Group 1 - Property management fees have significantly decreased in various regions, with examples including Wuhan where fees dropped from 2.5 yuan per square meter to 1.1 yuan, and Chengdu where fees fell from 4.8 yuan to 3.5 yuan, a reduction of 27% [1] - The average collection rate for property management fees nationwide is approximately 70%, but it has been declining in recent years, impacting the financial stability of property management companies [1] - Major property management companies are experiencing layoffs, with Country Garden reducing its workforce by over 20,000 in the past two years, and other companies like China Overseas Property and Poly Property also making significant cuts [1] Group 2 - The reduction in workforce is primarily due to financial constraints, with 17 listed property management companies reporting related party fund occupation issues, averaging 18% of their revenue [2] - A notable incident involved Henan Jianye Property, where employees went on strike due to long-standing unpaid wages, despite a high collection rate of 99% for property fees [2] - Financial mismanagement is evident, with reports indicating that at least 120 million yuan in property fees have been redirected to group headquarters for real estate project payments, leading to severe cash flow issues for property management companies [3]

◎记者 黎灵希 2026年伊始，在市场整体实现"开门红"的背景下，港股公司回购热潮依然高涨。开年两个交易日，数十 家港股公司进行回购，多家公司开启新的回购计划，持续向市场传递积极信号。 Wind数据显示，截至1月5日下午6时，共有45家港股公司披露了近两个交易日的回购情况，其中3家公 司回购金额超千万港元。从行业分布看，回购股份的港股公司主要来自物业服务、互联网、医药等领 域，当中包括腾讯控股、吉利汽车、碧桂园服务、名创优品等行业龙头企业。 2026年以来，腾讯控股连续两个交易日出手回购，共计耗资约12.71亿港元，回购204.7万股。在刚刚过 去的2025年，腾讯控股共计回购130次，合计回购1.53亿股，累计回购金额超过800亿港元，连续四年稳 坐港股"回购王"位置。 首程控股同样在2026年伊始继续进行股票回购，耗资约1999.15万港元，回购约918.2万股。根据此前公 告，公司计划自2025年11月17日至2028年12月31日，回购不超过价值10亿港元的公司股份。首程控股表 示，该股份回购计划预计将为公司创造长期价值，进一步提升股东回报。 多家物业服务公司在新的一年以真金白银力挺自家公司股价。碧桂 ...

Core Insights - The report highlights the expansion of property service companies in China, with a focus on new contract areas and third-party market development for the year 2025 [1][14][19] Group 1: New Contract Areas - The top 50 property service companies in China achieved a total of approximately 690 million square meters in new contract areas for 2025, with an average of 13.79 million square meters per company [2][19] - The leading companies by new contract area include: - China Overseas Property Management Co., Ltd.: 7,917,000 square meters - Shanghai Yongsheng Property Management Co., Ltd.: 5,107,000 square meters - Poly Property Service Co., Ltd.: 4,396,000 square meters - Country Garden Life Service Group Co., Ltd.: 4,361,000 square meters - Greentown Property Service Group Co., Ltd.: 4,063,000 square meters [1][5][19] Group 2: Third-Party Market Expansion - The top 50 companies in the third-party market expansion achieved a total of approximately 611 million square meters, with an average of 12.22 million square meters per company [2][23] - The top companies in third-party market expansion include: - China Overseas Property Management Co., Ltd.: 6,970,000 square meters - Shanghai Yongsheng Property Management Co., Ltd.: 5,029,000 square meters - Country Garden Life Service Group Co., Ltd.: 3,922,000 square meters - Greentown Property Service Group Co., Ltd.: 3,564,000 square meters - Poly Property Service Co., Ltd.: 3,354,000 square meters [9][23] Group 3: AI Bid Management System - In 2025, a new AI bidding system called "AI Bid Agent" was launched, designed to enhance the bidding process through customized services and intelligent proposal generation [1][14] - The system aims to shorten the proposal preparation cycle and improve the success rate of bids by utilizing a multi-agent model for proposal generation, review, and qualification management [1][14]

