Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a new consumption-boosting plan introduced by Beijing, while both new and second-hand housing transactions have shown a month-on-month decline [1][8] - The real estate sector has outperformed the broader market, with the Shenwan Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index, resulting in a relative return of 5.3% [5][13] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 6.12%, while the CSI 300 Index rose by 0.82%, indicating strong sector performance [5][13] 2. Industry Fundamentals - For the week of July 4-10, the total number of new homes sold in 38 key cities was 25,620 units, reflecting a year-on-year growth of 6.9% but a month-on-month decline of 36%. The total transaction area was 2.092 million square meters, with a year-on-year decrease of 18% and a month-on-month decrease of 54.2% [6][20] - In the same week, the total number of second-hand homes sold in 16 key cities was 16,990 units, showing a year-on-year decline of 10% and a month-on-month decline of 6.7%. The total transaction area was 1.692 million square meters, with a year-on-year decrease of 8.4% and a month-on-month decrease of 5.4% [6][38] - The inventory of commercial housing in 17 key cities was 187.848 million square meters, with a month-on-month increase of 0.2% and a depletion cycle of 142.6 weeks [6][51] 3. Company News - China Merchants Shekou reported a signed sales area of 695,000 square meters and a sales amount of 21.748 billion yuan in June 2025. For the first half of 2025, the cumulative signed sales area was 3.35 million square meters, with a total sales amount of 88.894 billion yuan [17][19] - Gemdale Group announced a signed area of 262,000 square meters in June 2025, a year-on-year decrease of 41.39%, with a signed amount of 3.1 billion yuan, down 53.24% year-on-year [17][19] - Huaxia Happiness expects a net profit loss of between 5.5 billion and 7.5 billion yuan for the first half of 2025, compared to a loss of 4.849 billion yuan in the same period last year [18][19]

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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. 中國廣州，2025年7月11日 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） 2025年第二次H股類別股東大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2025年7月29日（星期二） 上午10時30分（或緊隨內資股類別股東大會或其任何續會結束後）於中國廣東省廣州市 海珠區閱江中路832號保利發展廣場東塔二樓會議室舉行2025年第二次H股類別股東大 會（「H股類別股東大會」），以審議（如屬適當）並批准以下決議案。於本通告內，除非 文義另有所指，所用詞彙與本公司日期為2025年7月11日的通函（簡稱「通函」）所界定 者具有相同涵義。 特別決議案 承董事會命 保利物業服務股份有限公司 董事長兼執行董事 吳蘭玉 於本通告日期，本公司執行董事為吳蘭玉女士及姚玉成先生；本公司非執行董事 ...

（股份代號：06049） 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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. 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） 於本通告日期，本公司執行董事為吳蘭玉女士及姚玉成先生；本公司非執行董事 為劉平先生及劉智慧先生；及本公司獨立非執行董事為王小軍先生、譚燕女士及張禮卿 先生。 – 1 – 2025年第二次內資股類別股東大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2025年7月29日（星期二） 上午10時20分（或緊隨臨時股東大會或其任何續會結束後）於中國廣東省廣州市海珠區 閱江中路832號保利發展廣場東塔二樓會議室舉行2025年第二次內資股類別股東大會 （「內資股類別股東大會」），以審議（如屬適當）並批准以下決議案。於本通告內，除非 文義另有所指，所用詞彙與本公司日期為2025年7月11日的通函（簡稱「通函」）所界定 者具有相同涵義。 特別決議案 ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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. 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） 2025年第二次臨時股東大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2025年7月29日（星期二） 上午10時正於中國廣東省廣州市海珠區閱江中路832號保利發展廣場東塔二樓會議室舉 行2025年第二次臨時股東大會（「臨時股東大會」），以審議（如屬適當）並批准以下決議 案。於本通告內，除非文義另有所指，所用詞彙與本公司日期為2025年7月11日的通 函（簡稱「通函」）所界定者具有相同涵義。 2. 審議及批准修訂《股東大會議事規則》。 3. 審議及批准修訂《董事會議事規則》。 1. 審議及批准修訂《公司章程》。 普通決議案 承董事會命 保利物業服務股份有限公司 董事長兼執行董事 吳蘭玉 中國廣州，2025年7月11日 於本通告日期， ...

