Core Viewpoint - The founder of Wild Man Mr. Cui Jianwei believes that direct sales and franchising are not opposing concepts, citing the success of Mixue Ice City as an example [1][4]. Group 1: Direct Sales vs. Franchising - Wild Man initially operated only direct sales stores and began franchising in 2024, indicating a strategic shift [1][4]. - The rapid development of the tea beverage industry has led to the maturity of both brand owners and franchisees, suggesting a more collaborative environment [1][4]. - Successful brands like Mixue and Gu Ming serve as valuable lessons for others in the industry, demonstrating that franchising can be effective [1][4]. Group 2: Market Insights - The tea beverage market has numerous brands and listed companies, indicating a competitive landscape that fosters innovation and learning [1][4]. - The performance of Gu Ming post-IPO has been strong, with the founder expressing interest in purchasing its stock, highlighting investor confidence in the sector [1][4]. - The essence of success lies in the commitment of the team to excel in their business, rather than the choice between direct sales and franchising [1][4].

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

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: 越秀服務集團有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 增加已發行股份（不包括庫存股份）: 普通股 (AA1) 減少庫存股份: 普通股 (AA2) 本月內因行使期權所得資金總額： HKD 0 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 06626 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,502,212,177 | | | | 1,502,212,177 | | 增加 / ...

格隆汇12月31日丨越秀服务(06626.HK)公告，于2025年12月31日，公司与广州地铁订立2026年广州地铁 物业管理及增值服务框架协议，据此，集团可提供，而广州地铁服务接受方集团可购买广州地铁物业管 理及增值服务，期限自2026年1月1日(或所有先决条件获达成的有关较后日期)起至2028年12月31日止。 ...

（於香港註冊成立的有限公司） （股份代號：06626） 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，概不就因本公告全部或任何部分內容所產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 有關二○二六年廣州地鐵物業管理及 增值服務框架協議的持續關連交易 持續關連交易－二○二六年廣州地鐵物業管理及增值服務框架協議 茲提述有關二○二三年廣州地鐵物業管理及相關服務框架協議的二○二二年公 告。由於二○二三年廣州地鐵物業管理及相關服務框架協議將於二○二五年十二 月三十一日到期，於二○二五年十二月三十一日，本公司與廣州地鐵訂立二○ 二六年廣州地鐵物業管理及增值服務框架協議，據此，本集團可提供，而廣州地 鐵服務接受方集團可購買廣州地鐵物業管理及增值服務，期限自二○二六年一月 一日（或所有先決條件獲達成的有關較後日期）起至二○二八年十二月三十一日止。 – 1 – 上市規則的涵義 由於廣州地鐵直接擁有本公司間接附屬公司廣州地鐵環境工程約33.0%股權，故 根據上市規則為本公司的關連人士。因此，根據上市規則第十四 A章，二○二六 年廣州地鐵物業管理及增 ...

Group 1: Market Overview - The pharmaceutical and biotechnology index decreased by 0.14% from December 15 to December 19, outperforming the ChiNext and CSI 300 indices [1][23] - The total trading volume in the pharmaceutical sector was 389.82 billion yuan, accounting for 4.49% of the total trading volume in the Shanghai and Shenzhen markets, which is below the average of 7.12% since 2013 [1][38] - The pharmaceutical sector ranked 18th in terms of weekly performance among all industries during the same period [1][25] Group 2: Sector Analysis - The recent lack of significant industrial catalysts has led to a muted beta effect in the sector, but many stocks have entered a value range, indicating potential for a rebound [2][59] - The "reward economy" theme has positively influenced certain pharmaceutical companies, particularly those linked to Ant Group and related retail channels [2][59] - Strong performance was noted in CXO, small nucleic acids, and certain innovative drugs, driven by specific stock factors such as BD expectations and overseas mapping [2][59] Group 3: In Vivo CAR-T Developments - In vivo CAR-T technology is expected to address the accessibility issues of CAR-T therapies, potentially lowering treatment costs and making it available as a shelf product [4][12] - Major pharmaceutical companies are actively investing in in vivo CAR-T, with business development (BD) transactions exceeding 5 billion USD, indicating its strategic importance [4][16] - Clinical data presented at the 2025 ASH meeting showed promising results for in vivo CAR-T therapies, with high rates of minimal residual disease (MRD) negativity in patients [4][19] Group 4: Future Outlook - The company maintains a positive outlook on innovation, international expansion, and turnaround opportunities in the pharmaceutical sector, focusing on BD 2.0, small nucleic acids, and supply chains as key investment areas [3][22] - The upcoming 2026 potential catalysts include the publication of the commercial insurance innovation drug directory and the commercialization of targeted CAR-T therapies [21][22] - Domestic companies are rapidly advancing in the in vivo CAR-T space, with several candidates in early clinical stages, indicating a growing competitive landscape [22][22]

