Group 1 - The core point of the article is that Sunac Services (01516) is optimizing its strategic layout by focusing more resources and management efforts on first and second-tier core cities [1] - The company has entered into a share transfer agreement with Guangxi Laozhangjia to fully divest from Zhangtai Service Group by transferring 80% of its indirect stake in Guangxi Zhangtai Sunac Wisdom for a consideration of RMB 826.62 million [1] - Following the completion of this transaction, the company will no longer hold any equity interest in Zhangtai Service Group [1]

Group 1 - The core point of the article is that Sunac Services (01516) is optimizing its strategic layout by focusing more resources and management efforts on first and second-tier core cities [1] - The company has entered into a share transfer agreement with Guangxi Lao Zhang Jia to divest from Zhang Tai Service Group, transferring 80% of its indirect stake in Guangxi Zhang Tai Sunac Wisdom for a consideration of RMB 826.62 million [1] - Following the completion of this transaction, the company will no longer hold any equity interest in Zhang Tai Service Group [1] Group 2 - As of the date of the announcement, the company has received the full transaction price and the share transfer registration has been completed [1]

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。 SUNAC SERVICES HOLDINGS LIMITED 融創服務控股有限公司 （於開曼群島註冊成立的有限公司） （股票代號：01516） 完成出售目標公司股權 茲提述融創服務控股有限公司（「本公司」）日期為2025年4月29日及2025年7月18日 之公告（「該等公告」），內容有關出售目標公司股權之須予披露交易。除文義另有所 指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 截至本公告日期， 本公司全資附屬公司融遠投資已收悉全部交易價款， 股權過戶登 記已完成，本集團不再持有彰泰服務集團任何權益。 承董事會命 融創服務控股有限公司 主席 汪孟德 香港，2025年9月4日 於本公告日期， 董事會主席兼非執行董事為汪孟德先生； 執行董事為曹鴻玲女士及 楊曼女士； 非執行董事為路鵬先生及高曦先生； 及獨立非執行董事為王勵弘女士、 姚寧先生及趙中華先生。 ...

呈交日期: 2025年9月3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 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 公司名稱: 融創服務控股有限公司 | 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) | 01516 | 說明 | | | | | | | | | | | 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 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Group 1 - Goldman Sachs has downgraded Sunac Services (01516) average profit forecasts for 2025 to 2027 by 55% and core earnings estimates by 11% [1] - The target price has been reduced from HKD 1.78 to HKD 1.48, and the rating has been lowered from "Neutral" to "Sell" [1] - The group's net profit performance in the first half of the year was weak, with a 4 percentage point decline in gross profit margin for property management services compared to the same period last year [1] Group 2 - Management has become more cautious regarding revenue recognition from services provided to residential owners, leading to increased provisions for impairment [1] - Rising maintenance and repair costs due to the expiration of warranty periods for projects delivered in recent years have contributed to an increase in third-party receivables impairment [1] - The outlook suggests that due to a significant number of low-quality projects delivered by its affiliated developer, Sunac China (01918), profit margins may take another year to stabilize, and impairment risks will take time to ease [1]

Group 1 - The company downgraded its rating from outperform to neutral due to significant pressure on gross profit margin and receivables impairment despite turning a profit of 122 million yuan in 1H25 compared to a loss of 472 million yuan in the same period last year [1] - The company's gross profit margin decreased by 3.7 percentage points to 20.2% in 1H25, primarily due to a more cautious revenue recognition strategy for high-risk third-party clients, resulting in a 180 million yuan reduction in gross profit [1][2] - The company has a high concentration of projects in core first and second-tier cities, with 87% of its revenue coming from these areas, which is expected to provide stable cash flow in the long term [2] Group 2 - The company plans to maintain a dividend payout ratio of 55% of core net profit from 2022 to 2024, reflecting good corporate governance and a commitment to shareholder returns, but cash flow performance may limit its ability to sustain this [2] - The company has adjusted its profit forecasts for 2025-26, reducing expected net profit by 80.5% and 78.0% to 131 million yuan and 149 million yuan respectively, due to increased impairment on receivables and conservative revenue recognition policies [3] - The target price has been lowered by 23.5% to 1.53 HKD, corresponding to a P/E ratio of 32.6 times for 2025, indicating potential downside risk [3]

