物业管理概念异动拉升，南都物业直线涨停，特发服务、海南机场、德必集团、深物业A等跟涨。 ...

一、思维破局：从"管理者"到"生活记录者" 传统物业与"网红"物业在抖音运营上，首先差在思维层面。两者的核心区别如下表所示： | 维度 | 传统物业摄维 | "网红"物业思维 | | --- | --- | --- | | 核角色 | 社区管理者、服务提供者 | 社区生活记录者、内容创作者、情感连接者 | | 内容视角 | 以我为主:发布通知、展示工作 | 以业主为主：记录业主生活、挖掘社区故事、展现邻 | | | | 国語情 | | 中动逻辑 | 单向传达,完成告知义务 | 双向乃至多向互动，鼓励业主参与创作、评论、分享 | | 价值目标 | 提升管理效率、解决具体问题 | 塑造品牌形象、増強业主归属感、构建社区文化 | 思维的转变带来了行动上的天差地别。标杆物业意识到，抖音不是一个电子公告栏，而是一个与成千上 万家庭深度对话的客厅。他们拍摄的不再是冰冷的规章制度，而是热气腾腾的生活本身。 二、案例拆解：标杆物业的抖音"出圈"之道 在大多数人的印象中，物业的形象总是与安保、保洁、维修通知绑定，是社区生活中功能性的"背景 板"。然而，一股新风正在悄然改变这一认知：越来越多的标杆物业公司不再满足于幕后工作，而是 ...

Core Viewpoint - The acquisition of 78.3% of Beijing Chunyu Tianxia Software Co., the operator of the mobile medical service platform Chunyu Doctor, by Guorui Life for 269 million RMB (approximately 294.8 million HKD) marks a significant strategic shift for the company, aiming to diversify its revenue sources amid declining performance in its property management sector [1][5][20]. Group 1: Acquisition Details - Guorui Life will acquire 78.3% of Chunyu Doctor for approximately 2.69 billion RMB, valuing Chunyu Doctor at around 344 million RMB, a significant drop from its peak valuation of over 1 billion USD [1][4]. - The acquisition will be structured through a Variable Interest Entity (VIE) agreement, allowing Guorui Life to navigate foreign investment restrictions in the internet medical sector [4][19]. - The payment structure includes 20% in cash and the remainder through the issuance of shares, with a total of 1.47 billion shares to be issued at a price of 1.6 HKD per share [4][5]. Group 2: Company Background - Guorui Life, formerly known as Guorui Real Estate, has been involved in property development and management, with operations in multiple countries [2]. - The company has previously invested in health technology firms, indicating a growing interest in the healthcare sector [2]. Group 3: Financial Performance - Guorui Life has faced declining revenues, with projected property management service income decreasing by approximately 17% in 2024, and a net loss of about 934.8 million HKD in investment properties [5][7]. - Chunyu Doctor has also struggled financially, with revenues declining from 101 million RMB in 2023 to 66.2 million RMB in 2024, and a net loss of 957.2 million RMB in 2023 [7][19]. Group 4: Strategic Rationale - The acquisition is seen as a necessary move for Guorui Life to develop new, stable revenue streams and reduce reliance on the cyclical property market [5][20]. - The integration of Chunyu Doctor's user base and data with Guorui Life's resources is expected to create synergies and enhance growth opportunities in the healthcare sector [17][19]. Group 5: Market Context - The internet healthcare market in China is expanding, with a projected market size of 479.9 billion RMB by 2025, highlighting the potential for growth in this sector [16]. - Chunyu Doctor has accumulated a significant user base, with 1.8 billion users and over 680,000 practicing physicians on its platform, which could be leveraged for monetization post-acquisition [16][19].

伴随着一则人事变动，碧桂园服务新的战略版图浮出水面。 12月7日，碧桂园服务宣布，执行总裁、首席财务官黄鹏因需要投入更多精力和时间管理集团孵化业 务，已辞任首席财务官，即日起生效。同时，碧桂园服务聘任田田为新任首席财务官，全面负责公司财 务管理及资本市场工作。 黄鹏是碧桂园服务的"老将"。黄鹏于2016年9月起加入碧桂园服务后一直担任首席财务官，于2018年3月 至2024年4月3日担任碧桂园服务的联席公司秘书。在此次辞去碧桂园服务首席财务官后，黄鹏将继续担 任执行总裁，并继续负责孵化业务板块的日常管理工作。 据21世纪经济报道记者了解，碧桂园服务总裁徐彬淮和执行总裁黄鹏分而治之，徐彬淮负责"基本盘"大 物业板块，黄鹏则负责孵化业务板块。此次调整之后，碧桂园服务在"第二曲线"的探索中也将有更清晰 的脉络。 架构调整 黄鹏交棒首席财务官后，接替他的是田田。田田是中国注册会计师(CPA)及特许公认会计师（ACCA） 会员，拥有丰富的财务管理及资本运作经验，曾担任新能源物流公司CFO并在水滴公司、去哪儿网等多 家纳斯达克上市公司担任主要财务负责人。 此次职位变动之后，碧桂园服务也将旗下业务进行了一次梳理。 据21世 ...

