Core Viewpoint - CICC has downgraded the 2025 profit forecast for Poly Property (06049) by 6% to HKD 1.55 billion, reflecting a 5% year-on-year growth, while introducing a 2026 profit forecast of HKD 1.62 billion, also a 5% year-on-year growth. The target price has been reduced by 9% to HKD 38.6, indicating a 25% upside potential based on a 13x target P/E for 2025 [1] Group 1 - The bidding expansion strategy is expected to drive stable growth in the core property management segment, with a projected annual contract value of new third-party projects in 2024 at HKD 3.01 billion, remaining flat year-on-year. The commercial and public service sectors are expected to see a 13% year-on-year increase in contract value to HKD 2.75 billion [2] - The overall revenue growth rate for the core property management segment is anticipated to exceed 10%, with third-party project revenue growth potentially outpacing the overall growth [2] Group 2 - In the value-added services segment, non-owner value-added income may face pressure due to the current real estate market conditions and short-term challenges in office leasing. However, there is potential growth in community maintenance and elevator maintenance services. The company has shifted its strategy from a broad product range to focusing on core products, leading to a slight decline in overall revenue [3] - By 2025, the adjustment in business layout is expected to conclude, stabilizing profitability in community value-added services [3] Group 3 - The company reported a net operating cash flow of HKD 2.3 billion in 2024, with a coverage ratio of 1.6 times against net profit attributable to shareholders. This is expected to provide support for operating cash flow in 2025 [4] - The dividend payout ratio is set to increase by 10 percentage points to 50% in 2024, reflecting the management's commitment to shareholder returns. The company aims to enhance operational quality while steadily optimizing its dividend mechanism [4]

Investment Rating - The investment rating for Poly Property (06049.HK) is "Buy" (maintained) [1] Core Views - The company has shown steady growth in revenue and profit, with a notable increase in the dividend payout ratio to 50%. The management expects a recovery in profitability following business optimization adjustments [5][6] - The revenue for 2024 reached 16.34 billion HKD, representing an 8.5% year-on-year increase, while the net profit was 1.47 billion HKD, up 6.8% year-on-year. However, gross and net profit margins have slightly declined [6] - The property management revenue grew by 15.0% year-on-year to 11.67 billion HKD, accounting for 71.4% of total revenue, despite a slight decrease in gross margin [7] - The company has adjusted its earnings forecasts for 2025-2026 and introduced new estimates for 2027, projecting net profits of 1.58 billion, 1.72 billion, and 1.88 billion HKD for 2025, 2026, and 2027 respectively [5][9] Financial Summary - For 2024, the company reported a revenue of 163.42 billion HKD, with a year-on-year growth of 8.5%. The net profit was 14.74 billion HKD, reflecting a 6.8% increase. The gross margin was 18.3%, down 1.3 percentage points, and the net margin was 9.1%, down 0.2 percentage points [6][9] - The company’s cash and bank balance stood at 11.87 billion HKD at the end of 2024, a 7.8% increase year-on-year, with trade receivables rising by 4.8 billion HKD [6] - The earnings per share (EPS) for 2025 is projected at 2.86 HKD, with a price-to-earnings (P/E) ratio of 9.9 times [5][9]

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. 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2025年4月28日，本公司董事會（「董事會」）審議通過了限制性股票激勵計劃首 次授予第二批解鎖的決議案。根據該決議案，首次授予已進入第二批解鎖期。參 與首次授予的激勵對象中，除部分人士因工作調動、離職等原因其持有的限制性 股票已失效外，其餘156人均已滿足首次授予的第二批解鎖條件，其持有的共計 1,343,628股本公司H股股票於2025年4月28日解鎖。 1 本公司監事會及獨立非執行董事已分別就前述事項發表確認意見，同意實施本計 劃首次授予方案的第二批解鎖。 董事吳蘭玉女士由於為首次授予中的激勵對象，故已就相關董事會決議案迴避表 決。除上文所披露者外，概無其他董事於首次授予中擁有權益及須於董事會會議 上就相關決議案放棄投票。 （股份代號：06049） 限制性股票激 ...

EF001 EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 本公司在向名列於本公司H股股東 | | | | | 名冊上的非居民企業股東（即以非 | | | | | 個人股東名義持有H股的任何股 | | | | | 東，包括但不限於香港中央結算 | | | | | （代理人）有限公司、其他代理 | | | | | 人、受託人或以其他組織及集團名 | | | | | 義登記的H股股東）分派年度股息 | | | | | 前將從中代扣代繳10%作為企業所 | | | | | 得稅。非居民企業股東在獲得股息 | | | | | 之後，可以自行或通過委託代理人 | | | | | 或本公司，向主管稅務機關提出享 | | | | | 受稅收協定（安排）待遇的申請。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 持有境內非外商投資企業在香港發 | | | | | 行的股份的境外居民個人股東，可 | ...

保利物業服務股份有限公司 2024 年環境、社會及管治報告 保利物業服務股份有限公司 2024 年環境、社會及管治報告 關於本報告 編制依據 本報告按照香港聯合交易所有限公司（「香港聯交所」） 證券上市規則附錄 C2《環境、社會及管治報告守則》編 制而成。同時參考了香港聯交所刊發的《環境、社會及 管治框架下氣候信息披露的實施指引》以及國務院國資 委《央企控股上市公司 ESG 專項報告參考指標體系》披 露框架。 報告範圍 本報告為保利物業服務股份有限公司發佈的第六份環境、 社會及管治（ESG）報告。本報告重點披露保利物業 服務股份有限公司及其附屬公司於 2024 年 1 月 1 日至 2024 年 12 月 31 日期間有關 ESG 表現及相關資料。如 無另行說明，本報告範圍與保利物業服務股份有限公司 2024 年度報告一致。實體範圍覆蓋保利物業服務股份有 限公司及其附屬公司整體，業務覆蓋物業管理服務、非 業主增值服務及社區增值服務三項主要業務板塊，業態 覆蓋住宅社區、商業及寫字樓以及公共及其他物業。 報告原則及數據來源 本報告遵循《環境、社會及管治報告守則》重要性、量化、 平衡和一致性原則，數據及案例全部來源 ...

Core Viewpoint - The Huizhou Housing and Urban-Rural Development Bureau announced a list of 28 real estate companies, intermediary agencies, and property service companies that were found to be violating regulations in 2025, highlighting ongoing issues in the real estate sector [1] Group 1: Real Estate Development Companies - Five real estate development companies were reported for violations, primarily related to illegal sales practices [2] - Specific violations included unauthorized structural changes, failure to deposit purchase funds into regulatory accounts, and selling parking spaces without proper rights [2][3] Group 2: Intermediary Agencies - Ten intermediary agencies were reported, including the leading company Beike, for failing to register personnel and not displaying necessary business licenses and service standards [2][3] - Other violations included expired registration certificates and lack of proper transaction fund supervision [3] Group 3: Property Management Companies - Thirteen property management companies were reported for issues such as improper parking of electric vehicles, lack of transparency in parking revenue, and inadequate safety measures [3][4] - Specific companies faced issues like missing fire extinguisher labels, low pressure in fire extinguishers, and unmonitored surveillance systems [4]

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]