股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 2 頁 共 11 頁 v 1.1.1 公司名稱: 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06098 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0. ...

Investment Rating - The report maintains an "Overweight" rating for the company [11] Core Insights - The company reported a revenue of 23.19 billion RMB for H1 2025, a year-on-year increase of 10%, while the net profit attributable to shareholders decreased by 31% to 1.0 billion RMB [1][2] - The core net profit was 1.57 billion RMB, down 15% year-on-year, primarily due to increased operational costs and a decline in profit margins [2][3] - The company has significantly increased its dividend payout ratio for 2025 to 60% of core net profit, which is an increase of 27 percentage points from 2024, resulting in an estimated dividend yield of 8.0% [4] Revenue and Profitability - The company's core business revenue grew at a double-digit rate, driven by the expansion of its property management services, particularly in the "Three Supplies and One Industry" segment, which saw a revenue increase of 68% [2] - The overall gross margin decreased by 2.6 percentage points to 18.5%, influenced by higher management expenses and increased investments in service quality [2][3] - The company expects to maintain high single-digit growth in core business revenue and profit for the full year, despite increased uncertainty in profit margins [2] Cash Flow and Dividend Policy - The operating cash flow for H1 2025 was negative 880 million RMB, a decline from a positive 270 million RMB in the same period last year, primarily due to increased upfront investments and a decrease in prepayment activities [3] - The company plans to enhance shareholder returns through a combination of cash dividends, share buybacks, and other measures [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted downwards to 0.81 RMB, reflecting a decrease of 11%-19% from previous estimates [5] - The target price for the company is set at 7.10 HKD, based on an adjusted price-to-earnings (P/E) ratio of 8 times for 2025 [5][7]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company's interim results for the six months ended June 30, 2025, show a decline in net profit and EPS, alongside a revised dividend policy Unaudited Interim Results Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,185.5 | 21,046.2 | 10.2% | | Gross Profit | 4,299.1 | 4,453.4 | -3.5% | | Net Profit | 1,002.6 | 1,545.6 | -35.1% | | Profit attributable to equity holders of the Company | 996.6 | 1,440.4 | -30.8% | | Core net profit attributable to equity holders of the Company* | 1,567.7 | 1,840.0 | -14.8% | | Basic earnings per share (RMB cents) | 29.82 | 43.09 | -30.8% | | Diluted earnings per share (RMB cents) | 29.73 | 43.09 | -31.0% | | Charged GFA (excluding "Three Supplies and One Industry" business) (billion sq.m.) | 1.06 | 1.04 | 1.9% | | Charged GFA ("Three Supplies and One Industry" business) (billion sq.m.) | 0.09 | 0.09 | 0.0% | | Bank and structured deposits (RMB million) | 16,472.8 | 18,178.6 | -9.3% | - The Board recommends not declaring an interim dividend for the six months ended June 30, 2025, and sets the 2025 annual dividend target at **60% of core net profit attributable to equity holders of the Company** for cash dividends to enhance comprehensive shareholder returns[4](index=4&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's financial performance, including revenue, costs, and profit for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 23,185,484 | 21,046,154 | | Cost of services provided | (17,890,291) | (15,745,590) | | Cost of goods sold | (996,092) | (847,166) | | Gross Profit | 4,299,101 | 4,453,398 | | Selling and marketing expenses | (121,480) | (185,148) | | Administrative expenses | (2,205,369) | (1,793,880) | | Net impairment losses on financial and contract assets | (589,981) | (404,265) | | Other income | 82,903 | 117,503 | | Other losses – net | (137,949) | (119,692) | | Operating profit | 1,327,225 | 2,067,916 | | Finance income – net | 62,070 | 3,492 | | Share of results of investments accounted for using the equity method | (54,573) | (37,651) | | Profit before income tax | 1,334,722 | 2,033,757 | | Income tax expense | (332,076) | (488,176) | | Profit for the period | 1,002,646 | 1,545,581 | | Profit attributable to equity holders of the Company | 996,555 | 1,440,367 | | Profit attributable to non-controlling interests | 6,091 | 105,214 | | Total comprehensive income for the period | 950,208 | 1,562,423 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025, reflecting its financial health Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 30,363,895 | 29,026,079 | | Total current assets | 40,796,800 | 42,228,452 | | **TOTAL ASSETS** | **71,160,695** | **71,254,531** | | **EQUITY** | | | | Equity attributable to equity holders of the Company | 36,619,810 | 36,617,030 | | Non-controlling interests | 2,423,055 | 2,461,692 | | **TOTAL EQUITY** | **39,042,865** | **39,078,722** | | **LIABILITIES** | | | | Total non-current liabilities | 3,365,948 | 3,843,346 | | Total current liabilities | 28,751,882 | 28,332,463 | | **TOTAL LIABILITIES** | **32,117,830** | **32,175,809** | | **TOTAL EQUITY AND LIABILITIES** | **71,160,695** | **71,254,531** | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable Listing Rules disclosure requirements - The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules[11](index=11&type=chunk) [2. Accounting Policies](index=7&type=section&id=2.%20Accounting%20Policies) These condensed consolidated financial statements are prepared on a historical cost basis, with no significant impact from new accounting standard amendments - The financial statements are primarily prepared on a historical cost basis, except for certain financial instruments[12](index=12&type=chunk) - Amendments to HKFRS accounting standards were first applied this period, with no significant impact on financial position or performance[13](index=13&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's total revenue for the period was RMB23,185.5 million, primarily from property management and related services in mainland China - The Group primarily engages in property management, community value-added, non-owner value-added, 'Three Supplies and One Industry', city, and commercial operation services in mainland China[14](index=14&type=chunk) - Reportable segments include property management and related services (excluding 'Three Supplies and One Industry' business), 'Three Supplies and One Industry' business, city services, and commercial operation services[15](index=15&type=chunk) Revenue Analysis by Category (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from property management and related services (excluding "Three Supplies and One Industry" business) | 16,038,512 | 15,199,915 | | Revenue from "Three Supplies and One Industry" business | 5,071,685 | 3,344,605 | | Revenue from city services business | 1,778,520 | 2,169,987 | | Revenue from commercial operation services business | 296,767 | 331,647 | | **Total Revenue** | **23,185,484** | **21,046,154** | [4. Other Income](index=10&type=section&id=4.%20Other%20Income) Other income for the period decreased by 29.4% to RMB82.9 million, mainly due to lower dividend income and government grants Composition of Other Income (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividend income from financial assets at fair value through other comprehensive income | 29,110 | 54,711 | | Government grants | 35,832 | 41,401 | | Late payment fees | 17,961 | 21,391 | | **Total** | **82,903** | **117,503** | - Other income decreased by **29.4%** year-on-year, primarily due to reduced government grants and dividend income from financial assets[24](index=24&type=chunk) [5. Other Losses – Net](index=11&type=section&id=5.