存款业务框架协议 甲方:保利财务有限公司 统一社会信用代码: 91110000717881749W 注册地址:北京市东城区朝阳门北大街1号8层 法定代表人或授权代表:徐颖 乙方:保利物业服务股份有限公司 统一社会信用代码:914401012312453719 注册地址:广州市海珠区阅江中路 832 号保利发展广场 48-49 层 法定代表人或授权代表:吴兰玉 鉴于: 1.甲方为一家根据中华人民共和国法律设立并合法存续的有限责任公司,系经 国家金融监督管理总局批准，由中国保利集团有限公司（以下简称"保利集团"） 联合保利发展控股集团股份有限公司(以下简称"保利发展控股")及其他企业共 同设立的企业集团财务公司。 2.乙方为一家根据中华人民共和国法律设立并合法存续的股份有限公司,截至 本协议签署之日为保利发展控股的下属子公司。乙方发行的 H 股在香港联合交易所 有限公司（以下简称"香港联交所"）主板上市。 根据以上所述及《香港联合交易所有限公司上市规则》（以下简称"《上市规 则》"）,甲方为乙方的关连人士的联系人,甲方和存款人(定义见下述)之间于 本协议项下的业务为持续关连交易(定义见《上市规则》）。 根据《中华 ...

除文義另有所指外，本表格所用詞彙與本公司日期為2025年12月15日的通函所界定者具有相同涵義。 普通決議案 （附註6） 贊成 （附註7） 反對 （附註7） 棄權 （附註7） 1. 審議及批准《2026至2028年度存款業務框架協議》及其項下擬進行的 交易（包括年度上限）。 2. 審議及批准聘任立信會計師事務所（特殊普通合夥）及香港立信德 豪會計師事務所有限公司分別為本公司2025年度境內及境外審計機 構，任期直至本公司下屆股東周年大會結束，並批准董事會授權經營 層釐定其薪酬及簽署相關協議。 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年第三次臨時股東大會之代表委任表格 | 本人╱吾等 | | （附註1） | | | | | --- | --- | --- | --- | --- | --- | | 地址為 | （附註2） | | | | | | 持有保利物業服務股份有限公司（「本公司」） | | （附註3） | 股內資股╱H股 | （附註4） | ，為本公司的股東， | | 現委任 ...

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的任 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年第三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12月30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12月15日的通函（簡稱「通 函」）所界定者具有相同涵義。 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12月15日 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 ...

此乃要件 請即處理 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。 （股份代號：06049） (1)須予披露及持續關連交易 (2)建議委任2025年度審計機構 及 2025年第三次臨時股東大會通告 獨立董事委員會及獨立股東的獨立財務顧問 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） 保利物業服務股份有限公司將於2025年12月30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臨時股東大會 ...