Core Viewpoint - The rapid development of the internet has led property companies to utilize both traditional and new media platforms to create a comprehensive communication matrix, achieving boundary-less and full coverage of information dissemination [1][12]. Group 1: Brand Communication Strategies - Property companies are increasingly experimenting with new digital media channels, leveraging platforms like WeChat and Douyin to enhance brand exposure and communication reach [1][12]. - The use of personalized and practical functional modules on platforms such as WeChat public accounts and video accounts has increased the breadth of brand communication, allowing audiences to understand corporate brand concepts from multiple channels and perspectives [1][12]. Group 2: Monitoring and Research Findings - The China Index Academy conducted a monitoring study on brand communication information of property service companies for the year 2025, focusing on WeChat public accounts, video accounts, and Douyin [1][12]. - The report titled "Top 50 Brand Communication of Property Service Companies in China (2025)" highlights companies that effectively utilize new media to maximize communication benefits and enhance brand influence [1][12]. Group 3: WeChat Public Account Performance - In 2025, the top 50 property service companies' WeChat public accounts collectively achieved approximately 39.528 million reads, with an average of about 790,000 reads per account [5][17]. - The top three companies by WeChat public account reads were Country Garden Services Group (5,049,017), China Overseas Property Management (3,712,369), and Poly Property Services (2,643,051) [3][5]. Group 4: WeChat Video Account Performance - The top 30 property service companies' WeChat video accounts garnered a total of 12.52 million likes and shares, with an average of approximately 417,000 per account [9][20]. - The leading WeChat video accounts were New Hope Property Services (5,048,000), Shenzhen Jindi Property Management (1,127,180), and Country Garden Services (775,562) [7][20]. Group 5: Douyin Video Account Performance - The top five property service companies on Douyin achieved a total of 3.316 million likes and shares, with New Hope Services leading at over 2.155 million [10][22]. - Other notable companies included Wanwu Cloud Space Technology (376,408) and Green City Smart Living (290,513) [10][22].

Core Viewpoint - The property management industry is increasingly adopting robots to reduce costs and improve efficiency, with a focus on both internal use and commercialization of robotic solutions [4][13][62]. Group 1: Adoption of Robots in Property Management - Property companies are replacing human workers with robots for repetitive and labor-intensive tasks, as labor costs typically account for over 70% of their expenses [7][13]. - Companies like Greentown Service and Country Garden are collaborating with leading robotics firms to enhance their operational efficiency through robotic solutions [8][17]. - The introduction of robots is seen as a way to shift from labor-intensive to technology-intensive operations, which is crucial for maintaining competitive advantage in a saturated real estate market [13][14]. Group 2: Commercialization and Development of Robotics - The industry consensus indicates that while property robots are moving towards commercialization, significant challenges remain, including the need for diverse application scenarios and effective human-robot collaboration [9][10]. - As per research, a significant drop in hardware costs is expected as the annual shipment of certain robots increases from 1,000 to 10,000 units, potentially leading to a pivotal moment for property robots by 2025 [10]. - Companies are exploring two main pathways: applying robots in their own operations to enhance efficiency and customer satisfaction, and commercializing their developed robotic solutions to other property firms [15][16]. Group 3: Technological Advancements and Integration - The development of advanced algorithms and AI capabilities is enhancing the functionality of property robots, allowing for better task execution and interaction with users [32][44]. - Companies like Wanwu Cloud are focusing on creating a comprehensive AI system that integrates various robotic functions, aiming to improve operational efficiency and reduce costs [27][66]. - The introduction of the Lingstone 3.0 system by Wanwu Cloud is a significant step towards creating a unified platform for robotic operations, which can adapt to various property management needs [44][66]. Group 4: Challenges and Future Directions - The path to large-scale commercialization of property robots is fraught with challenges, including the need for standardized operating procedures (SOPs) and effective integration with existing systems [50][62]. - Companies are recognizing the importance of training personnel to work alongside robots, which is essential for achieving effective human-robot collaboration [52][53]. - Future business models may shift towards "robot as a service" (RaaS) and data value-added services, emphasizing the need for a robust platform that can manage various robotic systems and their interactions [70][71].

Core Viewpoint - Country Garden Services (碧桂园服务) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 4.941 million to repurchase 816,000 shares [1]

Group 1 - The company, Country Garden Services (06098.HK), announced a share buyback on January 2, 2026, costing HKD 4.941 million to repurchase 816,000 shares [1] - The buyback price ranged from HKD 6.02 to HKD 6.08 per share [1]

公司名稱： 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 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 呈交日期： 2026年1月2日 FF305 第 2 頁 共 12 頁 v 1.3.0 | 13). | 已購回作註銷但尚未註銷的股份 | | 280,000 | 0.0084 % | HKD | 6.59 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年6月13日 | | | | | | 14). | 已購回作註銷但尚未註銷的股份 | | 300,000 | 0.009 % | HKD | 6.67 | | | 變動日期 | 2025年6月17日 | | | | | | 15). | 已購回作註銷但尚未註銷的股份 | | 300,000 | 0.009 % | HKD | 6.54 | | | 變動日期 | 2025年6月18日 | | | | | | 16). | 已購回作註銷但尚未註銷的股份 | | 600,000 | 0 ...

FF301 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: 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 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 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06098 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.0001 USD | | 1,000,0 ...

Group 1 - The company Country Garden Services (06098) announced a share buyback plan, intending to repurchase 2 million shares at a cost of HKD 12.057 million by December 31, 2025 [1]