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]

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]

Core Viewpoint - Yuexiu Services (06626.HK) demonstrates strong operational resilience and a differentiated competitive edge in a challenging industry environment, achieving a revenue of 1.962 billion yuan in the first half of 2025, with property management revenue growing by 19.2% year-on-year [1] Group 1: Financial Performance - The company reported a cash balance of 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, maintaining a strong position in the cash flow rankings among listed property companies [1] - Yuexiu Services' revenue from basic property management reached 716 million yuan, marking a consistent growth rate of nearly 20% for four consecutive years [1] Group 2: Strategic Focus - The management emphasizes a shift towards a more cautious yet proactive approach to mergers and acquisitions, focusing on companies with sustainable operations and good financial practices [1][7] - The company aims to enhance service quality through digital transformation, including upgrades to its client-facing applications and the introduction of smart tools for improved communication and service delivery [4] Group 3: Market Positioning - Yuexiu Services maintains a competitive edge by focusing on high-quality property services, with 91% of its managed projects located in first- and second-tier cities, and an average property management fee of approximately 2.8 yuan per square meter per month [2] - The company successfully increased prices for four projects in the first half of the year, contributing an additional 2% to 11% in revenue without any price reductions [3] Group 4: Industry Trends - The property management industry is experiencing increasing market concentration, with the top 10 companies accounting for 62.1% of the total new contract area in the first half of 2025 [6] - Yuexiu Services is actively pursuing opportunities in smart home and charging station sectors, indicating a strategic expansion beyond traditional property management [7]

Core Viewpoint - The property management industry is shifting from scale development to quality development, with companies focusing more on risk management and the payment capabilities of clients [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue was approximately 1.962 billion yuan, a year-on-year increase of 0.1%, with a gross margin of 21.3% [1] - The net profit attributable to shareholders was about 240 million yuan, a year-on-year decrease of 13.7% [1] - The company's overall gross margin decreased by 4.6% compared to the same period last year, primarily due to a decline in the gross margin of value-added services [5] Group 2: Business Segments - The basic property management service generated approximately 716 million yuan in revenue, a year-on-year increase of 19.2%, accounting for 36.5% of total revenue, an increase of about 6 percentage points from the previous year [2] - The commercial property management and operation service revenue was approximately 370 million yuan, a year-on-year increase of 3.1% [5] Group 3: Project Management - As of June 30, 2025, the total contracted area managed by the company reached 92.45 million square meters, with an area under management of approximately 72.31 million square meters [1] - The company has a project renewal rate of 95%, indicating strong project quality and management [1] Group 4: Cash Position and Investment Strategy - The company held cash and cash equivalents totaling approximately 4.791 billion yuan, with about 2.443 billion yuan in cash [6] - The management indicated that they are actively looking for investment opportunities and are prepared to utilize the 500 million yuan raised from the IPO for acquisitions [6]

Core Viewpoint - Yuexiu Services reported a strong performance for the first half of 2025, with revenue of 1.962 billion yuan and a net profit attributable to shareholders of 240 million yuan, driven primarily by its property management services [2] Revenue Structure - Commercial operations and management contributed 370 million yuan, accounting for 18.9% of total revenue, while non-commercial income, including basic property management, reached 1.592 billion yuan, making up 81.1% [2] - 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 [2] Pricing Strategy - The company emphasizes a pricing mechanism based on actual project conditions, focusing on customer needs across various touchpoints to provide value-driven services [2] - The current property management fee of 2.8 yuan per square meter is considered reasonable and mid-to-high in the industry, with successful price increases in four projects this year contributing an additional 2% to 11% in revenue [2] Contract and Managed Area Growth - In the first half of the year, Yuexiu Services added 5.96 million square meters of contracted area, with a total contracted area of 92.45 million square meters, up 4.2% from the end of last year [3] - The managed area exceeded 72.31 million square meters, also reflecting a 4.3% increase, with a total of 444 managed projects [3] Collaboration with Parent Company - The company received 3.64 million square meters of new delivery area from related parties, aligning closely with expectations, and nearly half of the new contracted area came from its parent company, Yuexiu Property [3] Market Environment and Strategic Focus - The management acknowledges the increasing demands for service quality and operational excellence in the property management sector, aiming to enhance service capabilities and explore value-added opportunities [3] - The company is also actively monitoring market trends for potential mergers and acquisitions, focusing on targets that can create synergies and have sustainable operational quality [4] Financial Position - As of the end of the reporting period, Yuexiu Services held cash and deposits of 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, with positive operating cash flow [5] - The management announced a commitment to maintain a high dividend payout ratio of 50%, reflecting confidence in future cash flows [5]