（於開曼群島註冊成立之有限公司） （股份代號：873） 有關成立合夥企業的須予披露交易 之進一步資料 茲提述本公司日期為 2025 年12 月 22 日有關成立合夥企業以在中國遼寧省葫蘆島 興城市投資及運營污水處理項目的公告（「該公告」）。本公司謹就合夥企業提 供以下額外資料，以供本公司股東及投資者參考。除另有指定外，本公告所用詞 彙與該公告所界定者具有相同涵義。 關於葫蘆島永晟及其最終主要實益擁有人的進一步資料 葫蘆島永晟是一家專注於環保工程、市政公用工程的專業化項目管理諮詢公司， 並從事為生態環境保護項目提供由策劃、施工管理以至運營優化等的全方位運營 與綜合改造服務，且對污水處理廠的改造及建設項目提供綜合一體化服務。 誠如該公告所述，葫蘆島永晟最終由陳志强先生持大多數股權，彼同時擔任該公 司的法定代表人。陳志强先生為高級工程師，於中國持工程建設系的註冊執業資 格，並深耕水環境治理與市政工程領域逾二十年經驗。彼在污水處理項目及環保 相關項目的規劃、項目管理和營運，以及項目實施方面具備豐富經驗。 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 ...

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 世茂服務控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年2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) | 00873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | 本月底法定/ ...

Project Awards - Shimao Services has won the property management contract for the Huahong Jinyuan project in Wenzhou, Zhejiang, covering a total construction area of approximately 190,000 square meters, which includes facility maintenance, cleaning, waste disposal, landscaping, and vehicle management [1][16] - China Overseas Property has secured a three-year security service contract for the Hong Kong Academy for Performing Arts, which includes four locations, and will develop a personalized security plan to ensure the safety of students and faculty [1][16] New Land Projects - On January 7, 92 new land projects were added in key cities, with a planned construction area of 1.9075 million square meters, including 6 residential projects, 58 commercial office projects, 24 industrial projects, and 4 other types [2][17] - The largest project is located south of the Shanzi River in Binzhou, with a planned area of 103,403 square meters and a transaction floor price of 222 yuan per square meter, developed by Binzhou Xianghai Capital Holdings [2][17] Tender Projects - On January 7, a total of 2,240 property-related tender notices were published in key regions such as Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macau, with non-residential properties making up a significant portion, totaling 2,153 notices [4][19] - Notably, the budget for the sanitation and cleaning service project in Qianxi City is approximately 92.3497 million yuan [4][19] Capital Market Dynamics - On January 8, the Hang Seng Index closed down by 309.64 points, a decline of approximately 1.17%, with 15 out of 61 listed property service companies in Hong Kong experiencing an increase [8][23] - The average market capitalization of the 61 listed property companies in Hong Kong is 4.391 billion HKD, with seven companies exceeding 10 billion HKD in market value [9][23] - China Resources Mixc Lifestyle is the largest property service company by market capitalization at 103.899 billion HKD, followed by Wanwu Cloud at 22.555 billion HKD and Country Garden Services at 21.065 billion HKD [9][23]

FF301 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 世茂服務控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 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 | 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) | 00873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | 本月底法定 ...

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" results were announced, with Shimao Services winning the "Outstanding Marketing Case Award" [1] Group 1: Jinzhi Award Overview - The "Jinzhi Award" aims to establish benchmarks for high-quality development, guiding listed companies to focus on their core business, innovate continuously, and fulfill social responsibilities [3] - The evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies awarded based on a quantitative analysis model [3] Group 2: Shimao Services' Marketing Practices - Shimao Services is recognized as a leading comprehensive property management and community service provider in China, with a strong brand value across various sectors including residential, educational, and healthcare [4] - The company has launched the "Xinguang" product brand service system, emphasizing "service first, quality foremost," and aims to enhance service standards and quality through a five-part plan focusing on quality, service, standards, culture, and management [4] - Shimao Services employs innovative marketing strategies that combine online platforms with offline experiences, utilizing AI and big data for demand forecasting and community activities to enhance emotional connections with customers [4] Group 3: Future Directions - Shimao Services plans to continue deepening quality marketing and innovative marketing models, integrating smart technology with diverse services to enhance user engagement and market expansion efficiency [5] - The company aims to provide replicable practices for marketing upgrades in the property service industry, contributing to high-quality service experiences for owners and clients, and supporting the upgrade of the consumer market and smart city development [5]

