恒大物业发布2026年中期业绩，收入与归母利润小幅增长但无中期分红

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Evergrande Property Services Group Limited
恒大物業集團有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 6666)

ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
Financial Summary
For the six months ended 30 June 2026:
• The Group had operating revenue of approximately RMB6,942.7 million, representing a periodon-period increase of approximately 4.5%.
• The Group had gross profit of approximately RMB1,331.9 million, representing a period-on-period
increase of approximately 11.1%.
• The Group had net profit of approximately RMB503.3 million, representing a period-on-period
increase of approximately 2.5%.
• Profit attributable to owners of the Company amounted to approximately RMB517.0 million and
basic earnings per share was approximately RMB0.05.
• The Group’s available funds amounted to approximately RMB4,244.3 million, representing a
decrease of approximately RMB66.2 million compared with 31 December 2025.
As at 30 June 2026, the Group had a GFA under management of approximately 603 million sq.m..
During the Period, the Group cumulatively signed contracted (including renewals) GFA from third
parties of approximately 43 million sq.m., with annual saturated contract revenue of nearly RMB1.0
billion.
The Board does not recommend the payment of any interim dividend in respect of the six months ended
30 June 2026.
–1–

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

6,942,650

6,646,590

Cost of sales

(5,610,762)

(5,447,901)

Gross profit

1,331,888

1,198,689

30,940

34,775

Other (losses)/gains

(44,107)

192

Impairment losses on financial assets

(144,249)

(68,467)

1,910

(501)

Administrative and marketing expenses

(436,990)

(460,417)

Operating profit

739,392

704,271

6,100

5,600

Finance costs

(79,559)

(41,066)

Profit before income tax

665,933

668,805

(162,683)

(177,650)

503,250

491,155

– Owners of the Company

517,032

472,272

– Non-controlling interests

(13,782)

18,883

503,250

491,155

Notes

5

Revenue

6

Other income

Fair value gains/(losses) on investment properties

Share of net profit of investments accounted
for using equity method

7

Income tax expenses
Profit for the period
Profit attributable to:

–2–

Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(1,207)

(2,256)

502,043

488,899

– Owners of the Company

515,825

470,016

– Non-controlling interests

(13,782)

18,883

502,043

488,899

RMB0.05

RMB0.04

Notes

Other comprehensive expense
Item that may be reclassified subsequently to profit or loss:
Exchange difference arising on translation of financial
statements of foreign operations
Total comprehensive income for the period
Total comprehensive income/(loss) attributable to:

Earnings per share attributable to owners of the Company

9

– Basic and diluted

–3–

Condensed Consolidated Statement of Financial Position
As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Property and equipment

88,170

81,957

Right-of-use assets

40,396

39,503

Intangible assets

1,294,140

1,380,046

Investment properties

12,385

4,255

Investments accounted for using equity method

72,763

68,197

Deferred tax assets

498,160

488,036

2,006,014

2,061,994

3,442,626

3,170,458

Prepayments

81,043

65,730

Inventories

16,080

5,983

Financial assets at fair value through profit or loss

425,000

—

Restricted cash

127,560

120,911

Cash and cash equivalents

3,691,694

4,189,546

Total current assets

7,784,003

7,552,628

Total assets

9,790,017

9,614,622

Notes

Assets
Non-current assets

Total non-current assets
Current assets

10

Trade and other receivables

–4–

As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

7,060

7,060

Reserves

(5,793,631)

(5,801,872)

Retained earnings

7,915,481

7,398,449

Equity attributable to owners of the Company

2,128,910

1,603,637

332,130

346,223

2,461,040

1,949,860

Other payables

75,000

75,000

Lease liabilities

24,446

23,215

Deferred tax liabilities

90,773

101,424

Total non-current liabilities

190,219

199,639

2,316,991

2,623,690

3,807,225

3,956,800

Current tax liabilities

948,822

813,097

Lease liabilities

65,720

71,536

Total current liabilities

7,138,758

7,465,123

Total liabilities

7,328,977

7,664,762

Total equity and liabilities

9,790,017

9,614,622

Notes

Equity

11

Share capital

Non-controlling interests
Total equity
Liabilities
Non-current liabilities

Current liabilities
Contract liabilities

12

Trade and other payables

–5–

Notes to the Condensed Consolidated Financial Statements
1.

General Information
Evergrande Property Services Group Limited (the “Company”) was incorporated in the Cayman Islands on 13 March
2020 as an exempted company with limited liability under the Companies Act (Cap. 22, Act 3 of 1961 as consolidated
and revised) of the Cayman Islands. The address of the Company’s registered office is Cricket Square, Hutchins Drive,
PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.
The Company’s ultimate holding company is China Evergrande Group (in liquidation) (“China Evergrande Group”),
an exempted company incorporated in the Cayman Islands with limited liability and its shares were previously listed on
The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), but were delisted from the Stock Exchange on 25
August 2025.
The Company is an investment holding company. The Company and its subsidiaries (the “Group”) are primarily engaged
in the provision of property management services, community living services, asset management services and community
operation services.
The interim condensed consolidated financial statements are presented in Renminbi (“RMB”) and rounded to the nearest
RMB’000, unless otherwise stated. These interim condensed consolidated financial statements are unaudited.

2.

Basis of preparation
The interim condensed consolidated financial statements for the six months ended 30 June 2026 have been prepared in
accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting”.
The interim condensed consolidated financial statements do not include all the notes of the type normally included
in an annual financial report. Accordingly, the interim condensed consolidated financial statements should be read in
conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2025, which
have been prepared in accordance with HKFRS Accounting Standards (which include all Hong Kong Financial Reporting
Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations) issued by the Hong Kong Institute of
Certified Public Accountants (“HKICPA”).

–6–

3.

Accounting policies
The interim condensed consolidated financial statements have been prepared on a historical cost basis, except for
investment properties and financial assets at fair value through profit or loss that are measured at fair values at the end of
each reporting period.
In the current period, the Group has applied the following amendments to HKFRS Accounting Standards issued by the
HKICPA for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2026 for
the preparation of the interim condensed consolidated financial statements:
Amendments to HKFRS 9 and HKFRS 7

Amendments to the Classification and Measurement of
Financial Instruments

Amendments to HKFRS 9 and HKFRS 7

Contracts Referencing Nature-dependent Electricity

Amendments to HKFRS Accounting Standards

Annual Improvements to HKFRS Accounting
Standards — Volume 11

The application of these amendments to HKFRS Accounting Standards did not result in significant changes to the
Group’s accounting policies, presentation of the Group’s financial positions and performance for the current and prior
periods and/or on the disclosures set out in these interim condensed consolidated financial statements.
4.

Segment information
Management has determined the operating segments based on the reports reviewed by the chief operating decision
maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating
segment, has been identified as the executive directors of the Company.
During the six months ended 30 June 2026 and 2025, the Group was principally engaged in the provision of property
management services, community living services, asset management services and community operation services in the
Mainland of the People’s Republic of China (the “PRC”). Management reviews the operating results of the business as
a single operating segment as the nature of services, the type of customers for services, the method used to provide their
services and the nature of regulatory environment are the same in different regions.
The principal operating entities of the Group are domiciled in Mainland China and majority of revenue was derived in
Mainland China during the six months ended 30 June 2026 and 2025.
As at 30 June 2026 and 31 December 2025, majority of the non-current assets of the Group were located in Mainland
China.

–7–

5.

Revenue
Revenue mainly comprises proceeds from property management services, community living services, asset management
services and community operation services. An analysis of the Group’s revenue by category for the six months ended 30
June 2026 and 2025 was as follows:
Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

5,831,492

5,611,812

14,668

16,010

5,846,160

5,627,822

Community living services

537,800

456,205

Asset management services

406,981

398,907

Community operation services

151,709

163,656

6,942,650

6,646,590

6,492,275

6,273,033

450,375

373,557

6,942,650

6,646,590

2,655

20,473

6,939,995

6,626,117

6,942,650

6,646,590

Property management services
– Basic property management services
– Value-added services to non-property owners

Timing of revenue recognition
– Over time
– At a point in time

Type of customer
– Related parties (Note 13)
– Third parties

–8–

6.

Other income
Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Government grants (Note)

14,012

13,037

Write-off of payables

6,464

9,798

Interest income

8,234

8,324

Income from overdue fine

1,218

971

Others

1,012

2,645

30,940

34,775

Note:
Government grants mainly consist of financial grants from government organizations, tax deductions for employment
of veterans and priority groups, subsidies for value-added tax and other tax incentives policies, and refunds of paid
unemployment insurance. There were no outstanding conditions or contingencies attached to the grants.

