Meeting Overview - The third extraordinary general meeting of shareholders was held on November 5, 2025, in Hangzhou, Zhejiang Province [2] - The meeting was conducted with a combination of on-site and online voting, presided over by Mr. Lou Jun due to the absence of the chairman [2][3] Attendance - Out of 7 current directors, 6 attended the meeting, while 2 out of 3 supervisors were present [3] - The board secretary and some senior executives also attended the meeting [3] Resolutions Passed - The following proposals were approved: - Cancellation of the supervisory board and amendment of the Articles of Association [4] - Revision of the Rules of Procedure for Shareholders' Meetings [4] - Revision of the Rules of Procedure for Board Meetings [5] - Revision of the Fund Management System [5] - Revision of the Related Party Transaction Management System [5] - Revision of the Selection System for Accounting Firms [5] - Revision of the External Investment Management System [5] - Revision of the Independent Director Work System [5] - Proposals 1, 2, and 3 were passed as special resolutions, requiring more than two-thirds of the voting rights [5] Legal Verification - The meeting was witnessed by Tian Ce Law Firm, confirming that the procedures and voting were in compliance with legal and regulatory requirements [6] Election of Employee Representative Director - On November 5, 2025, the company held a meeting to elect Mr. Cui Wei as the employee representative director, following the approval of the cancellation of the supervisory board [6][7] - Mr. Cui Wei meets the qualifications stipulated by the Company Law and Articles of Association [7] Background of Employee Representative Director - Mr. Cui Wei, born in August 1981, has a bachelor's degree and has held various managerial positions in different companies, currently serving as the General Manager of the Marketing Center [9]

Core Points - The company announced the election of Mr. Cui Wei as the employee representative director of the fourth board of directors during the employee representative meeting held on November 5, 2025 [2] Summary by Category - **Company Announcement** - The company held an employee representative meeting on November 5, 2025, where the election of Mr. Cui Wei was unanimously approved by the attending employee representatives [2]

Group 1 - The National Health Commission has launched the "Silver Hair Medical Care Action" to integrate medical services with the needs of retired medical personnel and the elderly [1] - Companies are leveraging new technologies to empower retired medical personnel, developing new products and services in collaboration with them [1][2] - Zhuzhou Qianjin Pharmaceutical Co., Ltd. employs retired medical personnel for community consultations and provides technical support through a big data system [1][2] Group 2 - Other companies, such as Jizhitang Co., Ltd. and Yifeng Pharmacy Chain Co., Ltd., are also adopting new technologies to support retired medical personnel [2] - Hunan Hansen Pharmaceutical Co., Ltd. is exploring the development of traditional remedies with retired medical personnel, aiming to preserve valuable medical knowledge [3] - Companies in property management, like Country Garden Services Holdings Company, are training their staff with the help of retired medical personnel to enhance service quality for elderly and vulnerable groups [4] Group 3 - The training provided by retired medical personnel includes practical skills for property management staff, improving their ability to assist residents [4] - Other real estate companies, such as Vanke Enterprise Co., Ltd., are also engaging in similar initiatives to provide diverse rehabilitation services and create new business models [4]

Core Viewpoint - The company, Xin Dazheng, announced the implementation of a share buyback program, having repurchased 597,300 shares, which represents 0.26% of its total share capital [2] Summary by Relevant Sections - **Share Buyback Details** - As of October 31, 2025, the company has completed the repurchase of 597,300 shares [2] - This repurchase accounts for 0.26% of the company's total share capital [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 13.942 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 14.65%, while the net profit attributable to shareholders was 686 million yuan, up 10.71% year-on-year [3][4] - The growth in net profit was slightly lower than revenue growth due to a decrease in investment income and the absence of previous year's asset sales that generated gains [4] - The gross profit margin improved by 0.24 percentage points to 11.55% compared to the same period last year [4] Revenue and Profit Growth - The company reported a revenue of 13.942 billion yuan for the first three quarters of 2025, with a year-on-year increase of 14.65% [4] - The net profit attributable to shareholders reached 686 million yuan, reflecting a year-on-year growth of 10.71% [4] - The decline in investment income was noted, with net investment income of 6.1456 million yuan, down 50.57% from the previous year [4] Property Management and Market Expansion - As of September 2025, the company managed 2,410 property projects, a year-on-year increase of 7.02%, with a management area of 367 million square meters, down 8.48% [5] - The new annual contract amount for property management business was 3.023 billion yuan, up 3.92% year-on-year, with market-oriented projects accounting for 91.99% [5] - The company is focusing on diversifying its business and expanding into residential sectors, with a 38% year-on-year increase in new contracts for market-oriented residential projects [5] Asset Management Performance - The company managed 72 commercial projects as of September 2025, with a management area of 3.97 million square meters, a slight decrease of 1.27% [6] - The overall occupancy rate of the properties held by the company was stable at 94%, remaining largely unchanged year-on-year [6] - The company aims to enhance operational service quality and improve tenant structure to support steady business growth [6] Investment Recommendations - The company benefits from its backing by the China Merchants Group, with a growing property management business and diversified operations [7] - Projected net profits for 2025, 2026, and 2027 are estimated at 938 million yuan, 1.037 billion yuan, and 1.121 billion yuan, respectively, with corresponding PE ratios of 12.88X, 11.65X, and 10.77X [7]

