Core Insights - The property management industry is transitioning from focusing on new housing projects to emphasizing the management of existing assets and stock market operations due to a decline in the new housing market, with new housing starts expected to decrease by 20.4% year-on-year in 2025 [2][30] - The importance of value-added services in enhancing asset value and the necessity of implementing stock asset operations are highlighted as key strategies for property companies [2][30] Group 1: Concept and Value - Stock asset operation refers to a series of management activities aimed at maintaining and enhancing the value of completed real estate properties through professional management, services, renovations, and capital operations [3][31] - The value generated from stock asset operations includes maintaining asset pricing, enhancing owner experience, improving property fee collection rates, and contributing to social value through community governance [3][31][32] Group 2: Implementation Path - High-quality basic services are essential for asset preservation, acting as a "stabilizer" for asset value, while diversified value-added services serve as a "magnifier" and "accelerator" for enhancing asset value [6][34] - Successful examples, such as the Nanjing project by New Town Yue Service, demonstrate how quality property management can maintain property values even in declining markets, with the average second-hand house price remaining at 4.39 million yuan per square meter, higher than the opening price [9][36] Group 3: Execution Principles - Property companies must prioritize understanding the actual needs of owners when selecting value-added services, shifting from a supply-driven model to a demand-driven approach [11][38] - Establishing a systematic demand insight mechanism is crucial for capturing unspoken needs of owners, such as temporary storage or pet services, through various data collection methods [12][39] Group 4: Integrated Practices - The exploration of the "property service + life service" model has been encouraged by policies since 2021, aiming to integrate property services with various life services to enhance community asset operations [20][44] - The "property service into households" initiative aims to extend professional services into private home spaces, addressing specific household pain points and enhancing the trust and skill levels of property companies [23][48] Group 5: Case Studies - Various property companies are implementing innovative service models, such as the "One-stop Resource Integration Platform" by Country Garden Service, which combines multiple social service resources [21][47] - New Town Yue Service's "Yue XIN Home+" system provides professional in-home services, addressing daily household challenges and enhancing owner satisfaction [25][50]

（於開曼群島註冊成立之有限公司） （股份代號：873） 有關成立合夥企業的須予披露交易 之進一步資料 茲提述本公司日期為 2025 年12 月 22 日有關成立合夥企業以在中國遼寧省葫蘆島 興城市投資及運營污水處理項目的公告（「該公告」）。本公司謹就合夥企業提 供以下額外資料，以供本公司股東及投資者參考。除另有指定外，本公告所用詞 彙與該公告所界定者具有相同涵義。 關於葫蘆島永晟及其最終主要實益擁有人的進一步資料 葫蘆島永晟是一家專注於環保工程、市政公用工程的專業化項目管理諮詢公司， 並從事為生態環境保護項目提供由策劃、施工管理以至運營優化等的全方位運營 與綜合改造服務，且對污水處理廠的改造及建設項目提供綜合一體化服務。 誠如該公告所述，葫蘆島永晟最終由陳志强先生持大多數股權，彼同時擔任該公 司的法定代表人。陳志强先生為高級工程師，於中國持工程建設系的註冊執業資 格，並深耕水環境治理與市政工程領域逾二十年經驗。彼在污水處理項目及環保 相關項目的規劃、項目管理和營運，以及項目實施方面具備豐富經驗。 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 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 世茂服務控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | 本月底法定/ ...

Project Awards - Shimao Services has won the property management contract for the Huahong Jinyuan project in Wenzhou, Zhejiang, covering a total construction area of approximately 190,000 square meters, which includes facility maintenance, cleaning, waste disposal, landscaping, and vehicle management [1][16] - China Overseas Property has secured a three-year security service contract for the Hong Kong Academy for Performing Arts, which includes four locations, and will develop a personalized security plan to ensure the safety of students and faculty [1][16] New Land Projects - On January 7, 92 new land projects were added in key cities, with a planned construction area of 1.9075 million square meters, including 6 residential projects, 58 commercial office projects, 24 industrial projects, and 4 other types [2][17] - The largest project is located south of the Shanzi River in Binzhou, with a planned area of 103,403 square meters and a transaction floor price of 222 yuan per square meter, developed by Binzhou Xianghai Capital Holdings [2][17] Tender Projects - On January 7, a total of 2,240 property-related tender notices were published in key regions such as Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macau, with non-residential properties making up a significant portion, totaling 2,153 notices [4][19] - Notably, the budget for the sanitation and cleaning service project in Qianxi City is approximately 92.3497 million yuan [4][19] Capital Market Dynamics - On January 8, the Hang Seng Index closed down by 309.64 points, a decline of approximately 1.17%, with 15 out of 61 listed property service companies in Hong Kong experiencing an increase [8][23] - The average market capitalization of the 61 listed property companies in Hong Kong is 4.391 billion HKD, with seven companies exceeding 10 billion HKD in market value [9][23] - China Resources Mixc Lifestyle is the largest property service company by market capitalization at 103.899 billion HKD, followed by Wanwu Cloud at 22.555 billion HKD and Country Garden Services at 21.065 billion HKD [9][23]

