Group 1 - Hefei City Housing Provident Fund Management Committee has announced a policy to support the use of housing provident funds for purchasing affordable housing, reducing the down payment ratio to 15% and adjusting the repayment capacity coefficient from 0.5 to 0.6 [1] - Chengdu has implemented interim measures for the management of affordable housing, establishing a closed management system to prevent the conversion of affordable housing into commercial housing, which may shift some demand from the commercial housing market [2] - China Resources Land has issued 2 billion yuan of medium-term notes with a low interest rate of 2.20%, indicating a relative advantage in financing for state-owned enterprises compared to private firms [3] Group 2 - The meeting for the bondholders of Zhengrong Real Estate has been postponed, reflecting ongoing disagreements regarding repayment conditions and potentially increasing market concerns about the efficiency of debt restructuring for real estate companies [4] - Poly Property has completed the conversion of 194 million domestic shares to H-shares, significantly increasing the liquidity in the secondary market and enhancing the company's capital structure, which may attract international capital [5][6]

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： 保利物業服務股份有限公司 呈交日期： 2025年4月14日 第 1 頁 共 6 頁 v 1.3.0 FF305 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年3月31日 | | 400,000,000 | | 0 ...

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。 POLY PROPERTY SERVICES CO., LTD. 內幕消息 完成H股全流通 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 本公告乃由保利物業服務股份有限公司（「本公司」）根據香港法例第571章證券及 期貨條例第XIVA部項下內幕消息條文（「內幕消息條文」）及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13.09(2)(a)條作出。 茲提述本公司日期為2024年10月15日、2024年10月25日及2025年1月27日的內幕 消息公告（「該等公告」），內容有關本公司實施H股全流通。除文義另有所指外， 本公告所用詞彙與該等公告所界定者具有相同涵義。 完成H股全流通 本公司已於2025年1月27日收到中國證監會就本公司申請H股全流通發出的備案 通知書及於2025年3月21日收到聯交所就轉換H股上市及准許買賣的批准。 本公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][23] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue grew by 15% to 11.7 billion yuan, while community value-added service revenue was 2.7 billion yuan [1][9] - The overall gross margin for 2024 was 18.3%, down by 1.3 percentage points, and the net profit margin was 9.0%, down by 0.2 percentage points. The management expense ratio decreased to 6.9%, down by 1.2 percentage points. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [1][9] - The company expanded its presence to 194 cities with 2,821 managed projects and 3,230 contracted projects, covering a total area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - Community value-added service revenue stabilized at 2.7 billion yuan, with a gross margin of 36.8%, down by 1.6 percentage points. Community life service revenue accounted for 69% of this segment, while community asset management services made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised from 1.8 billion yuan and 1.9 billion yuan [3][4] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue was 11.7 billion yuan, up 15% year-on-year, while community value-added service revenue was 2.7 billion yuan [9][19] - The overall gross margin for 2024 was 18.3%, a decrease of 1.3 percentage points year-on-year, and the net profit margin was 9.0%, down 0.2 percentage points year-on-year. The management expense ratio was 6.9%, down 1.2 percentage points year-on-year. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [9][19] - The company expanded its presence to 194 cities by the end of 2024, managing 2,821 projects with a total contracted area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - The community value-added service revenue stabilized at 2.7 billion yuan in 2024, with a gross margin of 36.8%, down 1.6 percentage points year-on-year. Community life service revenue accounted for 69% of this segment, while community asset management service revenue made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year, and contract liabilities increased by 24% to 1.8 billion yuan [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised down from 1.8 billion yuan and 1.9 billion yuan [3][19] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][19] - Key financial metrics for 2024 include a revenue growth of 8.5%, a net profit growth of 6.8%, and a return on equity (ROE) of 15.2% [4][21]