Group 1 - The core point of the article is that Shimao Services (00873.HK) announced the establishment of a partnership for the investment, construction, and operation of a sewage treatment project in Huludao, Liaoning Province, China [1] Group 2 - The partnership agreement is between Shimao Tianjing, a wholly-owned subsidiary of the company, and Huludao Yongsheng, with Shimao Tianjing acting as a limited partner and Huludao Yongsheng as the general partner [1] - The project is specifically located in Xingcheng City, which is part of Huludao in Liaoning Province [1]

Group 1 - The company Shimao Services (00873) announced a partnership agreement to establish a joint venture for the investment, construction, and operation of a sewage treatment project in Huludao, Liaoning Province, China [1] - The total investment amount for the partnership is approximately RMB 283 million, with Shimao Tianjing contributing around RMB 280 million and Huludao Yongsheng contributing RMB 2.83 million [1] Group 2 - The initiative aligns with the Chinese government's emphasis on revitalizing the Northeast region and implementing modern sewage treatment systems in cities like Huludao [2] - The partnership aims to leverage both parties' strengths in resource acquisition, project construction, and execution standards to enhance urban services and promote high-quality development in the sewage treatment sector [2] - The collaboration is expected to improve the core competitiveness of the company and support its long-term development in the sewage treatment industry [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 部分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。 （於開曼群島註冊成立之有限公司） （股份代號：873） 須予披露交易 成立合夥企業 成立合夥企業 於2025年12月22日，本公司間接全資附屬公司上海世茂天境（作為有限合夥人） 與葫蘆島永晟（作為普通合夥人）訂立合夥協議，據此，訂約方同意成立合夥企 業，以在中國遼寧省開展葫蘆島興城市污水處理項目的投資建設及運營。 根據合夥協議的條款，合夥企業全體合夥人的出資總額為人民幣283,000,000 元 ，其中上海 世 茂 天 境 出資人民幣 280,170,000 元 ， 葫蘆島永晟 出資人民幣 2,830,000元。 上市規則的涵義 由於成立合夥企業之出資額的適用百分比率（定義見上市規則第14.07條）高於 5%但低於25%，故成立合夥企業構成本公司的一項須予披露交易，並須遵守上 市規則第14章項下的申報及公告規定。 成立合夥企業 於2025年12月22日，本公司間接全資附屬公司上海世茂天境（作為有限合夥人 ...

下半年，公司继续发力市拓，7 月-10 月合计新增项目近200 个，其中包含产业园、商写、住宅、学 校、医院、政府后勤服务等，不断拓展服务场景与客户价值边界，为未来基础物管稳定增长提供基础。 收缩关联交易规模上限，关联方应收减值风险降低。近期公司公布其持续关联交易的年度上限调整情 况。根据公告，未来多项核心关联业务规模将明显收缩。其中，案场运营服务从2025 年1.15 亿的年度 上限，下调至2026 年-2028 年的0.24/0.11/0.10 亿；车位经纪服务保证金上限从2025 年2.45 亿缩减至 2026-2028 年的0.73 亿；物管服务从2025 年1.69 亿的年度上限，下调至2026-2028 年的0.17/0.25/0.21 亿。 此次公司主动收缩关联交易规模上限，有助于降低关联方应收减值风险，也是对公司"独立性"的 不断强化。 维持增持评级，调整目标价至0.73 港元。根据公司近期经营情况，调整对各项业务收入增速和毛利率的 预测，以及销管费用率的预测，调整后25-26 年EPS 预测值为0.02/0.06 元（原预测0.09/0.10 元），引入 2027 年预测值0.07 元。可比 ...

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 0.73 [3][5] Core Insights - The company has shown impressive market expansion results, with a significant reduction in related party impairment risks [2] - The company is focusing on core city clusters and high-energy markets, with 74% of new projects located in key regions [10] - The company has reduced the annual cap on related party transactions, which helps lower the risk of receivable impairments and strengthens its independence [10] Financial Performance Summary - Revenue projections for 2025 and 2026 have been adjusted to HKD 7,249 million and HKD 7,571 million, respectively, with a forecasted EPS of HKD 0.02 and HKD 0.06 [3][9] - The company reported a net profit of HKD 273 million in 2023, with a projected net profit of HKD 59 million in 2025 and HKD 145 million in 2026 [9][12] - The gross margin is expected to decline from 20.1% in 2023 to 17.5% by 2027 [9][12] Market Expansion and Strategy - The company achieved a record high in third-party bidding, with an annual contract amount of approximately HKD 960 million, a year-on-year increase of 54.6% [10] - The average property management fee for new residential projects reached HKD 2.9 per square meter per month, indicating improved project quality and profitability [10] - The company added nearly 200 new projects in the second half of the year, expanding its service scenarios and customer value boundaries [10]