%20Other%20Losses%20%E2%80%93%20Net) Net other losses expanded to RMB137.9 million for the period, primarily driven by increased losses from the disposal of subsidiaries Composition of Other Losses – Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss on disposal of subsidiaries | (108,825) | (38,844) | | Gain on modification of sublease contracts | 1,987 | 84,393 | | Gain/(loss) on early termination of lease contracts | 36,803 | (4,856) | | Net foreign exchange losses | (40,214) | (24,281) | | Realized and unrealized gains/(losses) on financial assets at fair value through profit or loss | 21,830 | (30,741) | | Loss on disposal of property, plant and equipment and investment properties | (976) | (10,280) | | Others | (48,554) | (95,083) | | **Total** | **(137,949)** | **(119,692)** | - Net other losses expanded, mainly attributable to increased losses from the disposal of subsidiaries[25](index=25&type=chunk)[99](index=99&type=chunk) [6. Income Tax Expense](index=11&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense decreased by 32.0% to RMB332.1 million for the period, primarily due to a lower total profit for the period Composition of Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Provision for current income tax | 683,203 | 784,087 | | Deferred income tax (Enterprise Income Tax) | (351,127) | (251,846) | | Deferred income tax (withholding income tax on profits to be distributed in the future) | – | (44,065) | | **Total** | **332,076** | **488,176** | - Income tax expense decreased by **32.0%** year-on-year, mainly due to a reduction in the total profit for the period[26](index=26&type=chunk)[100](index=100&type=chunk) [7. Earnings Per Share](index=12&type=section&id=7.%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to equity holders of the Company both decreased for the six months ended June 30, 2025 Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents/share) | 2024 (RMB cents/share) | | :--- | :--- | :--- | | Basic earnings per share | 29.82 | 43.09 | | Diluted earnings per share | 29.73 | 43.09 | - Profit attributable to equity holders of the Company used for calculating basic and diluted earnings per share was **RMB996,555 thousand** (2024: RMB1,440,367 thousand)[28](index=28&type=chunk) [8. Dividends](index=12&type=section&id=8.%20Dividends) The Board resolved not to declare an interim dividend for the period, while the 2024 final and special dividends will be paid around August 29, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[29](index=29&type=chunk) - The 2024 final and special dividends, totaling approximately **RMB988.9 million**, were approved on May 23, 2025, and will be paid on or about August 29, 2025[29](index=29&type=chunk) [9. Intangible Assets](index=13&type=section&id=9.%20Intangible%20Assets) The net book value of intangible assets decreased by RMB497.1 million to RMB21,665.2 million, primarily due to amortization during the period Net Book Value of Intangible Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Software | 482,969 | 479,037 | | Contracts and customer relationships | 3,980,060 | 4,366,674 | | Insurance brokerage licenses | 16,084 | 17,322 | | Brands | 1,131,234 | 1,297,592 | | Franchise rights | 638,298 | 578,882 | | Total other intangible assets | 6,248,645 | 6,739,507 | | Goodwill | 15,416,583 | 15,422,806 | | **Total** | **21,665,228** | **22,162,313** | - The decrease in intangible assets is mainly due to amortization of approximately **RMB623.8 million** during the period[30](index=30&type=chunk)[105](index=105&type=chunk) - Goodwill has been reallocated, integrating Sichuan Hemeng into the Living Services cash-generating unit to enhance operational efficiency[32](index=32&type=chunk) [10. Financial Assets at Fair Value Through Other Comprehensive Income](index=14&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Total financial assets at fair value through other comprehensive income amounted to RMB480.9 million, mainly comprising listed and unlisted equity securities Financial Assets at Fair Value Through Other Comprehensive Income (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Listed equity securities | 13,839 | 14,053 | | Unlisted equity investments | 467,049 | 542,687 | | **Total** | **480,888** | **556,740** | - Investments primarily refer to equity investments in certain property management companies[33](index=33&type=chunk) [11. Trade and Other Receivables](index=15&type=section&id=11.%20Trade%20and%20Other%20Receivables) Total trade and other receivables increased to RMB24,730.4 million, mainly due to slower collection progress and increased 'Three Supplies and One Industry' business revenue Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net trade receivables | 19,894,198 | 17,689,372 | | Net other receivables | 3,556,322 | 3,380,432 | | Prepayments to suppliers | 900,079 | 1,205,564 | | Other prepaid taxes | 379,837 | 404,960 | | **Total Current Assets** | **24,730,436** | **22,680,328** | | Non-current assets: Finance lease receivables | 292,444 | 282,769 | - Net trade receivables increased by approximately **RMB2,204.8 million**, primarily attributable to slower collection progress across various businesses, extended customer payment cycles, and increased revenue from the 'Three Supplies and One Industry' business[106](index=106&type=chunk) - Trade receivables from Country Garden Holdings and its subsidiaries decreased by approximately **RMB119.9 million**, with a reversal of expected credit loss provisions of approximately **RMB94.8 million**[107](index=107&type=chunk) Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 12,613,558 | 11,374,034 | | 1 to 2 years | 5,053,063 | 5,099,542 | | 2 to 3 years | 4,228,289 | 3,695,107 | | Over 3 years | 1,568,139 | 975,449 | | **Total** | **23,463,049** | **21,144,132** | [12. Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=12.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss include structured products, wealth management products, and forward currency contracts - Financial assets include approximately **RMB1,461.4 million** in structured products (1-6 month maturity, expected yield 0.8%-2.8%)[40](index=40&type=chunk) - Wealth management products amount to approximately **RMB583.9 million** (5-year maturity, average expected yield 3.4%)[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group holds forward currency contracts with a total notional amount of **HKD2,229,568,000**, maturing on or before February 27, 2026, collateralized by **RMB1,906,441,000** in time deposits[41](index=41&type=chunk) [13. Share Capital and Share Premium](index=18&type=section&id=13.%20Share%20Capital%20and%20Share%20Premium) Total share capital and share premium amounted to RMB26,477.9 million, reflecting share repurchases for cancellation and issuance of consideration shares Changes in Share Capital and Share Premium (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | | :--- | :--- | :--- | | Total share capital and share premium | 26,477,904 | 26,521,871 | | Repurchase of shares | (56,275) | – | | Issue of consideration shares | 12,308 | – | - During the period, the Company repurchased **7,552,000 shares** for cancellation at a total consideration of **RMB45,171,000**[42](index=42&type=chunk) - On March 26, 2025, the Company issued **326,551 consideration shares** for projects in transit to the former shareholders of Zhongliang Boyue Zhijia Services Co Ltd[42](index=42&type=chunk) [14. Trade and Other Payables](index=19&type=section&id=14.%20Trade%20and%20Other%20Payables) Total trade and other payables increased to RMB19,657.8 million, primarily due to higher operating costs and increased dividends payable Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 9,497,966 | 8,634,177 | | Other payables | 7,134,212 | 6,021,280 | | Contingent consideration for business combinations | 107,678 | 118,235 | | Accrued staff costs | 2,149,351 | 3,292,507 | | Other taxes payable | 768,605 | 757,589 | | **Total** | **19,657,812** | **18,823,788** | - Trade payables increased by approximately **RMB863.8 million**, primarily due to higher operating costs leading to increased procurement costs and expenses[110](index=110&type=chunk) - Other payables increased primarily due to higher dividends payable[111](index=111&type=chunk) Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 8,213,643 | 7,397,618 | | 1 to 2 years | 758,602 | 802,199 | | 2 to 3 years | 284,620 | 364,184 | | Over 3 years | 241,101 | 70,176 | | **Total** | **9,497,966** | **8,634,177** | [15. Bank and Other Borrowings](index=20&type=section&id=15.%20Bank%20and%20Other%20Borrowings) Total bank and other borrowings amounted to RMB858.2 million, slightly lower than year-end 2024, primarily secured by transportation equipment and city service project receivables Bank and Other Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured bank loans | 601,595 | 593,349 | | Secured other borrowings | 229,651 | 262,007 | | Unsecured bank loans | 26,919 | 14,900 | | **Total** | **858,165** | **870,256** | - Secured borrowings are primarily pledged against transportation equipment and receivables from certain city service projects[45](index=45&type=chunk) - The weighted average effective annual interest rate for the period ended June 30, 2025, was **4.21%** (December 31, 2024: 4.25%)[46](index=46&type=chunk) [16. Financial Guarantee Contracts](index=21&type=section&id=16.