Equity – Asia Research Presentation：业务循环强，现金创造佳 Robust Business Cycle, Strong Cash Generation 涂力磊Lilei Tu lilei.tu@htisec.com 周林泓Amber Zhou amber.lh.zhou@htisec.com 4 Jun 2025 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) 投资要点 投资建议：看好物业板块的长期价值。 关注万物云、华润万象生活、中海物业、保利物业、招商积余、新大正。 物业管理做的是永续经营的生意，在近几年不利因素多重叠加的背景下，行业陷入利润困境。 2022年以来，物企"增收不增利"的现象凸显，主要因为 ...

Group 1 - The board of directors of the company held its 37th meeting on May 26, 2025, with all 9 directors present, confirming the legality and validity of the resolutions made [1] - The board approved the proposal to add Yang Lei as a candidate for the board of directors, pending election at the upcoming shareholders' meeting [2] - The board also approved the adjustment of the special committee members of the board, allowing Yang Lei to join the Strategic and Sustainable Development Committee, Audit Committee, and Nomination and Remuneration Committee upon her election [2] Group 2 - The board agreed to renew the Financial Services Agreement with China Merchants Group Finance Co., Ltd. for three years, which will replace the previous agreement signed in September 2022 [3] - The new agreement stipulates that the company's daily deposit balance with the finance company shall not exceed RMB 1 billion, and the maximum outstanding loan balance shall not exceed RMB 2 billion [3] - A risk disposal plan has been established to ensure the safety and liquidity of the company's deposits and loans with the finance company [3][4] Group 3 - The board approved a risk assessment report regarding the finance company, confirming its operational qualifications and risk status [4][5] - The finance services transaction is classified as a related party transaction due to the common control by China Merchants Group [5] - The board also agreed to convene the 2024 annual shareholders' meeting on June 17, 2025 [5][6]

证券代码：001914 证券简称：招商积余 公告编号：2025-42 招商局积余产业运营服务股份有限公司 关于变更董事并调整董事会专门委员会成员的公告 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、关于公司董事辞职的情况 委员、审核委员会委员、提名和薪酬委员会委员，任期自股东大会审议通过之日 起至第十届董事会届满之日止。调整后情况如下： 1、董事会战略与可持续发展委员会 委员：吕斌、刘晔、陈智恒、赵肖、杨蕾、许遵武 主席：吕斌 近日，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 会收到章松新先生的书面辞职报告，章松新先生因年龄原因辞去公司董事及董 事会下设专门委员会相关职务，辞职后不再担任公司任何职务。 根据《公司法》及《公司章程》的有关规定，章松新先生的辞职不会导致 公司董事会成员低于法定最低人数，不会对公司董事会运作和公司正常经营产 生影响，其辞职报告自送达董事会之日起生效。截至本公告披露日，章松新先 生未持有公司股份，不存在未履行完毕的公开承诺。 章松新先生自任职以来，恪尽职守、勤勉尽责，公司及董事会对章松新先 生在任职期间为公司发展所做 ...

一、关联交易概述 2022 年 9 月 6 日，招商局积余产业运营服务股份有限公司（以下简称"公 司"）2022 年第二次临时股东大会审议通过了《关于与招商局集团财务有限公 司签订<金融服务协议>的议案》，同意公司与招商局集团财务有限公司（以下简 称"财务公司"）签订的《金融服务协议》，期限三年。该协议将于 2025 年 9 月到期。 根据公司经营发展需要，为拓宽融资渠道，提高资金使用水平和效益，公司 拟与财务公司续签《金融服务协议》，期限三年，新协议生效之日起原协议失效。 根据协议内容，财务公司将在经营范围内为公司（包括下属公司，以下同）提供 存款、结算、信贷、外汇及其他金融服务。公司在财务公司的日终存款余额（不 包括来自财务公司的任何贷款所得款项）不得超过人民币 10 亿元；财务公司向 公司授出的每日最高未偿还贷款结余（包括应计利息和手续费）不得超过人民币 20 亿元。 财务公司与公司的实际控制人均为招商局集团有限公司，因此上述金融服务 交易构成公司的关联交易事项。 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《关于与 招商局集团财务有限公司续签<金融服务协议>的议案》（4 票 ...

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 ...

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 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]