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 全部或任何部份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。 – 1 – COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 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） （股 份 代 號：6098） 截 至2025年6月30日止六個月之未經審核中期業績公告 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 業績摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The property service industry is facing significant challenges due to a deep adjustment in the real estate market, with a notable decline in IPO activity and increasing financial asset impairment issues affecting profitability [1][3]. Group 1: Market Trends - In 2025, the overall revenue growth rate of the property service industry is expected to decline, with significant performance differentiation among companies [3]. - The first half of 2025 has seen a drastic drop in IPO activity within the property sector, with only Aolian Services submitting a prospectus to the Hong Kong Stock Exchange [3]. - The ongoing economic downturn and declining housing asset values have led to a "discounted property fee for vacant houses" trend, with multiple cities announcing reductions in property fees for unoccupied homes [3]. Group 2: Financial Performance - As of June 30, 2025, the Hang Seng Property Services and Management Index has increased by 11%, while the Hang Seng Index has risen by 20%, indicating that property management stocks are underperforming compared to the broader market [4]. - The average stock price increase for 40 tracked Hong Kong property companies was 7.71% in the first half of 2025, with a significant recovery in valuation, as the price-to-earnings ratio (TTM) rose from 5.09 to 10.62 [4]. - Notable stock price increases were observed in companies such as Zhong An Smart Life (+108.38%), Deshan Property Investment Services (+39.29%), and China Resources Mixc Life (+35.96%) [4]. Group 3: Market Capitalization and M&A Activity - As of June 30, 2025, there are 38 Hong Kong property companies with a market capitalization of less than 1 billion HKD, representing 63% of the listed property companies [5]. - The number of companies engaging in share buybacks has decreased from 10 to 8, with a total buyback amount of 234 million HKD, down 35.24% year-on-year [5]. - The property sector has seen a decline in merger and acquisition activity, with only 18 public M&A cases reported in the first half of 2025, primarily aimed at expanding business scale and consolidating regional advantages [5].

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Group 1 - The core viewpoint of the article highlights the positive market performance of Country Garden Services, with a stock price increase of 5.12% to 7.59 HKD per share and a trading volume of 1.3 billion HKD [1] - Country Garden Services Holdings Limited specializes in providing professional services for residential, commercial properties, office buildings, industrial parks, government buildings, hospitals, schools, and other public facilities [1] - To enhance service effectiveness and meet customer needs, the company actively explores new services, develops new technologies, and builds a diversified value service brand [1] Group 2 - As of the 2024 annual report, Country Garden Services reported a total operating revenue of 43.993 billion RMB and a net profit of 1.808 billion RMB [2]

碧桂园系早盘走高，截至发稿，碧桂园(02007)涨3.16%，报0.49港元；碧桂园服务(06098)涨3.46%，报 7.47港元。 消息面上，碧桂园公告，已经与协调委员会协定重组建议主要条款，协调委员会占现有银团贷款本金总 额的49%。协调委员会的成员已加入重组支持协议，或正在进行内部程序以取得加入该重组支持协议的 相关批准。公司宣布，占第2类债务本金总额逾77%的持有人已加入重组支持协议。 ...

本文源自：金融界 作者：行情君 碧桂园服务控股有限公司的主营业务是为住宅、商业物业、写字楼、产业园、政府大楼医院、学校及其 他公共设施等提供专业服务。为提高服务效果和满足客户需求，公司积极开拓新服务，发展新科技，打 造新生态，构建多元价值的服务品牌。 截至2024年年报，碧桂园服务营业总收入439.93亿元、净利润18.08亿元。 8月18日，碧桂园服务(06098)盘中上涨5.06%，截至10:21，报7.27元/股，成交1.18亿元。 ...

Core Viewpoint - The property management industry is experiencing a significant shift, with a nationwide trend of property fee reductions driven by government policies, increased awareness of homeowners' rights, and changes in supply-demand dynamics in the real estate market [3][5][26]. Group 1: Property Fee Reductions - A wave of property fee reductions has swept across various cities, with reductions ranging from 20% to 35% in places like Chongqing, Yinchuan, Qingdao, and Wuhan [3][6]. - Some cities have introduced policies to reduce fees for vacant properties, such as a 30% reduction in Jiangsu province for homes unoccupied for over six months [5][24]. - Vanke Property announced its exit from the management of a community in Hubei due to a more than 40% reduction in property fees, stating that such drastic cuts made operations unsustainable [5][34]. Group 2: Homeowner-Property Management Conflicts - Homeowners are increasingly vocal about their dissatisfaction with property management services, leading to frequent disputes over service quality and fee justification [10][12]. - Many homeowners feel that the quality of services provided does not match the fees they are paying, prompting calls for fee reductions [15][17]. - The relationship between homeowners and property management companies is often strained, with some homeowners refusing to pay fees due to perceived inadequate services [12][15]. Group 3: Market Dynamics and Company Responses - The property management sector is facing challenges as the number of property management companies continues to grow while new residential construction has significantly declined, leading to increased competition [26][35]. - Despite some companies experiencing revenue growth, profit margins are declining, with many firms reporting a drop in net profits [35][36]. - The industry is exploring new pricing mechanisms, such as flexible pricing models that allow homeowners to choose services based on their needs, aiming to balance service quality and cost [40].

Group 1 - The company, Country Garden Services (06098.HK), will hold a board meeting on August 27, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1] - On July 9, the company repurchased 300,000 shares at a cost of HKD 1.968 million [1]

格隆汇8月15日丨碧桂园服务(06098.HK)公布，本公司将于2025年8月27日(星期三)举行董事会(「董事 会」)会议，藉以(其中包括)考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩， 以及考虑派发中期股息(如有)。 相关事件 碧桂园服务(06098.HK)拟8月27日举行董事会会议批准中期业绩 碧桂园服务(06098.HK)将于8月27日召开 董事会会议以审批中期业绩 ...