Core Insights - The event "Purchasing in China: Love Ningxia" focuses on the theme of empowering Ningxia's economy through consumption upgrades, highlighting the importance of the "first-release economy" in driving regional consumption [1][3] Group 1: First-Release Economy - The first-release economy is defined as not just the physical establishment of brand flagship stores, but also the precise matching and deep integration of new business formats and regional consumption demands [3] - Participants agreed that the first-release economy is becoming a core engine for driving regional consumption upgrades [3] Group 2: Case Study of Sand Ship (Yinchuan) Outlet - Sand Ship (Yinchuan) Outlet is analyzed as a leading example in the domestic outlet sector, having introduced over 400 brands and created Ningxia's first indoor constant-temperature Jiangnan cultural tourism theme street [3] - The "super outlet model" of Sand Ship provides richer shopping options for consumers in Ningxia and surrounding provinces through continuous brand introduction and immersive IP scene construction [3] - The decision to establish operations in Yinchuan is based on Ningxia's significant consumption potential and policy vitality in promoting ecological protection and high-quality development [3] Group 3: E-commerce Collaboration - E-commerce platform representatives announced a collaboration with Sand Ship for "online first-release + offline experience," aiming to incorporate Ningxia's特色 products into their national first-release system, enhancing digital momentum for consumption upgrades in Northwest China [3] Group 4: Future Development Plans - Ningxia aims to systematically promote the development of the first-release economy, transitioning from a regional consumption market to a cross-regional consumption destination [4] - The focus will be on optimizing the consumption environment, enhancing policy guidance, and coordinating market mechanisms to upgrade consumption structures towards high quality and diversity [4]

Group 1 - The company achieved revenue of RMB 23,185.5 million in the first half of 2025, representing a year-on-year growth of 10.2% [3] - Gross profit decreased by 3.5% to RMB 4,299.1 million, while net profit attributable to shareholders fell by 30.8% to RMB 996.6 million [3] - Adjusted basic earnings were RMB 1,567.7 million, down 14.8%, with adjusted basic earnings per share at 39.4 cents and a basic earnings rate of 6.8% [3] Group 2 - The decline in profitability was primarily due to debt waiver losses and a contraction in urban services and commercial operations [3] - Property management and related services accounted for over 90% of total revenue, but with limited profit elasticity [3] - The management has increased the basic dividend payout ratio for the fiscal year 2025 from 32.6% to 60% and initiated a share buyback plan of no less than RMB 5 billion to enhance shareholder returns and mitigate control risk [3] Group 3 - Management expects visibility in the industry to improve with the progress of the parent company's debt restructuring and housing delivery [3]

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

里昂证券报告指出，碧桂园服务上半年盈利下滑，表明行业基本面仍面临挑战。尽管如此，公司宣布将 全年派息率提高至60%，并进行股份回购，此举旨在提升股东回报。里昂证券将碧桂园服务今明两年的 盈利预测分别上调3.2%和下调5.8%，以反映减值调整，并将目标价从5.2港元上调至7.1港元，维持"持 有"评级。 ...

Group 1 - The core viewpoint of the report is that Citic Securities has raised the target price for Country Garden Services (06098) by 36.5%, from HKD 5.2 to HKD 7.1, while maintaining a "Hold" rating [1] - The report indicates that the profit decline in the first half of 2025 reflects ongoing challenges in the overall industry fundamentals [1] - The board announced an increase in the basic dividend payout ratio from 32.6% for the fiscal year 2024 to 60% for the fiscal year 2025, along with a share buyback of RMB 500 million [1] Group 2 - Citic Securities has adjusted its earnings forecast for the company, increasing the 2025 profit estimate by 3.2% and decreasing the 2026 profit estimate by 6.8% to reflect changes in impairment loss predictions [1] - The valuation method has been reverted to the traditional price-to-earnings (PE) ratio [1]

Group 1 - Citic Lyon has raised the target price for Country Garden Services (06098) by 36.5%, from HKD 5.2 to HKD 7.1, while maintaining a "Hold" rating [1] - The profit decline in the first half of 2025 reflects ongoing challenges in the overall industry fundamentals [1] - The board announced an increase in the basic dividend payout ratio from 32.6% for the fiscal year 2024 to 60% for the fiscal year 2025, along with a share buyback of RMB 500 million [1] Group 2 - Citic Lyon has adjusted its earnings forecast for the company, increasing the 2025 profit estimate by 3.2% and decreasing the 2026 profit estimate by 6.8% to reflect changes in impairment loss predictions [1] - The valuation method has been reverted to the traditional price-to-earnings (PE) ratio [1]

Core Viewpoint - Country Garden Services reported a decline in profit for the first half of the year, indicating ongoing challenges in the industry. However, the company announced an increase in its dividend payout ratio from 32.6% last year to 60% for the current year, along with a share buyback plan of 500 million yuan, which is expected to enhance shareholder returns [1] Company Summary - The profit decline reflects the challenging fundamentals of the industry [1] - The company has increased its dividend payout ratio significantly, which is a positive signal for shareholders [1] - A share buyback of 500 million yuan is being implemented to further boost shareholder value [1] - 20% of the company's shares are held in a charitable trust, and 16.26% are pledged, suggesting that the controlling family's shares will remain locked for the next five years, reducing the likelihood of a change in control [1] Financial Forecast - The profit forecasts for Country Garden Services for the next two years have been adjusted, with a 3.2% increase for this year and a 5.8% decrease for the following year, reflecting impairment adjustments [1] - The target price for the company's shares has been raised from 5.2 HKD to 7.1 HKD, while maintaining a "hold" rating [1]

碧桂園服務控股有限公司 2025 中期報告 （於開曼群島註冊成立的有限公司） 股份代號 : 6098 2025 中期報告 目錄 2 公司資料 4 獎項及榮譽 6 主席報告 9 管理層討論與分析 26 企業管治及其他資料 34 權益披露 37 簡明綜合財務報表審閱報告 38 簡明綜合損益及其他全面收益表 40 簡明綜合財務狀況表 42 簡明綜合權益變動表 44 簡明綜合現金流量表 46 簡明綜合財務報表附註 公司資料 董事會 執行董事 徐彬淮先生 （總裁） 肖 華先生 非執行董事 楊惠妍女士 （主席） 獨立非執行董事 梅文珏先生 芮 萌先生 陳威如先生 趙 軍先生 審核委員會 芮 萌先生 （主席） 梅文珏先生 陳威如先生 趙 軍先生 薪酬委員會 陳威如先生 （主席） 楊惠妍女士 梅文珏先生 提名委員會 楊惠妍女士 （主席） 芮 萌先生 陳威如先生 趙 軍先生 環境、社會及管治委員會 徐彬淮先生 （主席） 肖 華先生 楊惠妍女士 陳威如先生 趙 軍先生 追討欠款委員會* 徐彬淮先生 （主席） 肖 華先生 芮 萌先生 聯席公司秘書 陳迪霖先生 梁創順先生 （香港律師） * 除已列示的董事外，另有兩名成員為本公司核心 ...

COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Country Garden Services Holdings Company Limited (the "Company") – Notice of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.bgyfw.com and the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.h ...

碧桂園服務控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：6098) NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(s)(Note 1), 18 September 2025 Country Garden Services Holdings Company Limited (the "Company") – Notification of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.bgyfw.com and the website of ...