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。 S-Enjoy Service Group Co., Limited 新城悅服務集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 根據上市規則第13.24A條，董事會謹此向本公司股東及潛在投資者提供最新資 料，於本公告日期，本公司的最新發展及履行復牌指引的進展情況如下： （股份代號：1755） 有關復牌進展之季度更新 及 繼續暫停買賣 本公告乃由新城悅服務集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及第13.24A 條以及香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義 見上市規則）作出。 茲提述本公司日期為2025年3月31日、2025年5月13日、2025年5月27日、2025年 6月23日、2025年6月30日、2025年7月14日、2025年8月29日及2025年9月 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates a significant recovery in the profits of 59 sample listed property companies in the first half of 2025, with a total net profit of 10.06 billion yuan, reflecting a year-on-year increase of 22.0% due to improved expense ratios and reduced impairment impacts [1] Financial Performance - Revenue growth is slowing while profits are recovering, with total revenue of 147.07 billion yuan, a year-on-year increase of 4.1%, which is a slowdown of 1.9 percentage points compared to the first half of 2024, as companies focus on refining operations and cutting low-efficiency projects [1] - The total net profit of 10.06 billion yuan represents a year-on-year increase of 22.0%, with leading companies like China Resources Vientiane Life, Country Garden Services, and Poly Property showing the highest profits [1] - Gross profit margin stands at 19.4%, down 1.2 percentage points, primarily due to low payment willingness from owners and rising labor costs [1] - Selling and administrative expense ratio is 7.4%, down 0.5 percentage points, indicating positive results in cost reduction and efficiency improvement [1] Balance Sheet - Accounts receivable turnover days are approximately 114 days, a decrease of about 3 days compared to the first half of 2024, with state-owned enterprises performing best at around 70 days, significantly better than the industry average [2] - Total net cash amounts to 92.94 billion yuan, remaining stable year-on-year, with state-owned and quality private enterprises showing strong cash flow advantages, supporting ongoing dividend payments [2] Business Structure - Revenue from property management services increased by 7.6% year-on-year, accounting for 72.7% of total revenue, as companies focus on their core business and solidify their fundamentals [3] - Revenue from community value-added services decreased by 2.3%, as companies cut low-efficiency businesses to enhance quality [3] - Revenue from non-owner value-added services fell by 24.6%, influenced by a decline in new home sales, with its revenue share likely to continue decreasing [3] - Managed area and contracted area increased by 1.4% and 0.2% year-on-year, respectively, shifting focus from "scale expansion" to "refined management" and "profit quality enhancement" [3] Dividend and Buyback - Total dividends amount to 4.4 billion yuan, a year-on-year increase of 0.1%, with leading companies like China Resources Vientiane Life, Wanwu Cloud, and China Overseas Property showing strong dividend intentions [4] - Share buybacks are progressing steadily, with companies like Wanwu Cloud, Greentown Service, and Country Garden Services continuing to repurchase shares to stabilize stock prices and enhance confidence [4] - Some leading property companies exhibit strong dividend intentions, with dividend yields at relatively high levels, showcasing good characteristics of dividend assets and long-term investment value [4] Investment Recommendations - The property management sector is still in an adjustment phase, with a shift in focus from scale expansion to operational efficiency and cash flow management [5] - Leading property companies maintain strong resilience in basic property management due to resource endowments, customer stickiness, and service capabilities, while continuously improving overall operational efficiency by exiting low-efficiency businesses and optimizing diversified business structures [5] - Recommendations include property management companies with high dividend intentions, good operational efficiency, and solid fundamentals, such as China Resources Vientiane Life (01209) and Wanwu Cloud (02602) [5]

