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3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4月1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, ...

Core Viewpoint - Shimao Services (873.HK) reported a revenue of 7.88 billion yuan for the year 2025, marking a 10% year-on-year increase, while core net profit reached approximately 600 million yuan, reflecting a 20% growth, amidst ongoing industry adjustments and intensified market competition [1][9] Financial Performance - The company achieved a core net profit of 600 million yuan, with a rapid increase in profitability [2][10] - Revenue from property management services grew by 4.7% to 5.82 billion yuan, with residential income rising by 8.3% to 3.78 billion yuan [11] - Non-residential sectors, including office buildings and public facilities, saw significant growth, with revenues increasing by 17.2% and 19.4% respectively [11] - Management expenses decreased by 15.7% to 700 million yuan, enhancing operational efficiency [3][12] Market Expansion - The company added a saturated annual revenue of 2 billion yuan, a 35.1% increase year-on-year, and achieved a record high in new contract area of 54.836 million square meters, up 27.1% [3][12] - High-quality urban projects accounted for 70.2% of the portfolio, with first-tier and new first-tier cities making up 73.2% [4][12] Service Quality Enhancement - The "Heart Gravity Live+" quality renewal initiative was implemented, focusing on service standard upgrades and scenario-based capabilities to enhance customer experience [1][6] - The company upgraded approximately 18,000 homecoming pathways and activity spaces, and completed 210,000 security device upgrades [6][13] - Community engagement efforts included 1.96 million owner visits across 107 cities, enhancing service perception and connection [6][13] Innovation and Talent Development - The company explored new service possibilities, such as the "Senior Sharing" platform for community students and partnerships with Alipay for efficient visitor access [7][14] - The "Future Forest Academy" training system was established to enhance service quality and management capabilities, supporting long-term development [15] Future Outlook - The company aims to maintain a long-term perspective, focusing on high-quality and sustainable development, while continuously enhancing its "Six-Dimensional Comprehensive New Development" strategy [8][15]

Core Viewpoint - The property management industry is shifting its focus from scale growth to sustainable cash flow generation and independent operational capabilities as it transitions from a growth phase to a stock game phase [1][12]. Group 1: Company Performance - Shimao Services reported a revenue of 7.88 billion yuan in 2025, reflecting a strategic shift towards quality and efficiency rather than mere scale [3]. - The property management service revenue grew by 4.7% year-on-year to 5.82 billion yuan, accounting for 73.8% of total revenue, with 71.2% of managed area coming from independent third-party projects [4][5]. - The company achieved a gross profit of 1.4 billion yuan and an operating profit of 162 million yuan, marking a significant turnaround from a loss of 158 million yuan in 2024 [6]. Group 2: Revenue Structure - The company’s diversified revenue structure includes community value-added services, non-owner value-added services, and urban services, contributing to overall income stability [5]. - Community value-added service revenue reached 1.32 billion yuan, up 9.5% year-on-year, with the elderly care business achieving 216 million yuan in revenue, a 15.2% increase [9]. - The urban services segment generated 542 million yuan, with a 137.2% increase when excluding the impact of a divested subsidiary [11]. Group 3: Growth Strategies - The company is expanding its non-residential business, with a 44.7% increase in newly added non-residential property contract area, reaching 35.2% of total managed area [8]. - The company focuses on high-quality project selection, with 85.4% of managed properties located in first-tier and new first-tier cities, ensuring sustainable revenue growth [14][15]. - The company’s strategic emphasis on operational efficiency led to a 15.7% reduction in administrative expenses, reflecting a commitment to cost management while expanding business scale [16]. Group 4: Industry Context - The property management industry is undergoing a structural transformation, with a shift from reliance on real estate developers to independent operational capabilities [12][13]. - The market is increasingly valuing cash flow quality and service capabilities over mere scale, indicating a fundamental change in investor sentiment [13][17]. - Shimao Services is positioned to benefit from this industry trend, with a clear growth path and improved profitability metrics [17].

