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9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10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 | 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 | ...

Core Viewpoint - The launch of the world's first in-situ variable diameter shield machine "Bianjing No. 1" marks a significant breakthrough in China's rail transit construction, enhancing the country's high-end equipment manufacturing capabilities [1][2] Group 1: Technological Innovation - "Bianjing No. 1" shield machine integrates the construction of interval tunnels and station tunnels, addressing issues related to traditional construction methods such as ground excavation, construction interruptions, and site occupation [1][2] - The machine can freely adjust its diameter, achieving innovative "one station, two tunnels, continuous forming" construction, which is a world-first technology [2] - The project team overcame multiple global challenges and integrated various independent innovative technologies, including multi-cutter beam synchronous expansion and intelligent control systems [2] Group 2: Economic and Environmental Impact - The successful development of "Bianjing No. 1" provides a new green, safe, efficient, and resource-conserving construction solution for global underground engineering [2] - The machine is particularly suitable for construction in densely built, busy urban core areas, achieving "small disturbance, low impact, and micro-interference" [1]

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code股份代號：6626) NOTIFICATION LETTER 通知信函 To the existing registered shareholders Dear Shareholder, 致各位現有登記股東 Yuexiu Services Group Limited (the "Company") - Notice of publication of corporate communication The English and Chinese versions of the following current corporate communication(s) of the Company (the "Current Corporate Communication(s)") are available on the Company's website at www.yuexiuservices.com and the website of The Sto ...

（於香港註冊成立的有限公司） （股份代號：6626） 請 閣下於隨附的回條（「回條」）上適當空格劃上「」號，並經簽署後，於二○二五年十月二十八日 或之前透過本公司股份過戶登記處卓佳證券登記有限公司（地址為香港夏愨道16號遠東金融中心17 樓）寄回或親自送達本公司。倘若在香港投寄回條， 閣下可使用回條內提供的郵寄標籤寄回；否 則，請貼上適當郵票。 致新登記股東 列位股東： 選擇公司通訊的收取方式及語言版本 根據香港聯合交易所有限公司證券上市規則及越秀服務集團有限公司（「本公司」）組織章程細則，現 特致函 閣下，就本公司將來寄發公司通訊（「公司通訊」）的下列事項提供有關選擇。 公司通訊包括本公司已發出或將予發出以供 閣下參照或採取行動的任何文件，包括但不限於：(a) 董事報告、年度賬目連同核數師報告及（如適用）財務摘要報告；(b)中期報告及（如適用）中期摘要報 告；(c)會議通告；(d)上市文件；(e)通函；(f)代表委任表格；及(g)公司回條。 閣下可選擇： 為支持環保，我們鼓勵並建議 閣下選擇網上版本。即使選擇網上版本， 閣下仍有權隨時向本公司 的股份過戶登記處（「股份過戶登記處」），卓佳證券登記有限公司發出 ...

目 錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 獨立審閱報告 | 18 | | 中期簡明綜合損益表 | 19 | | 中期簡明綜合全面收益表 | 20 | | 中期簡明綜合財務狀況表 | 21 | | 中期簡明綜合權益變動表 | 23 | | 中期簡明綜合現金流量表 | 25 | | 中期簡明綜合財務資料附註 | 26 | | 其他資料 | 47 | 越 秀 服 務 集 團 有 限 公 司 | 中 期 報 告 2025 2 公司資料 董事會 非執行董事 江国雄先生 （主席） 張建国先生 楊昭煊先生 執行董事 王建輝先生 張成皓先生 張勁先生 獨立非執行董事 洪誠明先生 許麗君女士 梁耀文先生 公司秘書 余達峯先生 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 主要往來銀行 中國建設銀行股份有限公司 廣州銀行股份有限公司 上海浦東發展銀行股份有限公司 創興銀行有限公司 珠海華潤銀行股份有限公司 興業銀行股份有限公司 平安銀行股份有限公司 廣東南粵銀行股份有限公司 * 張建国先生於二○二五年九月八日辭任越秀服務集團有限公司非 執行董事。更多詳情請 ...

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].

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Core Viewpoint - Yuexiu Services (06626) announced the resignation of Zhang Jianguo as a non-executive director due to changes in his role within Yuexiu Property Group, effective September 8, 2025 [1] Company Summary - Zhang Jianguo will also cease to be a member of the investment committee under the board following his resignation [1]

Core Viewpoint - Yuexiu Services (06626.HK) announced the resignation of Zhang Jianguo as a non-executive director due to changes in his role within Yuexiu Property Group [1] Company Summary - Zhang Jianguo will no longer serve as a member of the investment committee under the board following his resignation [1]

（於香港註冊成立的有限公司） （股份代號：06626） 董事名單與其角色和職能 越秀服務集團有限公司董事（「董事」）會（「董事會」）成員載列如下： 許麗君 王建輝 張成皓 張勁 非執行董事 江国雄 （董事會主席） 楊昭煊 獨立非執行董事 洪誠明 執行董事 梁耀文 | | | | 董事委員會 | | | | --- | --- | --- | --- | --- | --- | | 董事 | | | | | 環境、社會及 | | | 審核委員會 | 薪酬委員會 | 提名委員會 | 投資委員會 | 管治委員會 | | 江国雄 | — | M | C | C | C | | 王建輝 | — | — | M | M | M | | 張成皓 | — | — | — | M | — | | 張勁 | — | — | — | M | — | | 楊昭煊 | — | — | — | M | — | | 洪誠明 | M | C | M | M | M | | 許麗君 | C | M | M | — | M | | 梁耀文 | M | M | M | — | M | 董事會設立五個委員會。下表提供各董事會成員在該等委員會所擔任職 ...