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之內容概不負責，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分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 S-Enjoy Service Group Co., Limited 有關復牌進展之季度更新 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 ） （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、2025年9月30日及 2025年12月31日的公告，內容有關（其中包括）(i)延遲刊發2024年全年業績及 2024年年報以及董事 ...

中经记者 陈婷 赵毅 深圳报道 近日，物业管理行业头部企业碧桂园服务（6098.HK）宣布更换公司首席财务官（CFO），"老将"黄鹏 因为需要投入更多精力和时间管理集团孵化业务，已辞任公司CFO一职，自2025年12月5日起生效。 与此同时，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 负责人的田田获委任为碧桂园服务CFO，全面负责公司财务管理及资本市场工作。 《中国经营报》记者获悉，上述人事变动伴随碧桂园服务业务板块调整。该公司一份内部文件显示，集 团决定对组织架构进行系统性调整，基础物业管理板块、新业务成长板块及职能服务板块统一整合 为"大物业板块"；原战略孵化业务板块更名为"孵化业务板块"。其中，黄鹏将继续负责孵化业务板块的 日常管理工作。 碧桂园服务相关负责人对记者表示，此次组织架构调整不涉及人员裁撤，主要目的是强化公司核心能 力、激发组织活力、明确权责分工，为公司的长期稳健发展与市场竞争力提升奠定坚实基础。 "孵化业务板块"定位为多元增量成长曲线，包括赋能、提效、规范化管理宝石花、商管集团、碧然环境 等现有独立经营业务，以及研究并孵化创新业务。 有业内分析人士认 ...

"十四五"中国物业管理行业市场总结 （一）发展环境：融入国家战略，强化市场规范，回归服务本源 1. 行业定位校准：明确"质量提升"核心主线，参与城市治理和民生保障 2025年是"十四五"的收官之年，也是"十五五"的谋篇之年。站在承前启后的关键节点，我们需系统复盘过去五年的发展成果， 精准把握国家"十五五"战略方向与行业脉络，聚焦核心，明确路径，为打赢"十五五"转型升级攻坚战奠定坚实基础。 经历"十四五"前期的多元探索和高速发展，行业逐步转向注重服务品质、理性务实的发展阶段。"十四五"期间，行业从"其他服 务业"被调整为"鼓励类-商业服务业"，产业地位提升，标志着国家层面对物业管理行业认知的深化和战略定位的精准化。步 入"十五五"，行业将明确"质量提升"发展主线，同时成为城市治理和民生保障的参与者，兼顾经济属性和社会属性。 图："十四五"以来物业管理行业定位变化 "十四五"期间，物业企业持续探索多元服务，由"物业服务保障者"逐步向"生活服务提供商"转变。2020年10月，《中共中央关于 制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》提到：推动生活性服务业向高品质和多样化升级， 加快发展健康、 ...

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 ...

Core Viewpoint - The recent personnel changes at Country Garden Services reveal a new strategic direction for the company, focusing on optimizing its organizational structure and enhancing its business innovation and transformation capabilities [3][6]. Organizational Changes - Huang Peng has resigned as Chief Financial Officer (CFO) to focus on managing the group's incubation business, while Tian Tian has been appointed as the new CFO [3][5]. - The organizational restructuring aims to unify the basic property management, new business growth, and functional service sectors into a "large property sector," while the strategic incubation business will be maintained as a separate entity [6][8]. Business Performance - The core property management service revenue for Country Garden Services reached 13.61 billion yuan, a year-on-year increase of 6.7% [7]. - The total number of managed property projects reached 8,108, covering 31 provinces and cities in mainland China, with a managed area of 1.06 billion square meters [7]. - Community value-added service revenue was 2.1 billion yuan, reflecting a year-on-year growth of 5.3% [7]. New Business Initiatives - The incubation business segment includes environmental services, commercial management, and asset management, among others, and aims to explore new growth avenues [8][9]. - The "Three Supplies and One Industry" initiative has shown significant growth, with property service management area reaching approximately 90.1 million square meters and revenue of about 4.156 billion yuan, marking a year-on-year increase of approximately 68.5% [9]. Market Expansion - In the first half of the year, Country Garden Services signed 315 new contracts under the "Three Supplies and One Industry" initiative, with a total contract value of approximately 1.787 billion yuan [10]. - The company is focusing on urban services, including environmental management and smart operations, although revenue from urban services decreased by about 18% to approximately 1.779 billion yuan [10]. Future Outlook - Analysts believe that the organizational adjustments will strengthen the company's core capabilities and stimulate organizational vitality, laying a solid foundation for long-term stable development and enhanced market competitiveness [11].

