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 。 代表董事會 世 茂 服 務 控 股 有 限 公 司 主 席 許世壇 香港， 2025 年 8 月 29 日 於本公告日期 ， 本 公 司 董事會包括 三 名執行董事許世壇先生（主席）、 邵 亮 先 生（ 總 裁 ）及 曹 士 揚 先 生；以 及 三 名 獨 立 非 執 行 董 事 顧 雲 昌 先 生、 周 心 怡 女 士 及 許 偉 文 先 生 。 執行董事辭任 世 茂 服 務 控 股 有 限 公 司（「 本公司 」，連 同 其 附 屬 公 司 統 稱「 本 集 團 」） 董 事 會（「 董事會 」）謹 此 宣 佈 曹 士 揚 先 生（「 曹先生 」）由 於 需 投 放 更 多時間在其個人 事 務 及家庭上，已提出 辭 任 本 公 司 執 行 董 事 職 務，由2025 年8月31日 起生效 。 曹 先 生 已 確 認 彼 與 董 事 會 並 無 任 何 意 見 分 歧 ， 亦 無 其 ...

Core Viewpoint - The property management sector is regaining investor interest in the current bull market, characterized by both defensive and growth attributes, with a year-to-date increase of 23%, closely aligning with the Hang Seng Index's 25% rise. However, internal differentiation within the industry remains, necessitating careful identification of unique value propositions among various property companies [1][4]. Group 1: Industry Overview - The property management sector has unique appeal for investors, particularly in uncertain external environments, due to its high dividends and stable cash flow, providing a safety net with low risk and anti-cyclical characteristics [4]. - Despite facing challenges in recent years due to the real estate market's downturn, the core value of property management stocks remains unchanged, characterized by a "three excellence" model: excellent light-asset operation, excellent cash flow, and excellent long-term growth potential [4][5]. - The current rapid development phase of the property management industry is driven by urbanization and the increasing demand for high-quality living, with business boundaries expanding beyond traditional residential markets to include commercial, public, and industrial properties [5][6]. Group 2: Company Performance - Shimao Services reported a revenue of 3.62 billion yuan and a core net profit of 282 million yuan for the first half of 2025, indicating a significant discrepancy between market expectations and the company's actual performance [3]. - The company has demonstrated strong independent growth capabilities, with 72% of its managed area and 78% of its contracted area coming from third-party sources, reducing reliance on its parent company [8][18]. - The company achieved a remarkable 54.6% year-on-year increase in new annual contract value from third-party bidding, with a 126.6% increase in newly contracted building area [11]. Group 3: Strategic Developments - Shimao Services is actively expanding into non-residential sectors, with over 80% of newly contracted building area in the first half of 2025 coming from non-residential properties, highlighting its strategic value in diversifying its business [14][19]. - The company is focusing on systematic service upgrades across various sectors, aiming for a comprehensive renewal that enhances market competitiveness and injects vitality into urban living [16]. - The company's strategic investments in high-potential urban areas, such as Hangzhou, have led to increased market share and competitive positioning [15][20]. Group 4: Market Misconceptions - The market has overly pessimistic views regarding the risks associated with Shimao Services' ties to real estate companies, underestimating its independent development capabilities [18]. - There is a lack of recognition of the strategic value of Shimao Services' expansion into non-residential sectors, which has become a significant growth driver, contributing 36.22% to total revenue [19]. - The market has not fully appreciated the benefits of Shimao Services' urban deep cultivation strategy, which has created scale effects and cost advantages, nor its ongoing digital transformation efforts that enhance operational efficiency [20][22].

Core Viewpoint - The company is actively optimizing its business structure by focusing on core operations and adjusting non-core businesses, which includes divesting subsidiaries like Jinsha Tian. These adjustments may have a short-term impact on profits but ultimately enhance the company's ability to respond to market and policy changes [1] Financial Performance - After excluding the impact of subsidiaries like Jinsha Tian, the company's overall revenue still achieved approximately 3% growth [1] - The core property management business maintained steady growth, with revenue exceeding 2.8 billion, reflecting a nearly 3% year-on-year increase [1] Market Expansion - The company achieved significant market expansion, with new contracted area reaching 40.1 million square meters, a year-on-year increase of 126.6% [1] - New annual saturated revenue reached 1 billion, marking a 66.7% year-on-year growth, both figures setting historical highs [1] Operational Efficiency - Nearly 80% of the contracted area comes from third-party clients, indicating a stable operational base and continuous optimization of the revenue structure [1] - Through refined management and digital operations, the company's operational efficiency and cyclical resilience are continuously improving, laying a solid foundation for long-term stable development [1]

