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]

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: 新城悅服務集團有限公司 呈交日期: 2026年1月30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) | 01755 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | ...

Core Viewpoint - New City Joy Service (01755.HK) has postponed its board meeting originally scheduled for January 20, 2024, to review its annual performance for 2024 and discuss dividend distribution due to the auditor needing more time for review. The company has announced its unaudited annual results amidst ongoing investigations into abnormal transactions with related parties [1][4]. Financial Performance - For the fiscal year 2024, New City Joy Service reported a total revenue of 5.056 billion yuan, a decrease of 6.8% year-on-year. The revenue breakdown includes property management services at 3.576 billion yuan (up 0.6%), community value-added services at 1.185 billion yuan (down 9.9%), and developer value-added services at 295 million yuan (down 46.9%) [2][5]. - The company achieved a gross profit of 937 million yuan, a decline of 34.9% year-on-year, with a gross margin of 18.5%, down 8 percentage points from the previous year's 26.5%. The gross margins for property management, community value-added, and developer value-added services were 16.6%, 26.4%, and 10.5%, respectively, reflecting declines of 7.4, 9.3, and 10.3 percentage points year-on-year [2][5]. - New City Joy Service reported a net loss of 876 million yuan for 2024, compared to a net profit of 508 million yuan in the previous year. The loss attributable to the company's owners was 820 million yuan, down from a profit of 445 million yuan in the same period last year [6]. Accounts Receivable - As of the end of 2024, the total accounts receivable for New City Joy Service stood at 1.259 billion yuan, a decrease of 29.95% year-on-year. Accounts receivable from related parties amounted to 961 million yuan, an increase of 20.23% year-on-year, while third-party receivables rose by 1.23%. The expected credit loss provision was 964 million yuan [6]. Strategic Outlook - The Chairman, Qi Xiaoming, indicated that the company's revenue from businesses closely related to the real estate sector has been declining for several years, and efforts are underway to further reduce the scale of these operations to restore the health of receivables from related parties [3][6]. - Qi also noted that in the second half of 2024, revenue from real estate-related businesses is expected to continue to decline significantly. An agreement signed in October 2024 with New City Holdings (601155.SH) stipulates that revenue from services provided to related parties will not exceed 120 million yuan in 2025 [3][6]. - The company has completely exited one previously acquired property management firm in 2024 due to performance pressures and goodwill risks in a highly competitive environment. Management is exploring solutions for underperforming acquisitions to minimize losses [7].

本集团截至2024年12月31日止年度的毛利为约人民币9.37亿元，较2023年的约人民币14.39亿元同比下降 约34.9%。毛利率为约18.5%，较2023年的26.5%相比下降8.0个百分点。 新城悦服务(01755)发布截至2024年12月31日止年度业绩，该集团期内取得收入50.56亿元人民币，同比 减少6.8%;公司拥有人应占亏损8.2亿元，同比盈转亏;每股基本亏损0.96元。 ...

Core Viewpoint - New City Yueda Services (01755) reported a revenue of RMB 5.056 billion for the year ending December 31, 2024, representing a year-on-year decrease of 6.8% [1] Financial Performance - The company recorded a loss attributable to shareholders of RMB 820 million, marking a shift from profit to loss compared to the previous year [1] - Basic loss per share was RMB 0.96 [1] - Gross profit for the year was approximately RMB 937 million, a decline of about 34.9% from approximately RMB 1.439 billion in 2023 [1] - Gross margin was approximately 18.5%, down 8.0 percentage points from 26.5% in 2023 [1]