Core Viewpoint - The stock price of Zhong An Smart Living Service Co., Ltd. experienced a significant drop after a previous surge, raising concerns about its stock volatility and underlying fundamentals [1][5]. Stock Price Movement - Following a 22.41% increase on September 10, the stock price fell by 23.05% on September 11, closing at HKD 4.54 per share, with a total market capitalization of HKD 23.49 billion [1]. - The stock had previously surged from HKD 1.17 to a peak of HKD 6.23, marking a 404.27% increase since July 14, 2025 [1]. Shareholding Structure - The stock is highly concentrated, with 73.44% held by the controlling shareholder and 23.29% by 14 other shareholders, leaving only 3.27% for other investors [1][2]. - The Hong Kong Securities and Futures Commission (SFC) highlighted the risks associated with such concentrated ownership, warning that even small trades could lead to significant price fluctuations [2]. Market Sentiment and Speculation - The rapid price increase is attributed to a combination of small-cap stock dynamics and speculative trading, with a focus on the company's recent announcements regarding digital asset collaborations [3]. - The company announced a memorandum of understanding with a licensed virtual asset trading platform, which was interpreted as a strategic shift towards digital assets [3]. Financial Performance - Despite the stock price surge, the company's financials show a "revenue growth without profit" scenario, with a 17.76% increase in revenue to RMB 214 million, but a 20.45% decline in net profit to approximately RMB 11.42 million for the first half of 2025 [6]. - The revenue composition indicates a heavy reliance on related companies, with only 26.9% of revenue coming from independent third-party developers [6]. Business Structure - The company's revenue primarily comes from three service categories: property management (84.2%), value-added services for developers (8.9%), and community value-added services (6.9%) [6]. - Only the property management segment showed growth, attributed to an increase in managed area, while the other segments faced declines due to a sluggish real estate market [6]. Cash Flow and Management Changes - Concerns about cash flow are evident, as the company reported a negative net cash flow from operating activities for the first time in 2024, with no disclosure of cash flow status in the mid-2025 report [7]. - Recent management changes, including the departure of key executives, suggest attempts to improve operational efficiency and profitability [7]. Valuation Concerns - Despite the stock's significant price increase, its valuation appears disconnected from fundamentals, with a price-to-earnings ratio exceeding 60, compared to an average of 12 for similar property stocks [7]. - Historical trends indicate that stock price surges detached from fundamental performance often lead to eventual corrections, urging investors to exercise caution [7].

Core Viewpoint - Shimao Services achieved record high new contract area during a period of industry restructuring, indicating strong market expansion and operational efficiency [1][3][4] Financial Performance - For the first half of 2025, Shimao Services reported revenue of 3.62 billion yuan, gross profit of 709 million yuan, and core net profit of 282 million yuan [1] - The contracted area reached 343 million square meters, a quarter-on-quarter increase of 9.3%, while the managed area increased by 1.8% [1][2] - Basic property service revenue was 2.81 billion yuan, a year-on-year increase of 1.8%, accounting for 77.7% of total revenue [1] Market Expansion - The company achieved a record high in new contract area, with 40.1 million square meters added, representing a year-on-year increase of 126.6% [1][5] - New annual saturated income reached 1 billion yuan, a year-on-year increase of 66.7% [1][5] - 74% of new projects are located in high-energy urban clusters, with 73% in first and second-tier cities [3][5] Business Optimization - Shimao Services has systematically optimized its business management structure, enhancing independent development capabilities and market-oriented business scale [3][4] - The company has reduced low-efficiency businesses, such as Jinshatian, to mitigate cyclical risks and lay a foundation for long-term growth [4][6] - Non-residential business management has expanded, with non-residential managed area increasing by nearly 8%, now accounting for 43% of total managed area [2][3] Cost Control and Efficiency - Management expenses were reduced by nearly 20%, and labor costs were improved by 17%, leading to a 35% increase in revenue per employee [8] - The company has implemented a comprehensive talent training system to support its growth [8] Future Development Strategy - Shimao Services aims to focus on non-residential business development, enhancing service quality and integrating community services [6][9] - The company plans to leverage AI and other technologies to ensure business growth and shareholder returns [9]

Core Insights -碧桂园服务 achieved a revenue of 23.2 billion yuan in H1 2025, representing a year-on-year growth of 10.2%, while core net profit attributable to shareholders decreased by 14.8% to 1.57 billion yuan [1][2] Group 1: Business Performance - Core businesses showed positive year-on-year growth, with property management, "three supplies and one industry," and community value-added services generating revenues of 13.6 billion, 5.1 billion, and 2.1 billion yuan respectively, reflecting growth rates of 6.7%, 51.6%, and 5.3% [1][2] - The combined revenue from the three main businesses accounted for 89.6% of total revenue, an increase of 3.6 percentage points year-on-year, while their combined gross profit margin rose to 92.9%, up 3.1 percentage points [1][2] Group 2: Expansion and Market Position - The company maintained its industry-leading position with a managed area of 1.06 billion square meters (excluding "three supplies and one industry") and signed new third-party contracts covering 6.477 million square meters, a year-on-year increase of 66% [2] - The "three supplies and one industry" segment signed 315 new projects with a total contract value of 1.79 billion yuan, indicating strong growth potential in this specialized area [2] Group 3: Profitability and Shareholder Returns - Gross margins for basic property management, "three supplies and one industry," and community value-added services were 21.8%, 7.7%, and 30.4% respectively, showing declines of 1.1, 1.2, and 8.6 percentage points year-on-year [2] - The company committed to distributing 60% of core net profit attributable to shareholders as dividends in 2025 and plans to enhance shareholder returns through share buybacks and other measures [3]