Core Viewpoint - Shimao Services emphasizes a long-term strategic approach focused on quality service and brand value enhancement, despite facing industry adjustments and intensified market competition [1][10]. Financial Performance - For the first half of 2025, Shimao Services reported revenue of RMB 3.62 billion, gross profit of RMB 709 million, and core net profit of RMB 282 million, indicating a temporary fluctuation in core net profit due to proactive business transformation [1][3]. - The company’s basic property service revenue reached RMB 2.81 billion, accounting for 77.7% of total revenue, reflecting stability in its operational foundation [3]. Market Expansion - Shimao Services achieved a significant increase in contracted area, with 40.1 million square meters added, representing a year-on-year growth of 126.6%, and a new annual revenue potential of RMB 1 billion, up 66.7% [4]. - 74% of new projects are located in key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area, with 73% in first and second-tier cities [4]. Business Diversification - The company has seen substantial growth in various service segments, including community value-added services (up 8.5%), rental and sales services (up 32.6%), and new retail value-added services (up 188.9%) [3][5]. - Shimao Services maintains a leading position in property management for universities and healthcare logistics, enhancing its reputation in high-barrier sectors [5]. Service Quality and Innovation - The company is implementing a "Heart Gravity Live+" quality renewal plan, focusing on standardization and digitalization to enhance service quality and operational efficiency [6]. - In non-residential sectors, Shimao Services has introduced an AIS smart energy management platform to improve operational efficiency and service response times [7]. Talent Development and Operational Efficiency - Management expenses were reduced to RMB 340 million, with a 35.2% increase in revenue per employee, showcasing improved management efficiency [8][9]. - The company is investing in talent development through a structured training program, ensuring a high-quality service workforce [9]. Long-term Strategy - Shimao Services plans to continue its long-term strategy centered on "service first, quality priority," focusing on creating a friendly and integrated community covering all age groups [10].

Core Viewpoint - Shimao Services (00873) reported strong mid-year results for the six months ending June 30, 2025, showcasing significant growth in contract amounts and management services despite challenging macroeconomic conditions [1][2] Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.62 billion RMB, with a gross profit of 709 million RMB [1] - Profit attributable to equity holders was 8.519 million RMB, with basic earnings per share at 0.003 RMB [1] - Property management services generated 2.812 billion RMB in revenue, reflecting a year-on-year increase of 1.9%, while maintaining stable gross margins [1] Group 2: Market Expansion and Strategy - The company achieved a record high in its market expansion team, with a new annual contract value of 958 million RMB, up 54.6% year-on-year, and a new contracted area of 40.1 million square meters, up 126.6% year-on-year [1] - As of mid-2025, non-residential property projects accounted for 38.4% of the managed area, significantly diversifying the client base [2] - 96.6% of non-residential projects are located in first-tier, new first-tier, and second-tier cities, which are key consumption drivers [2] - The company is expanding its service offerings to include smart energy, space operations, business support, and customized logistics across various property types [2]