–9–

7.

Income tax expenses
Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Current tax

183,458

206,620

Deferred tax

(20,775)

(28,970)

162,683

177,650

The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the
Companies Act of Cayman Islands and accordingly, is exempted from Cayman Islands income tax. The Company’s
subsidiaries in the British Virgin Islands (“BVI”) were incorporated under the International Business Companies Act of
the BVI and accordingly, are exempted from BVI income tax.
Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits for the current period in
respect of operations in Hong Kong, except for one subsidiary of the Group which is a qualifying corporation under the
two-tiered profits tax rates regime. For this subsidiary, the first HK$2 million of assessable profits were taxed at 8.25%
and the remaining assessable profits were taxed at 16.5%.
Income tax provision of the Group in respect of operations in Mainland China has been calculated at the applicable tax
rate on the estimated assessable profits for the period, based on the existing legislation, interpretations and practices in
respect thereof. The statutory tax rate was 25% for the six months ended 30 June 2026 and 2025. Certain subsidiaries and
branches of the Group in Mainland China were located in cities in the western regions of Mainland China, and they were
subject to a preferential income tax rate of 15% during the six months ended 30 June 2026 and 2025. The subsidiaries
and branches of the Group located in Hainan Province are qualified to enjoy the preferential income tax rate of 15% from
1 January 2020 to 31 December 2027. A preferential income tax rate of 20% applies to subsidiaries that are qualified as
small and micro-profit enterprises.

– 10 –

8.

Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2026 (for the six months
ended 30 June 2025: Nil).

9.

Earnings per share
Basic earnings per share was calculated by dividing the profit attributable to owners of the Company by the weighted
average number of ordinary shares during the six months ended 30 June 2026 and 2025.
The Company did not have any potential ordinary shares outstanding during the six months ended 30 June 2026 and
2025. Diluted earnings per share was equal to basic earnings per share.
Six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

517,032

472,272

Weighted average number of ordinary shares in issue (in thousands)

10,810,811

10,810,811

Basic and diluted earnings per share

RMB0.05

RMB0.04

As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Trade receivables (Note (i))

2,923,369

2,650,802

Value-added tax recoverable

37,616

45,320

Other receivables (Note (ii))

481,641

474,336

3,442,626

3,170,458

Profit attributable to owners of the Company (RMB’000)

10.

Trade and other receivables

– 11 –

Notes:
(i)

Trade receivables
As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

– Related parties (Note 13)

2,088,616

2,197,030

– Third parties

4,078,614

3,600,131

Total trade receivables

6,167,230

5,797,161

– Related parties (Note 13)

(2,088,616)

(2,197,030)

– Third parties

(1,155,245)

(949,329)

2,923,369

2,650,802

Trade receivables

Less: allowance for impairment of trade receivables

Trade receivables mainly arise from basic property management services income under lump sum basis. Basic
property management services income is received in accordance with the terms of the relevant services agreements.
As at 30 June 2026 and 31 December 2025, the aging analysis of the trade receivables based on date of revenue
recognition and net of impairment allowance was as follows:
As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

0 to 180 days

1,603,272

1,323,257

181 to 365 days

472,506

457,116

1 to 2 years

398,917

388,113

2 to 3 years

259,232

287,681

Over 3 years

189,442

194,635

2,923,369

2,650,802

– 12 –

As at 30 June 2026, the total trade receivables and impairment allowance amounted to approximately
RMB6,167,230,000 (as at 31 December 2025: approximately RMB5,797,161,000) and approximately
RMB3,243,861,000 (as at 31 December 2025: approximately RMB3,146,359,000), respectively. Of which, the total
trade receivables from related parties and impairment allowance amounted to approximately RMB2,088,616,000
(as at 31 December 2025: approximately RMB2,197,030,000) and approximately RMB2,088,616,000 (as at 31
December 2025: approximately RMB2,197,030,000), respectively.
As at 30 June 2026 and 31 December 2025, trade receivables were denominated in RMB and their carrying amounts
approximate their fair values.
(ii)

Other receivables
As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

13,390,549

13,400,000

(13,390,549)

(13,400,000)

—

—

9,638

10,113

– Payments on behalf of property owners (Note (b))

355,372

364,858

– Deposits

147,403

148,224

– Others

90,454

80,917

602,867

604,112

(6,811)

(7,023)

(114,415)

(122,753)

481,641

474,336

Ultimate holding company (Note (a))
– Financial guarantees
Less:
– Enforcement of financial guarantees pledged

Other related parties (Note 13)
Third parties

Gross other receivables
Less: allowance for impairment of other receivables
– Related parties (Note 13)
– Third parties

– 13 –

As at 30 June 2026 and 31 December 2025, other receivables were denominated in RMB and their carrying amounts
approximate their fair values.
Notes:
(a)

Pursuant to the Court’s judgement, the ultimate holding shareholder and Hengda Real Estate Group Company
Limited (a related party of the Company) were the actual debtors of the financing guarantee funds, and certain
other third parties as the guaranteed parties were jointly liable for the full amount of the aforementioned debt
respectively. As at 30 June 2026, the Group has recovered approximately RMB9.5 million from the relevant
parties, and will continue to take reasonable measures to collect the remaining debt to actively safeguard the
interests of the Group.

(b)
11.

Payments on behalf of property owners mainly represented utilities costs of properties.

Share capital

Issued and fully paid

12.

As at

As at

As at

As at

30 June

31 December

30 June

31 December

2026

2025

2026

2025

Number of shares

Number of shares

RMB’000

RMB’000

(Unaudited)

(Audited)

(Unaudited)

(Audited)

10,810,811,000

10,810,811,000

7,060

7,060

As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

486,156

489,264

1,492,733

1,398,017

1,978,889

1,887,281

Trade payables

Trade payables (Note (a))
– Related parties (Note 13)
– Third parties

– 14 –

Notes:
(a)

As at 30 June 2026 and 31 December 2025, the aging analysis of the trade payables based on goods and services
received was as follows:

(b)

As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Up to 1 year

1,563,861

1,247,710

1 to 2 years

129,874

375,727

2 to 3 years

158,789

200,903

Over 3 years

126,365

62,941

1,978,889

1,887,281

As at 30 June 2026 and 31 December 2025, trade payables were denominated in RMB and their carrying amounts
approximate their fair values.

– 15 –

13.

Related party transactions
(a)

Related party transactions
In addition to the transactions detailed elsewhere in the condensed consolidated financial statements, the Group had
the following transactions with related parties.
Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

– Controlled by the Group’s ultimate holding company

2,559

19,098

– Joint ventures of the Group’s ultimate holding company

96

1,375

2,655

20,473

5,954

4,346

– Controlled by the Group’s ultimate holding company

62,336

76,214

– Joint ventures of the Group’s ultimate holding company

607

2,757

62,943

78,971

Revenue from rendering of services (Note 5)

Purchase of goods and services
– Controlled by the Group’s ultimate holding company
Leasing car parking spaces

The transactions above were carried out in the normal course of the Group’s business and on terms as agreed
between the transacting parties.
As China Evergrande Group is being liquidated, the management of the Group expects that the inflow of economic
benefits from China Evergrande Group is not optimistic and highly uncertain. Since the property management
services customers involve all the property owners and various aspects of the community, which has integrality
and indivisibility as a whole, it is impracticable to exclude China Evergrande Group from providing property
management services to those vacant properties. Such services do not incur additional costs. Therefore, the Group
has continued to provide property management services to China Evergrande Group, with the amount for the six
months ended 30 June 2026 being approximately RMB255,732,000. The Group has not recognized revenue in
respect of the property management services it has provided to China Evergrande Group, while the Group will
endeavor to take reasonable measures to collect the receivables from the relevant parties in accordance with the
relevant laws and applicable agreements to actively safeguard the interests of the Group.

