招商局积余产业运营服务股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 招商局积余产业运营服务股份有限公司（以下简称"公司"）查验了招商局 集团财务有限公司（以下简称"财务公司"）《金融许可证》《营业执照》等证件 资料，审阅了财务公司资产负债表、利润表、现金流量表等定期财务报告，对财 务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如 下： 一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成 立，并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：吴泊 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、债券承 销、非融资性保函、财务顾 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-44 招商局积余产业运营服务股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 其中，通过深圳证券交易所交易系统进行网络投票的时间为2025年6月17 日9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2025 年6月17日9:15-15:00期间的任意时间。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 （1）现场投票：股东本人出席现场会议或者通过授权委托书委托他人出 席现场会议； （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 向全体股东提供网络形式的投票平台，股东可以在网络投票时间内通过上述系 统行使表决权。 根据公司章程，股东大会股权登记日登记在册的所有股东，均有权通过相 应的投票系统行使表决权，但同一股份只能选择现场投票、网络投票或符合规 定的其他投票方式中的一种表决方式。同一表决权出现重复表决的以第一次投 票结果为准。 1 一、召开会议的基本情况 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-41 招商局积余产业运营服务股份有限公司 第十届董事会第三十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 2025 年 5 月 22 日以电子邮件等方式发出召开第十届董事会第三十七次会议的通知。 会议于 2025 年 5 月 26 日以通讯表决的方式召开，应出席会议董事 9 人，实际出 席会议董事 9 人，分别为吕斌、刘晔、陈智恒、赵肖、李朝晖、许遵武、林洪、 KAREN LAI（黎明儿）、邹平学。本次会议的召集、召开符合《公司法》及《公 司章程》的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议经审议做出了如下决议： （一）审议通过了《关于增补公司第十届董事会董事的议案》（9 票同意、 0 票反对、0 票弃权）。 经公司第二大股东中国航空技术国际控股有限公司推荐、公司董事会提名和 薪酬委员会审查，董事会同意提名杨蕾女士为公司第十届董事会董事候选人，提 请公司股东大会选举，任期自 ...

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for gradual recovery in the market [3]. Core Insights - The real estate market continues to experience low-level fluctuations, with construction completions showing a year-on-year decline, indicating a challenging environment for developers [1][42]. - New construction starts are expected to gradually decrease in their rate of decline throughout the first half of 2025, driven by stabilizing housing demand and strategic adjustments by developers [2][43]. - The report highlights the importance of government policies aimed at stabilizing the real estate market, with a focus on urban renewal and optimizing existing property acquisition strategies [40][41]. Summary by Sections Sales and Market Performance - In April, the year-on-year growth rate of sales area adjusted for the base period was -2.1%, reflecting ongoing low market activity and suppressed buyer sentiment [7][13]. - The total sales area for January to April was 28.26 million square meters, with a cumulative year-on-year decline of 2.8% [9][14]. - The sales amount for April was 270.35 billion yuan, showing a year-on-year decrease of 3.2% [9][14]. Construction and Investment - The new construction area in April saw a year-on-year decline of 22.1%, with expectations for a gradual narrowing of this decline in the coming months [2][43]. - The total investment in real estate development for April was 277.30 billion yuan, reflecting a year-on-year decrease of 10.3% [9][12]. - The completion area in April decreased by 27.9% year-on-year, indicating a faster-than-expected decline in construction completions [42][46]. Financial Indicators - The funding index for the real estate sector showed a downward trend, currently at a historically low level, suggesting potential improvements in cash flow for some companies [2][9]. - The funding sources for real estate development in April totaled 325.96 billion yuan, with a year-on-year decline of 4.1% [12][41]. Price Trends - The new home prices in 70 cities fell by 0.12% month-on-month in April, with an increasing number of cities experiencing price declines [10][11]. - The average price of new homes was 9,566 yuan per square meter, reflecting a slight year-on-year decrease of 0.4% [12][14].

