证券代码：001914 证券简称：招商积余 公告编号：2025-47 招商局积余产业运营服务股份有限公司 2024 年度股东大会决议公告 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。 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。 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 （一）会议召开情况 1、现场会议时间：2025 年 6 月 17 日下午 2:30 2、网络投票时间：2025 年 6 月 17 日 3、股权登记日：2025 年 6 月 10 日 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 15 楼多功能厅 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：公司董事长吕斌先生 8、本次会议的召集、召开程序及表决方式符合有关法律、行政法规、部门规章 ...

Meeting Overview - The shareholder meeting of China Merchants Jin Yu Industrial Operation Service Co., Ltd. was held on June 17, 2025, with a total of 741,344,555 shares represented, accounting for 70.0095% of the total voting shares [1] - A total of 191 shareholders represented 78,755,201 shares, which is 7.4373% of the voting shares [1] Resolutions Passed - The following resolutions were approved during the meeting: - The 2024 Board of Directors Work Report was approved with 740,847,355 votes in favor (99.9329%) [2] - The 2024 Supervisory Board Work Report was approved with 740,846,355 votes in favor (99.9328%) [3] - The 2024 Financial Settlement Report was approved with 740,849,255 votes in favor (99.9332%) [4] - The 2024 Profit Distribution Plan was approved with 740,936,755 votes in favor (99.9450%) [5] - The 2024 Annual Report and its summary were approved with 740,857,255 votes in favor (99.9343%) [6] - The proposal to provide guarantee limits for subsidiaries was approved with 740,917,755 votes in favor (99.9424%) [7] - The proposal to reappoint the accounting firm was approved with 740,852,855 votes in favor (99.9337%) [8] - The proposal for liability insurance for directors, supervisors, and senior management was approved with 740,834,955 votes in favor (99.9313%) [9] - The proposal to supplement the Board of Directors was approved with 740,929,755 votes in favor (99.9440%) [10] - The proposal to renew the financial service agreement with China Merchants Group was approved with 195,058,491 votes in favor (98.0824%) [11] Legal Compliance - The meeting was attended by lawyers from Guangdong Xinda Law Firm, who confirmed that the meeting's procedures complied with relevant laws and regulations, ensuring the legality of the meeting and the validity of the voting results [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [6]. Core Insights - The recent State Council meeting emphasized the importance of constructing a new development model for real estate to promote stable, healthy, and high-quality market growth. The focus is on long-term strategies, maintaining stability while progressing, and establishing foundational systems in an orderly manner [4][8]. - The term "stop the decline and stabilize" has been reiterated, suggesting that further supportive policies may be introduced to enhance market stability. This reflects the central government's ongoing commitment to stabilizing housing prices and addressing the current market challenges [6]. - The "Good Housing" initiative is gaining traction, with increased support from various provinces and a shift in policy focus from mere housing availability to creating livable environments. This initiative is expected to accelerate development and improve the quality of housing [6][8]. Summary by Sections Policy Insights - The report highlights the need for a comprehensive approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market. This includes a thorough assessment of existing land and ongoing projects to refine current policies [4][6]. - The new development model aims to be a long-term mechanism rather than a short-term fix, with an emphasis on gradual implementation and avoiding abrupt changes in policy [6][8]. Market Analysis - The report notes that while transaction volumes in the primary and secondary housing markets have stabilized over the past three years, price and volume have not entered a positive cycle as expected. Therefore, it is deemed necessary to enhance policy support [6]. - The anticipated new round of supportive policies may include measures such as mortgage rate reductions, increased "Good Housing" initiatives, and optimized land storage policies, which are expected to benefit quality real estate companies [6][8]. Investment Recommendations - The report recommends focusing on quality real estate companies that are likely to lead the market recovery, including firms like China Resources Land, China Overseas Land & Investment, and Poly Developments. It also suggests monitoring second-hand housing intermediaries and property management companies for potential investment opportunities [6][11][12].

证券代码：001914 证券简称：招商积余 公告编号：2025-46 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5月 27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2024年度股东大会的通知》。公司2024年度股东大会将通 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2024年度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：2024年度股东大会 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5月26日，公司第十届董事会第三十 七次会议审议通过了《关于召开2024年度股东大会的议案》。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： （1）现场会议时间：2025年 ...

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

证券代码：001914 证券简称：招商积余 公告编号：2025-45 招商局积余产业运营服务股份有限公司 关于回购公司股份的进展公告 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2024年10月 16日召开第十届董事会第二十五次会议，于2024年11月28日召开2024年第三次临 时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司以自有资金或自筹资金通过深圳证券交易所系统以集中竞价交易方式 回购公司股份，回购的股份全部用于注销并减少注册资本，回购股份价格不超过 人民币14.90元/股，回购资金总额不低于人民币0.78亿元且不超过人民币1.56亿元， 回购期限自股东大会审议通过本次回购方案之日起12个月内。具体内容详见公司 披露在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 1 关规定。具体说明如下： 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 公司已与 ...