– 16 –

(b)

Balances with related parties
As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

– Controlled by the Group’s ultimate holding company

1,970,181

1,994,910

– Joint ventures of the Group’s ultimate holding company

118,435

202,120

2,088,616

2,197,030

(2,088,616)

(2,197,030)

—

—

9,638

10,113

(6,811)

(7,023)

2,827

3,090

1,445

1,452

Trade receivables (Note 10)

Less: allowances for impairment of trade receivables
(charged to profit or loss)

Other receivables (Note 10)
– Controlled by the Group’s ultimate holding company
Less: allowances for impairment of other receivables
(charged to profit or loss)

Prepayments
– Controlled by the Group’s ultimate holding company

– 17 –

As at

As at

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

– Controlled by the Group’s ultimate holding company

480,992

483,662

– Joint ventures of the Group’s ultimate holding company

5,164

5,602

486,156

489,264

– Controlled by the Group’s ultimate holding company

125,300

129,917

– Joint ventures of the Group’s ultimate holding company

3,301

2,672

128,601

132,589

5,944

6,079

Trade payables (Note 12)

Other payables

Contract liabilities
– Controlled by the Group’s ultimate holding company

The above trade receivables, prepayments, trade payables and contract liabilities were trading nature, interest free
and repayable according to terms in contracts.
(c)

Key management compensation
Key management, including directors and core management, totaled 20 (corresponding period in 2025: 17). Their
compensations were set out below:
Six months ended 30 June

Salaries, bonus and other benefits
Contribution to pension scheme expenses

– 18 –

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

8,369

7,169

296

215

8,665

7,384

CHAIRMAN’S STATEMENT
Dear Shareholders,
On behalf of the board (the “Board”) of directors (the “Directors”) of Evergrande Property Services
Group Limited (the “Company”, together with its subsidiaries, the “Group”), I hereby present the
interim results of the Group for the six months ended 30 June 2026 (the “Period”). During the Period,
the Group achieved an operating revenue of approximately RMB6,942.7 million, representing a periodon-period increase of approximately 4.5%; gross profit was approximately RMB1,331.9 million, with
a gross profit margin of approximately 19.2%; and net profit was approximately RMB503.3 million,
with a net profit margin of approximately 7.2%. Profit attributable to owners of the Company was
approximately RMB517.0 million, with basic earnings per share of approximately RMB0.05. As at 30
June 2026, the net assets of the Company were approximately RMB2,461.0 million, representing an
increase of approximately RMB511.2 million compared with the end of 2025, and the available funds
were approximately RMB4,244.3 million, representing a decrease of approximately RMB66.2 million
compared with 31 December 2025.
During the Period, the Group cumulatively signed (including renewals) contracted gross floor area
(“GFA”) from third parties of approximately 43 million sq.m., with annual saturated contract revenue of
nearly RMB1.0 billion; the on-site entry rate of signed contracted projects during the Period reached as
high as 94.4%, effectively contributing to the Group’s cash flow and profit.

BUSINESS REVIEW
In the first half of 2026, the policy side sent clear signals. The Government Work Report incorporated
the “Property Service Quality Improvement Action” into top-level design for the first time, and the
Two Sessions explicitly proposed the direction of “property services + living services”, encouraging
property management services to extend into household scenarios. The Ministry of Housing and UrbanRural Development also published a special article, emphasizing the need to focus on the “key trivial
matters” that residents experience every day, and to promote the upgrading of living quality through
industry self-discipline and service standards. While opening up room for development, the policies have
also established a new industry benchmark — quality, transparency and trust. The room for extensive
operation continues to narrow, while enterprises that truly focus on service quality are entering a window
of opportunity for accelerated realization of policy dividends.

– 19 –

However, beyond opportunities, challenges cannot be overlooked. Property service prices are widely
questioned, labor costs continue to rise, and corporate profitability is under pressure from both sides;
tightening regulation is driving greater transparency of public area revenue; meanwhile, property owners’
expectations for response efficiency, service refinement and scenario integration continue to rise, while
the industry’s service capabilities have yet to fully keep pace. The combination of these challenges not
only tests enterprises’ existing operating models, but also compels them to reshape the value of their
services.
Faced with these challenges, the Group has chosen to respond with a long-term approach by returning to
the original service mission and building credibility through transparency to restore trust with property
owners; empowering through technology to unleash frontline productivity and improve service efficiency;
upgrading capabilities to extend property management from basic maintenance to lifestyle operations,
transforming standalone services into diversified scenario-based solutions. We firmly believe that only
by enhancing service value for lasting satisfaction can property management truly become an enabler of a
better quality of life.
Service quality improvement reveals true excellence in the details. During the Period, we continued to
deepen the “Home Renewal” initiative, investing special funds in community refurbishment and functional
enhancement — from environmental enhancement and smart equipment upgrades to the improvement
of elderly-friendly and child-friendly facilities, a series of flagship projects were implemented, enabling
communities to retain their vitality over time. Beyond hardware renewal, service with a human touch was
also enhanced. We regularly carried out the “Three Initiatives for Direct Communication with Property
Owners”, aiming to bridge the “last hundred meters” in understanding owners’ needs. By regularly
organising “Equipment Room Open Days”, we turned invisible guardianship into visible reassurance;
under the “Home Visit” mechanism, we integrated on-site services with safety promotion, proactively
assisted property owners in identifying potential household safety hazards and maintained special care
records for key groups such as elderly people living alone, truly delivering on every “key trivial matter”
around them with heartfelt care. Meanwhile, through “Property Owner Meet-and-Greet Sessions”, we
listened to property owners’ needs face-to-face, calibrating service direction through open communication
to ensure that every improvement originates from property owners’ feedback and translates into tangible
action. The depth of service quality lies not in grand narratives, but in the closed-loop resolution of every
ordinary matter and the day-to-day attention to details.

– 20 –

Transparency is the simplest way to build trust. During the Period, our self-developed “Gongqubao”
(Public Area Treasure) was fully launched on the “Wo Jia Deng Huo” (My Home Lights) mini-program,
which enables intelligent system capture, automatic accounting, apportionment and real-time dynamic
display of public area revenue such as elevator advertising fees, temporary parking fees and venue rentals,
requiring no manual intervention throughout the process. Meanwhile, “Gongqubao” has established
a demand co-creation channel to all property owners, who may at any time initiate voting and raise
objections on proposals for the use of public area revenue. Every adjustment to operational decisions
must pass online voting and complete a public notice period before implementation. From manual
bookkeeping and paper-based public notices to systematic and transparent presentation, technology
has resolved the long-standing pain point of information asymmetry, driving the relationship between
property management and property owners from “one-way public notice” to a collaborative governance
model featuring “proactive disclosure, whole-process supervision and property owner co-construction”.
Transparency anchors trust. “Gongqubao” is not merely a tool, but a key that brings public area revenue
from “behind the scenes” to “in front of the stage” — illuminating property owners’ right to know through
digitalization, and rebuilding the trust between property management and property owners through
transparency. Upon its launch, the programme received positive feedback from property owners, as well
as extensive coverage and favorable reviews from multiple media outlets. This recognition from users and
society serves as the most powerful testament to the value of transparency.
From managing spaces to operating lifestyle. We focus on high-potential scenarios such as to-home
services, property leasing and sales, and community tourism, continuously refining service offerings and
transforming the inherent advantages of “proximity, all-time availability and trustworthiness” into tangible
service capabilities. We implement the philosophy of “Master One Role, Acquire Diverse Skills, Deliver
Services to Every Household”, promote frontline staff to participate in value-added operations and share
results via a commission mechanism. During the Period, the Group deepened its home repair business,
continuously empowered non-engineering staff by rolling out the “Home Repair Specialist” certification,
effectively improving project repair response efficiency. In conjunction with mature categories such as
housekeeping and cleaning and home appliance cleaning, which jointly drove a period-on-period increase
of 31.9% in to-home service revenue. Meanwhile, we continued to deepen property owner services,
revitalised idle assets of property owners and steadily advanced the “Million Stores” strategy. During the
Period, transaction volume exceeded RMB3.6 billion, with leasing and sales revenue increased by 27.1%
period-on-period. In addition, we expanded premium tourism services in response to property owners’
travel needs, cumulatively serving over 64,000 property owner trips during the Period, with revenue
increasing by 141.2% period-on-period. All business segments worked in synergy, with employee income
– 21 –

growth and service extension advancing simultaneously. During the Period, a cumulative total of over
22,000 employees participated in value-added business and received commissions. The philosophy of
“everyone is an operator” has taken root at the service frontline, with operational awareness deeply
activated across the workforce and the foundation for value-added business development continuously
consolidated.
Extend human capabilities with AI. We accelerated the implementation of “AI+” in business scenarios.
During the Period, we upgraded the smart billing system, transforming passive arrears chasing into
flexible reminders through automatic fee calculation, multi-channel payment collection and payment
preference identification, significantly improving collection efficiency. Meanwhile, we integrated multiline inspections of cleaning, security, engineering and others into comprehensive inspections. With AI
recognition and intelligent assessment, the system can automatically detect dozens of scenario-based
problems such as overflowing trash bins, obstructed passageways and equipment anomalies, achieving
more accurate risk warnings with less manpower, and upgrading community security from “human patrol”
to “smart prevention”. In addition, we continuously iterated the “Xuanlan” intelligent customer complaint
system, which dynamically generates emotional heat maps based on semantic understanding and emotion
perception, transforming passive receiving into proactive insight. Simultaneously, it works in deep
synergy with intelligent work orders, forming a full-process closed-loop of proactive demand discovery,
early warning, timely resolution and effectiveness evaluation. AI does not replace humans; rather, it
liberates people from tedious tasks, allowing us to refocus on property owners and enabling employees to
concentrate more on services with human touch.
The Group’s subsidiary, Shenzhen Evertro Data Technology Group Co., Ltd. (“Evertro Tech”), draws on
the Group’s profound experience accumulated across 3,000 projects and 100,000 employees, and precisely
addresses the pain points of property service enterprises with the three product strengths: “efficiency
improvement, revenue growth and property owner satisfaction”. With standardized products and agile
delivery, it is rapidly expanding the market. During the Period, it successfully signed contracts with more
than 300 external property service enterprises, with platform products continuously gaining customer
recognition through practical application and commercial value becoming increasingly prominent.