%20Financial%20Guarantee%20Contracts) A subsidiary's bank accounts were frozen due to a financial guarantee for Caixin Group's trust financing, with a total guaranteed amount of RMB1,181.8 million - Caizhi Xin Services' bank accounts were judicially frozen due to a joint and several guarantee for Caixin Group's trust financing arrangements prior to the acquisition date[49](index=49&type=chunk) - As of June 30, 2025, the principal amount of the related debt was approximately **RMB689.5 million**, with a total guaranteed amount of approximately **RMB1,181.8 million** including accrued interest and penalties[50](index=50&type=chunk) - The Group has made a provision for expected credit losses on financial guarantees of **RMB121.7 million** (December 31, 2024: RMB46.6 million)[51](index=51&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business operations, financial performance, future plans, and key risks for the period [Business Review](index=22&type=section&id=Business%20Review) The Group is a leading integrated service operator in China, offering diverse services across various property types and achieving industry recognition - The Group is a leading integrated service operator in China, covering various property types including residential, commercial, office buildings, industrial parks, government buildings, hospitals, schools, and other public facilities[52](index=52&type=chunk) - Key business lines include property management services, community value-added services, non-owner value-added services, 'Three Supplies and One Industry' business, city services, and commercial operation services[53](index=53&type=chunk) [Property Management Services](index=22&type=section&id=Property%20Management%20Services) Property management services revenue grew by 6.7% to RMB13,605.8 million, with managed GFA reaching 1,063.3 million sq.m. (excluding 'Three Supplies and One Industry' business) - Property management services revenue was approximately **RMB13,605.8 million**, a year-on-year increase of **6.7%**, accounting for **58.7%** of total revenue[54](index=54&type=chunk) - As of June 30, 2025, charged GFA (excluding 'Three Supplies and One Industry' business) was approximately **1,063.3 million sq.m.**; charged GFA for 'Three Supplies and One Industry' property services was approximately **90.1 million sq.m.**[55](index=55&type=chunk) - The Company actively invests in digital R&D innovation, AI, and IoT, promoting data platform construction and governance, and applying 'Assistant Zero' and 'Resident Zero' cleaning robots to enhance efficiency[57](index=57&type=chunk) [Community Value-Added Services](index=24&type=section&id=Community%20Value-Added%20Services) Community value-added services revenue increased by 5.3% to RMB2,103.9 million, with significant growth in new energy business operations - Community value-added services revenue was approximately **RMB2,103.9 million**, a year-on-year increase of **5.3%**, accounting for **9.1%** of total revenue[61](index=61&type=chunk) - Community value-added services comprise five segments: home services, community media, local lifestyle services (including home decoration intermediary services), real estate brokerage, and industrial park space services[60](index=60&type=chunk) - The new energy business 'Smart Charging Downstairs' operates approximately **600,000 charging sockets** in over **5,000 communities** nationwide, with over **5.5 million registered users** and over **2 million monthly active users**[61](index=61&type=chunk)[62](index=62&type=chunk) [Non-Owner Value-Added Services](index=25&type=section&id=Non-Owner%20Value-Added%20Services) Non-owner value-added services revenue decreased by 17.8% to RMB292.3 million, further reducing its proportion of total revenue - Non-owner value-added services revenue was approximately **RMB292.3 million**, a year-on-year decrease of **17.8%**, accounting for **1.3%** of total revenue[63](index=63&type=chunk) - Service content includes pre-sale business management consulting for property developers, pre-delivery cleaning, landscaping and maintenance, agency sales and leasing of parking spaces and unsold properties, and elevator product installation[63](index=63&type=chunk) ['Three Supplies and One Industry' Business](index=25&type=section&id=%27Three%20Supplies%20and%20One%20Industry%27%20Business) The 'Three Supplies and One Industry' business saw property management revenue of RMB4,156.0 million and heating revenue of RMB915.7 million, with significant new contract signings - Charged GFA for 'Three Supplies and One Industry' property services was approximately **90.1 million sq.m.**[64](index=64&type=chunk) - During the period, property management business revenue was approximately **RMB4,156.0 million**; heating business revenue was approximately **RMB915.7 million**[64](index=64&type=chunk) - The Company signed **315 new contract projects**, with a total contract value of **RMB1.787 billion**[65](index=65&type=chunk) [City Services](index=26&type=section&id=City%20Services) City services revenue decreased by 18.0% to RMB1,778.5 million, with a focus on smart operation and maintenance of urban environmental and solid waste management - City services revenue was approximately **RMB1,778.5 million**, a year-on-year decrease of **18.0%**, accounting for **7.7%** of total revenue[66](index=66&type=chunk) - The business focuses on core areas such as smart operation and maintenance of urban (ecological) environment, solid waste disposal and resource utilization, and environmental governance[66](index=66&type=chunk) [Commercial Operation Services](index=26&type=section&id=Commercial%20Operation%20Services) Commercial operation management business generated total revenue of RMB296.8 million, with a diverse product line matrix and continuous third-party expansion - Total revenue from commercial operation management business was approximately **RMB296.8 million**[68](index=68&type=chunk) - The Company possesses a rich product line matrix including 'Biyue City', 'Biyue Hui', and 'Biyue Time'[68](index=68&type=chunk) - Continuous third-party expansion has added benchmark projects such as Binzhou Boxing Biyue City in Shandong, Handan Cixian Biyue Hui in Hebei, and Langfang Sanhe Biyue Hui in Hebei[68](index=68&type=chunk) [Outlook and Future Plans](index=26&type=section&id=Outlook%20and%20Future%20Plans) The Group plans to deepen service grading, build a digitalized lean operating system, and drive market-oriented development of community value-added services [Deepen Property Management Service Grading and Build a Digitalized Lean and Efficient Operating System](index=26&type=section&id=Deepen%20Property%20Management%20Service%20Grading%20and%20Build%20a%20Digitalized%20Lean%20and%20Efficient%20Operating%20System) The company will optimize service grading, integrate digital operations, and build a full-process online closed-loop management system for owner demands - The Company will continuously optimize its service grading mechanism, deeply integrate digital operating models, and build a 'full-process online closed-loop management system' for owner demands[69](index=69&type=chunk)[70](index=70&type=chunk) - Through lean operations combined with diversified employment models, the Company aims to break efficiency boundaries and formulate layered and categorized operating strategies to stimulate development momentum for each project[71](index=71&type=chunk) [Focus on Core Owner Needs, Build Core Business Capabilities to Drive Market-Oriented Development of Community Value-Added Services](index=27&type=section&id=Focus%20on%20Core%20Owner%20Needs,%20Build%20Core%20Business%20Capabilities%20to%20Drive%20Market-Oriented%20Development%20of%20Community%20Value-Added%20Services) Country Garden Services aims to be a 'full-cycle community life service integrated operator,' developing market-oriented businesses around core owner needs - Committed to becoming a 'full-cycle community life service integrated operator,' providing full-scenario, full-chain, and full-lifecycle community living services[72](index=72&type=chunk) - The Company has strategically developed market-oriented businesses such as integrated marketing, liquor, home decoration intermediary, and new energy, while actively incubating near-field retail, home services, community insurance, and real estate brokerage[72](index=72&type=chunk) - The Company aims to shift its business structure from resource-based to market-oriented, driving scale growth and quality