此乃要件 請即處理 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） (1) 修訂《公司章程》 (2) 修訂《股東大會議事規則》 閣下如對本通函任何方面或應採取與本通函相關的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊 證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下全部保利物業服務股份有限公司的股份，應立即將本通函連同隨附之代表委任表 格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. (3) 修訂《董事會議事規則》 及 2025年第二次臨時股東大會通告 2025年第二次內資股類別股東大會通告 2025年第二次H股類別股東大會通告 保利物業服務股份有限公司將於2025年7月29日（星期二）上午10時正、上午10時20分（或 ...

Core Insights - The property service industry in China is experiencing increased competition among top companies, with the top 50 firms adding approximately 84.47 million square meters of new contracts in June 2025, and the top 10 firms accounting for 68.3% of this total [1] Group 1: Market Expansion - In June, the top 10 property service companies had a threshold increase of 51.3% compared to the previous month, reaching 2.71 million square meters for new contracts [1] - China Overseas Property led the new contract area with 12.1 million square meters in June [1] Group 2: Third-Party Expansion Analysis - A total of 50 companies added 74.18 million square meters of new third-party expansion in June, with only four companies achieving a scale of 5 million square meters or more, representing 42.9% of the total [9][10] - The top three sectors for third-party expansion were residential (25.2%), schools (20.8%), and office projects (18.6%) [12] Group 3: Performance of Leading Companies - Poly Property achieved the highest single project contract amount in June, totaling 26.379 million yuan for a city service project in Tianjin [17][22] - The top five companies in terms of new associated area contracts were Greentown Service, Poly Property, China Overseas Property, Longfor Intelligent Living, and Wanwu Cloud, with Greentown Service leading at 1.22 million square meters [23] Group 4: Diverse Business Layout - Leading property companies are increasingly expanding into non-residential sectors to diversify their service offerings and seek new profit growth points [12][14] - Wanwu Cloud had the largest expansion in office and residential projects, with 700,000 square meters and 1.35 million square meters, respectively [15]

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]

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。 建議修訂《公司章程》及相關規則 於2023年2月，中華人民共和國（「中國」）國務院（「國務院」）及中國證券監督管理 委員會（「中國證監會」）分別發佈《國務院關於廢止部分行政法規和文件的決定》 和《境內企業境外發行證券和上市管理試行辦法》，自2023年3月31日起生效。同 日，《國務院關於股份有限公司境外募集股份及上市的特別規定》及《到境外上市 公司章程必備條款》（「《必備條款》」）被廢止，中國發行人應參照中國證監會發佈 的《上市公司章程指引》（「《章程指引》」）制定章程，其中包括內資股及H股持有 人不再視為不同類別的股東等。應境內新法規的頒佈，香港聯交所已對《上市規 則》作出相應修訂，不再要求中國發行人的公司章程載入《必備條款》及其他附帶 規定，自2023年8月1日起生效。其後，2023年12月發布的《中華人民共和國公司 法》（「《公司法》」）已於2024年7月1日起正式實施。 1 POLY PROPE ...

Core Insights - The article highlights the successful management and community integration efforts in the ancient water town of Zhouzhuang, Jiangsu, showcasing the role of Poly Property in enhancing the tourist experience and supporting local residents [1][2][12] Group 1: Community and Service Integration - Poly Property has introduced a "convenience service boat" to assist merchants and residents in transporting goods, which has been well-received following the implementation of a "motor ban" in the scenic area [1][2] - The ancient town houses over 200 original residents and more than 1,000 shops, necessitating a service model that promotes coexistence between the community and the tourism sector [2] Group 2: Management and Operational Efficiency - The scenic area has been divided into five grids for better management, with designated personnel responsible for safety checks and environmental maintenance [5] - A digital comprehensive management platform has been established, allowing for real-time monitoring and rapid response to issues such as lost children and maintenance needs [8] Group 3: Environmental and Community Welfare Initiatives - A thorough cleaning initiative removed over 200 tons of waste and addressed more than 50 sanitation blind spots, significantly improving the town's appearance [6] - A convenience service station has been set up to provide essential services to residents, including repairs and emergency assistance, enhancing community cohesion and resident satisfaction [10][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]