12月7日，碧桂园服务发布公告称，集团执行总裁、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女士为新任首席财务官，全面负责公司财务管理及资本市场工作。公告显 示，田田，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。于2004年7月获得清华大学电气工程及其自动化专业工学学士学位，并于2006年7月获得清华大学 管理科学与工程专业管理学硕士学位。 数据显示，今年上半年，碧桂园服务核心业务收入保持增长态势，如物业管理服务收入达136.1亿元， 同比增长6.7%；社区增值服务收入21.0亿元，同比增长5.3%；"三供一业"服务收入50.7亿元，同比增长 51.6%。 但与此同时，公司多个财务指标承压，物业行业整体进入阵痛期。执行董事、总裁徐彬淮在2025年中期 业绩发布会上表示，"未来三到五年，碧桂园服务将回归客户导向，走向合理盈利空间。" 田田于2006年8月至2010年7月任职于毕马威华振会计师事务所，从审计师升至高级审计师；于2011年10 月至2015年3月担任世纪互联宽带数据中心有限公司财务 ...

Investment Rating - The report assigns a "Buy" rating for the company, Poly Property Services [2][59] Core Views - The company has shown steady growth in managed area and property fees, with a balanced structure in its operations. As of the first half of 2025, the managed area reached 834 million square meters, a year-on-year increase of 10.1%, and the average property fee rose from 2.23 RMB/sqm/month to 2.47 RMB/sqm/month [8][25][28] - The property management service remains the cornerstone of the company's performance, contributing 75.4% to total revenue in the first half of 2025, with a revenue of 6.32 billion RMB, up 13.1% year-on-year [8][18] - The company is well-positioned for stable growth due to its strong backing from a leading developer and its focus on both internal and external expansion strategies [12][15][59] Summary by Sections Company Overview - Poly Property Services, established in 1996, has developed into a leading comprehensive property management operator in China, covering 191 cities with a managed area of 834 million square meters [12][15] Property Management Services - The company has a strong performance in property management, with a total revenue of 8.39 billion RMB in the first half of 2025, reflecting a 6.6% year-on-year growth [8][40] - The revenue from property management services is expected to continue growing, with projections of 13% growth in 2025 [55] Financial Analysis - The company maintains a high profit margin, with a gross margin of 19.4% and a net margin of 10.8% in the first half of 2025, indicating strong operational efficiency [42][43] - The company’s revenue and net profit are expected to grow steadily, with projected net profits of 1.55 billion RMB, 1.64 billion RMB, and 1.72 billion RMB for 2025, 2026, and 2027 respectively [55][59] Earnings Forecast and Valuation - The company is projected to achieve total revenues of 17.4 billion RMB in 2025, with a year-on-year growth rate of 6.5% [55][56] - The average PE ratio for comparable companies is 12.7x, while Poly Property is expected to have a PE of 11.4x in 2025, indicating a favorable valuation [59][60]