Core Viewpoint - The company Guorui Life is acquiring a 78.3% stake in Beijing Chunyu Tianxia Software Co., which operates the Chunyu Doctor platform, for approximately 269 million yuan, aiming to create a "property + healthcare" dual-driven development model [1][4]. Group 1: Acquisition Details - The acquisition will be financed through a payment structure of 20% in cash and 80% in shares, with the total consideration amounting to about 269 million yuan [2]. - The payment will be executed in two phases: an initial payment of approximately 53.8 million yuan in cash, followed by the issuance of 136 million A-class shares and a cash payment of 17.1 million yuan to B-class investors [2]. - The share issuance price is set at 1.6 HKD per share, representing a discount of 59.8% compared to the closing price on the agreement signing date [2]. Group 2: Regulatory and Structural Challenges - The acquisition faces regulatory challenges due to foreign investment restrictions in the digital healthcare sector, necessitating the use of a Variable Interest Entity (VIE) structure to gain control over Chunyu Doctor [3]. - The VIE structure involves establishing a wholly foreign-owned enterprise (WFOE) that will enter into agreements to manage Chunyu Doctor, transferring economic benefits and risks to the WFOE [3]. - There are three main regulatory risks associated with the VIE structure: increased scrutiny on foreign investments, tightening of foreign debt and currency regulations, and potential changes in policy that could affect foreign ownership limits [3]. Group 3: Strategic Rationale - Guorui Life's core business has been under pressure due to cyclical fluctuations in the real estate market, prompting the need for new growth avenues [4][5]. - The acquisition of Chunyu Doctor, which has a strong user base and established industry presence, is seen as a way to diversify into a non-cyclical, asset-light growth sector [5][6]. - Chunyu Doctor has a significant user base of approximately 180 million registered users and 690,000 contracted physicians, which aligns with Guorui Life's strategy to leverage existing resources for business expansion [5][6]. Group 4: Integration and Future Outlook - The company plans to retain Chunyu Doctor's existing management team and hire industry experts to facilitate the integration of healthcare services with its property management operations [7]. - There is a focus on creating synergies between property services and digital healthcare, addressing potential challenges in service integration and data compliance [7]. - Guorui Life aims to innovate service offerings by combining property management with healthcare services, such as community chronic disease management and family doctor contracts, to enhance revenue streams [7].

今年以来该股累计进行57次回购，合计回购3467.60万股，累计回购金额2.20亿港元。（数据宝） （原标题：碧桂园服务(06098.HK)12月9日回购3089.45万港元，年内累计回购2.20亿港元） 证券时报•数据宝统计，碧桂园服务在港交所公告显示，12月9日以每股6.220港元至6.360港元的价格回 购494.70万股，回购金额达3089.45万港元。该股当日收盘价6.220港元，下跌3.12%，全天成交额1.35亿 港元。 自11月18日以来公司已连续16日进行回购，合计回购1761.00万股，累计回购金额1.11亿港元。 其间该 股累计下跌2.35%。 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.12.09 | 494.70 | 6.360 | 6.220 | 3089.45 | | 2025.12.08 | 200.00 | 6.450 | 6.420 | 1286.73 | | 2025.12.05 | 30.90 | ...

