广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 518038 电话(Tel.)：(0755) 8826 5288 传真(Fax.)：(0755) 8826 5537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于招商局积余产业运营服务股份有限公司 2025 年第二次临时股东大会的 法律意见书 信达会字[2025]第 109 号 致：招商局积余产业运营服务股份有限公司 广东信达律师事务所（以下简称"信达"）接受招商局积余产业运营服务股 份有限公司（以下简称"贵公司"）的委托，指派律师参加了贵公司 2025 年第 二次临时股东大会（以下简称"本次股东大会"），并进行了必要的验证工作。 信达律师根据《中华人民共和国公司法》（下称"《公司法》"）、《中华 人民共和国证券法》（下称"《证券法》"）、《上市 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-40 招商局积余产业运营服务股份有限公司 2025 年第二次临时股东大会决议公告 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）会议召开情况 1、现场会议时间：2025 年 5 月 15 日 14:30 2、网络投票时间：2025 年 5 月 15 日 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5月15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5月15日 9:15-15:00期间的任意时间。 3、股权登记日：2025 年 5 月 8 日 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 4、会议地点：深圳市南山区蛇口太子湾邮轮大道招商积余大厦 15A1 会议室 5、会议召开方式：现场投票与网络投票表决相结合 6、召集人：公司董事会 7、主持人：公司董事李朝晖先生（董事长吕斌先生因工作安排原因未能出席会议， 经全体董事推选） 8、 ...

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The current evolution of the housing sales system in China is expected to progress gradually, with a focus on pilot programs starting in lower-tier cities. The emphasis is on stabilizing the market through incremental policies rather than abrupt changes [4][5]. - The discussions surrounding the housing sales system have shifted from short-term measures aimed at cooling the market to long-term reforms aimed at establishing a new development model for the real estate sector [3][4]. - The report highlights the importance of supportive policies to ensure the successful implementation of the housing sales system, particularly in the context of stabilizing the market [5]. Summary by Sections Housing Sales System Evolution - The housing sales system is being pushed forward with pilot programs, particularly in lower-tier cities, to minimize market disruption [4]. - The focus is on new land sales being tied to immediate housing sales, with existing projects facing stricter pre-sale regulations [2][3]. Market Stability and Policy Support - The report emphasizes the need for additional policies to stabilize the market and support the "stop the decline and stabilize" goal [5]. - It suggests that the real estate sector is currently in a phase where more incremental and supportive measures are necessary to ensure a smooth transition to the new sales system [4][5]. Recommended Companies - The report recommends several companies for investment, including: - A-share developers: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9][11]. - Hong Kong-listed developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9][11]. - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, China Merchants Jinling, Poly Property, and Binjiang Service [9][11]. Financial Performance and Projections - The report provides financial forecasts for the recommended companies, indicating expected earnings per share (EPS) growth and target prices for each [12][13][14]. - For instance, Chengdu Investment Holdings is projected to have an EPS of 0.23 in 2025, with a target price of 6.34 [12]. Conclusion - The report concludes that while the housing sales system is evolving, the focus should remain on stabilizing the market through supportive policies and careful implementation of new regulations [5].

招商积余 20250509 摘要 • 招商积余一季度营收同比增长 17.95%，利润率与去年同期基本持平，新 签物业管理合同额达 8.45 亿元，同比增加 6.83%，市场化业务合同额占 比提升 18 个百分点，显示出良好的增长势头。 • 公司聚焦广东和华东区域，尤其重视以深圳为核心的广东区域，因其项目 质量和现金流回收较好。通过城市公司分级管理（A、B、C 三级），优化 资源配置，提升整体运营效率。 • 招商积余的业务结构中，办公业态占比 40%，园区、公共、政府和学校业 态各占 15%、15%、10%和 10%。其中，超甲写字楼和综合总部中心等 高质量办公项目是业务重点。 • 公司通过总部集采降低采购成本，并实施项目拉齐和精细化管理，对齐甲 方服务标准，调整外包商标准，以稳定和优化毛利率。同时，进行机构整 合和人员优化，控制行政支出。 • 公司持续推进回购计划，已回购 142 万股，占总比例 0.134%。2024 年 分红率提升至 30.25%，并计划在逐步降低负债后，稳步提升分红水平， 以满足股东期望。 Q&A 招商积余在 2025 年第一季度的经营情况如何？ 2025 年第一季度，招商积余实现营业收 ...

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].

