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 4 日以电子邮件等方式发出召开第十届董事会第三十九次会议的通知。会 议于 2025 年 9 月 9 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 证券代码：001914 证券简称：招商积余 公告编号：2025-55 招商局积余产业运营服务股份有限公司 第十届董事会第三十九次会议决议公告 会议审议通过了《关于公司下属单位组织架构调整的议案》（10 票同意、0 票反对、0 票弃权）。 为满足公司战略及业务发展需要，助力高潜区域市场深耕，做大做强做优业 务，董事会同意对公司下属城市公司江苏公司、上海公司以及专业公司余味餐饮 （深圳）有限公司（以下简称"余味餐饮"）进行组织调 ...

Core Insights - The company,招商积余, has been actively expanding its market presence by securing multiple project bids across various sectors, including education, banking, and residential developments [1] Group 1: Project Wins - 招商积余 has recently won bids for 13 projects, which include educational institutions such as 中国人民大学 and 华南师范大学, as well as banking facilities like 中国建设银行 and 中国农业银行 [1] - The projects span diverse sectors, covering universities, parks, banks, office spaces, and residential areas, indicating a broad market engagement strategy [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - Shenzhen has followed Beijing and Shanghai in relaxing purchase restrictions, with a more significant impact expected compared to the latter cities [11]. - The overall performance of the real estate sector has lagged behind the broader market, with the Shenwan Real Estate Index down 1.5% this week, ranking 24th among 31 sectors [12]. - New home sales in 30 cities totaled 1.488 million square meters this week, reflecting a 17.9% decrease month-on-month and an 11.2% decrease year-on-year [23]. - The report emphasizes the importance of policy-driven changes in the real estate market, suggesting that the current policy environment is more robust than in previous cycles [4]. Summary by Sections Real Estate Development - Shenzhen's new policy has narrowed the scope of purchase restrictions, with only specific areas remaining under strict limits [11]. - The report anticipates that the marginal effects of Shenzhen's new policy will be more pronounced than those in Beijing and Shanghai [11]. Market Review - The Shenwan Real Estate Index has decreased by 1.5%, underperforming the CSI 300 Index by 0.67 percentage points [12]. - A total of 49 stocks in the real estate sector increased in value this week, while 62 stocks declined [12]. New Home and Second-Hand Home Transactions - New home sales in first-tier cities increased by 4.4% month-on-month, while second-tier cities saw a 23.3% decrease [23]. - Second-hand home transactions in 14 sample cities totaled 1.719 million square meters, with a year-on-year increase of 13.0% [34]. Credit Bonds - Eight credit bonds were issued by real estate companies this week, totaling 8.69 billion yuan, with a net financing amount of -1.24 billion yuan [42]. - The majority of bonds issued were rated AAA, indicating a strong credit quality among issuers [42]. Investment Recommendations - The report suggests focusing on real estate stocks due to the expected policy-driven recovery and the early-cycle nature of the real estate market [4]. - Recommended companies include major players in both A-shares and H-shares, as well as local state-owned enterprises and property management firms [4].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The relaxation of purchase restrictions in Shenzhen has led to a month-on-month increase in new home transactions, while year-on-year sales remain lower [1][8] - The report highlights that the real estate market is in a recovery phase, with ongoing policy support expected to bolster demand [8] - Key companies with strong financials and performance are recommended for investment, including Yuexiu Property, China Merchants Shekou, Poly Developments, and others [8] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 1.48%, underperforming the CSI 300 Index, which declined by 0.81% [5][13] 2. Industry Fundamentals - For the week of August 29 to September 4, new home sales in 38 monitored cities totaled 25,688 units, a year-on-year decrease of 10.4% but a month-on-month increase of 5.3% [6][21] - The total transaction area for new homes was 2.425 million square meters, with a year-on-year decrease of 17.7% and a month-on-month increase of 5.3% [6][21] - In the same period, second-hand home sales in 16 monitored cities reached 15,607 units, showing a year-on-year increase of 5% but a month-on-month decrease of 13.3% [6][38] 3. Land Market Analysis - Land supply for the week was 36.101 million square meters, a year-on-year increase of 29.3%, with an average price of 1,808 yuan per square meter [7] - Land transactions totaled 23.902 million square meters, with a year-on-year increase of 43% and a transaction value of 30.78 billion yuan, up 61.7% year-on-year [7] 4. Investment Recommendations - The report suggests focusing on financially stable leading real estate companies that can effectively navigate market fluctuations, as well as property management firms that may see performance recovery [8]