Financial Performance - The unaudited total revenue for the year ended December 31, 2024, was RMB 5,055,598, a decrease of 6.8% compared to RMB 5,424,284 for the year ended December 31, 2023[5] - The gross profit for the year was RMB 936,605, down 34.9% from RMB 1,438,478 in the previous year, resulting in a gross margin of 18.5%, a decline of 8.0 percentage points[5] - The net loss for the year was RMB 875,645, compared to a profit of RMB 507,858 in the previous year, representing a decrease of 272.4%[6] - The basic and diluted loss per share for the year was RMB (0.96), compared to earnings of RMB 0.52 in the previous year, marking a decline of 284.6%[7] - The total expenses for the year amounted to RMB 4,971,241,000 in 2024, an increase from RMB 4,631,528,000 in 2023, marking a rise of approximately 7.4%[20] - The company reported a net loss of approximately RMB 875.6 million for 2024, a decline of about 272.4% compared to a profit of RMB 507.9 million in 2023[77] Revenue Breakdown - Revenue from property management services was RMB 3,575,950, a slight increase of 0.6% from RMB 3,555,106 in the previous year[5] - Revenue from community value-added services decreased by 9.9% to RMB 1,184,806 from RMB 1,314,308 in the previous year[5] - Revenue from developer value-added services saw a significant decline of 46.9%, falling to RMB 294,842 from RMB 554,870[5] - Community value-added services revenue decreased by approximately 9.9% to RMB 1,184.8 million in 2024 from RMB 1,314.3 million in 2023, representing about 23.4% of total revenue[66] - Developer value-added services revenue fell by approximately 46.9% to RMB 294.8 million in 2024 from RMB 554.9 million in 2023, accounting for about 5.8% of total revenue[67] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 5,475,045, down from RMB 6,682,643 in the previous year[8] - The total equity attributable to the owners of the company decreased to RMB 1,880,636 from RMB 2,903,765 in the previous year[8] - The total liabilities as of December 31, 2024, amounted to RMB 3,421,802 thousand, a slight increase from RMB 3,391,435 thousand in 2023[9] - Current liabilities totaled RMB 3,301,351 thousand, reflecting an increase of 4.6% from RMB 3,155,392 thousand in 2023[9] - Non-current liabilities decreased significantly to RMB 120,451 thousand from RMB 236,043 thousand, a reduction of 48.9%[9] - The total equity and liabilities amounted to RMB 5,475,045 thousand, down from RMB 6,682,643 thousand in 2023, a decrease of 18.0%[9] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 2,141,751 from RMB 1,927,283 in the previous year, indicating improved liquidity[8] - The company’s cash and cash equivalents interest income increased to RMB 17,766,000 in 2024 from RMB 15,912,000 in 2023, a growth of approximately 11.6%[22] - The company has a significant amount of restricted cash amounting to RMB (53,308,000) in 2024, indicating potential liquidity constraints[41] - As of December 31, 2024, the total cash and cash equivalents held by the group amounted to RMB 2,195,059,000, an increase from RMB 1,927,283,000 as of December 31, 2023[87] Tax and Other Income - Current income tax expense for China decreased significantly to RMB 88,656,000 in 2024 from RMB 171,580,000 in 2023, a decline of about 48.3%[23] - Other income increased to RMB 69,598,000 in 2024, up from RMB 50,973,000 in 2023, representing a growth of about 36.5%[21] - The income tax expense for 2024 was approximately RMB 71.4 million, a decrease of about 48.2% compared to RMB 137.7 million in 2023[75] Shareholder Information - The company declared dividends totaling RMB 259,975,000 for 2024, an increase from RMB 150,054,000 in 2023, with the company’s own declared dividends at RMB 178,623,000 compared to RMB 139,413,000 previously[46] - The board did not recommend a final dividend for the year ended December 31, 2024, compared to a dividend of RMB 0.205 per share for 2023[92] Strategic Focus and Future Outlook - The company continues to focus on property management and value-added services primarily in China, with all non-current assets located in the same region[17] - The company is focusing on enhancing its property management services, which are expected to drive revenue growth in the upcoming fiscal periods[36] - The company anticipates that its core business will continue to grow, albeit at a potentially slower pace, while emphasizing customer satisfaction as a key performance indicator[56] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the company's financial reporting system and risk management[101] - The company has confirmed compliance with the standards set out in the listing rules regarding securities trading by directors for the year ended December 31, 2024[96] - The company has adopted a stock option plan to reward directors and employees for their contributions, which expired on October 19, 2024, with no options granted in the year ended December 31, 2024[98]

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 ...

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。 董事會會議日期 及 繼續暫停買賣 新城悅服務集團有限公司（「本公司」，連同其附屬公司為「本集團」）董事會（「董 事會」）謹此宣佈，本公司將於2026年1月20日（星期二）舉行董事會會議，藉以（其 中包括）考慮及批准本集團截至2024年12月31日止年度的全年業績及其發佈， 並考慮建議派發末期股息（如有），以及處理其他事項。 繼續暫停買賣 應本公司要求，本公司股份已於2025年4月1日（星期二）上午九時正起於聯交所 暫停買賣，並將繼續暫停買賣直至另行通知為止。 本公司謹此強調，本集團的營運保持穩定且未受任何影響。 – 1 – 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 ） （股份代號：1755） 承董事會命 新城悅服務集團有限公司 董事長 執行董事 首席執行官 戚小明 中國，2025年12月31日 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1755） 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 內幕消息 內部監控檢討的主要結果 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(2)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30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年年報以及董事會 會議延期；(ii)暫停買賣；(iii)關聯方資金往來；(iv)成立 ...

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: 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: 新城悅服務集團有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 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) | 01755 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 871,331,000 | | | 0 | | 871,331,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 871,331,000 | | | 0 | | 871,331,000 | 第 2 頁 共 10 頁 v 1.1 ...