improvement in overall community value-added services[73](index=73&type=chunk) [Empower Property Services with Technology to Enhance Service Warmth and Operational Refinement](index=27&type=section&id=Empower%20Property%20Services%20with%20Technology%20to%20Enhance%20Service%20Warmth%20and%20Operational%20Refinement) The company will continue digital transformation, strengthen its data foundation, and apply AI in property scenarios, with 'Resident Zero' cleaning robots planned for large-scale deployment - Continuously strengthening the data foundation and promoting data governance to drive intelligent decision-making in operations management through real-time, comprehensive data[74](index=74&type=chunk)[75](index=75&type=chunk) - Actively embracing the deep application of artificial intelligence in property scenarios such as customer service, facility management, security monitoring, and energy optimization[75](index=75&type=chunk) - Plans to scale up the deployment of 'Resident Zero' cleaning robots in South China in the second half of 2025, further enhancing operational standardization and efficiency[75](index=75&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, covering revenue, costs, profit, and balance sheet changes [Revenue](index=28&type=section&id=Revenue) Total revenue increased by 10.2% to RMB23,185.5 million, with growth in property management and 'Three Supplies and One Industry' businesses, offset by declines in others - Total revenue increased by **10.2%** year-on-year to **RMB23,185.5 million**[76](index=76&type=chunk) Revenue Changes by Business Segment (For the six months ended June 30) | Business Category | 2025 (RMB million) | 2024 (RMB million) | Change (%) | Share of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 13,605.8 | 12,751.9 | 6.7% | 58.7% | | Community Value-Added Services | 2,103.9 | 1,997.8 | 5.3% | 9.1% | | Non-Owner Value-Added Services | 292.3 | 355.5 | -17.8% | 1.3% | | "Three Supplies and One Industry" Property Management and Related Services | 4,156.0 | 2,467.2 | 68.5% | 17.9% | | "Three Supplies and One Industry" Heating Services | 915.7 | 877.4 | 4.4% | 3.9% | | City Services | 1,778.5 | 2,170.0 | -18.0% | 7.7% | | Commercial Operation Services | 296.8 | 331.6 | -10.5% | 1.3% | - The decrease in non-owner value-added services revenue was primarily due to the continuous proactive reduction in the scale of related party transactions[80](index=80&type=chunk) - The increase in 'Three Supplies and One Industry' business revenue was mainly due to certain joint ventures becoming controlled subsidiaries through further acquisition of remaining equity by certain subsidiaries, leading to an increase in revenue scale[82](index=82&type=chunk) [Costs](index=31&type=section&id=Costs) Total costs increased by 13.8% to RMB18,886.4 million, driven by growth in property management, community value-added, and 'Three Supplies and One Industry' businesses - Total costs were approximately **RMB18,886.4 million**, a year-on-year increase of **13.8%**[85](index=85&type=chunk) - The increase in costs was primarily due to the growth in property management services, community value-added services, and 'Three Supplies and One Industry' businesses[85](index=85&type=chunk) [Gross Profit and Gross Profit Margin](index=31&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Overall gross profit decreased by 3.5% to RMB4,299.1 million, with the gross profit margin declining by 2.7 percentage points to 18.5% due to increased quality investments and business adjustments - Overall gross profit decreased by **3.5%** year-on-year to **RMB4,299.1 million**[86](index=86&type=chunk) - The overall gross profit margin decreased by **2.7 percentage points** from 21.2% to **18.5%**[86](index=86&type=chunk) Gross Profit Margin Changes by Business Segment (For the six months ended June 30) | Business Category | 2025 Gross Profit Margin | 2024 Gross Profit Margin | Change (percentage points) | | :--- | :--- | :--- | :--- | | Property Management Services | 21.8% | 22.9% | -1.1 | | Community Value-Added Services | 30.4% | 39.0% | -8.6 | | Non-Owner Value-Added Services | 0.1% | -6.5% | +6.6 | | "Three Supplies and One Industry" Property Management and Related Services | 7.9% | 9.7% | -1.8 | | "Three Supplies and One Industry" Heating Services | 6.6% | 6.7% | -0.1 | | City Services | 12.6% | 16.0% | -3.4 | | Commercial Operation Services | 25.9% | 31.0% | -5.1 | [Administrative Expenses](index=33&type=section&id=Administrative%20Expenses) Administrative expenses increased by 22.9% to RMB2,205.4 million, primarily due to an increase in managed projects and the expansion of 'Three Supplies and One Industry' business - Administrative expenses were approximately **RMB2,205.4 million**, a year-on-year increase of **22.9%**[96](index=96&type=chunk) - The increase in administrative expenses was mainly due to the increase in the number of managed projects and the expansion of the 'Three Supplies and One Industry' business[96](index=96&type=chunk) - The administrative expense ratio increased by **1.0 percentage point** from 8.5% to **9.5%**[96](index=96&type=chunk) [Other Income](index=33&type=section&id=Other%20Income) Other income decreased by 29.4% to RMB82.9 million, mainly due to reduced government grants and dividend income from equity investments - Other income was approximately **RMB82.9 million**, a year-on-year decrease of **29.4%**[97](index=97&type=chunk) - The decrease was primarily due to lower government grants and dividend income from equity investments in certain entities compared to the same period last year[97](index=97&type=chunk) [Other Losses — Net](index=33&type=section&id=Other%20Losses%20%E2%80%94%20Net) Net other losses expanded to RMB137.9 million, an increase of RMB18.2 million year-on-year, mainly due to losses from subsidiary disposals - Net other losses were approximately **RMB137.9 million**, an increase of approximately **RMB18.2 million** compared to the same period last year[98](index=98&type=chunk) - The increase was primarily due to losses from the disposal of subsidiaries during the period[99](index=99&type=chunk) [Income Tax Expense](index=34&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by 32.0% to RMB332.1 million, primarily due to a lower total profit for the Group during the period - Income tax expense was approximately **RMB332.1 million**, a year-on-year decrease of **32.0%**[100](index=100&type=chunk) - The decrease was primarily due to a lower total profit for the Group compared to the same period last year[100](index=100&type=chunk) [Profit for the Period](index=34&type=section&id=Profit%20for%20the%20Period) Net profit for the Group decreased by 35.1% to RMB1,002.6 million, with core net profit attributable to equity holders of the Company declining by 14.8% Profit for the Period Metrics (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit | 1,002.6 | 1,545.6 | -35.1% | | Profit attributable to equity holders of the Company | 996.6 | 1,440.4 | -30.8% | | Profit attributable to non-controlling interests | 6.1 | 105.2 | -94.2% | | Core net profit attributable to equity holders of the Company* | 1,567.7 | 1,840.0 | -14.8% | [Net Cash Flow from Operating Activities for the Period](index=34&type=section&id=Net%20Cash%20Flow%20from%20Operating%20Activities%20for%20the%20Period) The Group recorded a net cash outflow from operating activities of RMB875.2 million, primarily due to lower property management prepayments, initial investments for 'Three Supplies and One Industry' expansion, and decreased net profit - The Group recorded a net cash outflow from operating activities of approximately **RMB875.2 million** (compared to a net cash inflow of approximately RMB270.3 million in the same period of 2024)[102](index=102&type=chunk) - Key reasons include a decrease in property management prepayments, initial investments required for the expansion of the 'Three Supplies and One Industry' business, and a year-on-year decrease in net profit for the period[102](index=102&type=chunk) [Equity Attributable to Equity Holders of the Company](index=35&type=section&id=Equity%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Equity attributable to equity holders of the Company increased to RMB36,619.8 million, influenced by comprehensive income, declared dividends, and share purchases for the share award scheme - Equity attributable to equity holders of the Company increased by approximately **RMB2.8 million** to **RMB36,619.8 million**[104](index=104&type=chunk) - This was primarily influenced by the comprehensive income