Summary of Poly Property Services Co. (6049.HK) Conference Call Company Overview - **Company**: Poly Property Services Co. (POPS) - **Ticker**: 6049.HK - **Market Cap**: HK$18.8 billion / $2.4 billion - **Enterprise Value**: HK$7.2 billion / $922.4 million - **Current Price**: HK$34.06 - **12-Month Price Target**: HK$43.00, implying a 26.2% upside Key Financial Projections - **Revenue Growth**: Expected to achieve a 7% CAGR from 2026E to 2028E, with PMS revenue growing at 9% CAGR [1][5] - **Earnings Growth**: Projected earnings to rise at an 8% CAGR during the same period [1][5] - **Free Cash Flow**: Average free cash flow expected to be Rmb2.1 billion across 2026E-2028E, supporting a 5% annual dividend yield [1][6] - **Dividend Payout Ratio**: Maintained at approximately 50% [6][8] Strategic Insights - **SOE Advantage**: POPS is leveraging its State-Owned Enterprise (SOE) background to enhance its expansion capabilities across various verticals, including commercial, residential, and public space [1][3] - **GFA Addition**: Anticipated that 2G/public space verticals will contribute approximately 65% of net managed Gross Floor Area (GFA) addition from 2026E to 2028E [3][6] - **Public Space Segment**: The 2G segment is expected to contribute around 60% of new third-party contract value, with a forecasted annual addition of 23 million sqm of GFA [3][6] - **Residential & Commercial Segments**: Combined annual managed GFA addition projected at 12 million sqm, with a 12% CAGR from 2026E to 2028E [3][6] Operational Efficiency - **Cost Control**: Focus on balancing service quality and cost control through standardized operational norms and centralized procurement [4][6] - **Technology Adoption**: Implementation of intelligent facilities management integrated with AI and collaboration with Tencent for smart inspection systems [6][8] Market Positioning - **Competitive Differentiators**: Targeted service offerings in scenic area operations and urban business park management are seen as key competitive advantages [3][4] - **Client Base Expansion**: Deepening penetration among SOE clients and new-economy clients such as Netease and JD.com [3][6] Risks and Considerations - **Market Risks**: Potential risks include weaker-than-expected contracted GFA growth and margin dilution from investments in new verticals [11][12] - **Parent Company Support**: POPS' growth is supported by its parent company, Poly A, which is expected to deliver approximately 35% of POPS' net managed GFA addition [6][11] Conclusion - **Investment Rating**: The company maintains a "Buy" rating, supported by strong growth prospects and operational efficiencies [1][11] - **Valuation Metrics**: POPS trades at a P/E of 10X/9X/9X for 2026E-2028E, with an implied total return of 37% when dividends are considered [5][6]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The Shanghai land market is showing signs of recovery with improved land quality and increased willingness among developers to acquire land [8] - The land supply in Shanghai for 2025 is reported at 1.6524 million square meters, a year-on-year increase of 2.16%, while the planned construction area is 3.2134 million square meters, a decrease of 3.71% [12][19] - The average premium rate for land transactions in Shanghai reached 15.75% in 2025, an increase of 5.47 percentage points year-on-year, with total land transfer fees amounting to 140.022 billion yuan, up 1.46% year-on-year [23] Summary by Sections 1. Shanghai Land Supply and Transaction Situation - The total area of land released for construction in Shanghai in 2025 is 1.6524 million square meters, with a planned construction area of 3.2134 million square meters [12] - The transaction area of construction land in 2025 is 1.6402 million square meters, a decrease of 5.63% year-on-year, while the planned construction area transacted is 3.1610 million square meters, down 14.46% year-on-year [19] - The average transaction floor price is 44,297.15 yuan per square meter, an increase of 8.63% year-on-year, and the average land price is 85,358.89 yuan per square meter, up 7.50% year-on-year [21] 2. Shanghai Land Auction Analysis - The top 10 high-premium land parcels are primarily located in the Pudong New Area and Hongkou District, indicating higher auction activity in these central urban areas compared to suburban regions [38] - The auction market in 2025 saw no failed bids, reflecting a robust demand for land [47] 3. Investment Recommendations - The report suggests focusing on leading real estate companies with stable performance and high safety margins, such as China Merchants Shekou, Binjiang Group, and Huafa Group [47] - Beneficiary stocks recommended include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land [47] - For the property sector, recommended companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and China Merchants Jinling [47]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Core Viewpoint - The conference emphasized the need for modern urban governance to evolve from a focus on construction to a model that prioritizes continuous operation and management, integrating various social entities to enhance urban quality and livability [1][2]. Group 1: Urban Development Strategies - Urban high-quality development should transition from "single function" to "human-centered scenarios," highlighting the importance of ongoing management and operation [1]. - The path to urban high-quality development is seen as diverse and integrated, requiring operational thinking to combine spatial, ecological, and industrial resources [1][2]. - The shift from "incremental construction" to "stock activation" is a key challenge in urban governance, focusing on how to activate dormant resources and achieve "shared value" [2]. Group 2: Collaborative Models and Innovations - Poly Development introduced the "All-Domain Scenic City Service" model, which encompasses planning, operation, governance, and ecology, aiming for synergy between urban and scenic functions [2]. - A strategic partnership signing ceremony was held, involving Poly Property and various organizations, to promote an open, collaborative, and win-win industrial ecosystem based on planning, operation, and governance [2]. - The establishment of a smart urban joint laboratory by Poly City Construction Service Co., Ltd. and the Shenzhen Original Metaverse Research Institute aims to support the development and implementation of smart governance technologies for urban digital transformation [2]. Group 3: Policy and Community Engagement - There is a shift from policy guidance to social participation, focusing on enhancing services and creating value, with an emphasis on inclusive development and citizen satisfaction as benchmarks for urban construction [3]. - The modern urban construction landscape is evolving into a tangible reality that prioritizes stock utilization, shared resources, and vitality stimulation [3].