Core Viewpoint - The real estate industry is undergoing a deep adjustment phase in 2025, leading to a transformation in the property service sector characterized by stock competition and efficiency enhancement. Shimao Services is focusing on a "six-dimensional comprehensive development strategy" to navigate through the real estate cycle and achieve resilient growth despite challenges such as rising labor costs and narrowing profit margins [1][9]. Financial Performance - In 2025, Shimao Services achieved a revenue of 7.88 billion yuan, remaining stable compared to 2024, with an actual growth rate close to 10% after excluding the impact of the Jinsitian project. The core net profit reached 600 million yuan, a year-on-year increase of 20%, with the core net profit margin rising to 7.3% [1][2]. - Management expenses were reduced to 700 million yuan, a 16% decrease year-on-year, marking three consecutive years of steady reduction. Overall operational efficiency improved by over 8% [2]. - The market expansion efforts resulted in a saturated annual income of 2 billion yuan, a 35.1% increase year-on-year, with new contract area reaching 54.836 million square meters, up 27.1% [2]. Business Structure and Growth - The revenue from property management services was 5.82 billion yuan, a 4.7% year-on-year increase, accounting for 73.8% of total revenue. Community value-added services generated 1.32 billion yuan, up 9.1% year-on-year, with significant growth in various segments [3]. - The residential business accounted for 49% of total revenue, growing over 8% year-on-year, while non-residential income surpassed 51% for the first time, with office business up 17.2% and healthcare services up 7.7% [2][3]. Service Quality Enhancement - Shimao Services focuses on service quality, implementing a comprehensive service system that strengthens basic service guarantees while enhancing value-added services to improve customer experience [4][5]. - The company completed safety inspections for all managed projects and conducted nearly 600 fire drills, ensuring community safety. Customer engagement efforts included over 1.96 million visits to homeowners [4]. Innovation and Technology - The company emphasizes innovation as a core growth driver, expanding beyond traditional residential services into non-residential sectors and increasing technology investments to enhance operational efficiency [7][8]. - The introduction of AI and digital tools has improved service efficiency, with energy management systems reducing average energy consumption by 24% across managed projects [8]. Industry Positioning - The property service industry is transitioning from scale competition to value competition, with a focus on comprehensive ecological services and smart operations. Shimao Services aims to maintain its six-dimensional development strategy while prioritizing quality over mere expansion [9][10].

Core Viewpoint - The company has reported its 2025 annual performance amidst ongoing industry adjustments and intensified market competition, focusing on a "six-dimensional comprehensive new development" strategy to enhance service quality and operational efficiency [1] Financial Performance - The company achieved a revenue of 7.88 billion yuan, representing a year-on-year growth of 10% [3] - Core net profit reached approximately 600 million yuan, with a year-on-year increase of 20%, indicating sustained operational profitability [3][5] - Management expenses decreased by 15.7% to 700 million yuan, significantly improving operational efficiency [5] Revenue Structure - The property management service segment, as a key business, saw a revenue increase of 4.7% to 5.82 billion yuan, with residential income growing by 8.3% to 3.78 billion yuan [4] - Non-residential segments, including office buildings and public facilities, experienced rapid growth, with revenues increasing by 17.2% and 19.4% respectively [4] - Community value-added service revenue rose by 9.1% to 1.32 billion yuan, contributing to a diversified and high-quality revenue structure [4] Market Expansion - The company added a saturated annual revenue of 2 billion yuan, marking a significant year-on-year increase of 35.1%, and achieved a new record in contract area with an increase of 27.1% [5] - High-quality urban projects accounted for 70.2% of the portfolio, with first-tier and new first-tier cities representing 73.2% [6] Quality Improvement Initiatives - The company launched the "Heart Gravity Live+" quality renewal initiative, focusing on service standard upgrades and enhancing customer experience [7] - Approximately 1.8 million homecoming pathways and activity spaces were upgraded, along with significant improvements in security and community services [7] Talent Development - The company emphasizes talent development through the "Future Forest Academy," which supports service quality and management capability enhancement [9][10] Future Outlook - The company aims to strengthen its operational foundation and continue to enhance service quality, management, and market expansion in response to evolving industry demands [11]

