在登陆港交所5年多后，金科服务（09666.HK）在2月20日正式从港交所退市。 由此，金科服务也成为了继蓝光嘉宝服务、华发物业、融信服务之后第四家从港交所退市的物业企业。 金科服务2000年在重庆成立，2020年11月17日在港交所挂牌上市。公司曾头顶"西南物业第一股"的光环 在港交所上市，但此后因母公司金科股份陷入流动性危机，业绩连续亏损等一系列因素，公司自身的经 营状况也日渐下滑，最终博裕资本成为了其实际控制人。 中金公司代表要约人提出收购全部股份并建议撤销上市地位的要约，基本要约价为每股6.67港元，而经 提高要约价则达每股8.69港元，较市价溢价26.49%。 这已是博裕资本继2022年9月后对金科服务发起的第二次"全面要约收购"，而这次的目的十分明确，要 将金科服务进行私有化退市。 金科服务对于此次私有化曾表示，"私有化将使要约人和公司得以推行以长期增长和价值创造为导向的 战略决策，免受上市公司固有的市场预期和股价波动的压力。此举亦将减轻维持公司上市地位所带来的 行政和合规负担，使管理层能够将时间和财务资源集中于公司的核心业务"。 2025年上半年公司毛利约4.57亿元，同比下降约8.4%；公司净 ...

在登陆港交所5年多后，金科服务（09666.HK）在2月20日正式从港交所退市。 由此，金科服务也成为了继蓝光嘉宝服务、华发物业、融信服务之后第四家从港交所退市的物业企业。 金科服务2000年在重庆成立，2020年11月17日在港交所挂牌上市。公司曾头顶"西南物业第一股"的光环 在港交所上市，但此后因母公司金科股份陷入流动性危机，业绩连续亏损等一系列因素，公司自身的经 营状况也日渐下滑，最终博裕资本成为了其实际控制人。 博裕资本最早入股金科服务可追溯至2021年12月。当时，博裕资本以37.34亿港元收购金科服务母公司 金科股份所持有的22.69%股权，成为第二大股东。 之后，博裕资本继续增持。又以12港元/股的价格发起部分要约，增持11.94%，耗资约9.3亿港元，持股 比例升至34.63%，成为金科服务第一大股东。 2025年3月，博裕资本又通过司法拍卖以约7.18亿港元的价格竞得金科股份1.08亿股，持股比例达到 55.91%，正式成为金科服务的实际控制人，同时也触及了港交所《收购守则》对30%—50%股东增持 2%以上必须发起强制要约的规定。 此后的2025年11月18日，金科服务与博裕资本旗下Bro ...

Financial Data and Key Metrics Changes - Total revenues increased by 9% year over year, reaching $1,400,000,000, primarily driven by tuck under acquisitions [5][16] - EBITDA for the quarter rose by 19% to $157,000,000, reflecting a consolidated margin of 11.1%, up 90 basis points from the previous year [6][16] - Earnings per share (EPS) increased by 26% compared to the prior year, reaching $1.71 [6][16] - Year-to-date revenues totaled $2,700,000,000, a 9% increase over the previous year, with adjusted EBITDA of $260,000,000, representing 21% growth [16][21] Business Line Data and Key Metrics Changes - **FirstService Residential**: Revenues increased by 6% to $593,000,000, with organic growth at 3% [6][17] - **FirstService Brands**: Revenues rose by 11% to $823,000,000, with EBITDA up 23% to $95,000,000 and a margin of 11.6%, up 110 basis points [7][19] - **Restoration Brands**: Revenues increased by approximately 6%, with organic growth at 2% [7] - **Roofing Segment**: Revenues increased by 25% due to acquisitions, but organic revenues declined by about 10% [10][11] - **Century Fire**: Revenues grew over 15%, with strong organic growth hitting double digits [12] Market Data and Key Metrics Changes - The number of claims and jobs in the restoration segment increased, reflecting efforts to sign new national accounts [8] - Storm-related revenues remained modest, similar to the previous year [8] - The roofing segment experienced a slowdown in large commercial reroof and new construction projects, but demand drivers remain strong [11][56] Company Strategy and Development Direction - The company aims to achieve high single-digit revenue growth and margin expansion driving towards double-digit EBITDA growth for the year [22] - Focus on tuck under acquisitions to enhance growth in various segments, particularly in fire protection and restoration [12][21] - The company is optimistic about pent-up demand and potential interest rate reductions impacting future activity levels [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to mid single-digit organic growth in the residential business despite community budgetary pressures [26][27] - The company anticipates a stronger Q3 with revenues up over 10% in the roofing segment and flat organic revenues [10][12] - Management noted that the restoration business will continue to benefit from national accounts and improved positioning, which will help during catastrophic events [38] Other Important Information - Operating cash flow for the quarter was $163,000,000, exceeding EBITDA, with a year-to-date cash flow increase of 67% [20][21] - The company paid down nearly $70,000,000 of debt during the quarter, reducing leverage to 1.8 times net debt to EBITDA [21] Q&A Session Summary Question: Confidence in return to mid single-digit organic growth in residential business - Management noted that community budgetary pressures are normalizing and do not expect significant impact on organic growth going forward [26][27] Question: Margin improvement in FirstService Brands with accelerating organic growth - Management confirmed that traditional operating leverage would benefit from accelerating top-line growth, particularly in home improvement and restoration [28][29] Question: Improvement needed for roofing backlog - Management indicated that tariff uncertainty and interest rate expectations are causing hesitation, but they have started to see a pickup in bookings [31][32] Question: Restoration business reliance on large storm activity - Management clarified that while national accounts improve revenue in moderate weather, large storm events will still be significant for the business [37][38] Question: Dynamics behind fire protection business outperforming - Management attributed the growth to increased focus on repair service and inspection, balancing the business between installation and service [44][45] Question: M&A opportunities given current leverage - Management stated that they remain open to larger acquisitions if strategic fit exists, despite focusing on tuck under acquisitions [47][48] Question: Market positioning in home improvement - Management noted that their largest brand, California Closets, caters to a broad spectrum of consumers, with growth influenced by affluent customers [51][52] Question: Volatility in roofing results - Management acknowledged current macro influences on roofing but expressed confidence in their market position and demand drivers [55][56]