Summary of the Conference Call for 招商积余 Company Overview - 招商积余 reported a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89% and a net profit of 840 million yuan, up 14.24% [2][3] - In Q1 2025, the company achieved a revenue of 4.064 billion yuan, a year-on-year increase of 19.87%, and a net profit of 219 million yuan, growing 15.06% [2][3] Key Points Financial Performance - The property management business accounted for 97% of total revenue, with basic property management contributing 81% and value-added services 19% [3] - Non-residential properties have a significant market presence, with office space making up approximately 40% of the portfolio [3] Market Competition - The property management market is highly competitive, with over 30 competitors for contracts exceeding 100 million yuan [2][6] - The industry has shifted to a stock market competition phase, necessitating the need for companies to consolidate their advantages and form competitive barriers [6] Shareholder Support - The major shareholder emphasizes scale and efficiency, providing comprehensive support in business expansion, major client collaborations, and acquisition projects [4][5] Cash Flow and Debt Management - The company has a strong cash position, having repaid a significant amount of interest-bearing debt in 2024, with approximately 800 million yuan remaining [11] - The goal for 2025 is to gradually reduce interest-bearing debt while ensuring sufficient operational liquidity [11] Asset Optimization Strategy - 招商积余 is actively pursuing an asset optimization strategy, gradually selling off some investment properties to improve shareholder returns [3][12] Accounts Receivable Management - The company aims to maintain a good accounts receivable collection rate, which is a key performance indicator [10] - In 2024, accounts payable increased by approximately 800 million yuan, indicating a focus on managing cash flow effectively [10] Dividend Policy - The dividend payout ratio was increased in 2024, but remains relatively low due to historical issues and existing debt [13] - The company aims to enhance shareholder returns as debt structure improves and performance rises [13] Challenges in Fee Increases - Increasing property management fees for older projects is challenging and requires consensus from homeowners [14] - The company may consider exiting projects that cannot be profitably managed, while exploring value-added services to enhance profitability [14] Additional Insights - The company has signed 2,358 management projects covering an area of 370 million square meters, with new annual contract amounts reaching 845 million yuan in Q1 2025 [7] - Management expenses have increased due to year-end situations and cost reclassification, with a focus on cost control and efficiency improvements [9]

Core Viewpoint - The China Securities Index for Property Management and Services has shown significant growth, with a 5.44% increase over the past month, 10.37% over the past three months, and 9.13% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Property Management and Services (SHS Property, 931745) opened low but rose, currently at 364.50 points [1]. - The index reflects the overall performance of 30 listed companies involved in property management services, community value-added services, and non-owner value-added services from both mainland and Hong Kong markets [1]. Group 2: Index Composition - The top ten weighted companies in the index are: China Resources Vientiane Life (16.35%), Country Garden Services (14.23%), Wanwu Cloud (11.42%), Poly Property (10.06%), Greentown Services (6.54%), China Overseas Property (6.52%), China Merchants Jinling (4.9%), China National Foreign Trade (4.26%), Hualian Co. (4.26%), and Huitong Energy (3.73%) [1]. - The index's market composition shows that the Hong Kong Stock Exchange accounts for 75.58%, the Shenzhen Stock Exchange for 14.35%, and the Shanghai Stock Exchange for 10.07% [1]. Group 3: Industry Breakdown - The index's sample holdings indicate that real estate management constitutes 87.75% and real estate services 12.25% [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

证券代码：001914 证券简称：招商积余 公告编号：2025-39 招商局积余产业运营服务股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公 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。 招商局积余产业运营服务股份有限公司（以下简称"公司"）于2025年4月 25日在巨潮资讯网和《证券时报》《中国证券报》《上海证券报》《证券日报》 上刊登了《关于召开2025年第二次临时股东大会的通知》。公司2025年第二次 临时股东大会将通过深圳证券交易所交易系统和互联网投票系统向股东提供 网络形式的投票平台。为保护投资者合法权益，方便各位股东行使股东大会表 决权，现披露关于召开2025年第二次临时股东大会的提示性公告。 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：本公司董事会 3、会议召开的合法、合规性：2025年4月24日，公司第十届董事会第三十五次 会议审议通过了《关于召开2025年第二次临时股东大会的议案》。本次股东大会会 议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、会议 ...

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Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [6] Core Views - The gradual implementation of incremental policies is expected to consolidate the trend of the real estate market stabilizing after a decline [5] - The adjustment of housing provident fund loan rates and the combination of reserve requirement ratio cuts and interest rate reductions are anticipated to open up space for commercial loan rate reductions [2] - The reduction in structural monetary policy tool rates is expected to lower the cost of funds for urban village renovations and stock housing acquisitions [3] - The report emphasizes the importance of financing system reforms and the inclusion of REITs in the stock connect program to support the real estate sector [4] Summary by Sections Incremental Policies - The central bank and financial regulatory authorities announced a package of financial policies aimed at the real estate sector, including interest rate cuts and reforms in real estate financing [1] - The expected implementation of these policies is likely to support the stabilization of the real estate market [5] Loan Rate Adjustments - The housing provident fund loan rate was reduced by 0.25 percentage points, saving residents over 20 billion yuan annually [2] - The commercial bank housing loan rates are expected to decline as a result of these adjustments [2] Structural Monetary Policy - All structural monetary policy tool rates were lowered by 0.25 percentage points, which is expected to reduce funding costs for urban village renovations and stock housing acquisitions [3] Financing Reforms - The report highlights the acceleration of financing system reforms that align with new real estate development models, aiming to stabilize real estate financing and meet housing demand [4] Investment Recommendations - The report recommends focusing on core cities, particularly first-tier cities, and companies with strong resources and credit ratings, emphasizing the "three good" logic: good credit, good cities, and good products [5] - Specific stock recommendations include: - A-share developers: Chengdu Investment Holdings, Urban Construction Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Holdings [9] - Hong Kong developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [9] - Property management companies: China Resources Vientiane Life, Greentown Service, China Overseas Property, China Merchants Jiyu, Poly Property, Binjiang Service [9]