Core Viewpoint - Sunac Services has turned a profit in the first half of 2025, reporting a net profit of approximately 1.22 billion yuan, compared to a loss of about 4.72 billion yuan in the same period last year [2][3]. Financial Performance - In the first half of 2025, Sunac Services achieved revenue of approximately 35.47 billion yuan, representing a year-on-year growth of about 2% [2][3]. - The revenue from property management and operation services, the core business of Sunac Services, was approximately 32.92 billion yuan, with a year-on-year increase of 3.8% [3]. - The gross profit margin for the first half of 2025 was approximately 21.8%, a decrease of about 3.7 percentage points compared to the previous year [4]. Revenue Composition - Revenue from community life services was 2.1 billion yuan, accounting for 6% of total revenue, while non-owner value-added service revenue was 43.56 million yuan, making up 1.2% [3]. - Revenue from properties developed by Sunac Group and its joint ventures accounted for approximately 72.2% of total revenue, while revenue from independent third-party property developers was 27.8% [3]. Challenges and Management Strategies - The company faces increased operational pressure compared to the previous year, primarily due to rising maintenance costs, decreased willingness of owners to pay, and cost overruns from previous delivery issues in the real estate sector [6]. - Sunac Services has implemented measures to address these challenges, including organizational restructuring, optimizing labor models, and enhancing energy management [6]. - The company has set a bottom line for projects that continue to incur losses, leading to the decision to exit over 20 projects in the first half of 2025 [7]. Future Outlook - The negative impact from real estate deliveries is expected to gradually resolve over the next two years, with a significant reduction in delivery volumes anticipated from 2024 to 2025 [5][7].

Core Viewpoint - Sunac Services Holdings Limited reported a turnaround in its financial performance for the first half of 2025, achieving a profit of 122 million yuan compared to a loss of 472 million yuan in the same period last year, driven by reduced sales and management expenses and a significant decrease in receivables from related parties [2][3]. Financial Performance - The company generated revenue of 3.547 billion yuan, marking a 2% year-on-year increase [2]. - The sales and marketing expenses were 21.8 million yuan, down by 4.1 million yuan from the previous year, with a sales and management expense ratio of 7.9%, a decrease of 1.3 percentage points year-on-year [3]. Revenue Composition - Property management and operation services remained the core business, contributing approximately 3.292 billion yuan, which accounted for 92.8% of total revenue and represented a 3.8% year-on-year growth [3]. - The company reported a market expansion contract amount of about 180 million yuan, reflecting an 8% year-on-year increase [3]. Project Management - The company exited over 20 poorly performing projects in the first half of the year, optimizing the quality of its managed projects [4][5]. - The exit from the partnership with Zhangtai Group, which began in 2021, was completed with the sale of 80% of Zhangtai Rongchuang's equity for 826 million yuan, allowing the company to focus more resources on core cities [5]. Financial Position - As of the end of June, the company had available funds totaling approximately 3.04 billion yuan, including cash and cash equivalents, restricted funds, and bank deposits with maturities over three months [5].

Core Insights - The property industry is shifting towards a focus on operational quality, cash flow security, and long-term value creation due to changes in economic conditions, intensified market competition, and rising customer demands [1] - Sunac Services Holdings Limited is adapting to this trend with a strategic focus on strengthening core capabilities while ensuring financial health [1] Financial Performance - For the first half of 2025, the company reported stable revenue of 3.55 billion yuan, a turnaround with a net profit of 120 million yuan, and ample available funds of 3.04 billion yuan [1] - The sales and management expense ratio improved, decreasing by 1.3 percentage points compared to the same period last year [1] - The company maintains a stable operational scale with a managed area of 290 million square meters and 1.74 million households under management [1] Strategic Focus - The company is deepening its market expansion strategy, focusing on residential and industrial office sectors, with 79% of the annual contract value coming from external sources [2] - In the mid-to-high-end residential sector, the company has enhanced project premium capabilities through its "Rongyun Five Realms" service standards, successfully expanding into key cities like Shanghai and Tianjin [2] Service Competitiveness - In response to challenges in space resource business, the company has leveraged its service advantages in retail, housekeeping, and home repair, resulting in a 139% year-on-year increase in user numbers and a 253% increase in overall service volume [4] - The company is actively exploring community ecosystem building through its unique iSunny community product, fostering collaboration among various stakeholders [4] Commercial Operations - The company is enhancing commercial operations through experiential economy strategies, leading to a 2% year-on-year increase in sales to over 3.8 billion yuan and a 2% increase in foot traffic to 70 million visits [5] - The company emphasizes strategic focus over blind expansion, aiming for long-term value through a clear operational strategy and strong execution [5]

Core Viewpoint - Sunac Services reported a mid-year performance for 2025, showing a modest revenue growth despite previous losses, indicating a potential recovery in financial health [1] Financial Performance - The company achieved revenue of approximately RMB 3.547 billion, representing a year-on-year increase of about 2% [1] - Profit attributable to the company's owners was approximately RMB 122 million, a significant turnaround from a loss of approximately RMB 472 million in the same period last year [1] - Gross profit was approximately RMB 772 million, reflecting a year-on-year decline of about 13%, primarily due to delayed revenue recognition from certain third-party clients with high collection risks and increased maintenance costs from projects nearing warranty expiration [1] Cost Management - Selling and administrative expenses were approximately RMB 279 million, showing a year-on-year decrease of about 13% [1] - The selling and administrative expense ratio was approximately 7.9%, down by about 1.3 percentage points compared to the previous year [1]