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 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 致：香港交易及結算所有限公司 公司名稱: 卓越商企服務集團有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 06989 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 5,000,000,000 | | HKD | | 0.01 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0. ...

Core Insights - The company is facing a "growth dilemma" with both revenue and profit declining despite some recovery in the property management sector [1] - The decline in value-added services, which were previously a key growth area, has negatively impacted overall performance [1][2] - The company has opted not to distribute interim dividends due to ongoing cash flow challenges [2] Revenue and Profit Summary - For the first half of 2025, the company reported revenue of 2.015 billion yuan, a year-on-year decrease of 3.2% [1] - Basic property management service revenue increased by 5.0% to 1.8 billion yuan, accounting for approximately 89.4% of total revenue [1] - Value-added service revenue dropped from 349 million yuan in 2024 to 196 million yuan, a decline of 43.7%, representing about 9.7% of total revenue [1] - Gross profit for the first half of 2025 was 379 million yuan, down 10.2% year-on-year, while net profit fell by 11.7% to 162 million yuan [2] Cash Flow and Financial Position - The company has experienced a marginal improvement in operating cash flow, which remains negative at -10 million yuan for the first half of 2025 [2] - The board has decided against paying interim dividends to prioritize operational capital for long-term stability [2] - A significant transaction involving the transfer of assets worth 363 million yuan from a related party has raised concerns about the company's reliance on its affiliates [3][4] Related Party Transactions - The company entered into a settlement agreement with a related party, involving the conditional transfer of assets to offset debts [3] - This transaction is seen as a "debt repayment alternative" due to the ongoing financial strain in the real estate market [3][5] - While the transaction reduces accounts receivable by 363 million yuan, it does not provide actual cash inflow, leaving the company’s cash flow situation unchanged [4] Business Structure and Strategy - The company is making efforts to reduce its dependence on related parties, with third-party managed property area increasing to 62.7% [5][6] - Non-affiliated business revenue has risen to 92%, with third-party self-developed income growing by 26.9% [5] - The company views the acquired assets as strategically valuable, aiming to leverage them for better asset management in a challenging market [6]

Core Insights - The company reported a revenue of approximately 2.015 billion yuan and a net profit attributable to shareholders of 147 million yuan for the first half of 2025, indicating stable performance in core business operations [1] - The revenue from third-party basic property services (excluding acquired companies) reached about 933 million yuan, representing a year-on-year growth of 26.9% [1] Group 1: Business Performance - The company focuses on building digital capabilities, expanding service ecosystems, and promoting ESG sustainable development to establish a differentiated competitive advantage for long-term growth [1] - Significant progress has been made in the construction of smart parks, communities, and platforms, with the deployment of numerous devices and systems for real-time monitoring and analysis of equipment operation data [1] - The ability to monitor equipment data in real-time has effectively reduced unexpected asset depreciation and failures, lowered operational costs, and improved the stability and efficiency of building operations [1] Group 2: Service and Product Development - The company continues to enhance its product and service matrix, creating an ecosystem service system that includes corporate administration, community retail, space resources, and commercial planning and management, thereby increasing customer expectations and satisfaction with value-added services [1] - The mechanical and electrical business strategy focuses on healthy cash flow through government-enterprise cooperation projects, leveraging core business to promote regional collaboration and actively exploring the small-scale rectification and engineering operation and maintenance market [1] Group 3: New Business Initiatives - In new business areas, the company is closely following industry trends, rapidly enhancing professional service capabilities, integrating quality resources, and expanding into public construction, education, and commercial retail sectors, particularly in first-tier and new first-tier cities [2] - The company successfully acquired projects in first-tier cities, including commercial complexes and high-end office buildings, through a "commercial management + property management" full-chain service model, continuously enhancing asset value [2]