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]

Core Insights - The property management industry in China is experiencing a modest revenue growth of 4% in 2024, with total revenue reaching 293.87 billion yuan [1][17] - The average revenue per listed property company is 4.665 billion yuan, with a median of 1.74 billion yuan, reflecting a year-on-year increase of 4.0% and 11.3% respectively [1][17] - The industry is facing challenges due to economic uncertainties and the need for structural adjustments and upgrades [2] Capital Market Performance - The property sector continues to underperform compared to the broader market, with the Hang Seng Property Services Index declining by 5.8% in 2024 [2][4] - State-owned enterprises (SOEs) show stronger resilience in stock performance, with an average stock price change of 35.1%, while private enterprises saw a decline of 10.7% [4] - The average dividend payout ratio for listed property companies reached 91.3%, indicating an attractive investment value [7] Valuation - The average price-to-earnings (P/E) ratio for listed property companies increased to approximately 9.9, up from 9.7 in the previous year [11] - The valuation of property stocks has seen fluctuations, with a historical low of 8.4 times and a peak of 12.8 times in 2023 [11] Market Capitalization - The number of property companies with a market capitalization exceeding 10 billion yuan increased to 7, while companies with a market cap below 3 billion yuan account for 75.8% of the total [14] Operational Scale Analysis - The revenue growth rate for the property management sector has slowed to 4.0%, down 3.7 percentage points from the previous year [29] - The total managed area for listed property companies grew to 7.66 billion square meters, with a year-on-year growth rate of 6.3% [35] Revenue Growth Rate - The revenue growth rate for head companies is 5.7%, while large companies are experiencing negative growth at -0.2% [32] - Small and medium-sized companies also saw a decline in revenue growth rates, with small companies at 2.4% [32] Profitability Analysis - The average gross profit margin for listed property companies decreased to 19.0%, down 1.2 percentage points year-on-year [65] - The average net profit margin also fell to 4.2%, reflecting the pressures from reduced property fees and rising labor costs [65] Employment and Tax Contributions - The total tax contribution from 62 listed property companies was approximately 6.52 billion yuan, with head companies contributing nearly 70% of the total [130] - The employment numbers remained stable, with 54 listed companies employing around 1.035 million people [131] ESG Management - Property companies are increasingly focusing on ESG (Environmental, Social, and Governance) management, with many implementing energy management systems and promoting green operations [135][136] - Despite progress, challenges remain in standardizing carbon reduction and social responsibility initiatives [136]

Summary of the Conference Call for 招商积余 Company Overview - 招商积余 is a major platform enterprise under 招商局集团, primarily engaged in asset management and operational services, with core businesses including property management and asset management [3][4] Financial Performance - In 2024, the company achieved a revenue of 17.172 billion yuan, a year-on-year increase of 10% [2][4] - The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year [2][4] - In Q1 2025, revenue reached 4.46 billion yuan, reflecting a 19.87% year-on-year growth [2][4] - The net profit for Q1 2025 was 219 million yuan, a 15.06% increase year-on-year [2][4] - The company aims to improve its dividend payout ratio, with a potential increase from 30.25% in 2024 to 35-40% in 2025 [4][19] Market Expansion and Contract Acquisition - In Q1 2025, the company signed new annual contracts worth 845 million yuan, a 6.83% increase year-on-year [2][6] - Market-oriented projects accounted for a significant portion, with 769 million yuan in new contracts [2][6] - The company secured several large projects, including 招商银行's global headquarters and the 湖北省博物馆 [6] Cost Management and Profitability - The company has implemented measures to reduce procurement costs through internal collective procurement and refined project management [7][9] - Organizational restructuring has streamlined city companies, enhancing gross and net profit margins [7][9] - The company plans to optimize personnel allocation and enhance community value-added services to further improve profitability [9][11] Strategic Focus - The strategic shift emphasizes profit growth over scale expansion, with ongoing efforts to enhance quality and efficiency [8][17] - The company has identified four community value-added directions: home services, real estate brokerage, space resources, and home improvement services [11] Technology and Innovation - The company is exploring technology empowerment, including commercial cleaning robots and smart inspection systems, which have the potential to save significant costs [13] - Digital energy management systems are being developed, although adoption is currently low [13] Industry Outlook - The real estate sector's downturn has not significantly impacted the company's business expansion, which remains relatively insulated from market cycles [21] - The property service market is highly competitive, particularly in residential areas, with increasing demands for service quality from property owners [21][22] Challenges and Future Directions - The company faces challenges in achieving professionalized property management services that attract clients willing to pay [22] - The management is focused on improving residential profitability through refined management and service quality enhancements [16][23] Conclusion - 招商积余 is positioned for steady growth with a focus on profitability, strategic market expansion, and enhanced service offerings, despite the competitive landscape and industry challenges [17][21]