– 22 –

Build a talent team in sync with the business. During the Period, we promoted the service ethos
via role-model examples, kept discovering “service role models among our colleagues”, so that those
who serve with dedication can be recognised and respected, fully fostering a team atmosphere of
“comparing, learning, catching up, helping and surpassing”, and making enhanced service awareness
and standards part of daily routine and inherent behaviour. Cadre evaluation adheres to the principles of
“conduct, performance and original aspiration”, with actual achievements as the primary yardstick, while
simultaneously putting in place a scientific and reasonable fault tolerance mechanism to provide sufficient
latitude for those who dare to act and are capable of delivering results. We also improved the talent pool at
all levels to sustain organizational vitality. Building on this foundation, we kept abreast of AI technology
trend, promoted the iteration of job roles towards hybrid capabilities, optimized organizational structure
and business processes, and strengthened cross-functional collaboration to make resource allocation more
precise and on-site management more efficient.

Future Outlook
The Company will take technology as its core engine, and press ahead with four initiatives in tandem:
cognitive upgrading, organizational restructuring, skill re-orientation and transformation of working
models. We will translate digital and intelligent technology into productivity, recreate value through
refined services, galvanise internal impetus via cost reduction and efficiency enhancement, and empower
the industry to unlock growth potential. The Company will firmly pursue high-quality development driven
by technology and guided by value.
Deepen service value creation. Service quality is the cornerstone of a property service enterprise and
serves as the most solid bond connecting customers. In the second half of 2026, we will continue to
consolidate daily services to high standards, and roll out checklist-style quantitative management so that
every service is subject to defined standards, traceable records and controllable quality. In parallel, we
will leverage digital and intelligent tools to achieve end-to-end visibility across the full service lifecycle.
We will advance bill disclosure, work order tracking and accessible evaluation record, allowing property
owners to intuitively perceive every dimension of the service. When trust becomes the bedrock of service,
property management is not merely a service provider, but a trustworthy everyday living partner. The
Company will focus on core demand scenarios such as community group buying, property leasing and
sales, and to-home services. We will concentrate on a “one meter wide” domain while exerting “one
hundred meters deep” efforts to continuously refine product strength through in-depth cultivation.
Meanwhile, we will stimulate all-staff operational synergy, and continue to empower the frontline,

– 23 –

making professional capabilities the cornerstone of winning property owners’ trust, so as to achieve a
virtuous cycle of “service value addition, employee income growth and owner satisfaction”.
From organizational efficiency improvement to industry empowerment. In the second half of 2026,
we will continue to promote the deep embedding of AI throughout the service chain—from frontline
service response to middle and back office operation management, from energy scheduling to asset
operation and maintenance. We will transform “people looking for tasks” into “AI-driven task allocation
where tasks are matched to personnel”, and extend AI capabilities from standardized scenarios to complex
business processes. Meanwhile, we will build intelligent work partners for frontline employees, converting
excellent experience into readily accessible knowledge assets, so that every employee, regardless of
experience level, has a powerful digital platform behind him or her, and transforms the vision of “Master
One Role, Acquire Diverse Skills” into tangible practice, thereby overall raising the team’s capability
curve.
Building on the scale of the Group, we will focus on building Evertro Tech’s out-of-the-box SaaS product
matrix and providing small and medium-sized property service enterprises with one-stop digital and
intelligent solutions covering all scenarios. With an extremely low entry barrier and exceptionally high
delivery efficiency, we aim to address the transformation challenges faced by small and medium-sized
property service enterprises, striving to become their preferred strategic partner for digital and intelligent
upgrades. We will leverage product strength to build market trust and service strength to establish industry
reputation. Adhering to the technology-for-good and people-oriented technology philosophy, we enable
frontline property workers to enjoy greater professional dignity, and enable millions of families to access
more transparent and higher-quality property management services.
Great achievements stem from ambition, vast undertakings come from diligence. Finally, on behalf of
the Board, I would like to express my sincere respect to all colleagues and the management team for their
perseverance and dedication, and extend my heartfelt thanks to all shareholders and stakeholders for their
support and trust. Let us continue to forge ahead together, and take solid actions to propel the Company to
a new stage of high-quality development.

Duan Shengli

Chairman
Hong Kong, 31 August 2026
– 24 –

MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL REVIEW
Revenue
The Group’s revenue is mainly derived from four business segments: (i) property management services;
(ii) community living services; (iii) asset management services; and (iv) community operation services.
During the Period, the Group’s total revenue was approximately RMB6,942.7 million, representing a
period-on-period increase of approximately 4.5%.
The following table sets out a breakdown of revenue by business segments of the Group for the periods
indicated:
For the six months ended

For the six months ended

30 June 2026

30 June 2025

Percentage

Percentage

of total

of total

Revenue

revenue

Revenue

revenue

Growth rate

(RMB’000)

(%)

(RMB’000)

(%)

(%)

5,846,160

84.2

5,627,822

84.6

3.9

5,831,492

84.0

5,611,812

84.4

3.9

non-property owners

14,668

0.2

16,010

0.2

-8.4

Community living services

537,800

7.7

456,205

6.9

17.9

Asset management services

406,981

5.9

398,907

6.0

2.0

Community operation services

151,709

2.2

163,656

2.5

-7.3

6,942,650

100.0

6,646,590

100.0

4.5

Property management services
– Basic property
management services
– Value-added services to

Total

– 25 –

(i) Property management services
During the Period, revenue from property management services amounted to approximately
RMB5,846.2 million, representing a period-on-period increase of approximately 3.9%. Among them:
1.

Revenue from basic property management services amounted to approximately RMB5,831.5
million, representing a period-on-period increase of approximately 3.9%, which was mainly
attributable to (i) the increase in the Group’s GFA under management; and (ii) the Group’s
strategy of promoting fee collection through enhanced services, which led to continuous
improvement of service standards and a reduction in risk-exposed customers.
As of 30 June 2026, the Group had a total GFA under management of approximately 603 million
sq.m., representing an increase of approximately 7 million sq.m. as compared with the total GFA
under management of approximately 596 million sq.m. as at 30 June 2025.
During the Period, (i) due to the principle of prudence, the Group recognized revenue from basic
property management services on the basis of the consideration expected to be received for
the provision of property management services to customers. For certain third party customers
with significantly increased credit risk, the Group has not recognized revenue for the portion
of the consideration from those customers for which the Group has fulfilled its performance
obligations but has not yet collected the consideration, taking into account their willingness
to pay the consideration when their consideration was overdue; and (ii) considering the status
of related parties, the Group’s revenue from property management services during the Period
excluded revenue from basic property management services such as management of vacant
properties relating to related parties of approximately RMB255.7 million based on the principle
of robustness.

– 26 –

The following table sets out a breakdown of revenue from basic property management services
by business segments of the Group for the periods indicated:
For the six months ended

For the six months ended

30 June 2026

30 June 2025

Percentage

Percentage

of total

of total

Revenue

revenue

Revenue

revenue

Growth rate

Project Sources

(RMB’000)

(%)

(RMB’000)

(%)

(%)

Residential/commercial, etc.

4,944,539

84.8

4,786,155

85.3

3.3

886,953

15.2

825,657

14.7

7.4

5,831,492

100.0

5,611,812

100.0

3.9

Public construction
projects/city public
service, etc.
Total
2.

Revenue from value-added services to non-property owners amounted to approximately
RMB14.7 million.