Core Insights - The company reported a revenue of approximately RMB 390 million for the first half of 2025, representing a year-on-year decrease of about 0.5% [1] - Gross profit was approximately RMB 73 million, showing a year-on-year increase of about 7.4%, with a gross margin of approximately 18.7%, up 1.4 percentage points from 17.3% in the same period of 2024 [1] - The net profit for the period was approximately RMB 1 million, reflecting a significant year-on-year decrease of about 88.9% [1] Revenue Breakdown - Property management services generated revenue of approximately RMB 344 million, accounting for about 88.2% of total revenue, an increase of about 6.5% compared to RMB 323 million in the same period of 2024 [1] - Non-owner value-added services reported revenue of approximately RMB 7 million, representing about 1.8% of total revenue, a decrease of about 56.3% from RMB 16 million in the same period of 2024 [1] - Community value-added services achieved revenue of approximately RMB 32 million, making up about 8.2% of total revenue, down 5.9% from RMB 34 million in the same period of 2024 [1] - Apartment operation and management services generated revenue of approximately RMB 7 million, accounting for about 1.8% of total revenue, a decrease of about 63.2% from RMB 19 million in the same period of 2024 [1] Operational Metrics - As of June 30, 2025, the company had a contracted construction area of approximately 33.06 million square meters, with managed construction area of approximately 28.79 million square meters, reflecting an increase of about 0.6% from December 31, 2024 [1]

Core Viewpoint - The Chinese real estate industry is entering a critical phase of risk clearance in 2025, with several companies, including Country Garden, Sunac, and Ocean Group, achieving breakthroughs in debt restructuring [1] Company Performance - Ocean Group reported a revenue of 6.203 billion yuan in the first half of 2025, a 53% decrease year-on-year, with a gross loss of 4.966 billion yuan, compared to a gross profit of 297 million yuan in the same period of 2024 [1] - The company achieved a profit attributable to shareholders of 10.202 billion yuan, recovering from a loss of 5.382 billion yuan in the previous year, although this profit was largely due to non-cash gains from overseas debt restructuring [2] Business Operations - In the first half of 2025, property development contributed 53.14% of Ocean Group's revenue, generating 3.296 billion yuan, a 68% decrease from the same period in 2024 [3] - The company’s contracted sales amounted to approximately 13.37 billion yuan, a year-on-year decrease of 27.06%, with a total saleable floor area of about 849,000 square meters, down 44% [3] - The average selling price increased by approximately 41% to 18,900 yuan per square meter, driven by the opening of several projects in first-tier cities [3] Debt Restructuring - Ocean Group completed a significant overseas debt restructuring totaling approximately 6.315 billion USD, converting it into about 2.2 billion USD of new debt and approximately 4.115 billion USD of new convertible bonds and perpetual securities [7] - As of June 30, 2025, the total borrowings of Ocean Group were 66.997 billion yuan, a 31.89% decrease year-on-year, with a net gearing ratio of approximately 743% [8] - The company is currently negotiating a domestic debt restructuring plan involving 18.05 billion yuan, utilizing methods such as cash buybacks, asset pledges, and long-term extensions [9][10]

Core Insights - Country Garden Services has reported a revenue of 23.19 billion yuan for the first half of 2025, marking a year-on-year growth of 10.2% [2] - The company continues to maintain a strong scale advantage with a total of 8,108 managed property projects and a managed area of 1.06 billion square meters [2] - Despite revenue growth, the company's profit has declined, with a gross profit of approximately 4.299 billion yuan, down 3.5% year-on-year, and a core net profit of about 1.568 billion yuan, down 14.8% [2] Revenue Breakdown - Property management service revenue reached 13.61 billion yuan, a year-on-year increase of 6.7% [2] - Community value-added service revenue was 2.1 billion yuan, growing by 5.3% year-on-year [2] - The "Three Supplies and One Industry" business saw significant growth, reaching 5.07 billion yuan, with a year-on-year increase of 51.6% [2] Profitability Challenges - The decline in profit is attributed to two main factors: discounts from clearing historical receivables and the impact of downsizing less efficient segments such as sanitation and urban services [2] - The company reported a loss of 108 million yuan from the sale of subsidiaries and an expense of 56.9 million yuan related to fair value changes of financial assets [3] Cash Flow Management - Operating cash flow showed a net outflow of 870 million yuan in the first half of the year, compared to a net inflow of 3.87 billion yuan by the end of 2024 [3] - As of June 30, 2025, the company had approximately 16.47 billion yuan in bank and structured deposits, indicating a healthy cash reserve [3] - The company maintained a current ratio of 1.4, with net current assets of about 12.04 billion yuan [3] Market Position and Strategy - The proportion of revenue from related parties has decreased significantly from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a shift towards independent market operations [3] - The company is preparing for potential reductions in property fees, reflecting ongoing industry challenges and regulatory changes [4] - Country Garden Services has entered nearly 20 low property fee communities, aiming to capture opportunities in segmented markets [5] Future Outlook - The company plans to focus on customer-oriented strategies over the next three to five years, aiming for reasonable profit margins and aligning pricing with customer expectations [5] - Management emphasizes the importance of enhancing operational efficiency and service quality through investments in smart technology and innovation [5]