Core Viewpoint - The company has fully transformed into a light-asset urban operation service provider, focusing on smart property management and high-end hotel operations, with continuous improvement in main business profitability and significant optimization of financial structure [1] Group 1 - The company has shifted its business model to emphasize light-asset urban operation services [1] - The focus areas now include smart property management and high-end hotel operations [1] - There is a noted continuous improvement in the profitability of the main business [1] Group 2 - The financial structure of the company has been significantly optimized [1]

格隆汇11月4日丨瑞森生活服务(01922.HK)宣布，董事会会议将于2025年11月17日(星期一)举行，藉以 (其中包括)考虑及批准公司及其附属公司截至2024年6月30日止六个月之中期业绩及截至2024年12月31 日止年度之全年业绩及其发布，并考虑建议派发股息(如有)。 ...

图 片来源：网络 这场历时半年的资本招亲终于落下了帷幕，博裕资本在博弈中击败了凯雷、EOT和红杉中国，成为星巴 克中国的新合伙人。 2025年11月4日一大早， 星巴克正式官宣与博裕资本达成战略合作，双方将成立合资企业，共同运营星 巴克在中国市场的零售业务。这也是继2017年星巴克收回中国大陆全面运营权之后，再一次接受外部股 东入驻。 根据协议，博裕斥资约40亿美元持有合资企业至多60%股权，星巴克保留40%股权，并将继续作为星巴 克品牌与知识产权的所有者和授权方，向新成立的合资企业进行授权。星巴克预计其中国零售业务的总 价值将超过130亿美元，完成此次交易后，星巴克计划在中国扩张至多达2万家门店，这一数字将超过其 目前在北美的门店数量。 博裕投资合伙人黄宇铮表示："我们既认同这一品牌的持久生命力，也看到了为中国顾客带来更创新、 更本土化体验的巨大机遇。基于这一共同的信念，我们将与星巴克协作，融合星巴克在全球咖啡行业的 领导力与博裕深度的本地市场洞察，致力于加速增长，为更广大的中国消费者缔造卓越的咖啡体验。" 星巴克咖啡公司董事长兼首席执行官倪睿安（Brian Niccol）表示："博裕在本地市场的经验与专长 ...

Core Viewpoint - New Dazheng (002968.SZ) has implemented a share buyback program, repurchasing a total of 597,300 shares, which represents 0.26% of the company's total share capital [1] Summary by Category Share Buyback Details - The company has repurchased 597,300 shares as of October 31, 2025 [1] - The highest transaction price during the buyback was 13.08 CNY per share, while the lowest was 11.90 CNY per share [1] - The total transaction amount for the buyback reached 7.2815 million CNY, excluding transaction fees [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a revenue of 13.942 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 14.65%. The net profit attributable to shareholders was 686 million yuan, up 10.71% year-over-year [2][3]. - The company's gross margin improved to 11.55%, an increase of 0.25 percentage points compared to the same period last year [3]. - The company has a steady growth in its management scale, with 2,410 managed property projects as of Q3 2025, a year-over-year increase of 7.0%. The management area is 367 million square meters, down 8.5% year-over-year [4]. - The company signed new property management contracts worth 3.023 billion yuan in the first three quarters, a year-over-year increase of 3.9%, with 92% of these contracts coming from market-oriented projects [4]. - The asset management business is gradually gaining momentum, with 72 commercial projects under management and a total management area of 3.97 million square meters. The overall occupancy rate of the properties held by the company is 94% [4]. Financial Summary - The company is expected to achieve revenues of 19.08 billion yuan, 20.87 billion yuan, and 22.68 billion yuan for the years 2025, 2026, and 2027, respectively. The net profits attributable to shareholders are projected to be 940 million yuan, 1.059 billion yuan, and 1.162 billion yuan for the same years [5][6]. - The price-to-earnings (P/E) ratios are forecasted to be 12.9X, 11.4X, and 10.4X for 2025, 2026, and 2027, respectively [5].