(ii) Community living services
During the Period, revenue from community living services amounted to approximately RMB537.8
million, representing a period-on-period increase of approximately 17.9%, which was mainly
attributable to: (i) focusing on the service needs within property owners’ homes, and expanding
the product categories and service scale of to-home services; (ii) expanding the business scale and
increasing operating revenue based on the demand for direct-drinking water and new energy charging
of the property owners; (iii) expanding the coverage of cultural and tourism services to drive revenue
growth; and (iv) optimizing the supply chain and service capabilities of the community retail
business, adding high-frequency and rigid-demand product categories to promote steady revenue
growth.

– 27 –

(iii) Asset management services
During the Period, revenue from asset management services amounted to approximately RMB407.0
million, representing a period-on-period increase of approximately 2.0%, which was mainly
attributable to the Group’s reliance on the advantages of community resources, optimization of
the professional service team, promotion of the in-depth integration of property rental and sales
with property services, enhancement of customer satisfaction and business conversion rate through
differentiated services, thereby driving steady revenue growth.
(iv) Community operation services
During the Period, revenue from community operation services amounted to approximately
RMB151.7 million, representing a period-on-period decrease of approximately 7.3%, which was
mainly attributable to the decrease in revenue from the related business as a result of the decrease in
the demand from merchants for community marketing and venue partnerships due to the impact of
the external market environment.
The table below sets out a breakdown of revenue by source of the Group’s revenue for the periods
indicated:
For the six months ended

For the six months ended

30 June 2026

30 June 2025

Percentage
of total

Percentage of

Revenue

revenue

Revenue

total revenue

Growth rate

(RMB’000)

(%)

(RMB’000)

(%)

(%)

2,655

0.0

20,473

0.3

-87.0

Third parties

6,939,995

100.0

6,626,117

99.7

4.7

Total

6,942,650

100.0

6,646,590

100.0

4.5

Revenue sources
Related parties

– 28 –

Cost of sales
The Group’s cost of sales include staff costs, greening and cleaning costs, facilities and equipment repair
and maintenance costs, energy costs, procurement costs for value-added business, taxes and other levies.
During the Period, the cost of sales of the Group increased by approximately 3.0% from approximately
RMB5,447.9 million for the corresponding period in 2025 to approximately RMB5,610.8 million for the
Period, which was mainly attributable to: (i) the expansion of the Group’s GFA under management; (ii)
the continuous advancement of project renewal works and the upgrade of fire protection maintenance
facilities with a view to enhancing service quality; and (iii) the corresponding increase in procurement
costs as a result of the vigorous development of community living businesses.
Gross profit and gross profit margin
The following table sets out a breakdown of the Group’s gross profit and gross profit margin by business
segments for the periods indicated:
For the six months ended

For the six months ended

30 June 2026

30 June 2025

Gross profit

Gross profit

Gross profit

margin

Gross profit

margin

(RMB’000)

(%)

(RMB’000)

(%)

945,500

16.2

836,897

14.9

944,164

16.2

835,450

14.9

non-property owners

1,336

9.1

1,447

9.0

Community living services

118,854

22.1

99,251

21.8

Asset management services

205,788

50.6

195,521

49.0

Community operation services

61,746

40.7

67,020

41.0

1,331,888

19.2

1,198,689

18.0

Property management services
– Basic property management
services
– Value-added services to

Total

– 29 –

During the Period, the Group’s overall gross profit amounted to approximately RMB1,331.9 million, with
a gross profit margin of approximately 19.2%, representing a period-on-period increase of approximately
1.2 percentage points.
1.

In respect of property management services, gross profit margin increased by approximately 1.3
percentage points from approximately 14.9% for the corresponding period in 2025 to approximately
16.2% for the Period. Among them, the gross profit margin from basic property management
services increased by approximately 1.3 percentage points from approximately 14.9% for the
corresponding period in 2025 to approximately 16.2% for the Period, which was mainly attributable
to: (i) the Group’s focus on quality scale expansion; (ii) continuous improvement of service quality
and reduction of risk-exposed customers; and (iii) effective control of operating costs through the
centralized procurement mechanism and the digital and intelligent management platform.

2.

In respect of community living services, gross profit margin increased by approximately 0.3
percentage points from approximately 21.8% for the corresponding period in 2025 to approximately
22.1% for the Period, which was mainly attributable to: (i) the Group’s continuous optimization of
the profit model; and (ii) the effective reduction of customer acquisition costs as a result of improved
business reputation and enhanced team professionalism.

3.

In respect of asset management services, gross profit margin increased by approximately 1.6
percentage points from approximately 49.0% for the corresponding period in 2025 to approximately
50.6% for the Period, which was mainly attributable to the expansion of the self-operated scale of the
property rental and sales business, the establishment of a professional team and the improvement of
per capita efficiency, thereby increasing the gross profit margin.

4.

In respect of community operation services, gross profit margin decreased by approximately 0.3
percentage points from approximately 41.0% for the corresponding period in 2025 to approximately
40.7% for the Period.

– 30 –

Administrative and marketing expenses
During the Period, the administrative and marketing expenses of the Group decreased by approximately
5.1% from approximately RMB460.4 million for the corresponding period in 2025 to approximately
RMB437.0 million for the Period, which was mainly attributable to the Group’s continuous efforts to
reduce costs and increase efficiency and to strictly control the administrative expenses.
Other income
During the Period, other income was approximately RMB30.9 million, representing a decrease of
approximately RMB3.9 million as compared with approximately RMB34.8 million for the corresponding
period in 2025.
Other (losses)/gains
During the Period, the Group ’ s net other losses amounted to approximately RMB44.1 million,
representing an increase in losses of approximately RMB44.3 million as compared with net other gains
of approximately RMB0.2 million for the corresponding period in 2025, which was mainly attributable to
impairment of goodwill and intangible assets during the Period.
Income tax expenses
During the Period, the Group’s income tax expense was approximately RMB162.7 million, representing
a decrease of approximately RMB15.0 million from approximately RMB177.7 million for the
corresponding period in 2025, which was mainly attributable to an increase in the recognition of deferred
income tax assets.

– 31 –

Profit for the Period
During the Period, the Group’s net profit was approximately RMB503.3 million, representing an increase
of approximately 2.5% as compared to approximately RMB491.2 million for the corresponding period
in 2025. The net profit margin was approximately 7.2%, representing a decrease of approximately 0.2
percentage points as compared to approximately 7.4% for the corresponding period in 2025.
During the Period, the profit attributable to owners of the Company was approximately RMB517.0
million, representing an increase of approximately 9.5% from approximately RMB472.3 million for the
corresponding period in 2025.
Property and equipment
The Group’s property and equipment mainly comprises buildings, machinery, vehicles, furniture, fixtures
and equipment.
As at 30 June 2026, the net book value of the Group’s property and equipment amounted to approximately
RMB88.2 million, representing an increase of approximately RMB6.2 million as compared with
approximately RMB82.0 million as at 31 December 2025.
Intangible assets
The Group’s intangible assets include computer software, property management contracts and customer
relationships and goodwill.
As at 30 June 2026, the Group’s intangible assets amounted to approximately RMB1,294.1 million,
representing a decrease of approximately RMB85.9 million as compared with approximately RMB1,380.0
million as at 31 December 2025, which was mainly attributable to impairment and amortization of
goodwill, property management contracts and customer relationships recognized by the subsidiaries
acquired in prior years amounting to approximately RMB42.8 million and approximately RMB42.5
million, respectively during the Period.

– 32 –

Trade and other receivables
As at 30 June 2026, the Group’s trade receivables amounted to approximately RMB2,923.4 million,
representing an increase of approximately RMB272.6 million as compared with approximately
RMB2,650.8 million as at 31 December 2025, which was mainly attributable to the increase in the
balance of trade receivables resulting from the expansion of the Group’s GFA under management and the
impact of the payment collection cycle certain projects.
The Group ’ s other receivables decreased by approximately RMB0.4 million from approximately
RMB519.7 million as at 31 December 2025 to approximately RMB519.3 million as at 30 June 2026.
Trade and other payables
Trade and other payables include trade payables, provisional receipts, deposits payable, consideration
payable for mergers and acquisitions, wages and benefits payable, dividends payable, tax payable and
estimated liabilities.
As at 30 June 2026, the Group’s trade payables amounted to approximately RMB1,978.9 million,
representing an increase of approximately RMB91.6 million as compared with approximately
RMB1,887.3 million as at 31 December 2025, which was mainly attributable to the expansion of
the Group’s revenue scale and the increase in trade payables for materials procurement, repair and
maintenance works, and other related expenses arising from the Group ’s efforts to enhance service
quality.
Other payables decreased by approximately RMB241.2 million from approximately RMB2,144.5 million
as at 31 December 2025 to approximately RMB1,903.3 million as at 30 June 2026 (of which longterm payables of approximately RMB75.0 million, and current payables of approximately RMB1,828.3
million), which was mainly attributable to the Group ’ s payment of consideration for business
combinations in prior years and the decrease in transactions with third parties.