Core Viewpoint - Shimao Services has achieved significant growth in managed and contracted building areas, driven by proactive market expansion and steady project deliveries, aiming for record performance in 2025 [2][3] Group 1: Market Expansion and Performance - The increase in managed and contracted building areas is attributed to the group's proactive market expansion team, which focuses on diverse property types such as residential, office buildings, and public facilities [2] - In 2025, Shimao Services aims to reach new performance peaks, with a target annual contract amount of approximately 1.974 billion yuan, representing a year-on-year growth of 33.1% [2] - The newly contracted building area is expected to be 54.8 million square meters, reflecting a year-on-year increase of 27.1% [2] Group 2: Financial Performance - For the year 2025, Shimao Services reported revenues of 7.88 billion yuan, remaining relatively stable year-on-year [3] - The gross profit was approximately 1.4 billion yuan, with operating profit turning positive at 161.5 million yuan [3] - The profit attributable to equity holders was about 103 million yuan, with core net profit reaching approximately 524 million yuan, both showing a turnaround from losses [3] - The total managed building area reached approximately 221 million square meters, a year-on-year increase of 1.3%, while the contracted building area was about 335 million square meters, up by 6.5% year-on-year [3]

Core Viewpoint - Shimao Services reported a strong financial performance for the year 2025, with revenue reaching 7.88 billion yuan, a year-on-year increase of 10%, and core net profit of approximately 600 million yuan, up 20% year-on-year, indicating sustained operational efficiency and growth potential [3][4]. Financial Performance - The company achieved a revenue of 7.88 billion yuan, marking a 10% increase compared to the previous year [3][4]. - Core net profit rose to 600 million yuan, reflecting a 20% year-on-year growth, with core net profit margin improving by 1.0 percentage points to 7.3% [5]. - Management expenses decreased by 16% to 700 million yuan, showcasing effective cost control measures [3][5]. Revenue Structure - The property management services segment, which is a key revenue driver, generated 5.82 billion yuan, a 4.7% increase year-on-year, with residential income rising by 8.3% to 3.78 billion yuan [4]. - Non-residential segments, including office buildings and public facilities, saw significant growth, with revenues increasing by 17.2% and 19.4% respectively [4]. - Community value-added services revenue grew by 9.1% to 1.32 billion yuan, accounting for 16.8% of total revenue [4]. Market Expansion - The company added a record annual saturated income of 2 billion yuan, a 35.1% increase year-on-year, and expanded its contracted area by 27.1% to 54.836 million square meters [6][7]. - High-quality projects in first-tier and new first-tier cities accounted for 73.2% of the new contracts, indicating a focus on premium market segments [7]. - The company is enhancing its operational efficiency through a multi-business model, expanding into various sectors such as residential, industrial parks, and healthcare [7]. Service Quality Enhancement - The "Heart Gravity Live+" quality renewal initiative aims to improve customer experience through service standard upgrades and scenario-based capabilities [3][8]. - The company implemented significant upgrades in residential areas, including 21,000 security device upgrades and extensive community engagement activities [8]. - In non-residential spaces, the company executed over 1,300 maintenance and renovation projects, ensuring high service stability and customer satisfaction [9]. Talent Development - The company emphasizes talent development through the "Future Forest Academy," focusing on enhancing service quality and management capabilities [10]. - Continuous training and practical experience are integrated to foster a skilled workforce that supports long-term growth [10]. - The company aims to adapt to evolving market demands by enhancing its comprehensive capabilities in service quality, management, and market expansion [10].

Core Viewpoint - Shimao Services (873.HK) reported a revenue of 7.88 billion yuan for the year 2025, reflecting a 10% year-on-year increase, while core net profit reached approximately 600 million yuan, up 20% year-on-year, indicating sustained operational efficiency and growth potential in a competitive market environment [3][4][5]. Financial Performance - The company achieved a revenue of 7.88 billion yuan, a 10% increase year-on-year [3][4]. - Core net profit was approximately 600 million yuan, representing a 20% year-on-year growth [3][5]. - Management expenses decreased by 16% to 700 million yuan, enhancing operational efficiency [3][5]. Business Development - The company added a new annual saturated income of 2 billion yuan, a significant increase of 35.1% year-on-year, marking a historical high [6]. - New contract area reached 54.836 million square meters, up 27.1% year-on-year [6]. - The property management service segment generated 5.82 billion yuan, a 4.7% increase year-on-year, with residential income rising by 8.3% to 3.78 billion yuan [4][6]. Strategic Initiatives - The company is implementing the "Heart Gravity Live+" quality renewal initiative, focusing on service standard upgrades and enhancing customer experience [3][8]. - The "Three Lean" enhancement actions aim to improve operational quality and efficiency through refined management strategies [4][5]. Market Expansion - The company is expanding its market presence by focusing on high-value sectors, with 70.2% of new projects located in high-energy urban clusters [6][7]. - The proportion of community value-added services increased by 9.1% to 1.32 billion yuan, contributing to a diversified revenue structure [4]. Service Quality Improvement - The company is enhancing service capabilities through systematic talent development via the "Future Forest Academy," focusing on service quality and management skills [10]. - Various innovative service initiatives have been launched, including community engagement activities and tailored service solutions for different non-residential spaces [9][10]. Future Outlook - The company aims to maintain a long-term commitment to high-quality and sustainable development, emphasizing service excellence and brand value enhancement [11].