"现金奶牛"+分红稳健，服务消费空间广阔 ——房地产行业（物业服务）2026年度投资策略 作者 分析师：何缅南 执业证书编号：S0930518060006 分析师：韦勇强 执业证书编号：S0930524070010 2025年11月27日 核心观点 1、政策友好：2025年以来，物业行业多次获得顶层政策大力支持，"十五五"规划建议明确提出建设安全舒适绿色智慧的"好房子"，实施房屋品质提 升工程和物业服务质量提升行动；中央城市工作会议要求大力发展生活性服务业；国务院多次发文鼓励社区生活服务消费，推行"社区+物业+养老服务"、 加快配齐购物、餐饮、家政、维修等社区居民服务网点等，物业服务行业政策面友好。 2、行业发展：物业行业迈入发展新阶段，行业呈现五大发展趋势：地产销售分化加剧，物管项目或"量缩价升"；独立发展能力提升，"服务消费"属 性日渐凸显；老龄化进程加快，"物业+养老"迎来发展黄金期；推进城中村改造，"物管进村"迎重要发展机遇；"十五五"好物业需求增加，"优质 优价"时代将至。同时，面对新形势，物业企业积极调整经营策略：撤场低盈利项目，保障利润率与现金流；降低地产关联敞口，提升抗周期波动能力； 社区增值 ...

Core Viewpoint - The company reported a revenue increase of 13.8% year-on-year for H1 2025, with a net profit attributable to shareholders rising by 13.2% [4]. Group 1: Financial Performance - The company achieved an operating income of 18.2 billion yuan in H1 2025, reflecting a year-on-year growth of 13.8% [4]. - Gross profit reached 4.6 billion yuan, also up by 13.8% year-on-year, maintaining a gross margin of 25.2% [4]. Group 2: Business Operations - The property management revenue for H1 2025 was 10.6 billion yuan, showing a significant increase of 23.1% year-on-year, accounting for 58.0% of total revenue [5]. - The company managed a total area of 83.28 million square meters as of June 30, 2025, with 74.2% located in the Haixi region, indicating strong scale effects [5]. - The company’s overall gross margin of 25.2% is considered high within the industry, with a sales management expense ratio of 11.0% [5]. Group 3: Community Value-Added Services - Community value-added services generated 4.5 billion yuan in revenue for H1 2025, marking a year-on-year growth of 23.5% [6]. - The home living service segment, which includes housekeeping, repairs, and retail, saw a 33.9% increase in revenue, making up 32.4% of the community value-added segment [6]. - Non-owner value-added service revenue decreased by 19.4% to 2.8 billion yuan, primarily due to a reduction in the number of sales centers amid market adjustments [6].

Core Viewpoint - The company reported a revenue increase of 13.8% year-on-year for H1 2025, with a net profit attributable to shareholders rising by 13.2% year-on-year, indicating strong operational performance and growth potential in property management and community value-added services [1][2]. Group 1: Financial Performance - The company achieved an operating income of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 13.8%, with a gross profit of 460 million yuan, also up by 13.8%, maintaining a gross margin of 25.2% [1]. - The net profit attributable to shareholders reached 220 million yuan, marking a 13.2% increase year-on-year [1]. Group 2: Property Management and Sales - The property management revenue for H1 2025 was 1.06 billion yuan, showing a significant year-on-year increase of 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1]. - The associated company, Jianfa Real Estate, achieved a total sales amount of 95.6 billion yuan from January to September, up by 12.1% year-on-year, and secured new land worth 80.4 billion yuan, ranking 7th in the industry [1]. Group 3: Community Value-Added Services - Community value-added services generated 450 million yuan in revenue for H1 2025, representing a year-on-year growth of 23.5%, with home living services experiencing a notable increase of 33.9%, making up 32.4% of the community value-added segment [3]. - Non-owner value-added service revenue decreased by 19.4% to 280 million yuan, primarily due to a reduction in the number of sales centers amid market adjustments [3]. Group 4: Operational Efficiency and Future Outlook - As of June 30, 2025, the company managed an area of 83.28 million square meters, with 74.2% located in the Haixi cluster, showcasing significant scale effects [2]. - The overall gross margin for H1 2025 was maintained at a high level of 25.2%, with a sales and management expense ratio of 11.0%, indicating potential for further optimization as the managed scale expands [2].