– 33 –

Contract liabilities
Contract liabilities mainly arise from prepayments made by customers for related services yet to
be provided such as property management services, community living services, asset management
services and community operation services. As at 30 June 2026, the Group’s contract liabilities were
approximately RMB2,317.0 million, representing a decrease of approximately RMB306.7 million
as compared with approximately RMB2,623.7 million as at 31 December 2025, which was mainly
attributable to the decrease in the prepayment for property service fees.
Liquidity and financial resources
As at 30 June 2026, the Group’s total available funds (including cash and cash equivalents, restricted
cash, wealth management products and structured deposits maturing within three months) amounted
to approximately RMB4,244.3 million, representing a decrease of approximately RMB66.2 million as
compared with approximately RMB4,310.5 million as at 31 December 2025.
Of the Group’s total bank deposits and cash, restricted bank deposits of approximately RMB127.6 million
mainly represented the industry regulatory funds of Evergrande Insurance Agency Co., Ltd., deposits
for the provision of property management services as required by local government authorities, cash
restricted to projects managed on a remuneration basis only and funds for litigation preservation of some
subsidiaries.
As at 30 June 2026, the Group had net current assets of approximately RMB645.2 million (as at 31
December 2025: net current assets of approximately RMB87.5 million). The Group’s current ratio (current
assets/current liabilities) was approximately 1.09 times (as at 31 December 2025: 1.01 times).
As at 30 June 2026, the Group did not have any borrowings. Accordingly, the gearing ratio (calculated
as total borrowings divided by total equity at the dates indicated) as at 30 June 2026 was nil (as at 31
December 2025: nil).

– 34 –

MAJOR RISKS AND UNCERTAINTIES
The major risks and uncertainties faced by the Group are set forth below. Such factors are not exhaustive
and therefore other risks and uncertainties may also exist.
Industry risks
The operation of the Group may be affected by the regulatory landscape of the industry and related
measures. The main reason is that the fees charged by property management companies for management
services are strictly monitored and supervised by relevant regulatory authorities. The business
performance of the Group depends on the contracted GFA, the chargeable GFA under management and
the number of property projects under management, but the business growth is affected and will likely
continue to be affected by the regulations of the Government of the People’s Republic of China (the
“PRC”) in relation to the industry to which the Group belongs.
Business risks
The Group’s ability to maintain or improve its current profit level depends on its ability to maintain or
expand its current scale and effectively control operating costs. Affected by the market environment and
related party issues, the Group may be unable to collect relevant revenues such as property management
fees from customers, which may result in impairment losses on trade receivables; the Group cannot
guarantee that it will obtain new property management service contracts as planned, or at an appropriate
pace and price; the liquidation of the controlling shareholder may also lead to a change in the Company’s
controlling rights, which may affect the stability of the Company’s management team; in addition, the
Group’s profit margin and operating results may be materially and adversely affected by increases in labor
costs or other operating costs. All the above factors may have a material adverse impact on the Group’s
business, financial condition and operating results.

– 35 –

Risks Arising from Related Party Issues
Affected by the liquidation of the controlling shareholder and the progress of its asset disposal, the Group
may face the termination of some of its prior property management service contracts and be unable to
convert the contracted GFA promptly and effectively. Furthermore, changes in the profit model of certain
related party businesses may lead to a decline in the profitability of the relevant businesses. Meanwhile, in
the past, the promotion and sale of wealth management products to property owners by related parties may
have involved certain subsidiaries and employees of the Company. Due to the overdue non-redemption
of some wealth management products, some employees have assisted the relevant authorities in
investigations. Meanwhile, during the property promotion process by the related parties, there were issues
such as unfulfilled commitments regarding property management fees. All these situations have directly
affected property owners’ willingness to pay fees and exerted a negative impact on the Company’s
collection of property management fees from property owners and the recovery of receivables. Up to
the present, the Board is not yet able to accurately assess the specific impact that the above-mentioned
issues may have on the Group. The Company will continue to follow them up and fulfill its disclosure
obligations in accordance with the Rules Governing the Listing of Securities (the “Listing Rules”) on The
Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in a timely manner when appropriate.
Foreign exchange risks
The business of the Group is mainly located in PRC. Save for bank deposits denominated in foreign
currencies, there is no major direct exchange rate fluctuation risk faced by the Group. During the Period,
the Directors expected that the RMB exchange rate would not have a material adverse effect on the
operations of the Group. Currently, the Group has not entered into contracts to hedge its exposure to
foreign exchange risk, but the management will continue to monitor foreign exchange risks and adopt
prudent measures to reduce potential exchange risks.

– 36 –

Risk of unrecoverable material losses
The Group has incurred significant losses (the “Losses”) as a result of the enforcement by relevant banks
of the pledge of RMB13.4 billion deposits, which had been fully provided for as impairment losses in
2021. The Group has filed proceedings against the China Evergrande Group (in liquidation) (“China
Evergrande Group”) and the relevant responsible parties for the recovery of Losses with the Guangzhou
Intermediate People’s Court of Guangdong Province in the PRC and obtained court judgements that the
China Evergrande Group and the relevant responsible parties (except for Guangzhou Xinyuan) shall
repay the deposit pledge amount and interest losses and bear the case handling fee. Among them, the
judgements of Evergrande Hengkang 1.7 billion Proceeding, Evergrande Hengkang 1 billion Proceeding,
Jinbi Hengying 1 billion Proceeding, Jinbi Hengying 0.7 billion Proceeding and Jinbi Property 2 billion
Proceeding have become effective and the remaining cases are still subject to appeal. The Group will
make every effort to promote the enforcement work in accordance with the effective judgments of the
court. As at 30 June 2026, the Group has recovered approximately RMB9.5 million from the relevant
parties, and will continue to take reasonable measures to collect the remaining debt in future to actively
safeguard the interests of the Group. However, subject to the current status of the China Evergrande
Group and the relevant responsible parties, there are still material uncertainties as to the amount of Losses
that could be recovered by the Group, and the Company will keep the market informed of any progress in
a timely manner by way of publication of further announcement(s).

PLEDGE OF ASSETS
As at 30 June 2026, the Group had no pledged assets.

CONTINGENT LIABILITIES
As at 30 June 2026, the Group had no material contingent liabilities.

HUMAN RESOURCES
As at 30 June 2026, the Group had 101,070 employees (as at 31 December 2025: 100,567 employees).
The employees were remunerated in accordance with the Group’s remuneration and welfare policies with
reference to the positions of employees, performance, profitability of the Company, industry level and
market environment.

– 37 –

The Group has to participate in social insurance contribution plans or other retirement plans organized
by local governments, and make contributions to social insurance funds monthly on behalf of employees
for the payment of pension funds, medical insurance, work-related injury insurance, maternity insurance,
unemployment insurance and housing provident funds, or make contributions to mandatory provident
fund for employees regularly.
Based on the three-level training mechanism of “headquarters-region-project”, the Group is committed
to implementing a three-year training program for management trainees recruited from campus, trainings
for new employees and key talent trainings. The Group organizes and conducts trainings on various
professional skills, general aptitude, management ability and corporate culture in accordance with our
business development needs and employee career planning, in order to improve the comprehensive
quality and work capabilities of employees.
During the Period, all staff participated in training, with a total of 330,000 hours of training and an
average of 3.3 hours of training per person.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
During the six months ended 30 June 2026, the Group did not have any significant investment, material
acquisition or disposal of subsidiaries, associates or joint ventures.

FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS
As at 30 June 2026, the Group had no specific future plans for material investments or capital assets.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES
During the six months ended 30 June 2026, neither the Company nor any of its subsidiaries had
purchased, sold or redeemed any of the Company’s listed securities (including the sale or transfer of
treasury shares).
As of 30 June 2026, the Company did not hold any treasury shares.

– 38 –

SHARE SCHEMES
The share option scheme was approved and adopted by the shareholders of the Company at the
extraordinary general meeting of the Company held on 10 May 2021. No share options had been granted
since the adoption of the share option scheme up to 30 June 2026.
Save as the above, the Company has not adopted any other share scheme.