attributable to equity holders of the Company of **RMB944.1 million**, declared 2024 annual dividends of approximately **RMB988.9 million**, and share purchases for the share award scheme of approximately **RMB11.1 million**[104](index=104&type=chunk) [Intangible Assets](index=35&type=section&id=Intangible%20Assets) Intangible assets decreased by RMB497.1 million to RMB21,665.2 million, primarily due to amortization of RMB623.8 million during the period - Intangible assets were approximately **RMB21,665.2 million**, a decrease of approximately **RMB497.1 million** from year-end 2024[105](index=105&type=chunk) - The decrease was primarily due to amortization of intangible assets amounting to approximately **RMB623.8 million** during the period[105](index=105&type=chunk) [Trade and Other Receivables](index=35&type=section&id=Trade%20and%20Other%20Receivables) Net trade receivables increased by RMB2,204.8 million due to slower collection and 'Three Supplies and One Industry' business growth, while other receivables increased by RMB185.6 million - Net trade receivables increased by approximately **RMB2,204.8 million**, primarily attributable to slower collection progress across various businesses, extended customer payment cycles, and increased revenue from the 'Three Supplies and One Industry' business[106](index=106&type=chunk) - Trade receivables from Country Garden Holdings and its subsidiaries decreased by approximately **RMB119.9 million**[107](index=107&type=chunk) - Net other receivables increased by approximately **RMB185.6 million**, mainly due to increased payments made on behalf of owners[108](index=108&type=chunk) [Contract Liabilities](index=36&type=section&id=Contract%20Liabilities) Contract liabilities decreased by RMB476.8 million to RMB7,768.5 million, as new contract liabilities were less than amounts recognized as revenue - Contract liabilities decreased by approximately **RMB476.8 million** to **RMB7,768.5 million**[109](index=109&type=chunk) - The decrease was primarily due to the amount of new contract liabilities recognized during the period being less than the amount transferred to revenue[109](index=109&type=chunk) [Trade and Other Payables](index=36&type=section&id=Trade%20and%20Other%20Payables) Trade payables increased by RMB863.8 million due to higher operating costs, and other payables increased by RMB1,112.9 million due to higher dividends payable - Trade payables increased by approximately **RMB863.8 million** to **RMB9,498.0 million**, primarily due to higher operating costs[110](index=110&type=chunk) - Other payables increased by approximately **RMB1,112.9 million** to **RMB7,134.2 million**, primarily due to higher dividends payable[111](index=111&type=chunk) [Capital Management](index=37&type=section&id=Capital%20Management) The Group's capital management aims to ensure continuous operation, provide shareholder returns, and maintain an optimal capital structure, with all borrowings repaid on time - The purpose of capital management is to safeguard the ability to continue as a going concern, provide returns to shareholders, and maintain an optimal capital structure[112](index=112&type=chunk) - As of June 30, 2025, bank and other borrowings amounted to approximately **RMB858.2 million**, with all maturing borrowings repaid on time[112](index=112&type=chunk) - The Group's capital gearing ratio remains in a net cash position[113](index=113&type=chunk) [Liquidity, Financial and Capital Resources](index=37&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) Bank and structured deposits decreased to RMB16,472.8 million, with net current assets of RMB12,044.9 million and a current ratio of approximately 1.4 times - Bank deposits (including time deposits and restricted bank deposits) and structured deposits amounted to approximately **RMB16,472.8 million**, a decrease of approximately **RMB1,705.8 million** from year-end 2024[114](index=114&type=chunk) Currency Denomination of Bank and Structured Deposits (As of June 30, 2025) | Currency | June 30, 2025 (RMB thousand) | Share (%) | December 31, 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | RMB | 12,157,766 | 73.8 | 13,833,239 | 76.1 | | HKD | 2,124,173 | 12.9 | 172,271 | 0.9 | | Other currencies | 2,190,871 | 13.3 | 4,173,092 | 23.0 | | **Total** | **16,472,810** | **100.0** | **18,178,602** | **100.0** | - Net current assets were approximately **RMB12,044.9 million**, with a current ratio of approximately **1.4 times**[115](index=115&type=chunk) [Principal Risks and Uncertainties](index=38&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces industry risks from economic and policy changes, business risks related to operations and receivables, and foreign exchange risks from foreign currency-denominated assets - Industry risks: affected by overall economic and market conditions and property management industry policies and regulations, particularly changes in the Chinese real estate market which may impact growth in charged GFA and revenue[117](index=117&type=chunk) - Business risks: including control over operating costs (especially labor costs), securing new property management service contracts, impairment losses on receivables, and the impact of a large number of contract terminations or non-renewals[118](index=118&type=chunk) - Foreign exchange risks: primarily concentrated in China, with no other significant direct exchange rate fluctuation risks apart from foreign currency-denominated bank deposits and accounts receivable; management will monitor and formulate hedging strategies[119](index=119&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 217,692 employees, with total staff costs of RMB8,557.5 million, and remuneration determined by performance, profitability, and market conditions - As of June 30, 2025, the Group had **217,692 employees** (December 31, 2024: 214,346 employees)[120](index=120&type=chunk) - Total staff costs for the period were approximately **RMB8,557.5 million**[120](index=120&type=chunk) - Remuneration is determined based on employee performance, Group profitability, industry benchmarks, and market conditions, with participation in local government social insurance contribution schemes[120](index=120&type=chunk) [Share Schemes](index=39&type=section&id=Share%20Schemes) The Company adopted a 2024 share option scheme and a share award scheme, with 111,652,033 share options available and 109,000,000 shares purchased under the award scheme - The Company's shareholders approved and adopted the 2024 Share Option Scheme, offering a total of **225,350,000 share options** to 60 employees[121](index=121&type=chunk) - As of June 30, 2025, the number of share options available for grant under the 2024 Share Option Scheme was **111,652,033**[121](index=121&type=chunk) - Under the Share Award Scheme, a total of **109,000,000 shares** were purchased in the market at a total consideration of approximately **RMB557 million**, reaching the scheme's cap[122](index=122&type=chunk) [Pledge of Assets](index=40&type=section&id=Pledge%20of%20Assets) The Group's borrowings and sale-and-leaseback financing are primarily secured by city service project receivables and equipment, with time deposits pledged for forward foreign exchange contracts - Subsidiaries' borrowings and sale-and-leaseback financing loans are primarily pledged against receivables from city service projects and certain equipment[125](index=125&type=chunk) - Time deposits of **RMB1,906,441,000** have been pledged for forward foreign exchange contracts to manage exchange rate fluctuations and lock in returns[125](index=125&type=chunk) [Contingent Liabilities](index=40&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities other than contingent consideration arising from business combinations - As of June 30, 2025, the Group had no contingent liabilities other than contingent consideration arising from business combinations[126](index=126&type=chunk) [External Guarantees](index=41&type=section&id=External%20Guarantees) As of June 30, 2025, the Group had no external guarantees other than those disclosed in Note 16 to the interim financial information - As of June 30, 2025, the Group had no external guarantees other than those disclosed in Note 16 to the interim financial information[127](index=127&type=chunk) [Material Acquisitions, Disposals and Significant Investments](index=41&type=section&id=Material%20Acquisitions,%20Disposals%20and%20Significant%20Investments) During the period, the Group had no material acquisitions, disposals, or any individual significant investments - During the period, the