招商局积余产业运营服务股份有限公司 章 程 （修订稿） | 第一章 | 总 则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 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 | 股东和股东会 4 | | | 第一节 | 股东的一般规定 4 | | | 第二节 | 控股股东和实际控制人 6 | | | 第三节 | 股东会的一般规定 7 | | | 第四节 | 股东会的召集 10 | | | 第五节 | 股东会的通知 | 11 | | 第六节 | 股东会的提案 12 | | | 第七节 | 股东会的召开 12 | | | 第八节 | 股东会的表决及决议 14 | | | 第五章 | 党委 | 17 | | 第六章 | 董事和董事会 18 | | | 第一节 | 董事的一般规定 18 | | | 第二节 | 董事会 20 | | | 第三节 | 独立董事 23 | | | 第四节 | 董事会专门委员会 24 | | | 第七章 | 高级管理人员 ...

招商局积余产业运营服务股份有限公司 《公司章程》修订对照表 | 修订前 | 修订后 | | --- | --- | | 第一条 为了维护公司、股东和债权人的合法 | 第一条 为了维护招商局积余产业运营服务股 | | 权益，规范公司的组织和行为，遵守国家法律、法 | 份有限公司（以下简称"公司"）、股东、职工和 | | 规，坚持依法治企、合规经营，加强法治建设，提 | 债权人的合法权益，规范公司的组织和行为，遵守 | | 高依法治企管理水平，根据《中华人民共和国公司 | 国家法律、法规，坚持依法治企、合规经营，加强 | | 法》（以下简称《公司法》）、《中国共产党章程》 | 法治建设，提高依法治企管理水平，根据《中华人 | | 和国家其他有关规定，制订本章程。 | 民共和国公司法》（以下简称《公司法》）、《中 | | | 华人民共和国证券法》（以下简称《证券法》）、 | | | 《中国共产党章程》和其他有关规定，制定本章程。 | | 第二条 公司系依照《深圳经济特区股份有限 | 第二条 公司系依照《深圳经济特区股份有限 | | 公司条例》《深圳经济特区企业集团暂行规定》和 | 公司条例》《深圳经济特区企业集团暂 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-57 招商局积余产业运营服务股份有限公司 关于召开 2025 年第三次临时股东大会的通知 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。 一、召开会议的基本情况 1、股东大会届次：2025年第三次临时股东大会 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9月28日，公司第十届董事会第四十次会 议审议通过了《关于召开2025年第三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、会议召开的日期、时间： 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10月21 日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统投 票的时间为2025年10月21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； （1）现场会 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-56 招商局积余产业运营服务股份有限公司 第十届董事会第四十次会议决议公告 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 9 月 25 日以电子邮件等方式发出召开第十届董事会第四十次会议的通知。会 议于 2025 年 9 月 28 日以通讯表决的方式召开，应出席会议董事 10 人，实际出 席会议董事 10 人，分别为吕斌、刘晔、陈智恒、赵肖、李朝晖、杨蕾、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《关于董事会审核委员会更名的议案》（10 票同意、0 票反对、0 票弃权）。 根据最新修订的《中华人民共和国公司法》《上市公司章程指引》《深圳证 券交易所股票上市规则》等法律法规的要求，结合公司实际情况，董事会同意将 下设"审核委员会"更名为 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline and promoting recovery [3][4]. - The report highlights significant policy support, including over 1.6 trillion yuan allocated for three major projects to stabilize the real estate market and support the delivery of nearly 20 million housing units [31][32]. - The report emphasizes the emergence of a new development track driven by favorable housing policies, which will enhance the penetration of quality housing in core cities [3][4]. Industry Data Summary New Housing Transactions - For the week of September 20-26, 2025, new housing transactions in 34 key cities totaled 2.458 million square meters, a week-on-week increase of 17.2%. The transaction volume in first and second-tier cities rose by 15.4%, while third and fourth-tier cities saw a significant increase of 43.8% [4][12]. - In September, the total transaction volume for new homes in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transactions - For the week of September 20-26, 2025, second-hand housing transactions in 13 key cities totaled 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September transactions were up 21.2% year-on-year [12][13]. Inventory and Supply - In the week of September 20-26, 2025, 15 key cities launched 1.48 million square meters of new housing, with a transaction volume of 950,000 square meters, resulting in a transaction-to-launch ratio of 0.64. The total available residential area in these cities was 90.309 million square meters, a week-on-week increase of 0.6% [21][22]. Policy and News Tracking - The report notes that various local governments are implementing policies to stabilize the real estate market, including subsidies for home purchases and regulations to improve housing quality [31][32]. - Shanghai has introduced new regulations to standardize balcony measurements and support the renovation of old residential areas [31][32]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue corporate bonds not exceeding 150 billion yuan [38][39]. - The report tracks significant financing activities, including guarantees provided by major companies for their subsidiaries [38][39].