Group 1 - The core viewpoint of the article highlights that global central bank gold reserves have surpassed U.S. Treasury holdings for the first time in 29 years, indicating a potential shift in the dominance of the U.S. dollar [1] - The report from Guosen Securities on September 7 indicates that the net profit attributable to the parent company of China Merchants Jinling (001914.SZ) increased by 9% [1] - The asset management business of China Merchants Jinling is showing steady growth [1] Group 2 - There are risks associated with the real estate development sector potentially declining beyond expectations [1] - The growth in the area managed by the company may not meet expectations [1] - There is a concern regarding the gross margin potentially declining more than anticipated [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved a 9% growth in net profit, with a revenue of 9.11 billion yuan in the first half of 2025, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 470 million yuan, up 8.9% year-on-year [1][7]. - The property management segment generated 8.8 billion yuan in revenue, a 16.8% increase year-on-year, driven by growth in existing projects, new project conversions, and value-added services from specialized companies [1][7]. - The gross margin for basic property management improved, with revenue of 6.85 billion yuan and a gross margin increase of 0.61 percentage points to 11.56% [1][13]. - The company signed new annual contracts worth 1.764 billion yuan in the first half of 2025, with third-party projects contributing 1.592 billion yuan, of which large projects accounted for 58% [2][14]. - The asset management business showed steady growth, with 72 commercial projects under management and a 10.3% year-on-year increase in concentrated commercial sales [2][14]. Financial Projections - The company is projected to achieve revenues of 19 billion yuan and 20.8 billion yuan in 2025 and 2026, respectively, with net profits of 920 million yuan and 1.02 billion yuan [3][17]. - Earnings per share (EPS) are expected to be 0.87 yuan and 0.96 yuan for 2025 and 2026, with corresponding price-to-earnings (PE) ratios of 13.9 and 12.5 [3][17]. - The overall gross margin for property management remained stable, while the gross margin for basic property management continued to improve [1][13].

Core Insights - The company achieved a revenue of 9.11 billion yuan in the first half of 2025, representing a year-on-year growth of 16.2%, with a net profit attributable to shareholders of 470 million yuan, up 8.9% year-on-year [1] - The property management segment generated revenue of 8.8 billion yuan, growing 16.8% year-on-year, driven by existing project growth and new project contributions [1] - The asset management segment reported revenue of 310 million yuan, a 5.9% increase year-on-year, attributed to an increase in managed commercial projects [1] Revenue Breakdown - The basic property management business achieved revenue of 6.85 billion yuan, with a gross margin improvement of 0.61 percentage points to 11.56% [1] - Platform value-added services generated revenue of 230 million yuan, with a gross margin increase of 1.08 percentage points to 10.99% [1] - Professional value-added services reported revenue of 1.72 billion yuan, with a gross margin decrease of 3.1 percentage points to 8.03% [1] Market Expansion - The company signed new annual contracts worth 1.764 billion yuan in the first half of 2025, with third-party projects contributing 1.592 billion yuan, of which large projects accounted for 58% [2] - As of mid-2025, the company managed 2,370 projects covering an area of 368 million square meters, with 130 million square meters from the parent company [2] Asset Management Performance - The company managed 72 commercial projects as of mid-2025, with a year-on-year increase of 10.3% in concentrated commercial sales [2] - The total leasable area held by the company was 469,000 square meters, with an overall occupancy rate of 93%, indicating stable performance [2]