Group had no material acquisitions or disposals, nor any individual significant investments[128](index=128&type=chunk) [Interim Dividends](index=41&type=section&id=Interim%20Dividends) The Board resolved not to declare an interim dividend for the period, while the 2024 final and special dividends will be paid around August 29, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[129](index=129&type=chunk) - The 2024 final and special dividends, totaling approximately **RMB988.9 million**, were approved on May 23, 2025, and will be paid on or about August 29, 2025[129](index=129&type=chunk) [Significant Events During the Period](index=41&type=section&id=Significant%20Events%20During%20the%20Period) Several significant events occurred, including plans for share repurchases, a connected transaction for financial assistance, a public reprimand related to Country Garden Holdings, and amendments to the Nomination Committee's terms of reference [Intention to Repurchase and/or Purchase Shares in the Open Market](index=41&type=section&id=Intention%20to%20Repurchase%20and/or%20Purchase%20Shares%20in%20the%20Open%20Market) The Company plans to use at least RMB500 million to repurchase and/or purchase shares in the open market within the next year, with 9,089,000 shares already repurchased - The Company plans to use no less than **RMB500 million** of its existing available cash reserves to repurchase and/or purchase shares in the open market within the next year[130](index=130&type=chunk) - As of the announcement date, a total of **9,089,000 shares** have been repurchased at a total consideration of **HKD59,189,830**[130](index=130&type=chunk) [Connected Transaction on Provision of Financial Assistance](index=41&type=section&id=Connected%20Transaction%20on%20Provision%20of%20Financial%20Assistance) The Company entered into loan agreements to provide a revolving loan facility of RMB1 billion, secured by 543,695,233 shares of the Company beneficially owned by the borrowers - The Company agreed to provide a revolving loan facility with a principal amount totaling **RMB1 billion** to Best Victory Limited and Fortune Warrior Global Limited[131](index=131&type=chunk) - The loan is secured by a total of **543,695,233 shares** of the Company beneficially owned by the borrowers[132](index=132&type=chunk) [Announcement Pursuant to Rules 13.51B(2) and 13.51(2) of the Listing Rules](index=42&type=section&id=Announcement%20Pursuant%20to%20Rules%2013.51B(2)%20and%2013.51(2)%20of%20the%20Listing%20Rules) Ms. Yang Huiyan was publicly reprimanded by SSE and SZSE for Country Garden Holdings' delayed interim report disclosure, but the Board deems her suitable to continue her role - Ms. Yang Huiyan was publicly reprimanded by the Shanghai Stock Exchange and Shenzhen Stock Exchange due to Country Garden Holdings' failure to disclose its 2024 interim report on time[133](index=133&type=chunk) - The Board believes the relevant non-compliance is unrelated to the Group and has not and will not have any material adverse impact on the Group's business and/or operations[134](index=134&type=chunk) - The Board considers Ms. Yang suitable to continue serving as a Non-executive Director and Chairperson of the Company[134](index=134&type=chunk) [Amendments to the Terms of Reference of the Nomination Committee](index=42&type=section&id=Amendments%20to%20the%20Terms%20of%20Reference%20of%20the%20Nomination%20Committee) The Nomination Committee's terms of reference were revised to align with HKEX corporate governance enhancements, including requirements for gender diversity and performance evaluations - The terms of reference of the Nomination Committee were revised to comply with the corporate governance enhancement measures published by the HKEX in December 2024[135](index=135&type=chunk) - Revisions include requiring at least one member of a different gender, assisting the Board in preparing a board skills matrix, annually evaluating directors' performance, and evaluating the Board's performance at least every two years[135](index=135&type=chunk)[136](index=136&type=chunk) [Events After the Reporting Period](index=43&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the announcement date - No significant events affecting the Group occurred after the reporting period and up to the date of this announcement[137](index=137&type=chunk) [Audit Committee](index=43&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors, reviews financial reporting, internal controls, and risk management, and has reviewed the interim results and accounting policies - The Audit Committee comprises four independent non-executive directors, with Mr. Rui Meng serving as Chairman[138](index=138&type=chunk) - Its primary responsibilities include assisting the Board in independent review of financial reporting processes, internal control, and risk management systems, and overseeing the audit process[138](index=138&type=chunk) - The Committee has reviewed the unaudited interim results for the period and the significant accounting policies and standards adopted by the Group[139](index=139&type=chunk) [Corporate Governance Code](index=43&type=section&id=Corporate%20Governance%20Code) The Group is committed to high corporate governance standards and has complied with all applicable code provisions of the Listing Rules' Corporate Governance Code for the period - The Group has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules[140](index=140&type=chunk) - For the six months ended June 30, 2025, the Company has complied with all applicable code provisions of the Corporate Governance Code[140](index=140&type=chunk) [Standard Code for Securities Transactions by Directors](index=44&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance during the period with no breaches found - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[141](index=141&type=chunk) - All Directors confirmed compliance with the Standard Code and the Securities Dealing Code for the six months ended June 30, 2025[141](index=141&type=chunk) - No breaches were identified during the period[141](index=141&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company repurchased 7,552,000 shares for HKD49,143,390 to enhance shareholder returns, and the trustee purchased 2,120,000 shares under the share award scheme - During the period, the Company repurchased a total of **7,552,000 shares** on the Stock Exchange for a total consideration of **HKD49,143,390**, which will subsequently be cancelled[142](index=142&type=chunk) - The share repurchases aim to enhance shareholder returns and reflect the Company's confidence in its business prospects[142](index=142&type=chunk) - Under the Share Award Scheme, the trustee purchased **2,120,000 shares** at a total consideration of approximately **RMB11.1 million**[143](index=143&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=45&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement is published on the Stock Exchange and the Company's website, with the 2025 interim report to be dispatched to shareholders by September 30, 2025 - This results announcement has been published on the Stock Exchange and the Company's website[144](index=144&type=chunk) - The Company's 2025 interim report will be dispatched to shareholders and posted on the website on or before September 30, 2025[144](index=144&type=chunk) [Acknowledgement](index=45&type=section&id=Acknowledgement) The Company expresses gratitude to its Board, management, employees, shareholders, customers, government, suppliers, partners, and advisors for their support and contributions - The Company expresses its sincere gratitude to the Board, management, and all employees for their diligent work, loyal service, and contributions[145](index=145&type=chunk) - Sincere thanks to shareholders, a vast number of owners and customers, government, suppliers, business partners, and professional advisors for their continuous support to the Group[145](index=145&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 佛 山，2025年8月15日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 徐 彬 淮 先 生（總 裁）及 肖 華 先 生。本 公 司 非 執 行董事為楊惠妍女士（主席）。本公司獨立非執行董事為梅文珏先生、芮萌先生、 陳 威 如 先 生 及 趙 軍 先 生。 董事會會議日期 碧桂園服務控股有限公司（「本公司」）謹 此 公 佈，本 公 司 將 於2025年8月27日（星 期 三）舉行董事會（「董事會」）會 議，藉 以（其 中 包 括）考慮及批准本公司及其附屬 公司截至2025年6月30日 止 六 個 月 之 中 期 業 績，以 及 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 碧桂園服務控股有限公司 總裁兼執行董事 徐彬淮 COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 碧桂園服務控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06098 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.0001 USD | | 1, ...