Core Viewpoint - Dongfang Securities has adjusted its revenue growth and gross margin forecasts for Shimao Services (00873) based on recent operational performance, maintaining a "Buy" rating and adjusting the target price to HKD 0.73 [1] Business Expansion - The company continues to expand its market presence, focusing on high-energy urban clusters and diversifying service scenarios, with stable growth expected in basic property management [1] - In the first half of 2025, the company achieved a significant increase in market expansion, with new annual contract amounts from third-party bids reaching approximately HKD 960 million, a year-on-year increase of 54.6% [1] - The newly signed contract area reached 40.1 million square meters, reflecting a year-on-year growth of 126.6%, both figures marking historical highs [1] Service Quality Improvement - The average property fee for newly signed residential projects has reached HKD 2.9 per square meter per month, indicating improvements in project quality and profitability [1] - The company's market expansion strategy focuses on core urban clusters and high-energy markets, with 74% of new projects located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Greater Bay Area, while 73% of projects are in first- and second-tier cities [1] High-Quality Clientele - The proportion of high-quality clients with contract amounts exceeding HKD 5 million per year has increased to 64.3% [1] - In the second half of the year, the company plans to continue its market expansion, with nearly 200 new projects added from July to October, including industrial parks, commercial offices, residential areas, schools, hospitals, and government logistics services [1]

东方证券发布研报称，根据世茂服务(00873)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。维持"增持"评级，调整目标价至0.73港元。 报告指，公司市场拓展持续发力，继续扩大高能级城市群的市场覆盖、业态不断拓展服务场景，基础物 管有望继续稳定增长。2025年上半年公司市场拓展量质齐升，第三方竞标外拓新增年化合同金额约9.6 亿，同比增长54.6%；新增合约面积40.1百万平方米，同比增长126.6%，双双创下历史新高。新增住宅 平均物业费达到2.9元/平方米/月，反映出新签项目质量和盈利水平的双提升。公司市拓战略坚持聚焦核 心城市群和高能级市场，74%的新增项目位于京津冀、长三角和大湾区，一二线城市占比达73%。 此外值得强调的是，合同金额超500万元/年的高质客户占比提升至64.3%。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。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 孙梦圆 估值暴跌95%。 近日，港股市场传来一则重磅消息，在物业管理服务领域深耕的上市公司国锐生活（108.HK），正式 对外宣布了一项重大收购计划——将以2.69亿元的价格，收购北京春雨天下软件有限公司78.3%的股 份。 要知道，北京春雨天下软件有限公司是知名移动医疗服务平台春雨医生的运营主体。按此次作价估算， 春雨医生的整体估值约3.44亿元，与巅峰时期超10亿美元的估值相比，缩水比例超95%。虽然被"贱 卖"，但此次跨界收购，无疑为近年来萎靡不振的春雨医生带来了一场及时雨。 截至12月9日收盘，国锐生活报收3.74港元/股，总市值120.4亿港元。 抱团取暖 国锐生活原名国锐地产有限公司，2023年才更名为国锐生活。主营物业开发与管理，业务范围涵盖多国 物业发展及投资，并在北京、河北提供物业管理服务。 值得一提的是，此次并非国锐生活首次涉足医疗健康领域。天眼查数据显示，国锐生活此前已投资天津 雨锐健康科技有限公司和深圳雨锐健康科技有限公司这两家卫生和社会工作行业企业。 | 当前公司 | 国锐生活有限 ...

记者丨吴抒颖 编辑丨张伟贤 伴随着一则人事变动，碧桂园服务新的战略版图浮出水面。 12月7日， 碧桂园服务宣布，执行总裁、首席财务官黄鹏因需要投入更多精力和时间管理集团 孵化业务，已辞任首席财务官 ，即日起生效。同时，碧桂园服务聘任田田为新任首席财务 官，全面负责公司财务管理及资本市场工作。 黄鹏是碧桂园服务的"老将"。黄鹏于2016年9月起加入碧桂园服务后一直担任首席财务官，于 2018年3月至2024年4月3日担任碧桂园服务的联席公司秘书。在此次辞去碧桂园服务首席财务 官后，黄鹏将继续担任执行总裁，并继续负责孵化业务板块的日常管理工作。 据21世纪经济报道记者了解，碧桂园总裁徐彬淮和执行总裁黄鹏分而治之，徐彬淮负责"基本 盘"大物业板块，黄鹏则负责孵化业务板块。此次调整之后，碧桂园服务在"第二曲线"的探索 中也将有更清晰的脉络。 架构调整 黄鹏交棒首席财务官后，接替他的是任田田。任田田是中国注册会计师(CPA)及特许公认会计 师（ACCA）会员，拥有丰富的财务管理及资本运作经验，曾担任新能源物流公司CFO并在水 滴公司、去哪儿网等多家纳斯达克上市公司担任主要财务负责人。 此次职位变动之后，碧桂园服务也将旗 ...