格隆汇8月11日丨越秀服务(06626.HK)发布公告，公司将于2025年8月21日召开董事会会议，藉以审议并 批准包括截至2025年6月30日止的六个月期间的未经审核中期业绩，及考虑宣派中期股息（如有）。 ...

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。 承董事會命 越秀服務集團有限公司 余達峯 公司秘書 香港，二○二五年八月十一日 （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○二五年八月二十一日（星期四）將舉行董事會會議，以批准本集團截 至二○二五年六月三十日止六個月中期業績以及考慮派付中期股息（如有）及其他事 項。 於本公告刊發日期，董事會成員包括： 獨立非執行董事： 洪誠明、許麗君及梁耀文 執行董事： 王建輝、張成皓及張勁 非執行董事： 江国雄（主席）、張建国及楊昭煊 ...

第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 第 1 頁 共 10 頁 v 1.1.1 FF301 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 | 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 | | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [9]. Core Insights - Chinese pharmaceutical companies are increasingly enhancing their original research capabilities, leading to a surge in high-quality innovative products gaining international recognition. This trend is facilitating the acceleration of domestic innovative drugs entering global markets through two primary pathways: "building ships" and "borrowing ships" [2][6]. - The total value of license-out transactions from China reached over $43 billion in 2024, accounting for nearly 20% of the global total, indicating a significant shift in the global pharmaceutical landscape as Chinese innovative drugs gain traction [6][17]. Summary by Sections Innovative Drug Globalization - Chinese innovative drug companies are transitioning from "following overseas" to "independent innovation," with a notable increase in original research capabilities. The number of Chinese companies participating in major international conferences like AACR and ASCO has reached historical highs, with 126 companies presenting nearly 300 new drug research results at the 2025 AACR conference [17][18]. - The number of original innovative drugs approved in China has increased from 11 in 2015 to 92 in 2024, with the proportion of globally developed first-in-class (FIC) drugs rising from 9% to 24% during the same period [21][22]. "Building Ships" and "Borrowing Ships" Models - "Building ships" refers to domestic companies independently conducting overseas clinical trials and obtaining market approvals. Notable examples include BeiGene's BTK inhibitor, which achieved over $2.6 billion in global sales, and Legend Biotech's CAR-T therapy, which reached $963 million in global sales in 2024 [25][26]. - "Borrowing ships" involves leveraging partnerships for international development and commercialization. The total value of license-out transactions in the Chinese innovative drug sector reached $51.9 billion in 2024, with over 50 transactions reported in the first half of 2025, totaling $48.4 billion [27][28]. Investment Perspective - The report emphasizes that the ongoing transformation in the healthcare sector, driven by innovative drug globalization, presents significant investment opportunities. Companies with strong cash flow, innovative capabilities, and established research platforms are particularly well-positioned for growth [43].

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Group 1 - Recent leadership changes at Yuexiu Services and Yuexiu Real Estate Fund, with Jiang Guoxiong appointed as the new president and chairman for both companies [1][2] - Jiang Guoxiong has a strong background in the company, having served in various leadership roles since 2020, contributing to significant sales growth in the central and western regions [2][3] - The appointment of Jiang Guoxiong signals a strategic move to consolidate leadership and address performance challenges faced by both entities [1][4] Group 2 - Yuexiu Services reported total revenue of 3.868 billion yuan in 2024, a 20% increase year-on-year, but net profit decreased by 27.5% to 353 million yuan due to a 237 million yuan goodwill impairment [4][5] - Yuexiu Real Estate Fund experienced a total revenue of 2.032 billion yuan in 2024, a decline of 2.7%, with a significant after-tax loss of approximately 340 million yuan, worsening from a loss of 3.955 million yuan in 2023 [5] - Jiang Guoxiong faces the challenge of reversing the declining net profit of Yuexiu Services and helping Yuexiu Real Estate Fund return to profitability amid current market conditions [5]