Property Management and Operations - The company manages approximately 1,036.9 million square meters of property under management, with an additional 90.3 million square meters in the "Three Supplies and One Industry" business[9]. - The property management services cover 7,895 properties across 31 provinces, municipalities, and regions in China, with about 40.7% of the managed area located in first- and second-tier cities[9]. - The company aims to deepen its involvement in the "Three Supplies and One Industry" sector, expanding its service offerings to include office properties and industrial parks[11]. - The company has established a robust offline service system to enhance property service experiences for owners, focusing on property value appreciation throughout the entire lifecycle[8]. - The company expanded its operations by entering Yantai Penglai International Airport, marking a strategic advancement in Shandong Province[26]. - The company launched a comprehensive product solution for old communities, piloting in cities like Beijing, Shanghai, Guangzhou, and Chongqing, contributing to approximately 48.8% of new annualized revenue from residential projects[63]. - The company has installed over 50,000 charging piles across more than 4,000 communities, with a cumulative registered user base exceeding 3.4 million[65]. - The company has enhanced its service quality and innovation capabilities in response to national policies, marking a critical transformation period from scale expansion to quality improvement in the property management industry[44]. Financial Performance - The company's revenue for the fiscal year 2023 increased to approximately RMB 42.61 billion, representing a year-on-year growth of 3%[20]. - The proportion of revenue from third-party sources reached a new high of approximately 96.9%[20]. - The company declared a final dividend and special dividend totaling RMB 0.2946 per share, emphasizing shareholder returns[20]. - The mid-year revenue for 2024 reached approximately RMB 21.05 billion, reflecting a year-on-year increase of 1.5%[30]. - The company achieved a revenue of approximately RMB 43,992.9 million for the fiscal year ending December 31, 2024, with a net profit of RMB 1,874.5 million and a core net profit attributable to shareholders of RMB 3,038.1 million[41]. - The core business revenue grew by 10.2% year-on-year, accounting for 87.0% of total revenue, while the adjusted gross profit increased by 6.4% compared to the previous year[43]. - The company's revenue from sustainable third-party sources has increased to 98.9%, effectively controlling risks from related parties[43]. - Total revenue for 2023 reached RMB 42,611.5 million, a slight increase from RMB 41,366.6 million in 2022, with a projected revenue of RMB 43,992.9 million for 2024[55]. Community and Value-Added Services - The community value-added services have become a new growth engine for the company, focusing on comprehensive community life services throughout the asset value preservation and community development cycles[10]. - The community value-added service revenue reached approximately RMB 4,194.3 million, representing a year-on-year growth of about 11.8%, accounting for 9.5% of total revenue[65]. - Non-owner value-added service revenue was approximately RMB 704.5 million, showing a significant year-on-year decline of about 54.6%, and accounted for approximately 1.6% of total revenue[66]. - The company invested RMB 400 million in community facility upgrades, achieving a customer satisfaction rate of 93.97%[24]. - The company established 597 party branches and conducted 20,656 party-building and volunteer service activities in 2024, enhancing community governance and resident satisfaction[49]. Digital Transformation and Innovation - Digital transformation initiatives have been implemented, with elevator digitization covering 3,925 projects and 154,692 elevators, accounting for 88.3% of the total managed elevators[22]. - The company has implemented AI technology in key business scenarios, launching applications that support rapid decision-making and improve operational efficiency[45]. - The company aims to enhance its digital operational capabilities and service efficiency, with plans to implement digital tools in security and cleaning processes by 2025[70]. - The company has developed AI-based applications to support rapid business decision-making and improve management efficiency[62]. - The company plans to deploy hundreds of self-developed cleaning robots in projects by 2025, enhancing service quality and operational efficiency[45]. Awards and Recognition - The company has received multiple industry awards, including being ranked first in comprehensive strength among property service companies in China for 2024[7]. - The company has been recognized for its ESG practices, receiving an A rating from MSCI and being classified as a low-risk company by Sustainalytics with a score of 14.2[13]. - The company received multiple awards, including recognition as a leading enterprise in property management and ESG development[35]. - The company has been recognized as the leading brand in property service operations and customer satisfaction in 2024[58]. Governance and Management - The board of directors consists of seven members, including two executive directors and four independent non-executive directors, ensuring diverse oversight and governance[180]. - The company has adopted and complied with all applicable provisions of the Corporate Governance Code, reflecting its commitment to high standards of corporate governance[176]. - The management team is responsible for the daily operations and implementation of business policies approved by the board, ensuring effective management and operational efficiency[179]. - The company has established a comprehensive employee training system to enhance professional development and competitiveness[130]. - The company has independent directors with extensive experience in various sectors, enhancing governance and strategic oversight[162][163]. Financial Management and Risks - The group maintained a net cash position with a capital debt ratio as of December 31, 2024, reflecting a stable financial structure[122]. - The group has faced significant business risks due to potential increases in operational costs, particularly labor costs, which could adversely affect profit margins and operational performance[127]. - The company has implemented several talent development programs, including the "Cornerstone Plan" and "New Talent Plan," to enhance management capabilities[132]. - The company has pledged certain receivables and equipment as collateral for bank loans and financing lease arrangements[133]. Strategic Planning and Future Outlook - The company plans to continue focusing on strategic layout and innovation to drive new growth curves while maintaining stable operations[50]. - The company is exploring new business lines and market expansion strategies to enhance its competitive position[153]. - The company is focusing on new strategic incubation businesses, including urban services, commercial management services, and asset management[164].

Financial Performance - For the year ended December 31, 2024, the total revenue reached RMB 43,992.9 million, representing a 3.2% increase from RMB 42,611.5 million in 2023[3] - The net profit for the year was RMB 1,874.5 million, a significant increase of 262.8% compared to RMB 516.7 million in 2023[3] - The core net profit attributable to the company's shareholders was RMB 3,038.1 million, down 22.9% from RMB 3,939.5 million in the previous year[3] - The operating profit for the year was RMB 2,670.1 million, compared to RMB 1,092.4 million in 2023[5] - The total comprehensive income for the year was RMB 1,979.5 million, compared to RMB 674.2 million in 2023[7] - The company reported a significant increase in basic earnings per share to RMB 54.16, compared to RMB 8.69 in the previous year, marking a 523.2% increase[3] - The company reported a pre-tax profit of RMB 2,706,706 thousand for the year ended December 31, 2024, compared to RMB 1,079,650 thousand in 2023, reflecting a substantial increase of approximately 150%[31] - The company's profit attributable to shareholders for the year ended December 31, 2024, was RMB 1,808,357,000, compared to RMB 292,335,000 in 2023, indicating a significant increase[37] Revenue Breakdown - Revenue from property management services reached RMB 25,910,364 thousand in 2024, up from RMB 24,698,514 thousand in 2023, representing a growth of 4.9%[26] - Community value-added services generated RMB 4,194,290 thousand in 2024, an increase from RMB 3,752,870 thousand in 2023, reflecting a growth of 11.8%[26] - Revenue from "Three Supplies and One Industry" business increased to RMB 8,156,243 thousand in 2024, compared to RMB 6,520,190 thousand in 2023, marking a growth of 25.1%[26] - Revenue from urban services decreased to RMB 4,167,620 thousand in 2024 from RMB 4,883,630 thousand in 2023, a decline of 14.6%[26] - Revenue from commercial operation services fell to RMB 626,992 thousand in 2024, down from RMB 1,012,418 thousand in 2023, representing a decrease of 38.0%[26] Assets and Liabilities - Total assets increased to RMB 71,254,531 thousand, up from RMB 69,244,074 thousand[10] - Total equity reached RMB 39,078,722 thousand, compared to RMB 38,782,077 thousand in the previous year[12] - Non-current liabilities decreased to RMB 3,843,346 thousand from RMB 4,078,482 thousand[12] - Current liabilities rose to RMB 28,332,463 thousand, up from RMB 26,383,515 thousand[12] - Cash and cash equivalents increased to RMB 15,337,225 thousand, compared to RMB 12,637,187 thousand last year[12] - The company’s total liabilities reached RMB 32,175,809 thousand, compared to RMB 30,461,997 thousand previously[12] Cash Flow and Investments - The total cash and bank deposits amounted to RMB 18,178.6 million, reflecting a 40.5% increase from RMB 12,939.3 million in 2023[3] - The company reported retained earnings of RMB 9,497,683 thousand, up from RMB 8,164,706 thousand[12] - The company has implemented a share incentive plan, purchasing a total of 109 million shares at approximately RMB 556.5 million[4] - Capital expenditures for the year ended December 31, 2024, totaled RMB 2,133,074 thousand, compared to RMB 2,315,412 thousand in 2023, showing a decrease of about 7.9%[31] Dividends - The company proposed a final dividend of RMB 0.1352 per share and a special dividend of RMB 0.1609 per share, compared to RMB 0.0219 and RMB 0.2727 per share in 2023 respectively[4] - The company plans to distribute a final dividend of RMB 13.52 per share and a special dividend of RMB 16.09 per share for the year ended December 31, 2024, totaling RMB 990,000,000[39] Operational Efficiency and Strategy - The company aims to enhance its digital operational system and improve service efficiency and quality through the integration of digital tools in security and cleaning processes[92] - The company has implemented several stock option and share incentive plans to enhance employee engagement and performance[146] - The company is focused on improving operational efficiency by controlling labor costs and managing operational expenses[143] - The company has established various talent development programs to enhance management capabilities and address future business challenges[148] Market and Economic Conditions - The company faces industry risks influenced by overall economic conditions, market situations, and regulatory policies affecting the property management sector, which could impact revenue growth and operational strategies[142] - The group is currently assessing the specific impact of Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18] - The new financial reporting standards are expected to affect the presentation of the income statement and future financial disclosures starting from January 1, 2027[18] Employee and Community Engagement - As of December 31, 2024, the group employed 214,346 employees, with total employee costs approximately RMB 16,387.8 million for the year[145] - The company has launched a digital learning platform "Bi Xue Tang," offering 1,208 online courses and 4,168 operational learning projects, with an average learning duration of 54.4 hours per employee[147] - The company achieved zero major safety incidents during the year and organized over 14,000 large-scale fire drills, effectively preventing over 710 indoor fire incidents[80] Corporate Governance - The company has adopted and complied with all applicable corporate governance code provisions during the year ending December 31, 2024[170] - The audit committee consists of four independent non-executive directors and has reviewed the group's annual performance and consolidated accounts for the year ending December 31, 2024[169]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號 : 6098 2024 中期報告 目錄 2 公司資料 4 獎項及榮譽 6 主席報告 9 管理層討論及分析 28 企業管治及其他資料 30 權益披露 37 中期簡明綜合全面收益表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期財務資料附註 芮 萌先生 （主席） 梅文珏先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 公司資料 董事會 執行董事 徐彬淮先生 （總裁） 肖 華先生 郭戰軍先生 （於2024年4月3日辭任） 非執行董事 楊惠妍女士 （主席） 獨立非執行董事 梅文珏先生 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 審核委員會 薪酬委員會 陳威如先生 （主席） 楊惠妍女士 梅文珏先生 提名委員會 楊惠妍女士 （主席） 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 環境、社會及管治委員會 徐彬淮先生 （主席） 肖 華先生 楊惠妍女士 （於2024年4月3日獲委任） 陳威如先生 （於2024年4月3日獲委任） 趙 軍先生 （於2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6098） 截 至2024年6月30日止六個月之未經審核中期業績公告 | 財務摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 至6月30日止六個月 | 截 | 2024年 | ...