Core Viewpoint - Shimao Services (00873) reported a revenue of 7.88 billion yuan for the year 2025, marking a 10% year-on-year increase, with core net profit reaching approximately 600 million yuan, up 20% year-on-year, indicating sustained operational efficiency and growth potential [1][3][4]. Financial Performance - The company achieved a core net profit of 600 million yuan, reflecting a rapid increase of 20% year-on-year, with a core net profit margin rising by 1.0 percentage points to 7.3% [3][4]. - Revenue reached 7.88 billion yuan, driven by a 4.7% increase in property management services to 5.82 billion yuan, with residential income growing by 8.3% to 3.78 billion yuan [3][4]. Cost Management - Management expenses decreased by 15.7% to 700 million yuan, while sales expenses fell by 8.3% to 110 million yuan, demonstrating effective cost control measures [4]. Market Expansion - The company added a saturated annual income of 2 billion yuan, a record high with a year-on-year growth of 35.1%, and a new contract area of 54.836 million square meters, up 27.1% year-on-year [5][6]. - High-quality projects accounted for 70.2% of the company's portfolio, with first-tier, new first-tier, and second-tier cities representing 73.2% of the projects [6]. Service Quality Enhancement - The "Heart Gravity Live+" quality renewal initiative was implemented, focusing on service standard upgrades and enhancing customer experience through various service improvements [7]. - The company upgraded approximately 18,000 homecoming pathways and activity spaces, and conducted 196,000 owner visits across 107 cities, enhancing community engagement [7][8]. Talent Development - The company emphasized talent development through the "Future Forest Academy," which supports service quality and management capability improvements, ensuring long-term operational sustainability [9]. Future Outlook - The company plans to deepen its "Six-Dimensional Comprehensive New Development" strategy, focusing on service quality, operational management, and market expansion to create long-term value for owners, customers, and shareholders [9].

Core Viewpoint - Shimao Services (00873.HK) reported its annual performance for 2025, showing significant improvements in operating profit and net profit compared to the previous year, despite stable revenue figures. Financial Performance - Revenue for 2025 was RMB 7.88 billion, nearly unchanged from RMB 7.896 billion in 2024 [1] - Operating profit reached RMB 162 million, a notable increase from an operating loss of RMB 158 million in 2024 [1] - Profit attributable to equity holders was RMB 103 million, a significant recovery from a loss of RMB 272 million in 2024 [1] - Core net profit attributable to equity holders was RMB 524 million, reflecting a year-on-year increase of 6.5% [1] - Basic earnings per share for the year were RMB 0.04 [1] Revenue Breakdown - Revenue from property management services was RMB 5.817 billion, accounting for 73.8% of total revenue, with a year-on-year growth of 4.5% [1] - Revenue from community value-added services was RMB 1.323 billion, representing 16.8% of total revenue, with a year-on-year increase of 9.5% [1] - Revenue from non-owner value-added services was RMB 199 million, making up 2.5% of total revenue, with a year-on-year growth of 13.1% [1] - Revenue from urban services was RMB 542 million, accounting for 6.9% of total revenue, showing a decline of 42.8% year-on-year [1] Cash Position - As of December 31, 2025, the group had cash and cash equivalents, including time deposits with maturities over three months, amounting to RMB 2.991 billion [2]