Market Overview - On September 5, the real estate service sector rose by 1.31% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Huangting International (000056) closed at 68.7, up 4.33% with a trading volume of 850,000 shares [1] - Ningbo Fuda (600724) closed at 5.33, up 3.90% with a trading volume of 384,700 shares [1] - Pearl River Shares (600684) closed at 5.35, up 2.10% with a trading volume of 810,100 shares [1] - Te Fa Service (300917) closed at 46.02, up 2.06% with a trading volume of 56,200 shares [1] - Zhongtian Service (002188) closed at 5.51, up 2.04% with a trading volume of 160,100 shares [1] - Wo Ai Wo Jia (000560) closed at 2.97, up 1.37% with a trading volume of 750,300 shares [1] - Shilian Hang (002285) closed at 2.40, up 1.27% with a trading volume of 442,800 shares [1] - ST Mingcheng (600136) closed at 1.87, up 1.08% with a trading volume of 76,400 shares [1] - New Dazheng (002968) closed at 10.51, up 0.38% with a trading volume of 37,200 shares [1] - China Merchants Jiyu (001914) closed at 11.92, down 0.75% with a trading volume of 94,500 shares [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 58.44 million yuan from institutional investors, while retail investors experienced a net outflow of 80.47 million yuan [2][3] - Major stocks with significant net inflows include: - Wo Ai Wo Jia (000560) with a net inflow of 31.44 million yuan [3] - Ningbo Fuda (600724) with a net inflow of 20.89 million yuan [3] - Te Fa Service (300917) with a net inflow of 20.46 million yuan [3] - Shilian Hang (002285) with a net inflow of 14.66 million yuan [3] - Notable stocks with net outflows include: - South City Property (603506) with a net outflow of 6.80 million yuan [3] - China Merchants Jiyu (001914) with a net outflow of 13.71 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - In August 2025, the top 10 real estate companies saw a month-on-month sales increase of 12%, while year-on-year sales decreased by 3%. The top 100 companies experienced a year-on-year sales decline of 19% [1][2] - The report highlights a significant divergence in sales performance among companies, with some showing positive growth while others face substantial declines [4][5] - The outlook for 2025 suggests that ongoing real estate policies will lead to regional and urban differentiation, with high-energy core cities likely to benefit from urban renewal initiatives [4][66] Summary by Sections Sales Performance - In August 2025, the top 10 companies had total sales of 119.7 billion yuan, with a year-on-year decrease of 3.1% and a month-on-month increase of 11.6% [1] - For the first eight months of 2025, total sales for the top 10 companies reached 1.08 trillion yuan, reflecting a year-on-year decline of 13.1% [1][2] - The top 100 companies reported total sales of 220.2 billion yuan in August 2025, with a year-on-year decline of 19.2% [35] Company Performance - Among the top 50 companies, 46 reported an average year-on-year sales increase of 24.8% in August 2025, but the median was a decline of 29.7% [3][42] - In the first eight months of 2025, only three out of the top 20 companies reported positive cumulative sales growth, with China Jinmao leading at 26% [61][66] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales growth, such as Poly Developments, China Jinmao, and China Overseas Development [5][67] - It also highlights the potential of companies with rich existing resources and operational brand strength, recommending China Resources Land and Shanghai Lingang [5][67] - The long-term growth potential of the property service industry is emphasized, with recommendations for companies like China Merchants Shekou and Greentown Service [5][67]

Core Points - The company,招商积余, announced the progress of its share repurchase plan on September 3, 2023 [1] - As of August 31, 2025, the company has repurchased a total of 1.4258 million shares, accounting for 0.134% of its total share capital [1] - The highest transaction price for the repurchased shares was 11.61 RMB per share, while the lowest was 10.44 RMB per share, with a total expenditure of 15.8569 million RMB including transaction fees [1] Company Actions - The company held its 25th meeting of the 10th Board of Directors on October 16, 2024, and the third extraordinary general meeting of shareholders on November 28, 2024, to approve the share repurchase plan [1] - The approved plan allows the company to repurchase shares using its own or raised funds through the Shenzhen Stock Exchange, with the repurchased shares intended for cancellation and reduction of registered capital [1] - The repurchase price is capped at 14.90 RMB per share, with a total repurchase fund ranging from 78 million RMB to 156 million RMB, and the repurchase period is set for 12 months from the approval date [1]