Group 1 - Property management fees have significantly decreased in various regions, with examples including Wuhan where fees dropped from 2.5 yuan per square meter to 1.1 yuan, and Chengdu where fees fell from 4.8 yuan to 3.5 yuan, a reduction of 27% [1] - The average collection rate for property management fees nationwide is approximately 70%, but it has been declining in recent years, impacting the financial stability of property management companies [1] - Major property management companies are experiencing layoffs, with Country Garden reducing its workforce by over 20,000 in the past two years, and other companies like China Overseas Property and Poly Property also making significant cuts [1] Group 2 - The reduction in workforce is primarily due to financial constraints, with 17 listed property management companies reporting related party fund occupation issues, averaging 18% of their revenue [2] - A notable incident involved Henan Jianye Property, where employees went on strike due to long-standing unpaid wages, despite a high collection rate of 99% for property fees [2] - Financial mismanagement is evident, with reports indicating that at least 120 million yuan in property fees have been redirected to group headquarters for real estate project payments, leading to severe cash flow issues for property management companies [3]

FF301 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 世茂服務控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.01 HKD | | 35,000,000 | 本月底法定 ...

Major Events - The National Housing and Urban-Rural Construction Work Conference was held in Beijing from December 22 to 23, 2025, focusing on the review of 2025's work and planning for the "14th Five-Year Plan" achievements and key tasks for 2026 [7][51] - The conference emphasized the importance of stabilizing the real estate market and implementing property service quality improvement actions, exploring new models of coordination among community party organizations, residents' committees, owners' committees, and property service enterprises [7][51] Policy Dynamics - The Nanjing Housing Security and Real Estate Bureau released a draft work plan for the "List-based Management of Law Enforcement in Residential Communities," aiming to establish a long-term management mechanism for residential communities [13][59] - The plan focuses on integrating various stakeholders and optimizing collaborative governance paths, utilizing digital platforms for smart management to create a clear, orderly, and efficient community governance structure [16][59] Corporate Dynamics - Shimao Services announced plans to enter the sewage treatment market in Liaoning Province through a partnership agreement with Huludao Yongsheng Project Management Consulting [17][60] - China Overseas Property announced a capital increase agreement with China Construction Asset Management, involving a total investment of approximately RMB 39 million [21][64] - Jin Ke Services disclosed the results of a temporary shareholders' meeting, where a delisting resolution was approved [24][66] Capital Market - The Hang Seng Index closed at 25,818.93 points, up 0.50%, with 16 property service companies rising, and 29 companies outperforming the index [32][74] - During the fourth week of December 2025, 2,098 new projects were added across key cities, covering a total construction area of 100.96 million square meters, including 479 residential projects and 398 commercial office projects [34][75] New Projects - The fourth week of December 2025 saw a total of 2,098 new projects, with 1,015 in the industrial sector and 206 in other categories [34][75] - The distribution of new projects included significant contributions from major cities, indicating a robust pipeline for future development [38][75] Tender Information - A total of 11,553 property-related tender notices were published in key regions such as Beijing-Tianjin-Hebei and Guangdong-Hong Kong-Macau, with non-residential projects making up the majority [41][81]

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" results were announced, with Shimao Services winning the "Outstanding Marketing Case Award" [1] Group 1: Jinzhi Award Overview - The "Jinzhi Award" aims to establish benchmarks for high-quality development, guiding listed companies to focus on their core business, innovate continuously, and fulfill social responsibilities [3] - The evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies awarded based on a quantitative analysis model [3] Group 2: Shimao Services' Marketing Practices - Shimao Services is recognized as a leading comprehensive property management and community service provider in China, with a strong brand value across various sectors including residential, educational, and healthcare [4] - The company has launched the "Xinguang" product brand service system, emphasizing "service first, quality foremost," and aims to enhance service standards and quality through a five-part plan focusing on quality, service, standards, culture, and management [4] - Shimao Services employs innovative marketing strategies that combine online platforms with offline experiences, utilizing AI and big data for demand forecasting and community activities to enhance emotional connections with customers [4] Group 3: Future Directions - Shimao Services plans to continue deepening quality marketing and innovative marketing models, integrating smart technology with diverse services to enhance user engagement and market expansion efficiency [5] - The company aims to provide replicable practices for marketing upgrades in the property service industry, contributing to high-quality service experiences for owners and clients, and supporting the upgrade of the consumer market and smart city development [5]

Group 1 - The core point of the article is that Shimao Services (00873.HK) announced the establishment of a partnership for the investment, construction, and operation of a sewage treatment project in Huludao, Liaoning Province, China [1] Group 2 - The partnership agreement is between Shimao Tianjing, a wholly-owned subsidiary of the company, and Huludao Yongsheng, with Shimao Tianjing acting as a limited partner and Huludao Yongsheng as the general partner [1] - The project is specifically located in Xingcheng City, which is part of Huludao in Liaoning Province [1]

Group 1 - The company Shimao Services (00873) announced a partnership agreement to establish a joint venture for the investment, construction, and operation of a sewage treatment project in Huludao, Liaoning Province, China [1] - The total investment amount for the partnership is approximately RMB 283 million, with Shimao Tianjing contributing around RMB 280 million and Huludao Yongsheng contributing RMB 2.83 million [1] Group 2 - The initiative aligns with the Chinese government's emphasis on revitalizing the Northeast region and implementing modern sewage treatment systems in cities like Huludao [2] - The partnership aims to leverage both parties' strengths in resource acquisition, project construction, and execution standards to enhance urban services and promote high-quality development in the sewage treatment sector [2] - The collaboration is expected to improve the core competitiveness of the company and support its long-term development in the sewage treatment industry [2]