Core Insights - The report highlights the expansion of the top 50 property service companies in China, with a total new contract area of approximately 52.16 million square meters in November 2025, indicating a competitive landscape among leading firms [1] - The overall third-party expansion scale decreased by 24.73% compared to October, with a total of 4,735 million square meters added [1] - The leading sectors for third-party expansion were residential (27.6%), schools (22.9%), and offices (18.5%) [12][15] Group 1: New Contract Areas - The top 50 companies added a total of approximately 52.16 million square meters in new contract areas, with the top 10 companies contributing 30.83 million square meters, accounting for 59.08% of the total [1] - China Resources Vientiane Life had the highest new contract area in November, reaching 4.49 million square meters [1] - The threshold for the top 10 companies' expansion scale slightly decreased from 1.68 million square meters in October to 1.31 million square meters in November [1] Group 2: Project Expansion and Performance - In November, the total new third-party expansion scale was 4,736 million square meters, with 4 companies expanding between 3 million to 5 million square meters, representing 28.3% of the total [12] - The top three companies in terms of new project expansion were China Resources Vientiane Life, Poly Property, and Shimao Services, with expansion areas of 352 million square meters, 340 million square meters, and 336 million square meters, respectively [12][15] - The report indicates a growing trend among property companies to diversify into non-residential sectors, seeking new profit growth points [15] Group 3: City Service Projects - The top city service project in November was the Fuding City Urban Sanitation Integration Project, contracted by Country Garden Services for approximately 139.06 million yuan, with a service period of 3 years [20] - The total contract amount for the top 10 city service projects reached 480 million yuan, accounting for about 93.79% of the overall city service project contracts [20] - The report lists various city service projects across different provinces, highlighting the competitive landscape in urban management services [20] Group 4: Associated Area Analysis - The top five companies in terms of newly contracted associated areas were Poly Property, Wanwu Cloud, China Overseas Property, China Resources Vientiane Life, and China Railway Construction Property, indicating strong area conversion capabilities [23] - The total scale of newly contracted associated areas for the top 50 companies was 19.64 million square meters, showing a significant increase of 70.1% compared to October [23] - Poly Property led with 1.84 million square meters in associated area contracts, demonstrating its strong market position [23]

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。 茲提述保利物業服務股份有限公司（「本公司」）日期為2025年11月13日的公告， 內容有關更換審計機構（「該公告」）。 本公司宣佈，本公司將於2025年12月30日(星期二)舉行臨時股東大會（「臨時股東 大會」）以審議並批准關於該公告中所載事項之議案。一份載有將於臨時股東大會 上提呈的決議案詳情之通函，連同臨時股東大會通告，將在適當時候寄發予本公 司股東。 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） 暫停辦理股份過戶登記 為釐定股東出席臨時股東大會並於會上投票的資格，本公司將於2025年12月23日 （星期二）至2025年12月30日（星期二））（包括首尾兩日）暫停辦理H股股份持有人 過戶登記手續，該期間將不予辦理任何H股股份過戶登記。為確認H股股東符合 資格出席臨時股東大會並於會上投票 ...