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，概不就因本公告全部 或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） | 投票數目及百分比 | 決議案 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 贊成* | 反對* | | | | | | | | | ...

Group 1 - The relationship between property owners and property management companies has intensified, with owners increasingly taking legal action against management for financial disputes [2] - A recent case in Foshan saw a homeowners' committee win a lawsuit against a property management company, resulting in the return of 4.14 million yuan in revenue from parking spaces and elevator advertisements to the owners [2] - In Guangzhou, a property management company has resorted to aggressive tactics, such as installing a loudspeaker at the entrance to demand overdue fees from residents [3] Group 2 - A significant number of property management companies are withdrawing from projects due to unpaid fees, with over 120 cases of "voluntary withdrawal" reported in the first nine months of 2025, doubling from the previous year [5] - Major property management firms like Longfor Property and Kinka Service have also been involved in these withdrawals, indicating a broader trend in the industry [5] - The data shows that property management companies are increasingly exiting projects, with some firms terminating contracts for millions of square meters of managed area [6] Group 3 - The property management industry is facing a shift from a seller's market to a buyer's market, leading to competitive pricing strategies, including significant reductions in management fees [13][15] - The average collection rate of property fees has dropped from 83.7% in 2018 to 76.2% in 2023, indicating a growing trend of owners refusing to pay [18] - Many owners believe that the services provided do not justify the fees charged, leading to a higher turnover rate of property management companies [21][22] Group 4 - The withdrawal of property management companies often results in negative consequences for communities, such as increased disorder and decreased property values [27] - A study indicates that over 70% of property management companies are affiliated with developers, which may contribute to service quality issues [28] - The lack of transparency in financial dealings, such as the management of common assets, exacerbates tensions between owners and property management [37] Group 5 - To rebuild trust, property management companies need to enhance service quality and transparency, potentially through standardized service offerings and clear financial reporting [33][39] - Successful models include flexible pricing based on actual services rendered and community oversight of financial management [34][39] - Establishing a reliable financial management system can lead to improved satisfaction among property owners and potentially higher fee collection rates [41]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 越秀服務集團有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 06626 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,502,212,177 | | | | 1,502,212,177 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,502,212,177 | | 0 | | 1,502,212,1 ...

2025 年 11 月 14 日 由 创兴银行有限公司 （CHONG HING BANK LIMITED） （银行） 与 越秀服务集团有限公司 银行存款服务及其他附带服务统一交易协议 日期 （YUEXIU SERVICES GROUP LIMITED） （客户） 签订 ___________________________________________ ___________________________________________ | 1. | 释义 3 | | --- | --- | | 2. | 银行存款及附带服务 5 | | 3. | 银行存款最高余额 6 | | 4. | 先决条件 6 | | 5. | 期限及终止 7 | | 6. | 其他规定 7 | 银行存款服务及其他附带服务统一交易协议 本协议由以下双方于 2025 年 11 月 14 日签订： 创兴银行有限公司（Chong Hing Bank Limited），一家于香港注册成立的有限责任 公司（"银行"）；及 越秀服务集团有限公司（Yuexiu Services Group Limited），一家于香港注册成立的 有限责任公司，其 ...