Core Viewpoint - Country Garden Services has not yet recovered from its downturn, continuing to adjust amidst challenges in the property management sector [1] Financial Performance - In the first half of the year, Country Garden Services reported revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, with a total of 8,108 managed property projects and a managed area of 10.6 billion square meters [1] - Revenue contributions from major business segments showed positive growth: property management service revenue was 13.61 billion yuan (up 6.7%), community value-added services revenue was 2.1 billion yuan (up 5.3%), and the "three supplies and one industry" business surged to 5.07 billion yuan, a year-on-year increase of 51.6% [1] - Despite maintaining a strong scale, the company's profit performance declined, with a gross profit of approximately 4.299 billion yuan (down 3.5%) and a core net profit of about 1.568 billion yuan (down 14.8%), resulting in a gross margin decrease to 18.5% [1] Cash Flow and Financial Management - The company experienced a net cash outflow from operating activities of 870 million yuan in the first half of the year, compared to a projected net inflow of 3.87 billion yuan by the end of 2024, attributed to seasonal expenditures and adjustments in prepayment strategies [2] - As of June 30, 2025, the company had bank and structured deposits of approximately 16.47 billion yuan, with sufficient cash reserves, and all due borrowings were repaid on time [2] - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a shift towards independent market operations [2] Market Position and Strategy - The company is preparing for a trend of decreasing property management fees, reflecting ongoing industry challenges and the need for more standardized development [3][4] - Recent government policies aimed at addressing issues in the property service sector are expected to promote more compliant and trustworthy operations, which is seen as beneficial for long-term industry stability [4] - Country Garden Services has made progress in low-fee property markets, entering nearly 20 low-fee communities, and plans to seize opportunities in segmented markets [4] - The management emphasizes a customer-oriented approach for the next three to five years, aiming for reasonable profit margins and aligning service pricing with customer expectations [4] - The company is also investing in smart technology, artificial intelligence, and IoT to enhance service quality, operational efficiency, and customer experience [4]

Core Viewpoint - Country Garden Services is still in a phase of adjustment and has not yet recovered from its previous losses, despite maintaining a strong scale advantage in the property management industry. Financial Performance - In the first half of the year, Country Garden Services reported revenue of 23.19 billion yuan, a year-on-year increase of 10.2% [1] - The total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters [1] - Revenue from property management services was 13.61 billion yuan, up 6.7% year-on-year; community value-added services revenue was 2.1 billion yuan, up 5.3%; and the "Three Supplies and One Industry" business saw significant growth to 5.07 billion yuan, with a year-on-year increase of 51.6% [1] - The overall gross profit was approximately 4.299 billion yuan, a decrease of 3.5% year-on-year, and the core net profit attributable to shareholders was about 1.568 billion yuan, down 14.8% [1] - The gross margin fell to 18.5% [1] Cash Flow and Financial Management - The company recorded a loss of 108 million yuan from the sale of subsidiaries and incurred an expense of 56.9 million yuan from fair value changes in financial assets [2] - Operating cash flow showed a net outflow of 870 million yuan in the first half of the year, compared to a projected net inflow of 3.87 billion yuan by the end of 2024 [2] - As of June 30, 2025, the company had approximately 16.47 billion yuan in bank and structured deposits, indicating sufficient cash reserves [2] - The company had bank and other borrowings of about 858 million yuan, with all due borrowings repaid on time [2] - The net value of current assets was approximately 12.04 billion yuan, with a current ratio of 1.4 [2] Market Position and Strategy - The company is preparing for a trend of decreasing property management fees, reflecting the industry's need for more standardized development [3] - Country Garden Services has entered nearly 20 low property fee communities and plans to seize opportunities in differentiated market segments [3] - The management aims to return to a customer-oriented approach over the next three to five years, focusing on reasonable profit margins and aligning pricing with customer needs [3] - The company is committed to building an efficient operational system, enhancing service levels, and investing in smart technology and core capabilities to improve service quality and customer experience [3]