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [5]. Core Insights - The recent urban renewal framework is expected to stabilize the real estate market and promote high-quality urban development in the long term [1][2]. - The government has set a target for significant progress in urban renewal by 2030, with a focus on improving existing buildings and upgrading old neighborhoods [2]. - Funding for urban renewal will come from various sources, including central government subsidies and special bonds [3]. Summary by Sections Urban Renewal Framework - The urban renewal initiative is a key action for stabilizing the real estate market and enhancing urban quality [1]. - The recent government opinion outlines major goals, tasks, and support mechanisms for urban renewal, aiming for significant progress by 2030 [2]. Funding Support - The government plans to support urban renewal through multiple funding channels, including central subsidies and special bonds [3]. - In 2023, 15.3 billion yuan has been allocated for urban village renovations, indicating strong financial backing for these initiatives [3]. Investment Recommendations - The report suggests focusing on core cities, particularly first-tier cities, for recovery and investment opportunities [4]. - Recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Co. - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [8][9]. Company Performance Insights - Chengdu Investment Holdings reported a significant revenue increase of 455.6% year-on-year in Q1 2025, indicating strong operational performance [10]. - Binjiang Group achieved a revenue growth of 64% year-on-year in Q1 2025, benefiting from a peak in deliveries [11]. - New Town Holdings showed a recovery in net profit, with a 34% year-on-year increase in Q1 2025 [12].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The property management industry is experiencing a slowdown in growth, with a focus on improving project quality as companies exit low-margin projects and enhance service quality [5][8] - The REITs market is expected to continue expanding, driven by policy support and the attractiveness of high-dividend assets in a declining interest rate environment [7][8] Summary by Sections Property Management Industry Overview - As of the end of 2024, the property management industry in China managed a total area of 314.1 billion square meters, reflecting a year-on-year growth of 4% [5][16] - The average growth rate of managed area for the top 100 property management companies has decreased to 2%, indicating a trend of slowing expansion [16][21] Performance and Financials - Revenue growth for the top property management companies remains steady but has declined to single digits, with profitability under pressure due to increased competition and declining real estate sales [44][46] - The average cash on hand for sample companies remains robust, with a stable dividend payout ratio, indicating financial resilience [58][60] Development Opportunities in 2025 - The industry is expected to benefit from three main directions: enhancing service quality under the "Good House, Good Service" concept, leveraging AI for operational efficiency, and capitalizing on urban renewal opportunities driven by housing pension policies [6][8][89] REITs Market Trends - The REITs market has shown significant structural differentiation, with anti-cyclical sectors performing well while cyclical sectors face challenges. Future growth is anticipated in areas supported by policy, such as elderly care and new infrastructure [7][8][20]

招商局积余产业运营服务股份有限公司 章 程 （2025 年 5 月 15 日经 2025 年第二次临时股东大会审议通过） | | | | 第一章 总 则 1 | | | --- | --- | | 第二章 公司宗旨和经营范围 2 | | | 第三章 公司股份 2 | | | 第一节 股份发行 | 2 | | 第二节 股份增减和回购 | 3 | | 第三节 股份转让 | 4 | | 第四章 股东和股东大会 4 | | | 第一节 股东 | 4 | | 第二节 股东大会的一般规定 | 6 | | 第三节 股东大会的召集 | 9 | | 第四节 股东大会的通知 | 10 | | 第五节 股东大会提案 | 11 | | 第六节 股东大会的召开 | 11 | | 第七节 股东大会的表决及决议 | 13 | | 第五章 党委 16 | | | 第六章 董事和董事会 16 | | | 第一节 董事 | 16 | | 第二节 董事会 | 19 | | 第三节 董事会议事规则 | 23 | | 第七章 总经理及其他高级管理人员 24 | | | 第八章 监事和监事会 26 | | | 第一节 监事 | 26 | | 第二节 监 ...