Management and Operations - As of December 31, 2023, the total contracted management area is approximately 1,633.0 million square meters, with a fee-based management area of approximately 956.9 million square meters[19]. - The company manages a total of 7,345 property projects across 31 provinces, municipalities, autonomous regions, and Hong Kong, as well as overseas[19]. - The area of property management services, excluding "three supplies and one industry," increased to 8.69 million square meters, up from 7.66 million square meters[28]. - The area of property management services, excluding "combined three supplies and one industry," increased to 16.02 million square meters, compared to 14.38 million square meters in 2021[28]. - The company has implemented a comprehensive management reporting system, achieving T+1 integrated operational reporting[35]. - The company has launched the "City Partner 3.0" plan in collaboration with Tsinghua University, focusing on urban governance and public service standards[32]. - The company has initiated a strategic cooperation with Guotai Liquor Group, launching the "Healthy Drinking into Families" project[42]. - The company has conducted its first regional digital expert certification training event, enhancing its digital capabilities[34]. - The company has implemented a new training mechanism for its service staff in January 2023[27]. - The company organized 2,486 training sessions with a cumulative learning duration of 936,528 hours for employees as of December 31, 2023[115]. Financial Performance - For the fiscal year ending December 31, 2022, the company's revenue increased to approximately RMB 41.37 billion, a growth of 43.4% compared to RMB 28.84 billion in 2021[28]. - Gross profit rose to approximately RMB 10.26 billion, reflecting a 15.7% increase from RMB 8.86 billion in the previous year[28]. - The net profit attributable to shareholders decreased by 48.0% to RMB 2.26 billion, down from RMB 4.35 billion in 2021[28]. - Core net profit attributable to shareholders increased by 9.0% to RMB 5.02 billion, compared to RMB 4.61 billion in 2021[28]. - The company achieved a revenue of approximately RMB 42,611.5 million, with a gross profit of RMB 8,731.9 million and a net profit of RMB 516.7 million for the year ending December 31, 2023[49]. - Core net profit attributable to shareholders was approximately RMB 3,939.5 million, with basic earnings per share of RMB 8.69[49]. - Total revenue for 2023 reached RMB 42,611.5 million, representing a year-on-year increase of approximately 3%[57]. - Property management service revenue was approximately RMB 24,698.5 million, with a year-on-year growth of about 8.1%, accounting for approximately 58% of total revenue[62]. - The company recorded a significant decrease in related party income, down approximately 45%, accounting for only about 3.1% of total revenue[50]. - The company’s total issued shares amounted to 3,373,127,390, with all resolutions approved at the annual general meeting[33]. ESG and Sustainability - The company received a BBB rating from MSCI for its ESG performance, indicating strong sustainability practices[23]. - The company has a low-risk ESG rating from Sustainalytics, ranking 590th out of 15,974 assessed companies globally[23]. - The company has implemented an ESG strategy, achieving a BBB rating from MSCI and being recognized as a low-risk enterprise by Sustainalytics[60]. - The company aims to deepen its ESG strategy and upgrade its sustainable development system in the future[55]. - The company has actively participated in community governance and various charitable activities, contributing to rural revitalization with a total transaction amount exceeding RMB 46.68 million[55]. - The company is committed to building safe, green, smart, and convenient communities to meet the aspirations of homeowners for a better life[72]. Awards and Recognition - The company has been recognized with multiple awards, including "Top 100 Property Service Companies in China" and "Leading Company in Property Technology Empowerment" for 2023[18]. - The company was recognized as a leading enterprise in various categories, including the top 10 in operational performance and service scale in the 2023 China Property Service Hundred Strong list[46]. - The company received multiple industry accolades, including "Top 1 in Comprehensive Strength of Property Enterprises in China 2023," reflecting its leading position in the industry[54]. Challenges and Risks - The company faces significant credit risk related to trade receivables from Country Garden Group, amounting to RMB 2,757.9 million, due to increased uncertainty regarding the group's ability to meet its debt obligations[119]. - The company has identified major risks including economic fluctuations, market conditions, and regulatory changes in the property management industry that could impact operations and revenue growth[111]. - The company has made a provision for expected credit losses totaling RMB 2,198,613,000 for trade receivables from related parties, with a specific provision of RMB 2,181,665,000 for receivables from Country Garden Group, reflecting an expected credit loss rate of 79.1%[121]. Corporate Governance - The company has adopted and complied with all applicable provisions of the corporate governance code during the year[154]. - The board consists of seven directors, including three executive directors and three independent non-executive directors as of December 31, 2023[157]. - The company has established a remuneration policy for directors and senior management, which is reviewed and adjusted regularly based on industry standards and individual performance[162]. - The company has arranged appropriate liability insurance for directors and senior management to protect against claims arising from corporate activities[160]. - The company has confirmed that all directors complied with the standard code of conduct for securities trading during the year[155]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules[161]. Employee Development - The total employee cost for the year was approximately RMB 15,384.5 million, with the number of employees decreasing to 213,712 from 227,759 in the previous year[114]. - The representation of female executives in the core management team of the domestic operating entity is 35%[190]. - The company is focused on enhancing employee development through diverse training programs tailored to business needs and employee career growth[115]. Strategic Initiatives - The company aims to enhance customer satisfaction through a comprehensive customer satisfaction management system and digital tools for real-time feedback analysis[72]. - The strategic focus includes expanding community life services and establishing a competitive advantage through a "1+N+X" development strategy[73]. - The company plans to continue its "lean" digital transformation to improve operational efficiency and service quality[75]. - Future initiatives will focus on community quality improvement and environmental renovation to enhance the living experience for homeowners[72].