Project and Area Management - As of June 30, 2025, the company has 515 contracted projects, an increase from 508 as of December 31, 2024, representing a growth of 1.4%[10] - The total contracted area reached 92.5 million square meters, up 4.2% from 88.7 million square meters as of December 31, 2024[10] - The company manages 444 projects, an increase from 437 projects as of December 31, 2024, reflecting a growth of 1.6%[10] - The total managed area is 72.3 million square meters, which is a 4.3% increase from 69.3 million square meters as of December 31, 2024[10] - The company has 80 contracted commercial projects with a total area of 7.3 million square meters, a slight decrease from 7.4 million square meters as of December 31, 2024[21] Revenue and Profitability - The group's revenue for the period was RMB 1,961.9 million, slightly up from RMB 1,960.2 million in the same period last year, indicating stability[35] - Revenue from non-commercial property management and value-added services was RMB 1,591.9 million, a decrease of 0.6% from RMB 1,601.3 million, primarily due to a decline in value-added services[44] - Property management service revenue increased by 19.2% to RMB 716.0 million, driven by an expansion in the number of managed non-commercial projects to 371 and a managed area of 65.9 million square meters[44] - Revenue from commercial property management and operational services was RMB 369.9 million, reflecting a 3.1% increase from RMB 358.9 million[48] - The company's gross profit decreased from RMB 507.4 million to RMB 417.9 million, a decline of 17.6% year-on-year, with the overall gross margin dropping from 25.9% to 21.3%[56] - Net profit for the period was RMB 242.7 million, down 15.6% from RMB 287.5 million in the same period last year, resulting in a net profit margin of 12.4%[60] Expenses and Costs - The group's sales costs rose to RMB 1,543.9 million, a 6.3% increase from RMB 1,452.8 million, primarily due to the expansion of managed area and business scale[51] - Employee benefits expenses under sales costs were RMB 334.0 million, up 5.2% from RMB 317.6 million in the previous year[52] - Administrative expenses decreased by 9.5% year-on-year to RMB 143.8 million, attributed to cost control and efficiency measures[57] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 4,791.1 million from RMB 4,701.9 million, primarily due to cash generated from operating activities[68] - The company had no bank borrowings or related party loans as of June 30, 2025, resulting in a debt ratio of zero[68] - The company's receivables increased by 15.9% from RMB 773.4 million to RMB 896.2 million, reflecting ongoing business expansion[62] - The total liabilities increased to RMB 3,148,405 thousand from RMB 2,881,610 thousand, marking an increase of 9.3%[91] Shareholder and Corporate Governance - The company declared a dividend of RMB 114,062 thousand for the year-end 2024, reflecting its commitment to returning value to shareholders[94] - The company is committed to enhancing its corporate governance and has adhered to the corporate governance code as per the listing rules[81] - The company has been actively seeking suitable acquisition opportunities and has used part of the funds for preliminary feasibility studies and due diligence on potential targets[71] Stock Options and Employee Incentives - The stock option incentive plan was adopted on February 15, 2023, to attract and retain talented employees by granting stock options as incentives[163] - The total number of stock options that can be granted under the plan cannot exceed 10% of the issued shares as of the adoption date, which amounts to 152,203,017 shares[172] - The company aims to provide meaningful incentives to motivate employees to achieve operational performance targets and long-term goals[164] - The first batch of stock options (33%) will vest on December 30, 2024, the second batch (33%) on December 30, 2025, and the third batch (34%) on December 30, 2026[177] Market Strategy and Future Plans - Future market expansion will prioritize quality over quantity, targeting core cities and high-value sectors while implementing strict risk assessments for new projects[32] - The group aims to enhance service quality and customer satisfaction by focusing on customer pain points and optimizing service processes[31] - The company plans to utilize the proceeds from the global offering and operational cash flows for capital expenditures for the year ending December 31, 2025[79]

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 ...

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 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and anticipates supportive policies to be introduced [3] - The central government has consistently highlighted the need to stabilize both the real estate and stock markets since September 2024, indicating a focus on maintaining social expectations and facilitating domestic demand circulation [5][46] Summary by Sections 1. Market Performance - The Shanghai Composite Index rose by 3.5%, the Shenzhen Component Index by 4.6%, the ChiNext Index by 5.9%, and the CSI 300 Index by 4.2% during the week, while the real estate sector (Shenwan) increased by 0.5% [5][8] - Notable stock performances included ST Zhongdi (+17.2%), Shen Shen Fang A (+14.4%), and Heimu Dan (+13.3%) among the top gainers, while Quzhou Development (-11.7%) and *ST Nan Zhi (-11.1%) were among the biggest losers [5][8] 2. Data Tracking 2.1 New Home Transactions - In the week of August 16-22, new home transactions in 42 key cities totaled 1.68 million square meters, a 19.5% increase from the previous week but a 22.4% decrease year-on-year [13] - For August up to the week of August 22, new home transactions totaled 4.75 million square meters, reflecting a 4.0% decrease month-on-month and a 19.6% decrease year-on-year [19] 2.2 Second-Hand Home Transactions - In the same week, second-hand home transactions in 21 key cities reached 1.91 million square meters, a 7.2% increase from the previous week and an 8.0% increase year-on-year [29] - For August up to the week of August 22, second-hand home transactions totaled 5.73 million square meters, a 3.8% decrease month-on-month but a 0.8% increase year-on-year [33] 3. Industry News - The State Council, led by Li Qiang, emphasized the need for strong measures to stabilize the real estate market and promote urban renewal [43] - The People's Bank of China held a meeting to strengthen macro-prudential management of real estate finance [43] - Various cities are implementing supportive measures, such as lowering down payment ratios and increasing loan limits for homebuyers [43] 4. Company Announcements - Green Town China reported a net profit of 210 million yuan for the first half of 2025, a decrease of 89.7% year-on-year [46] - Vanke A reported a net loss of 11.95 billion yuan for the same period, a 21.3% decrease year-on-year [46] - China Overseas Development issued bonds totaling 8 billion yuan at a 1.6% interest rate for three years [46]

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]