the owners [2] - In Guangzhou, a property management company has resorted to aggressive tactics, such as installing a loudspeaker at the entrance to demand overdue fees from residents [3] Group 2 - A significant number of property management companies are withdrawing from projects due to unpaid fees, with over 120 cases of "voluntary withdrawal" reported in the first nine months of 2025, doubling from the previous year [5] - Major property management firms like Longfor Property and Kinka Service have also been involved in these withdrawals, indicating a broader trend in the industry [5] - The data shows that property management companies are increasingly exiting projects, with some firms terminating contracts for millions of square meters of managed area [6] Group 3 - The property management industry is facing a shift from a seller's market to a buyer's market, leading to competitive pricing strategies, including significant reductions in management fees [13][15] - The average collection rate of property fees has dropped from 83.7% in 2018 to 76.2% in 2023, indicating a growing trend of owners refusing to pay [18] - Many owners believe that the services provided do not justify the fees charged, leading to a higher turnover rate of property management companies [21][22] Group 4 - The withdrawal of property management companies often results in negative consequences for communities, such as increased disorder and decreased property values [27] - A study indicates that over 70% of property management companies are affiliated with developers, which may contribute to service quality issues [28] - The lack of transparency in financial dealings, such as the management of common assets, exacerbates tensions between owners and property management [37] Group 5 - To rebuild trust, property management companies need to enhance service quality and transparency, potentially through standardized service offerings and clear financial reporting [33][39] - Successful models include flexible pricing based on actual services rendered and community oversight of financial management [34][39] - Establishing a reliable financial management system can lead to improved satisfaction among property owners and potentially higher fee collection rates [41]

A-LIVING SMART CITY SERVICES CO., LTD.* 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：3319） 提名委員會議事規則 （由董事會於 2017 年 9 月 4 日制定） （ 2018 年 12 月 6 日第一次修訂） （ 2025 年 12 月 4 日第二次修訂） 第一章 成員 第二章 秘書 第三章 會議 1 第一條 提名委員會（「提名委員會」）須由雅生活智慧城市服務股份有限公司 (「本公 司」)董事會（「董事會」）成立，且須由最少三名成員組成。提名委員會應至 少有一名不同性別的董事。 第二條 提名委員會的大多數成員（「成員」）應為獨立非執行董事。 第三條 提名委員會之主席應由董事會委任，並須由董事會主席或提名委員會內之獨立 非執行董事擔任。 第四條 成員的任期與董事一致。成員任期屆滿，連選可連任。成員在任期內如不再擔 任本公司職務，則自動失去成員資格，成員未達到規定最低人數時，董事會應 予以補充。 第五條 提名委員會之秘書由本公司的公司秘書、聯席公司秘書或其受委人擔任。 第六條 提名委員會可不時委任其他任何具備合資格及經驗之人 ...