Core Viewpoint -卓越商企服务集团 reported strong financial performance for the first half of 2025, demonstrating resilience and growth in its core business despite market fluctuations [1][2]. Financial Performance - The company achieved revenue of approximately RMB 2.015 billion, with a gross profit of RMB 379 million and a net profit attributable to shareholders of RMB 147 million [1]. - Third-party basic property service revenue (excluding acquired companies) grew by 26.9% year-on-year to RMB 933 million, indicating robust core business performance [1]. Business Scale and Client Base - The total contracted property area reached 82.5 million square meters, a year-on-year increase of 3.0%, while the managed area grew by 9.0% to 74.28 million square meters [1]. - The proportion of third-party managed area reached 62.7%, reflecting the company's strong market position [1]. - The company maintained a near 100% retention rate for strategic client contracts, with strategic client revenue reaching approximately RMB 508 million, a 30.2% increase compared to the same period in 2024 [2]. Digital Transformation and Service Diversification - The company focused on digital capability development, launching six key business systems covering core modules such as work orders, revenue, and human resources during the reporting period [2]. - Significant progress was made in smart park and community construction, enhancing operational efficiency and reducing costs through real-time monitoring and analysis of equipment data [2]. - The service product matrix was diversified, enhancing customer satisfaction and expectations for value-added services [3]. ESG and Sustainable Development - The company's ESG management has been continuously optimized, with its Wind ESG rating improving to AA level, ranking third in the property industry [3]. - The company aims to combine strategic pillars with digital transformation to enhance core competitiveness and sustainable development capabilities, creating long-term value for shareholders [3].

Core Insights - The company reported a revenue of approximately RMB 2.015 billion for the first half of 2025, with a gross profit of RMB 379 million and a net profit attributable to shareholders of RMB 147 million [1] - The revenue from third-party basic property services (excluding acquired companies) increased by 26.9% year-on-year to RMB 933 million, indicating a strong performance in core business [1] - The total contracted property area reached 82.5 million square meters, a year-on-year growth of 3.0%, while the managed area increased by 9.0% to 74.28 million square meters, with third-party managed area accounting for 62.7% [1] Business Strategy - The company is focusing on integrating AI into its short- to mid-term strategy, with plans to deploy AI technology across various scenarios, including inspections and customer service [1] - The CEO emphasized the importance of combining AI technology with practical applications to explore its potential for continuous business growth and innovation [1] Client Expansion - The company has served several leading enterprises in the new consumption sector, which is seen as a key driver of economic growth and high-quality development, thereby optimizing its client structure and enhancing business resilience and growth potential [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 1.27%, closing at 25,201.76, down 323.16 points [1][2] - The Hang Seng Tech Index and the Hang Seng China Enterprises Index also fell by 1.47% and 1.4%, respectively, with the China Enterprises Index barely holding above the 9,000-point mark [1][2] Sector Performance - Major technology stocks saw a downturn, with companies like Kuaishou and Meituan falling over 3%, while JD.com dropped by 2.5% [5][6] - Financial sectors, including banks and insurance stocks, collectively underperformed, contributing to the overall market decline [2][5] - The biopharmaceutical sector faced significant losses, particularly after former President Trump announced plans to impose tariffs on drugs, leading to a broad sell-off in biotech stocks [2][5] Real Estate and Property Management - Property management stocks experienced sharp declines, with companies like Excellence Commercial Services dropping 16% and Country Garden Services falling over 11% [7] - Recent real estate policies in major cities like Beijing and Shanghai are expected to stabilize the market, with analysts optimistic about recovery in core cities [7] Brokerage Firms - Chinese brokerage stocks also fell, with Shenwan Hongyuan down over 6% and other major firms like Dongfang Securities and Huatai Securities declining more than 5% [8] - Despite the downturn, there is optimism regarding the brokerage sector's performance due to increased market activity and potential earnings growth [8] Biopharmaceutical Sector - The biopharmaceutical and innovative drug sectors saw significant declines, with stocks like CanSino Biologics and Innovent Biologics dropping over 7% [9] - Analysts suggest that recent changes in liquidity conditions may support a rebound in the Hong Kong stock market, narrowing the gap with the rapidly rising A-share market [9] Consumer Sector - New consumption concept stocks also faced declines, with companies like Nayuki's Tea and Bubble Mart dropping over 5% [10] - The Chinese Ministry of Commerce plans to introduce policies to boost service consumption, indicating a shift towards a balanced consumption model [10] Apple-Related Stocks - Apple-related stocks performed well, with Lens Technology rising nearly 8% ahead of the upcoming iPhone 17 launch event scheduled for September 9 [3][12] Capital Inflows - Southbound capital saw a net inflow of 15.371 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [12] Hedge Fund Activity - Recent reports indicate that global hedge funds have increased their bets on Chinese stocks, with significant inflows observed in consumer staples and industrial sectors [14]

