Core Viewpoint - The mid-year report of Excellence Business Services (6989.HK) for 2025 demonstrates a robust and resilient performance, with significant growth in third-party property service revenue, indicating strong operational capabilities and market positioning [1][2]. Financial Performance - The company achieved revenue of approximately 2.015 billion RMB, with a gross profit of 379 million RMB and a net profit attributable to shareholders of 147 million RMB in the first half of 2025 [1]. - Third-party basic property service revenue (excluding acquired companies) grew by 26.9% year-on-year to 933 million RMB, with a gross profit of 80 million RMB, reflecting a 14.9% increase [4]. Competitive Advantages - **First Barrier**: Rapid growth in third-party revenue validates the company's independence and operational strength, enhancing its risk resilience and market valuation potential [4]. - **Second Barrier**: The company has focused on deepening relationships with strategic clients, achieving a nearly 100% contract retention rate, which underscores the quality of its service and client trust [7]. - **Third Barrier**: The company is committed to digital transformation and sustainable development, implementing advanced technologies to improve operational efficiency and reduce costs [9][10]. Strategic Client Development - The company has seen a compound annual growth rate of 32.7% in managed contract area since 2022, with a 23.1% increase in strategic client project numbers and an 83.3% rise in large-scale projects [7]. - Strategic client revenue reached approximately 508 million RMB, reflecting a strong year-on-year growth of 30.2% [7]. Digital Transformation and ESG - The company has successfully launched six key business systems covering core operations, enhancing efficiency and stability in daily operations [9]. - The company has achieved an AA rating in ESG, which enhances its market recognition and opens up more opportunities for policy support and investment [11]. Market Outlook - The property management sector is experiencing an upward trend, driven by stable cash flows and high dividend visibility, positioning companies like Excellence Business Services favorably for future growth [12]. - The company's strong performance and strategic focus on business sectors with high independence and operational capabilities are expected to attract market attention and support valuation recovery [12].

Core Viewpoint - New City Development's stock experienced a decline of 5.3% on August 26, trading at 2.5 HKD per share with a transaction volume of 42.3 million HKD [1] Group 1: Company Overview - New City Development Holdings Limited is a global industrial investment and operation group, focusing on residential development, commercial development, commercial operation management, community retail, new energy, and related equity investment and asset management [1] - The company operates in regions including Hong Kong, California, and Texas, aiming to provide a variety of life service solutions throughout the entire lifecycle for users [1] Group 2: Financial Performance - As of the 2024 annual report, New City Development reported total revenue of 89.227 billion CNY and a net profit of 491 million CNY [2] - The company is set to disclose its mid-year report for the fiscal year 2025 on August 29 [2]

Group 1 - The stock price of New City Development (01030) fell by 5.26% on July 31, reaching HKD 2.52 per share with a trading volume of HKD 27.54 million [1] - New City Development Holdings Limited is a global industrial investment and operation group, focusing on residential development, commercial development, commercial operation management, community retail, new energy, and related equity investment and asset management [1] - The company operates in regions including Hong Kong, California, and Texas, aiming to provide a variety of life service solutions throughout the entire lifecycle for users [1] Group 2 - As of the 2024 annual report, New City Development reported total revenue of RMB 89.227 billion and a net profit of RMB 0.491 billion [2]