EVENTS AFTER THE REPORTING PERIOD
Save for the matter disclosed below, since 30 June 2026 and up to the date of this announcement, there
has been no other material subsequent events that have occurred to the Group.
Progress of the Potential Transaction
The joint and several liquidators (the “Liquidators”) of China Evergrande Group and CEG Holdings
(BVI) Limited (in liquidation) (“CEG Holdings”) have been seeking opportunities to dispose of,
among other things, the shares in the Company held by China Evergrande Group and CEG Holdings
(the “Potential Transaction”). As at the date of this announcement, the latest progress of the Potential
Transaction is as follows: (i) following the decision of the previous potential purchasers not to proceed
with the Potential Transaction, the Liquidators have continued discussions with several potential
purchasers regarding the Potential Transaction. Such potential purchasers include parties newly joining
the process as well as other parties that have previously participated in the process; (ii) A number
of potential purchasers have been invited to conduct due diligence on the Group and to submit nonbinding proposals in relation to the Potential Transaction by September 2026; and (iii) as at the date of
this announcement, the Liquidators have not entered into any formal or legally binding agreement with
any potential purchaser in relation to the Potential Transaction, and the timing for the execution of any
definitive transaction documentation has yet to be determined. For details of the above matters, please
refer to the announcements of the Company dated 11 September 2025, 15 October 2025, 14 November
2025, 19 December 2025, 13 January 2026, 6 February 2026, 11 March 2026, 14 April 2026, 19 May
2026, 25 June 2026, 27 July 2026 and 20 August 2026.

– 39 –

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Company has adopted the code provisions of the Corporate Governance Code (the “CG Code”) as
set out in Part 2 to Appendix C1 to the Listing Rules as the Company’s corporate governance code. For
the six months ended 30 June 2026, the Company had complied with all the applicable code provisions of
the CG Code.

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers
(the “Model Code”) as set out in Appendix C3 to the Listing Rules as the Company’s code of conduct
securities transactions by the Directors. The Company has made specific enquiry of all the Directors and
they have confirmed that they have complied with the requirements set out in the Model Code throughout
the six months ended 30 June 2026.

INTERIM DIVIDEND
The Board does not recommend the payment of any interim dividend in respect of the six months ended
30 June 2026 (six months ended 30 June 2025: Nil).

AUDIT COMMITTEE
In accordance with the requirements of the CG Code and the Listing Rules, the Company has established
an audit committee (the “Audit Committee”) comprising three independent non-executive Directors,
namely, Ms. Wen Yanhong (Chairperson of the Audit Committee), Mr. Peng Liaoyuan and Mr. Dong
Xinyi. The Audit Committee and the management of the Company have considered and reviewed the
accounting principles and practices adopted by the Group, and have reviewed the unaudited interim
results and consolidated financial statements of the Group for the six months ended 30 June 2026. The
interim financial information contained in this announcement, including the comparative figures, has been
reviewed by the Audit Committee.

– 40 –

REVIEW OF UNAUDITED INTERIM RESULTS
The unaudited interim results of the Group for the six months ended 30 June 2026 have been reviewed
by the Company’s independent auditor, CLA Prism Hong Kong Limited (formerly known as Prism Hong
Kong Limited), in accordance with Hong Kong Standard on Review Engagements 2410 “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong
Kong Institute of Certified Public Accountants.

PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT
This interim results announcement has been published on the websites of the Stock Exchange
(www.hkexnews.hk) and the Company (www.evergrandeservice.com). The interim report of the Company
for the six months ended 30 June 2026 containing all the information required by the Listing Rules will be
dispatched to shareholders of the Company (if requested) and made available on the aforesaid websites in
due course.
By order of the Board
Evergrande Property Services Group Limited
Duan Shengli

Chairman
Hong Kong, 31 August 2026
As at the date of this announcement, the Board comprises Mr. Duan Shengli, Mr. Han Chao and Mr. Hu Xu as executive
Directors; Mr. Sang Quan and Mr. Lin Wuchang as non-executive Directors; and Mr. Peng Liaoyuan, Ms. Wen Yanhong, Mr.
Dong Xinyi, Mr. Lam Wai Hon and Mr. Hoong Cheong Thard as independent non-executive Directors.

– 41 –

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何
責任。

Evergrande Property Services Group Limited
恒大物業集團有限公司
（於開曼群島註冊成立的有限責任公司）
（股份代號：6666）

截 至 2026 年 6 月 30 日 止 六 個 月
未經審核之中期業績公告
財務摘要
截至 2026 年 6 月 30 日止六個月：
• 本集團營業收入約人民幣 6,942.7 百萬元，同比增長約 4.5%。
• 本集團毛利潤約人民幣 1,331.9 百萬元，同比增長約 11.1%。
• 本集團淨利潤約人民幣 503.3 百萬元，同比增長約 2.5%。
• 本公司擁有人應佔利潤約人民幣 517.0 百萬元，每股基本盈利約人民幣 0.05 元。
• 本集團可用資金約人民幣 4,244.3 百萬元，較 2025 年 12 月 31 日減少約人民幣 66.2 百萬
元。
於 2026 年 6 月 30 日，本集團在管面積約 603 百萬平方米；期內累計簽約（含續簽）第三方面
積約 4,300 萬平方米，合同年飽和收入近人民幣 10 億元。
董事會不建議就截至 2026 年 6 月 30 日止六個月派付任何中期股息。
–1–

簡明綜合損益及其他全面收益表
截至 6 月 30 日止六個月

附註

2026 年

2025 年

人民幣千元

人民幣千元

（未經審核） （未經審核）
收入

6,942,650

6,646,590

銷售成本

(5,610,762)

(5,447,901)

毛利

1,331,888

1,198,689

30,940

34,775

其他（損失）╱收益

(44,107)

192

金融資產減值損失

(144,249)

(68,467)

1,910

(501)

行政及營銷開支

(436,990)

(460,417)

經營利潤

739,392

704,271

6,100

5,600

財務成本

(79,559)

(41,066)

除所得稅前利潤

665,933

668,805

(162,683)

(177,650)

503,250

491,155

－本公司擁有人

517,032

472,272

－非控股權益

(13,782)

18,883

503,250

491,155

5

其他收入

6

投資物業公允值收益╱（損失）

應佔使用權益法核算的投資之淨利潤

所得稅開支

7

期內利潤
以下人士應佔利潤：

–2–

截至 6 月 30 日止六個月

附註

2026 年

2025 年

人民幣千元

人民幣千元

（未經審核） （未經審核）
其他全面開支
其後可能重新分類至損益之項目：
換算海外業務財務報表產生的匯兌差額

(1,207)

(2,256)

期內全面收益總額

502,043

488,899

－本公司擁有人

515,825

470,016

－非控股權益

(13,782)

18,883

502,043

488,899

以下人士應佔全面收益╱（虧損）總額：

本公司擁有人應佔利潤的每股盈利
－基本及攤薄

9

–3–

人民幣 0.05 元 人民幣 0.04 元

簡明綜合財務狀況表
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

物業及設備

88,170

81,957

使用權資產

40,396

39,503

無形資產

1,294,140

1,380,046

投資物業

12,385

4,255

以權益法入賬的投資

72,763

68,197

遞延稅項資產

498,160

488,036

非流動資產總額

2,006,014

2,061,994

3,442,626

3,170,458

預付款項

81,043

65,730

存貨

16,080

5,983

按公允值計入損益的金融資產

425,000

—

受限制現金

127,560

120,911

現金及現金等價物

3,691,694

4,189,546

流動資產總額

7,784,003

7,552,628

資產總額

9,790,017

9,614,622

附註

資產
非流動資產

流動資產
應收貿易賬款及其他應收款項

10

–4–

於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

7,060

7,060

儲備

(5,793,631)

(5,801,872)

保留盈利

7,915,481

7,398,449

本公司擁有人應佔權益

2,128,910

1,603,637

非控股權益

332,130

346,223

權益總額

2,461,040

1,949,860

其他應付款項

75,000

75,000

租賃負債

24,446

23,215

遞延稅項負債

90,773

101,424

非流動負債總額

190,219

199,639

2,316,991

2,623,690

3,807,225

3,956,800

即期稅項負債

948,822

813,097

租賃負債

65,720

71,536

流動負債總額

7,138,758

7,465,123

負債總額

7,328,977

7,664,762

權益及負債總額

9,790,017

9,614,622

附註

權益
股本

11

負債
非流動負債

流動負債
合約負債
應付貿易賬款及其他應付款項

12

–5–

簡明綜合財務報表附註
1.

