Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 3.902 billion yuan in 2025, representing a year-on-year growth of 0.9%. However, the net profit attributable to shareholders decreased by 22.5% to 274 million yuan, primarily due to a decline in gross margin [1][7] - The basic property management segment continues to be a strong growth driver, with revenue increasing by 21.3% to 1.499 billion yuan in 2025, supported by the expansion of managed projects and areas [1][7] - The company maintains a generous dividend policy, with a dividend of 0.125 HKD per share, resulting in a dividend yield of 7.3% based on the closing price on March 31 [1][7] - The company is expected to see improvements in profitability as disruptions from hard decoration services diminish and the commercial segment stabilizes, with projected net profits for 2026, 2027, and 2028 being 285 million, 307 million, and 334 million yuan respectively [1][7] Financial Summary - Total revenue forecast for 2024A is 3.868 billion yuan, with a projected increase to 4.895 billion yuan by 2028E, reflecting a compound annual growth rate of approximately 9.09% [1][8] - The company's earnings per share (EPS) is expected to rise from 0.18 yuan in 2025A to 0.22 yuan in 2028E, indicating a gradual recovery in profitability [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 8.34 in 2025A to 6.83 in 2028E, suggesting an attractive valuation relative to earnings growth [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.902 billion yuan in 2025, representing a year-on-year growth of 0.9%. However, the net profit attributable to shareholders decreased by 22.5% to 274 million yuan, primarily due to a decline in gross margin [7] - The basic property management segment continues to be a strong growth driver, with revenue from this segment reaching 1.499 billion yuan, up 21.3% year-on-year, supported by the expansion of managed projects and areas [7] - The company maintains a generous dividend policy, with a dividend of 0.125 HKD per share, resulting in a dividend yield of 7.3% based on the closing price on March 31 [7] - The company is expected to see improvements in profitability as disruptions from hard decoration services diminish and the commercial segment stabilizes, with projected net profits for 2026, 2027, and 2028 being 285 million, 307 million, and 334 million yuan respectively [7] Financial Summary - Total revenue forecast for 2024A is 3.868 billion yuan, with a projected increase to 4.895 billion yuan by 2028E, reflecting a compound annual growth rate of approximately 9.09% [1] - The company's earnings per share (EPS) is expected to increase from 0.18 yuan in 2025A to 0.22 yuan in 2028E [1] - The price-to-earnings (P/E) ratio is projected to decrease from 8.34 in 2025A to 6.83 in 2028E, indicating an attractive valuation [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.20, indicating a potential upside of 141.4% from the current price [6][7]. Core Insights - The company's revenue for 2025 is projected to increase slightly by 0.9% to RMB 3.902 billion, while the overall performance remains stable. However, the gross margin is expected to decline due to pressures from rising costs and changes in the business structure [3][4]. - The net profit attributable to shareholders is forecasted to decrease by 22.5% to RMB 274 million, reflecting the impact of the real estate sector's adjustments [3][4]. - The company plans to increase its dividend payout ratio to 60% for 2025, up from 50% in 2024, with a proposed final dividend of HKD 0.037 per share [3][4]. Summary by Sections Financial Performance - Revenue is expected to grow from RMB 3.868 billion in 2024 to RMB 3.902 billion in 2025, a 0.9% increase [4]. - Gross profit is projected to decline significantly by 36.0% to RMB 577 million, with a gross margin of 14.8%, down 8.5 percentage points year-on-year [4]. - The company’s administrative expenses are expected to decrease slightly by 1.7% to RMB 291 million [4]. Business Segments - Non-commercial property management and value-added services revenue is projected to increase by 0.6% to RMB 3.153 billion, with property management services growing by 21.3% due to an increase in managed area [3][4]. - Community value-added services revenue is expected to decline by 20.9% to RMB 963 million, primarily due to the completion of certain high-margin projects [3][4]. - Commercial property management and operational services revenue is forecasted to grow by 2.0% to RMB 749 million, but the gross margin is expected to drop from 29.3% to 20.7% due to increased costs and lower rental rates [3][4]. Cash Flow and Financial Health - The company maintains a strong cash position with cash and deposits totaling RMB 4.906 billion, equivalent to approximately HKD 3.7 per share, indicating high financial security [3][4]. - The report suggests that the company’s cash reserves could support gradual increases in dividends or share buybacks in the absence of acquisition opportunities [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.902 billion yuan for 2025, a slight increase of 0.9% year-on-year, while the net profit attributable to shareholders decreased by 22.5% to 274 million yuan [1] - The overall gross margin for 2025 was 14.8%, down 8.5 percentage points from the previous year, primarily due to rising labor costs and increased investment in service quality [3] - The company has a strong cash position with cash and cash equivalents amounting to 4.906 billion yuan as of the end of 2025, and a management expense ratio of 7.5%, which decreased by 0.2 percentage points year-on-year [3] Revenue and Profitability Analysis - The property management service revenue reached 1.499 billion yuan, growing by 21.3% year-on-year, accounting for 38.4% of total revenue, driven by an increase in managed area [2] - Community value-added service revenue fell by 20.9% to 963 million yuan, representing 24.7% of total revenue, largely due to the completion of high-margin home renovation projects [2] - The company adjusted its net profit forecasts for 2026 and 2027 to 296 million yuan and 324 million yuan, respectively, down from previous estimates of 510 million yuan and 560 million yuan [4] Financial Projections - The company expects revenues to grow to 4.209 billion yuan in 2026 and 4.585 billion yuan in 2027, with corresponding net profits of 296 million yuan and 324 million yuan [5] - The earnings per share (EPS) is projected to be 0.20 yuan for 2026 and 0.22 yuan for 2027, with a price-to-earnings (P/E) ratio of 7.8 and 7.1, respectively [5]