Core Insights - Shimao Services reported a revenue of 3.62 billion RMB for the six months ending June 30, 2025, with a gross profit of 709 million RMB and a net profit attributable to equity holders of 8.52 million RMB, translating to a basic earnings per share of 0.003 RMB [1] Group 1: Financial Performance - For the first half of 2025, Shimao Services achieved a new annualized contract amount of 958 million RMB, representing a year-on-year increase of 54.6% [1] - The newly contracted building area reached 40.1 million square meters, showing a significant year-on-year increase of 126.6% [1] - Revenue from property management services was 2.812 billion RMB, reflecting a year-on-year growth of 1.9%, with stable gross margins [1] Group 2: Market Expansion and Strategy - The company actively expanded its client base by developing various non-residential property clients, increasing the proportion of non-residential projects to 38.4% of the managed area as of mid-2025 [2] - A significant 96.6% of non-residential projects are located in first-tier, new first-tier, and second-tier cities, which are characterized by high industrial density and consumer traffic [2] - Shimao Services has extended its service offerings to include office buildings, industrial parks, public facilities, and urban complexes, continuously fostering growth through smart energy, space operations, business support, and customized logistics [2]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 3,619.8 million, a decrease of 10.2% compared to RMB 4,031.8 million for the same period in 2024[3]. - Gross profit decreased by 12.6% to RMB 709.0 million from RMB 811.5 million in the same period of 2024[3]. - Operating profit fell by 84.0% to RMB 40.2 million compared to RMB 252.0 million in 2024[4]. - Profit for the period was RMB 22.3 million, down 89.4% from RMB 210.8 million in the same period of 2024[4]. - The gross margin was 19.6%, a decrease of 0.5 percentage points from 20.1% in 2024[71]. - The net profit attributable to the company’s equity holders for the six months ended June 30, 2025, was RMB 8.52 million, a decline from RMB 183.97 million for the same period in 2024[94]. - Basic earnings per share for the period was RMB 0.003, down from RMB 0.075 in the previous year, reflecting a decline in profitability[96]. Revenue Breakdown - Property management services revenue was approximately RMB 2,812.3 million, accounting for 77.7% of total revenue, with a year-on-year increase of 1.9%[3]. - Community value-added services revenue was RMB 538.9 million, representing 14.9% of total revenue, down 8.1% from RMB 586.7 million in 2024[69]. - The gross profit from property management services was RMB 562.7 million, up 1.7% from RMB 553.1 million in 2024, maintaining a gross margin of 20.0%[33]. - Community asset management services generated revenue of RMB 123.4 million, an increase of 8.5% from RMB 113.7 million in 2024[47]. - Smart scene solutions revenue fell to RMB 4.0 million, a decline of 91.5% from RMB 47.3 million in 2024[48]. - Urban services revenue was RMB 207.4 million, a significant decline of 65.6% from RMB 603.2 million in 2024[54]. Operational Metrics - The company achieved a new annualized contract value of RMB 958.4 million, up 54.6% year-on-year, and added a new contracted construction area of 40.1 million square meters, an increase of 126.6% year-on-year[14]. - The management expense ratio was effectively reduced to 9.4% through comprehensive management efficiency enhancement initiatives[18]. - The number of managed projects decreased by 1.7% to 1,466 from 1,491 in the previous year[30]. - The managed building area decreased by 10.0% to 222.3 million square meters from 246.9 million square meters in 2024[30]. - The contracted building area increased by 3.2% to 343.4 million square meters from 332.6 million square meters in 2024[30]. Cash Flow and Assets - Cash and cash equivalents, including time deposits with maturities over three months, increased by 27.7% to RMB 4,807.4 million from RMB 3,764.2 million as of December 31, 2024[4]. - As of June 30, 2025, accounts receivable amounted to RMB 3,635.3 million, an increase of 7.6% from RMB 3,378.3 million as of December 31, 2024[87]. - As of June 30, 2025, accounts payable reached RMB 1,996.7 million, reflecting a significant increase of 41.4% from RMB 1,412.3 million as of December 31, 2024[89]. - Current assets totaled RMB 9,819.1 million as of June 30, 2025, up 1.8% from RMB 9,648.9 million as of December 31, 2024[90]. - Total assets as of June 30, 2025, were RMB 13,357,655 thousand, a slight increase from RMB 12,987,478 thousand as of December 31, 2024, representing a growth of about 2.8%[111]. Strategic Initiatives - The company aims to enhance customer satisfaction by establishing a quantitative indicator system to drive continuous upgrades in service processes and quality control[20]. - The company plans to deepen its focus on non-residential, residential, and urban services, continuously improving project service capabilities to increase customer satisfaction and loyalty[21]. - The company aims to enhance elderly care services by improving hardware facilities and providing personalized software services[22]. - The company is committed to social responsibility and sustainable development, aiming for recognition as a leading low-carbon operation enterprise by 2025[26]. - The company plans to enhance its technological capabilities through new product development and strategic partnerships in the upcoming fiscal year[99]. Employee Metrics - As of June 30, 2025, the group had 34,592 employees, a decrease of 21.4% compared to 44,011 employees in the same period of 2024[56]. - Total employee costs amounted to RMB 1,517.7 million, down 16.4% from RMB 1,815.3 million in the same period of 2024[56]. Market Conditions - The Chinese real estate industry continues to adjust, with a notable decline in new residential sales area and sales amount, although the decline has narrowed compared to the previous year[6]. - The shift in urban development focus from "building new cities" to "upgrading old cities" presents significant opportunities for property management services[7]. - The demand for community value-added services is expected to grow, driven by improvements in living environments and residents' evolving needs[10].

格隆汇8月15日丨世茂服务(00873.HK)公告，公司将于2025年8月27日(星期三)举行董事会会议，藉以(其 中包括)批准公司及其附属公司截至2025年6月30日止6个月中期业绩，以及考虑派发中期股息(如有)。 ...

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 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） FF301 呈交日期: 2025年8月1日 截至月份: 2025年7月31日 狀態: 新提交 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,468,173,000 | | 0 | | 2,468,173,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,468,173,000 | | 0 | | 2,468,173,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註 ...

Group 1 - The core point of the article is that Shimao Services is establishing a partnership to invest in a cold chain logistics project in Huludao, Liaoning Province, China [1] - Shimao Services' wholly-owned subsidiary, Shanghai Shimao Tianjing, will contribute RMB 237.6 million to the partnership, while Wuxi Xinghe will contribute RMB 2.4 million [1] - The total investment amount for the partnership is RMB 240 million [1]