Investment Rating - Investment advice: Positive on the long-term value of the property sector, recommending Onewo, China Resources Mixc Lifestyle Services, China Overseas Property Holdings, Poly Property Services, China Merchants Property Operation & Service, ChongQing New DaZheng Property Group [3][91]. Core Insights - The property management industry is facing profit challenges due to multiple adverse factors, leading to a phenomenon of "revenue growth without profit growth" since 2022. Key issues include pressure from parent companies, weakened real estate development investment, weak ability to increase property fees, and significant asset impairment [4][92]. - The industry is shifting from capital logic to operational logic, focusing on cash flows and returning to cyclical business characteristics, emphasizing basic property services [4][93]. - There are new opportunities in long-term revenue and cost management, with China's property fee burden being significantly lower than that of the US and Japan, indicating potential for growth [5][94]. Summary by Sections 1. Industry Challenges - The property management sector is experiencing a profit crisis due to several overlapping adverse factors, including downward pressure from parent companies and a decline in new project scales [4][10]. - The phenomenon of "revenue growth without profit growth" has become prominent among top property companies since 2022, with revenue growth slowing while gross and net profits have shown negative growth [17][92]. 2. Operational Focus - The industry is transitioning to an operational focus, emphasizing cash flow and basic property services, moving away from high-valuation mergers and acquisitions [4][93]. - Companies are optimizing their operational capabilities and focusing on core business models to enhance profitability [38][40]. 3. Market Dynamics - The competitive landscape is stabilizing, with leading companies solidifying their positions. The market is expected to see continued demand for property management services, particularly in non-residential sectors [5][94]. - The introduction of technology and robotics is anticipated to reduce costs and improve service models, providing new growth avenues [66][70]. 4. Financial Performance - The property management business is characterized by low profit margins, with gross margins around 15% and net margins declining, indicating a return to a cash flow-centric business model [50][47]. - The cash flow stability of property management contracts, typically lasting 3-5 years, enhances companies' resilience against market fluctuations [77][78]. 5. Future Outlook - The long-term outlook for the property sector remains positive, with potential for growth in service consumption and technological advancements driving efficiency [60][61]. - The sector is expected to maintain a robust business model, focusing on high cash generation and sustainable growth strategies [94][81].

Group 1 - The core viewpoint of the report indicates that the real estate market in China is stabilizing and undergoing transformation, with policies implemented since September 2024 showing positive effects on market recovery [1][2][3] - The report highlights that the adjustment period for housing prices has been significant, with new and second-hand housing prices decreasing by 10.1% and 17.4% respectively as of April 2025, marking a nearly four-year adjustment cycle [2][15] - The report emphasizes that the burden of home purchasing for residents is at a 20-year low, which is a positive factor for market stabilization [2][28] Group 2 - The policy environment is entering a phase of effect verification, with a series of measures aimed at stabilizing the real estate market, including urban village renovations and financial support [3][39] - The market is experiencing a recovery process characterized by differentiation, with new home sales showing a weak recovery trend and second-hand home transactions performing better due to price adjustments [4][40] - The report suggests that investment opportunities lie in the commercial real estate and property management sectors, recommending "three good" real estate stocks and companies with stable performance [5][10] Group 3 - The report identifies that the land market is seeing a moderate recovery in transaction volumes, with a 28% year-on-year increase in transaction value for residential land in the first four months of 2025 [4][43] - It notes that the concentration of land acquisition among leading real estate companies has reached a high level, indicating a shift in market dynamics [4][39] - The report forecasts a decline in new construction area, completion area, and real estate investment by 20%, 18%, and 8% respectively for the year 2025 [4][5]

Group 1 - Sunac China has received support from approximately 82% of its bondholders for its offshore debt restructuring plan, which totals around $9.55 billion, with about 64% of creditors submitting support letters [1] - The company expressed gratitude to the bondholders and invited remaining creditors to join the restructuring support agreement, offering a 0.5% consent fee on the total debt principal for those who join by June 6 [1] - This indicates a high level of acceptance for Sunac's "full debt-to-equity" proposal, which aims to mitigate debt risks [1] Group 2 - China Merchants Jiyu has renewed its financial services agreement with China Merchants Finance for three years, covering services such as deposits, settlements, credit, and foreign exchange [2] - The agreement limits the daily end-of-day deposit balance to no more than 1 billion yuan and the maximum outstanding loan balance to 2 billion yuan [2] - This renewal strengthens the company's short-term financial safety net but highlights the need for a balance between internal resource reliance and market financing capabilities for long-term competitive advantage [2] Group 3 - Country Garden's hearing has been postponed to August 11, 2025, as approved by the Hong Kong High Court, allowing the company to continue working with creditors on its proposed restructuring [3] - The core challenge for Country Garden lies in the successful implementation of its debt restructuring plan and whether operational recovery can support long-term debt repayment capabilities [3] - A successful restructuring could significantly improve market expectations for the company, although uncertainties remain in the short term due to potential disagreements and policy delays [3] Group 4 - Sunshine 100 China Holdings announced that Le Sheng Holdings is no longer its controlling shareholder after Haitong Securities sold 521 million shares, representing approximately 20.43% of the company's issued share capital [4] - Following the sale, Le Sheng still holds 563 million shares but has lost its controlling status and does not control or hold 30% or more of the voting rights [4] - This situation may lead to risks associated with the dispersion of company control and could impact governance stability, while also creating opportunities for strategic investors [4] Group 5 - Shanghai Urban Renewal Company has acquired a residential land parcel in Pudong for 8.54 billion yuan, with a floor price of approximately 70,300 yuan per square meter [5] - The land covers an area of 41,900 square meters with a plot ratio of 2.9, allowing for a total construction area of 121,500 square meters, without requirements for affordable or rental housing [5] - This acquisition reinforces the state-owned platform's leading role in urban renewal and may accelerate industry differentiation, favoring companies with financial and government collaboration advantages [5]