Core Viewpoint - The mid-year report of Excellence Business Services (6989.HK) for 2025 demonstrates a robust and resilient performance, with significant growth in third-party property service revenue, indicating strong operational capabilities and market positioning [1][2]. Financial Performance - The company achieved revenue of approximately 2.015 billion RMB, with a gross profit of 379 million RMB and a net profit attributable to shareholders of 147 million RMB in the first half of 2025 [1]. - Third-party basic property service revenue (excluding acquired companies) grew by 26.9% year-on-year to 933 million RMB, with a gross profit of 80 million RMB, reflecting a 14.9% increase [4]. Competitive Advantages - **First Barrier**: Rapid growth in third-party revenue validates the company's independence and operational strength, enhancing its risk resilience and market valuation potential [4]. - **Second Barrier**: The company has focused on deepening relationships with strategic clients, achieving a nearly 100% contract retention rate, which underscores the quality of its service and client trust [7]. - **Third Barrier**: The company is committed to digital transformation and sustainable development, implementing advanced technologies to improve operational efficiency and reduce costs [9][10]. Strategic Client Development - The company has seen a compound annual growth rate of 32.7% in managed contract area since 2022, with a 23.1% increase in strategic client project numbers and an 83.3% rise in large-scale projects [7]. - Strategic client revenue reached approximately 508 million RMB, reflecting a strong year-on-year growth of 30.2% [7]. Digital Transformation and ESG - The company has successfully launched six key business systems covering core operations, enhancing efficiency and stability in daily operations [9]. - The company has achieved an AA rating in ESG, which enhances its market recognition and opens up more opportunities for policy support and investment [11]. Market Outlook - The property management sector is experiencing an upward trend, driven by stable cash flows and high dividend visibility, positioning companies like Excellence Business Services favorably for future growth [12]. - The company's strong performance and strategic focus on business sectors with high independence and operational capabilities are expected to attract market attention and support valuation recovery [12].

Core Insights - The company is committed to advancing digital transformation, successfully launching six core business systems by the first half of 2025, which enables real-time monitoring of equipment data and significantly enhances operational efficiency and asset stability [1] - The service ecosystem continues to improve, leveraging a "business management + property management" full-chain model to secure projects in core commercial complexes and high-end office buildings in first-tier cities, while actively expanding into multiple sectors such as government enterprises, electromechanical, public construction, and education [1] - The company has achieved notable success in ESG management, with its Wind ESG rating upgraded to AA, and has received accolades such as the Golden Grid Award for "Outstanding Corporate Governance in ESG" [1]

Core Viewpoint - The company,卓越商企服务, reported stable expansion of its customer base and high-quality delivery in its mid-term performance for the first half of 2025, highlighting a compound annual growth rate of 32.7% in managed contract area since 2022 [1] Group 1: Customer Base and Growth - The number of strategic customer projects increased by 23.1% year-on-year, with the number of large-scale projects (over 500,000 square meters) growing by 83.3%, demonstrating the company's capability in delivering complex and high-management-demand projects [1] - The retention rate of strategic customer contracts approached 100%, indicating strong collaboration mechanisms and high recognition of service quality from clients [1] Group 2: Strategic Client Relationships - Strategic clients have high demands for specialized and customized services, such as 24-hour operations for internet companies and dust-free environments for high-end manufacturing [1] - A strategic client, a leading global ICT infrastructure and smart terminal provider, maintained a leading position in the national supplier performance ranking across all categories in 2024 [1] Group 3: Revenue and Project Expansion - The company actively expanded its strategic client ecosystem, with over half of the new projects from strategic clients being referrals, providing continuous growth momentum [1] - Revenue from strategic clients reached approximately 508 million yuan, reflecting a robust year-on-year growth of 30.2% compared to the same period in 2024 [1]

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant growth in revenue and net profit, indicating a positive trend in its operational efficiency and market position [1] Financial Performance - The company achieved revenue of approximately RMB 2.015 billion for the first half of 2025 [1] - Gross profit reached RMB 379 million [1] - Net profit attributable to shareholders was RMB 147 million [1] Revenue Breakdown - Revenue from third-party basic property services (excluding acquired companies) increased by 26.9% year-on-year to RMB 933 million [1] Operational Metrics - The total contracted area reached 82.5 million square meters, reflecting a year-on-year growth of 3.0% [1] - The managed area was 74.28 million square meters, showing a year-on-year increase of 9.0% [1] - Third-party managed area accounted for 62.7% of the total managed area [1]