越秀服务(06626)发布公告，张建国因于越秀地产集团内的工作变动，自2025年9月8日起辞任非执行董 事。辞任后，彼亦不再担任董事会辖下投资委员会成员。 ...

格隆汇9月8日丨越秀服务(06626.HK)公告，张建国因于越秀地产集团内的工作变动，辞任非执行董事。 辞任后，彼亦不再担任董事会辖下投资委员会成员。 ...

（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 ...

董事會謹藉此機會對張先生於其任期內對本公司的寶貴貢獻表示感謝。 承董事會命 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。 （於香港註冊成立的有限公司） （股份代號：06626） 董事辭任 越秀服務集團有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，張建国先生 （「張先生」）因於越秀地產集團內的工作變動，自二○二五年九月八日起辭任非執行 董事。辭任後，彼亦不再擔任董事會轄下投資委員會成員。 張先生確認，彼與董事會之間並無意見分歧，亦無有關彼辭任的事宜須提請本公司 證券持有人或香港聯合交易所有限公司垂注。 執行董事： 王建輝、張成皓及張勁 非執行董事： 江国雄（主席）及楊昭煊 獨立非執行董事： 洪誠明、許麗君及梁耀文 越秀服務集團有限公司 余達峯 公司秘書 香港，二○二五年九月八日 於本公告刊發日期，董事會成員包括： ...

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8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: 2025年9月2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 | | 1,502,212,177 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 08 月 28 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 止跌回稳仍是重要目标，储备政策值得期待 投资评级： 看好（维持） ——房地产行业周报（25/08/16-25/08/22） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 3.5%、深证成指上升 4.6%、创业板指上升 5.9%、沪 深 300 上升 4.2%、房地产（申万）上升 0.5%。个股方面，涨跌幅前五的分别为： ST 中迪(+17.2%)、深深房 A(+14.4%)、黑牡丹(+13.3%)、电子城(+11.0%)、万通发 展(+9.1%)，涨跌幅后五的分别为：衢州发展(-11.7%)、*ST 南置(-11.1%)、皇庭国 际(-6.4%)、深物业 A ...

Group 1 - Poly Property achieved a revenue of 8.392 billion, a year-on-year increase of 6.6%, with a net profit of 890 million, up 5.3% [3][5] - China Overseas Property reported total revenue of 7.089 billion, a growth of 3.67%, and a net profit of 769 million, increasing by 4.29% [4][7] - Sunac Services recorded a revenue of 3.547 billion, with a net profit of 142 million, marking a return to profitability [4][8] - Jinke Services reported a net profit of 65.02 million, recovering from a loss of 194 million in the previous year [4][9] - Jinmao Services achieved total revenue of approximately 1.783 billion, a growth of 19.6%, with a profit of about 184 million, up 1.9% [4][10] - New Dazheng reported a revenue of 1.503 billion, a decrease of 12.88%, with a net profit of 71.17 million, down 12.96% [4][11] - Yexing Group expects a profit of approximately 12.8 million, a growth of 94% [4][12] Group 2 - Yuexiu Services signed 37 new projects, adding a contract area of 5.96 million square meters [4][16] - China Overseas Property renewed its service contract for the North District Welfare Service Complex in Hong Kong [4][17] - China Energy Conservation Property won the bid for the property management service project at Hangzhou West Station [4][19] - Hongrongyuan Property signed a contract to provide comprehensive property management services for the Shiyue City project in Shenzhen [4][20] - New Dazheng won a procurement project from Beijing Guoyao Asset Management with a bid amount of 25.72 million [4][21] -卓越商企服务 announced a transfer of properties valued at 363 million to offset receivables from its parent company [4][23] Group 3 - The Shenzhen Property Management Association called for active participation in the "Patriotic Health Movement and Civilized City Construction" [4][25] - Guomao Property participated in the compilation of the national standard for carbon emission evaluation in civil buildings, effective from September 1, 2025 [4][26][27] - Jindi Smart Services contributed to the "Liaoning Province Good House Technical Guidelines," marking a new phase in residential quality improvement [4][28] Group 4 - The report highlighted the performance metrics of various listed property companies for the first half of 2025, showcasing revenue growth and profitability trends [4][29]

