Group 1 - The company Shen Property A (SZ 000011) held its 11th first temporary board meeting on November 7, 2025, to discuss the appointment of the board secretary and other documents [1] - For the first half of 2025, Shen Property A's revenue composition was as follows: property management accounted for 70.8%, real estate development for 19.63%, and leasing operations for 9.57% [1] - As of the report date, Shen Property A's market capitalization was 6.1 billion yuan [1]

Core Viewpoint - The company is undergoing a significant asset restructuring to transition into a light asset operation model, focusing on property management and asset operation, which reflects a strategic transformation in response to the deep adjustments in the real estate industry [1] Group 1: Industry Transformation - The central urban work conference emphasizes the governance concept of "People's City," promoting the shift of property services from traditional "community management" to broader "urban operation" [2] - Property companies with scalable management capabilities and standardized service systems are becoming crucial for refined urban governance [2] - The company has expanded its service capabilities to over 60 cities, covering various sectors including residential, commercial, public buildings, airports, ports, and schools, establishing a comprehensive urban operation capability [2] - As of the end of 2024, the managed property service area exceeds 62 million square meters, ranking the company among the top 23 in the industry [2] Group 2: Growth Logic Under State-Owned Enterprise Collaboration - The company benefits from the collaborative support of the China Communications Construction Group's full industrial chain resources, connecting development, construction, and operation [3] - This vertical integration allows the company to undertake its own group projects and provide systematic solutions to government and industrial sectors [3] - An example of successful property operation is the Shenzhen China Communications Technology City, achieving over 90% occupancy with more than a hundred enterprises, including several national high-tech companies [3] Group 3: Transition from Basic Services to Asset Empowerment - The company focuses on "comprehensive urban services" and "full transportation services," aiming to explore refined and technology-driven service models beyond standardization [4] - Plans for future optimization include digital empowerment, standard systems, product services, and talent mechanisms to create a distinctive service brand [4] - The company is also exploring transformation paths in commercial management and asset operation, promoting data-driven development and establishing replicable operational models [4] Group 4: Reconstructing the New Productive Forces - With the business switch, the company will transition from backend support in the development cycle to a more flexible and professional role in managing the entire lifecycle of urban spaces [5] - The strategic positioning of the company represents an important part of the China Communications Construction Group's push towards light asset, market-oriented, and technology-driven transformation [5] - The ability to leverage its state-owned enterprise background and urban resources to reconstruct industrial operational capabilities will be a focal point for market attention [5]

Group 1 - The core point of the article is the resignation of Mr. Ma Hongtao from his positions as chairman of the supervisory board and supervisor of Shenzhen Properties A due to work relocation, and he will no longer hold any position in the company after his resignation [2] - For the fiscal year 2024, Shenzhen Properties A's revenue composition is as follows: property management accounts for 58.32%, real estate development accounts for 36.71%, and leasing operations account for 4.97% [2]