Summary of the Conference Call for 招商积余 Company Overview - **Company**: 招商积余 - **Date**: September 24, 2025 Key Points Industry and Company Performance - **Revenue Growth**: In the first half of 2025, 招商积余 reported revenue of 9.107 billion yuan, a year-on-year increase of 16.17% [3] - **Net Profit**: The net profit attributable to shareholders was 474 million yuan, reflecting an 8.9% year-on-year growth [3] - **Accounts Receivable Management**: The accounts receivable balance decreased by 10.13% to 3.753 billion yuan, indicating effective management [2][3] Cost Management and Profitability - **Gross Margin Improvement**: The gross margin for the basic property management segment increased to 11.56%, up by 0.61 percentage points year-on-year [2][3] - **Cost Reduction Strategies**: The company implemented centralized procurement and established a cost committee to oversee purchasing, which helped in lowering costs [2][6] - **Debt Management**: Interest-bearing debt decreased from 833 million yuan to 691 million yuan, with financing costs maintained between 1.95% and 2.40% [4][3] Market Expansion and Contract Growth - **Residential Market Contracts**: New annual contract value in the residential market grew by 23% to 208 million yuan, driven by enhanced market competitiveness and targeted initiatives [2][7] - **Non-Residential Projects**: The company is focusing on expanding non-residential projects, although growth in residential contracts is limited [12] Project Management and Operational Efficiency - **Loss Project Management**: 招商积余 employs detailed management for loss-making projects, including setting improvement timelines and considering termination for unmanageable projects [8] - **Customer Relationship Management**: The company enhances customer satisfaction through tailored management strategies, improving collection rates [5][9] Future Outlook and Challenges - **Market Competition**: The company faces intense competition, particularly in non-residential sectors, which may pressure profit margins [10] - **Social Security Policy Impact**: Changes in social security policies have minimal immediate impact on the company, but potential cost transfer risks from suppliers are being monitored [4][13][16] - **Dividend Policy**: The company is cautious about increasing dividends due to existing debt levels, with a focus on further reducing liabilities before making dividend decisions [17][18] Additional Considerations - **Share Buyback Status**: The share buyback plan is still in progress and is expected to be completed within the designated timeframe [19] This summary encapsulates the key insights from the conference call, highlighting 招商积余's performance, strategies, and outlook in the current market environment.

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas have shown a month-on-month increase, while real estate development investment has decreased year-on-year from January to August 2025 [3] - The report highlights that the decline in housing prices has been consistent since 2022, with a significant drop in both new and second-hand housing prices across 70 cities, although the rate of decline has started to narrow due to supportive policies [5][16] - It emphasizes that the relationship between population growth and housing prices is not straightforward, as effective housing demand driven by economic development and income growth is crucial for influencing prices [5][25] Summary by Sections Industry Overview - The real estate market has entered a downward trend since 2022, with new and second-hand housing prices experiencing a decline for over 40 months [5][16] - As of August 2025, the new housing price index across 70 cities has decreased by 3.0% year-on-year, while the second-hand housing price index has dropped by 5.5% [16][20] Population Impact - The report concludes that population factors are long-term variables with limited mid-term impact on housing prices, as the marginal changes in housing prices are influenced more by monetary policy, supply-demand relationships, and economic expectations [25][39] - A regression analysis across several developed countries shows that housing price indices do not have a significant correlation with population growth rates [40][42] International Experience - The report draws parallels with international experiences, noting that stable fiscal and monetary policies are essential for stabilizing housing prices after declines [6][46] - It cites examples from the U.S., Japan, and South Korea, where coordinated fiscal and monetary policies have successfully supported housing market recovery after significant downturns [46][49] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and solid fundamentals in urban areas, such as China Overseas Development and Poly Developments [7] - It also suggests that companies excelling in both residential and commercial real estate, as well as those providing high-quality property management services, are well-positioned for growth [7]

Group 1 - The core viewpoint is that the impact of mid-term population changes on housing prices in developed countries/regions is limited, as there is no significant positive correlation between housing price indices and population growth rates or numbers [1] - From 2022, housing prices in 70 cities have entered a downward trend, with a widening decline expected in Q3 2024, although the year-on-year decline has narrowed since Q4 due to supportive policies [1] - The current adjustment cycle in the housing market has seen both new and second-hand housing price indices decline for over 40 months [1] Group 2 - Historical data shows that housing prices in developed countries/regions have experienced fluctuations since the 1980s, with price corrections often exceeding those in China, but eventually stabilizing [2] - Key factors for stabilizing and recovering housing prices include coordinated fiscal and monetary policies, such as large-scale quantitative easing, interest rate cuts, and fiscal subsidies [2] - A stable policy outlook, low interest rate environment, and improved supply-demand structure are crucial for halting the decline and stabilizing the real estate market [2] Group 3 - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population dynamics [3] - Recommended investment targets include strong credit property companies with good urban fundamentals and leading product capabilities, as well as firms that can drive both residential and commercial real estate [3] - The increasing penetration rate of second-hand housing indicates a promising outlook for the real estate after-service sector [3]

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Market Overview - On September 19, the real estate service sector rose by 0.34% compared to the previous trading day, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - TeFa Service (300917) closed at 47.35, up 3.02% with a trading volume of 117,800 shares and a transaction value of 5.47 billion [1] - Other notable stocks include: - China Merchants Jin Yu (001914) closed at 11.90, up 1.71% [1] - Pearl River Shares (600684) closed at 6.28, up 0.80% [1] - I Love My Home (000560) closed at 3.10, up 0.32% [1] - NanDu Property (603506) closed at 14.24, down 0.21% [1] - Ningbo Fuda (600724) closed at 4.94, down 0.60% [1] - World Union (002285) closed at 2.55, down 1.16% [1] - Zhongtian Service (002188) closed at 5.62, down 1.40% [1] - ST Ming Cheng (600136) closed at 1.87, down 1.58% [1] - Huangting International (000056) closed at 2.88, down 4.64% [1] Capital Flow - The real estate service sector experienced a net outflow of 70.44 million from institutional investors and 19.52 million from retail investors, while retail investors saw a net inflow of 89.96 million [1] - Detailed capital flow for selected stocks includes: - I Love My Home (000560) saw a net inflow of 8.13 million from institutional investors [2] - World Union (002285) had a net inflow of 3.23 million from retail investors [2] - ST Ming Cheng (600136) experienced a significant net outflow of 6.51 million from institutional investors [2] - Huangting International (000056) had a net inflow of 29.70 million from retail investors despite a net outflow from institutional and speculative investors [2]