利润率短暂承压，股东分红保持稳定 越秀服务(6626) ——2025 年度业绩公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | [当前价格 Table_CurPrice] (港元)： | 1.74 | | 曾佳敏(分析师) | 021-23185689 | zengjiamin@gtht.com | S0880525040125 | | | 本报告导读： 2025 年，公司利润端短暂承压，物管底盘筑牢根基，股东分红保持稳定。 投资要点： | 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][31]. Core Insights - In 2025, the company experienced a temporary pressure on profits, but the property management foundation was solidified, and shareholder dividends remained stable [2]. - The company achieved total revenue of RMB 39.02 billion in 2025, a year-on-year increase of 0.9%, with the non-commercial segment contributing RMB 31.53 billion and the commercial segment contributing RMB 7.49 billion [17][18]. - The net profit attributable to shareholders for 2025 was RMB 2.74 billion, a decrease of 22.5% year-on-year, with a gross margin of 14.8%, down 8.5 percentage points [17][19]. - The company’s management scale expanded steadily, with a managed area of 73.5 million square meters, a year-on-year increase of 6.0% [26]. - Cash flow remained stable, with a year-end cash and deposits of RMB 4.906 billion, an increase from the beginning of the year, and a full-year dividend payout ratio of 60% [29][30]. Financial Summary - Total revenue for 2025 was RMB 39.02 billion, with a gross profit of RMB 576.72 million and a net profit of RMB 273.69 million [4][18]. - The company’s PE ratio for 2025 is 12.47, with a projected EPS of RMB 0.18 [4][31]. - The gross margin for 2025 was 14.8%, reflecting a decline due to increased labor costs and a reduction in high-margin services [19][17]. Market Position - The company has a market capitalization of HKD 2.614 billion, with a current share price of HKD 1.74 [7][31]. - The stock has traded within a range of HKD 1.74 to HKD 3.14 over the past 52 weeks [7]. Future Projections - The report forecasts EPS for 2026, 2027, and 2028 to be RMB 0.19, RMB 0.20, and RMB 0.22 respectively, with a target price of HKD 2.28 based on a PE of 11x for 2026 [31].

EF001 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 越秀服務集團有限公司 | | 股份代號 | 06626 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.037 HKD | | 股東批准日期 | 2026年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 ...

ile 77 ock Code : 1093) 2025 Results Presentation Mar. 2026 INNOVAT 2025 Updates Regulatory Updates New drugs approved (including new indications): Breakthrough Therapy Designations: Major Clinical Trial Progress IND approvals : North America (18) China (58) New pivotal clinical trials: From 2025 to the present, ■ BD transactions have been completed, with a billion US dollars. total amount of In 2025, the Licence fee income of billion vuan was booked in. 2 HD Envitan · Duoenvi - 1L Pancreatic cancer • Shanz ...

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） （股份代號：06626） 截至二○二五年十二月三十一日止年度的 年度業績公告 截至二○二五年十二月三十一日止年度業績摘要 – 1 – – 2 – 綜合全面收益表 ‧ 總收入為人民幣3,901.9百萬元，同比增長0.9%，其中： (i) 自非商業物業管理及增值服務所得收入為人民幣 3,153.4百萬元，同比增 長0.6%；及 (ii) 自商業物業管理及運營服務所得收入為人民幣 748.5百萬元，同比增長 2.0%。 ‧ 截至二○二五年十二月三十一日，本集團在管面積為73.5百萬平方米，同比 增長6.0%，本集團合約面積為90.0百萬平方米，同比增長1.4%。 ‧ 毛利率為14.8%，同比下降8.5個百分點。 ‧ 本公司擁有人應佔盈利為人民幣273.7百萬元，同比下降22.5%。 ‧ 董事會建議宣派末期股息每股0.037港元（相當於每股人民幣0.030元）。連 同中期股息，二○ ...

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。 香港，二○二六年三月十六日 越秀服務集團有限公司 余達峯 公司秘書 （於香港註冊成立的有限公司） （股份代號：06626） 董事會會議日期 越秀服務集團有限公司（「本公司」及其附屬公司「本集團」）董事（「董事」）會（「董事 會」）宣佈，二○二六年三月二十六日（星期四）將舉行董事會會議，以（其中包括）批 准本集團截至二○二五年十二月三十一日止年度的年度業績以及考慮派付末期股息 的建議。 承董事會命 執行董事： 王建輝先生、張成皓先生及張勁先生 非執行董事： 江国雄先生（主席）及楊昭煊先生 獨立非執行董事： 洪誠明先生、許麗君女士及梁耀文先生 於本公告刊發日期，董事會成員包括： ...