Core Viewpoint - The property management industry is transitioning to a high-quality development phase, leading to a downward revision of Poly Property's (06049) EPS forecasts for 2025-2026 to RMB 2.84/3.05 from the previous RMB 3.18/3.60, with a new 2027 EPS forecast of RMB 3.33, reflecting growth rates of 6.5%, 7.4%, and 9.4% respectively, and a target price adjustment to HKD 36.68 based on a 12x PE for 2025 [1] Financial Performance - In 2024, the company achieved total revenue of RMB 16.342 billion, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of RMB 1.474 billion, up 6.79% year-on-year [2] - The company optimized its cost structure, resulting in a management expense ratio of 6.9%, down 1.2 percentage points year-on-year, with comprehensive gross and net profit margins of 18.26% and 9.02%, respectively, reflecting decreases of 1.35 and 0.14 percentage points year-on-year [2] Cash Flow and Shareholder Returns - The company maintains a robust cash flow, with operating net cash flow of RMB 2.3 billion in 2024, covering net profit by 1.5 times [3] - The board proposed a dividend of RMB 1.332 per share (before tax) for the year ending December 31, 2024, representing a 33.5% increase year-on-year, with a payout ratio of 50%, up 10 percentage points from 40% in 2023 [3] Market Expansion and Quality Improvement - By the end of 2024, the company managed a contract area of approximately 988.1 million square meters and a managed area of 803.4 million square meters, serving 2.29 million households across 194 cities [4] - In 2024, the company achieved a record high of approximately RMB 300.52 million in new third-party project contracts, with 79.5% of new contracts coming from 50 core cities, including significant contributions from Beijing, Guangzhou, Shanghai, Chengdu, Changsha, and Tianjin [4] - The company improved the structure of its market expansion, with 75.9% of new contracts in five core non-residential sectors, an increase of approximately 10.3 percentage points year-on-year, and 90 new projects exceeding RMB 10 million in contract value, accounting for about 65.0% of new contract amounts [4]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, with a focus on financially stable and well-performing leading companies [2]. Core Views - Recent government policies have been implemented to support the real estate market, including the cancellation of sales restrictions in Nanjing and adjustments to down payment ratios in Tianjin, which are expected to stimulate demand [7][17]. - The real estate market is experiencing structural differentiation, with new home sales declining while second-hand home sales show slight resilience [7][21]. - The report emphasizes the importance of focusing on leading real estate companies that can effectively navigate market fluctuations, such as Poly Developments, China Merchants Shekou, and China Resources Mixc Life [7][19]. Weekly Market Review - The Shenwan Real Estate Index decreased by 0.9%, while the CSI 300 Index fell by 1.37%, indicating that the sector outperformed the broader market by 0.47% [3][13]. - The total market capitalization of the real estate sector is approximately 1,034.3 billion yuan, with a circulating market value of about 995.5 billion yuan [8]. Industry Fundamentals Primary Market Analysis - In the week of March 28 to April 3, a total of 31,221 new homes were sold across 38 key cities, representing a year-on-year decline of 33.7% and a month-on-month decline of 15% [5][21]. - The total transaction area for new homes was 3.821 million square meters, with a year-on-year decrease of 27.7% and a month-on-month decrease of 5.9% [5][21]. Secondary Market Analysis - During the same week, 22,398 second-hand homes were sold in 16 key cities, showing a year-on-year increase of 1.2% but a month-on-month decrease of 10.7% [32]. - The total transaction area for second-hand homes was 2.178 million square meters, with a year-on-year increase of 4.7% and a month-on-month decrease of 11.5% [32]. Inventory Situation - The inventory of commercial housing in 17 key cities was 186.291 million square meters, with a month-on-month decrease of 0.5% and a depletion cycle of 156.6 weeks [45][52]. Land Market Analysis - In the week of March 24 to March 30, land supply reached 21.186 million square meters, a year-on-year increase of 19.2%, while the average supply price was 2,715 yuan per square meter, up 223.2% year-on-year [53]. - Land transactions totaled 23.359 million square meters, with a transaction amount of 62.15 billion yuan, reflecting a year-on-year increase of 55.4% [53].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][14] Core Views - The company achieved a revenue of 16.342 billion RMB in 2024, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders was 1.474 billion RMB, up 6.8% year-on-year [5][7] - The company is focusing on cost reduction and efficiency improvement while expanding the quality of its services [4][6] - The company proposed a final dividend of 1.332 RMB per share, increasing the payout ratio from 40% to 50% of net profit attributable to shareholders [7][11] Revenue Performance - The company reported a revenue of 16.342 billion RMB for 2024, with a year-on-year growth rate of 8% projected for 2025 and 2026 [4][8] - The revenue increase was primarily driven by the continuous expansion of property management services [7][10] Profitability Metrics - The gross profit margin slightly declined from 19.61% in 2023 to 18.26% in 2024, with specific service segments experiencing varying degrees of margin compression [7][10] - The net profit margin for 2024 was 9.0%, with a projected decline in return on equity (ROE) from 16% in 2024 to 13.2% by 2027 [4][13] Business Segmentation - The property management service segment generated 11.675 billion RMB in revenue, reflecting a 15% year-on-year increase, while non-owner value-added services saw a revenue decline of 6.4% [8][10] - The company secured new third-party project contracts worth 3.005 billion RMB in 2024, with a significant portion of its managed area coming from third-party projects [8][10] Future Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 2.88 RMB and 3.09 RMB, respectively, with a new forecast for 2027 set at 3.33 RMB [10][13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 16.34 billion RMB in 2024, reflecting a year-on-year growth of 8.5%, and a net profit of 1.47 billion RMB, up 6.8% year-on-year [1]. - The company has increased its dividend payout ratio to 50%, with a proposed dividend of 1.332 RMB per share, marking a 33.5% increase from the previous year [3]. Summary by Sections Performance Overview - The company reported a revenue of 163.4 billion RMB for 2024, with a gross profit of 29.8 billion RMB, and a net profit margin of 9.1%, slightly down by 0.2 percentage points [1]. - The cash and bank balance at the end of 2024 was approximately 11.9 billion RMB, an increase of 7.8% compared to the end of 2023 [1]. Business Structure and Growth - The company has adjusted its business structure, leading to improved operational efficiency. The revenue from property management, non-owner value-added, and community value-added services was 116.7 billion RMB, 19.6 billion RMB, and 27.1 billion RMB respectively, with growth rates of +15.0%, -6.4%, and -3.9% [2]. - The company has achieved a record high in external contract amounts, with 3 billion RMB in new third-party project contracts in 2024, focusing on core cities [3]. Cash Flow and Dividend Policy - The company has effectively managed its cash flow, with a net operating cash flow of 2.3 billion RMB, covering net profit by 1.55 times. The accounts receivable net value was about 2.8 billion RMB, accounting for 17.1% of total revenue [3]. - The dividend payout ratio has been increased to 50%, reflecting a commitment to returning value to shareholders [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.57 billion RMB and 1.71 billion RMB respectively, with a new forecast for 2027 set at 1.8 billion RMB [4]. - The projected price-to-earnings ratios for the upcoming years are 11, 10, and 9 times for 2025, 2026, and 2027 respectively, indicating strong earnings visibility [4].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].