Core Viewpoint - The new management team at Yuexiu Property faces the challenge of revitalizing the commercial sector, which has been underperforming due to market downturns [1][6]. Management Changes - Yuexiu Property announced the appointment of Jiang Guoxiong as the new chairman for both Yuexiu Services and Yuexiu REIT, replacing Lin Deliang and Zhu Hu Song respectively [2][4]. - Jiang Guoxiong has a rapid career progression within Yuexiu, having held various leadership roles since November 2020, including positions in the Central and Southwest regions [2][3]. Performance Overview - Yuexiu REIT reported a total revenue of 2.032 billion yuan in 2024, a decrease of 2.7% year-on-year, primarily due to a decline in office property income [5]. - The office income for Yuexiu REIT was 1.15 billion yuan, accounting for 56.6% of total revenue, and saw a year-on-year decline of 4.5% [5]. - Yuexiu Services experienced a total revenue of 3.868 billion yuan, reflecting a 20% increase year-on-year, but net profit fell by 27.5% to 353 million yuan due to a significant goodwill impairment [5]. Future Challenges - The overall real estate market remains under pressure, and the commercial and property sectors have not yet shown signs of recovery, presenting a significant challenge for Jiang Guoxiong in leading Yuexiu's commercial segment out of its current low performance [6].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 3,868 million, a 20% increase from RMB 3,224 million in 2023[9] - Gross profit for 2024 was RMB 902 million, with a gross margin of 23.3%, down from 26.6% in 2023[9] - Net profit attributable to shareholders for 2024 was RMB 353 million, resulting in a net profit margin of 9.1%, compared to 15.1% in 2023[9] - The company reported earnings per share of RMB 0.23 for 2024, a decrease from RMB 0.32 in 2023[9] - Core net profit increased by 5.1% year-on-year to RMB 512 million[71] - The net profit for the year was RMB 285.8 million, a decrease of 42.8% compared to RMB 499.9 million in the previous year[132] - The profit attributable to the company's owners was RMB 352.9 million, down 27.5% from RMB 487.0 million year-on-year[133] - Revenue from property management services increased to RMB 1,462.9 million, a growth of 12.7% from RMB 1,298.6 million in the previous year[114] - Revenue from non-commercial property management and value-added services reached RMB 3,134.2 million, up 19.2% from RMB 2,630.1 million year-on-year[117] Assets and Equity - As of December 31, 2024, the total assets amounted to RMB 6,616 million, up from RMB 6,407 million in 2023[9] - The total equity attributable to shareholders increased to RMB 3,503 million in 2024, compared to RMB 3,444 million in 2023[9] - The group's intangible assets decreased from RMB 332.9 million as of December 31, 2023, to RMB 85.4 million as of December 31, 2024, primarily due to goodwill impairment of approximately RMB 236.9 million[137] Operational Expansion - The company managed a total area of 42.72 million square meters in residential properties, serving over 310,000 households[22] - The commercial and industrial park management area reached 11.43 million square meters as of December 31, 2024[27] - The total contracted area across various regions is 88.73 million square meters, with the Greater Bay Area accounting for 54.96 million square meters (62% of total)[54][53] - The company is actively pursuing market expansion across multiple regions, including East China, the Greater Bay Area, Northern China, and Central-Western regions[49][55] - The group signed 85 new projects in 2024, with a total contracted area of 13 million square meters, bringing the total managed projects to 437 and total managed area to 69 million square meters[75] Service Offerings and Innovations - The company plans to enhance its service offerings by integrating asset management with property management and operational services[24] - The company is expanding its service offerings to include community management services centered around residents' daily needs, such as retail and home services[37] - The asset management services include a comprehensive solution for property leasing, renovation, and management, aimed at enhancing asset value for owners[40] - The company is leveraging digital technologies like IoT and big data to transform physical spaces into smart environments, focusing on various sectors including residential and commercial[44] - The group aims to enhance service quality and customer experience through digital applications and AI tools, focusing on improving response efficiency[78] Corporate Governance - The board of directors is composed of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balance of skills and experience[164] - The company has mechanisms in place to ensure board independence, which is crucial for good corporate governance and effective decision-making[174] - The board confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[184] - The company has established guidelines for managing and disclosing inside information to ensure timely assessment of facts that may significantly impact the company's stock price[190] - The company emphasizes the importance of compliance with corporate governance codes and has established a written terms of reference for the Audit Committee[194] Employee and Operational Costs - The total employee cost for the year amounted to RMB 1,120.1 million, with 10,422 full-time employees as of December 31, 2024[155] - Administrative expenses rose to RMB 296.4 million, a 6.1% increase from RMB 279.3 million in the previous year[129] Recognition and Awards - The company was recognized as one of the top 12 property service companies in China for 2024 by the China Index Academy[60] - The group received multiple recognitions, including being ranked 12th in the "2024 Top 100 Property Service Companies in China" and achieving an A rating in ESG management from MSCI[76] Dividends and Financial Management - The company proposed a final dividend of HKD 0.083 per share, totaling HKD 0.183 per share for the entire year when combined with the interim dividend[71] - The proposed final dividend for the year is HKD 0.083 per share, totaling HKD 0.183 per share for the fiscal year ending December 31, 2024, which is a decrease from HKD 0.187 per share in 2023[136] - The company plans to distribute dividends of no less than 30% of the distributable net profit attributable to shareholders annually, subject to various factors including operational performance and financial condition[191]