Core Viewpoint - Yuexiu Services has demonstrated strong financial performance and operational resilience, maintaining high growth in property management revenue despite industry challenges [1][3][4]. Financial Performance - In the first half of 2025, Yuexiu Services reported a total revenue of 1.962 billion yuan, with commercial revenue at 370 million yuan (18.9%) and non-commercial revenue at 1.592 billion yuan (81.1%) [1]. - The revenue from basic property management increased by 19.2% year-on-year, reaching 716 million yuan, while the total managed area was 72.31 million square meters, with 91% located in first and second-tier cities [3]. - The company maintained a cash and time deposit balance of 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, positioning it as a "cash highland" in the industry [3]. Operational Strategy - Yuexiu Services has shifted from a scale-driven approach to a quality-driven strategy, focusing on high-value projects and customer satisfaction [4]. - The company has achieved a customer satisfaction score of over 90 for three consecutive years, indicating strong service quality recognition from property owners [3]. Emergency Preparedness - The company has implemented comprehensive emergency response plans, particularly in regions like Chongqing, ensuring readiness for extreme weather events [4][6]. - Teams are deployed for 24-hour safety inspections and emergency support, demonstrating a commitment to maintaining safety and service quality for residents [6].

Core Viewpoint - Yuexiu Services reported a revenue of 1.962 billion yuan and a net profit attributable to shareholders of 240 million yuan for the first half of 2025, indicating strong growth in its core property management business [1] Revenue Structure - Commercial revenue, primarily from commercial operations and management, amounted to 370 million yuan, accounting for 18.9% of total revenue, while non-commercial revenue, including basic property management, reached 1.592 billion yuan, making up 81.1% [1] - Basic property management revenue was 716 million yuan, reflecting a year-on-year growth of 19.2%, marking the fourth consecutive year of approximately 20% growth in this segment [1] Pricing Strategy - The company emphasizes a pricing mechanism based on actual project conditions, aiming to meet customer needs through service design that considers physical, interpersonal, and digital touchpoints [1] - In the first half of the year, four projects successfully implemented price increases, contributing to a revenue growth of 2% to 11% from these projects [3] Project Management and Expansion - As of the reporting period, Yuexiu Services managed a total contracted area of 92.45 million square meters, a 4.2% increase from the end of the previous year, with 515 contracted projects [3] - The company added 5.96 million square meters of contracted area in the first half of the year, with significant contributions from its parent company, Yuexiu Real Estate [3] Competitive Advantage and Market Position - The management team highlighted that product quality remains a core competitive advantage, with a focus on enhancing service capabilities and exploring value-added opportunities [4] - The current market environment demands higher service quality and operational standards, prompting the company to strengthen its market competitiveness [4] M&A Strategy and Financial Health - Yuexiu Services is actively monitoring market trends for potential mergers and acquisitions, focusing on targets that can create synergies and have sustainable operational quality [5] - The company reported cash and deposits of 4.791 billion yuan, an increase of 89 million yuan from the previous year, while maintaining a positive operating cash flow [5] - The management announced a commitment to a 50% high dividend payout ratio, reflecting confidence in future cash flows [5]

Core Viewpoint - The property management industry continues to face multiple challenges in the first half of 2025, including diminishing market growth, ongoing property fee price limits, and declining payment capabilities among homeowners [1] Financial Performance - In the six months ending June 30, 2025, the company reported revenue of RMB 1.962 billion, a slight increase from RMB 1.960 billion in the same period of 2024 [4] - Gross profit was RMB 418 million, down from RMB 507 million year-on-year [4] - Net profit attributable to shareholders reached RMB 240 million, maintaining profitability [1][4] - The company's net assets stood at RMB 3.68 billion, with ROE and cash reserves showing an upward trend [1] Accounts Receivable - The accounts receivable turnover days increased from 77 to 95 days, attributed to slower payment speeds from private sector collaborations and longer payment cycles in engineering-related intelligent services [1][3] Business Composition - Revenue from commercial operations and management services was RMB 312 million, accounting for 15.9% of total revenue [4] - Basic property management revenue was RMB 716 million, representing a 19.2% year-on-year growth, marking the fourth consecutive year of nearly 20% growth in this segment [4][5] Market Expansion - As of June 30, 2025, the company managed an area of 72.31 million square meters, with a contracted area of 92.45 million square meters, reflecting increases of 4.3% and 4.2% respectively from the end of 2024 [5] - The company has focused on expanding its non-residential business, establishing a dedicated "Non-Residential Center" to explore new profit growth points [6] TOD Projects - The company expressed a positive outlook on the development of Transit-Oriented Development (TOD) projects, managing 10.7 million square meters of TOD-related area, which constitutes 15% of the total managed area [6] - The company has secured contracts for 196 million square meters of TOD-related area, primarily from its second-largest shareholder, Guangzhou Metro [6] Cash Position and M&A Strategy - As of June 30, 2025, the company had cash and term deposits of RMB 4.791 billion, an increase of RMB 89 million from the end of 2024, with positive operating cash flow [10] - The company is actively looking for M&A opportunities, focusing on companies with high synergy, good operational quality, and reasonable valuations [10]