一般資料
恒大物業集團有限公司（「本公司」）為一家於 2020 年 3 月 13 日根據開曼群島《公司法》
（ 1961 年第 3 號法例
第 22 章）
（ 經綜合及修訂）在開曼群島註冊成立的獲豁免有限責任公司。本公司註冊辦事處地址為 Cricket
Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands。
本公司的最終控股公司為中國恒大集團（清盤中）
（「中國恒大集團」），其為在開曼群島註冊成立的獲豁免有
限責任公司，其股份曾在香港聯合交易所有限公司（「聯交所」）上市，但已於 2025 年 8 月 25 日從聯交所退
市。
本公司為一家投資控股公司，本公司及其子公司（「本集團」）主要從事提供物業管理服務、社區生活服務、
資產管理服務及社區運營服務。
除另有列明外，中期簡明綜合財務報表以人民幣（「人民幣」）呈列，並約整至最接近的人民幣千位數。本中
期簡明綜合財務報表未經審核。

2.

編製基準
截至 2026 年 6 月 30 日止六個月的中期簡明綜合財務報表已根據香港會計準則（「香港會計準則」）第 34 號「中
期財務報告」編製。
中期簡明綜合財務報表不包括通常包含於年度財務報告中的所有類型的附註。因此，中期簡明綜合財務
報表應與本集團截至 2025 年 12 月 31 日止年度的年度綜合財務報表一併閱讀，後者乃根據香港會計師公會
（「香港會計師公會」）頒佈的香港財務報告準則會計準則（包括所有香港財務報告準則、香港會計準則（「香
港會計準則」）及詮釋）所編製。

–6–

3.

會計政策
中期簡明綜合財務報表乃按歷史成本基準編製，惟於各報告期末按公允值計量的投資物業、按公允值計入
損益的金融資產除外。
於本期間，本集團於編製中期簡明綜合財務報表時，首次應用香港會計師公會頒佈的下列香港財務報告準
則會計準則的修訂，該等修訂於 2026 年 1 月 1 日開始的年度期間強制生效：
香港財務報告準則第 9 號及香港財務報告準則

對金融工具分類和計量的修訂

第 7 號的修訂
香港財務報告準則第 9 號及香港財務報告準則

涉及依賴自然能源生產電力的合約

第 7 號的修訂
香港財務報告準則會計準則的修訂

香港財務報告準則會計準則的年度改進－第 11 卷

應用香港財務報告準則會計準則的修訂並無對本集團的會計政策、本期及以往期間本集團財務狀況及業績
的列報及╱或該等中期簡明綜合財務報表所載的披露造成重大變動。
4.

分部資料
管理層根據主要營運決策人（「主要營運決策人」）所審閱的報告釐定營運分部。主要營運決策人被認定為本
公司的執行董事，其負責分配資源及評估營運分部的表現。
於截至 2026 年及 2025 年 6 月 30 日止六個月，本集團主要從事在中華人民共和國（「中國」）內地提供物業管
理服務、社區生活服務、資產管理服務及社區運營服務。管理層按單一營運分部審閱業務的經營業績，因
為不同地區業務的服務性質、服務客戶種類、提供服務所使用的方法及監管環境性質均相同。
本集團的主要經營實體位於中國內地，於截至 2026 年及 2025 年 6 月 30 日止六個月，大部分收入均在中國
內地取得。
於 2026 年 6 月 30 日及 2025 年 12 月 31 日，本集團大部分非流動資產位於中國內地。

–7–

5.

收入
收入主要包括物業管理服務、社區生活服務、資產管理服務及社區運營服務的所得款項。截至 2026 年及
2025 年 6 月 30 日止六個月，本集團按類別劃分的收入分析如下：
截至 6 月 30 日止六個月
2026

2025

人民幣千元

人民幣千元

（未經審核）

（未經審核）

－基礎物業管理服務

5,831,492

5,611,812

－非業主增值服務

14,668

16,010

5,846,160

5,627,822

社區生活服務

537,800

456,205

資產管理服務

406,981

398,907

社區運營服務

151,709

163,656

6,942,650

6,646,590

－於一段時間內

6,492,275

6,273,033

－於某一時點

450,375

373,557

6,942,650

6,646,590

2,655

20,473

6,939,995

6,626,117

6,942,650

6,646,590

物業管理服務

收入確認時間

客戶類型
－有關連人士（附註 13）
－第三方

–8–

6.

其他收入
截至 6 月 30 日止六個月
2026

2025

人民幣千元

人民幣千元

（未經審核）

（未經審核）

政府補助（附註）

14,012

13,037

撇銷應付款項

6,464

9,798

利息收入

8,234

8,324

滯納金收益

1,218

971

其他

1,012

2,645

30,940

34,775

附註：
政府補助主要包括來自政府機構的財政補貼，就聘用退伍軍人及重點群體的減免稅額，就增值稅及其他稅
務優惠政策的補貼，以及已繳失業保險退款。補助並無附帶尚未達成的條件或或然情況。

–9–

7.

所得稅開支
截至 6 月 30 日止六個月
2026

2025

人民幣千元

人民幣千元

（未經審核）

（未經審核）

即期稅項

183,458

206,620

遞延稅項

(20,775)

(28,970)

162,683

177,650

本公司為一家根據開曼群島公司法於開曼群島註冊成立的獲豁免有限公司，因此獲豁免繳納開曼群島所得
稅。本公司在英屬維爾京群島（「英屬維爾京群島」）的子公司根據英屬維爾京群島國際商業公司法註冊成
立，因此獲豁免繳納英屬維爾京群島所得稅。
香港利得稅乃根據期內在香港經營業務的估計應課稅利潤按 16.5% 稅率作出撥備，惟本集團一間附屬公司
除外，該附屬公司為兩級利得稅稅率制度下的合資格法團。就該附屬公司而言，首 2 百萬港元的應課稅利
潤按 8.25% 稅率納稅，其餘應課稅利潤則按 16.5% 稅率納稅。
本集團就中國內地業務作出的所得稅撥備乃根據現行相關法例、詮釋及慣例，按期內估計應課稅利潤以
適用稅率計算。截至 2026 年及 2025 年 6 月 30 日止六個月的法定稅率為 25%。本集團在中國內地的若干子
公司及分公司位於西部城市，該等公司於截至 2026 年及 2025 年 6 月 30 日止六個月按優惠所得稅率 15% 繳
稅。本集團位於海南省的子公司及分公司自 2020 年 1 月 1 日起至 2027 年 12 月 31 日可享有 15% 的優惠所得
稅率。對於符合小型微利企業條件的子公司適用 20% 的優惠所得稅率。

– 10 –

8.

股息
本公司於截至 2026 年 6 月 30 日止六個月並無宣派或派付股息（截至 2025 年 6 月 30 日止六個月：無）。

9.

每股盈利
每股基本盈利乃根據截至 2026 年及 2025 年 6 月 30 日止六個月的本公司擁有人應佔利潤除以普通股加權平
均數計算。
於截至 2026 年及 2025 年 6 月 30 日止六個月，本公司並無任何發行在外的潛在普通股。每股攤薄盈利與每
股基本盈利相同。
截至 6 月 30 日止六個月
2026

2025

（未經審核）

（未經審核）

517,032

472,272

10,810,811

10,810,811

人民幣 0.05 元

人民幣 0.04 元

於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

2,923,369

2,650,802

可收回的增值稅

37,616

45,320

其他應收款項（附註 (ii)）

481,641

474,336

3,442,626

3,170,458

本公司擁有人應佔利潤（人民幣千元）
已發行普通股加權平均數（千股）
每股基本及攤薄盈利

10.

應收貿易賬款及其他應收款項

應收貿易賬款（附註 (i)）

– 11 –

附註：
(i)

應收貿易賬款
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

－有關連人士（附註 13）

2,088,616

2,197,030

－第三方

4,078,614

3,600,131

應收貿易賬款總額

6,167,230

5,797,161

－有關連人士（附註 13）

(2,088,616)

(2,197,030)

－第三方

(1,155,245)

(949,329)

2,923,369

2,650,802

應收貿易賬款

減：應收貿易賬款減值撥備

應收貿易賬款主要來自包幹制基礎物業管理服務收入。基礎物業管理服務收入根據相關服務協議條
款收取。
於 2026 年 6 月 30 日及 2025 年 12 月 31 日，按收入確認日期劃分並已扣除減值撥備的應收貿易賬款賬
齡分析如下：
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

0 至 180 日

1,603,272

1,323,257

181 至 365 日

472,506

457,116

1至2年

398,917

388,113

2至3年

259,232

287,681

3 年以上

189,442

194,635

2,923,369

2,650,802

– 12 –

於 2026 年 6 月 30 日， 應 收 貿 易 賬 款 總 額 及 減 值 分 別 為 約 人 民 幣 6,167,230,000 元（於 2025 年 12 月
31 日： 約 人 民 幣 5,797,161,000 元 ）及 約 人 民 幣 3,243,861,000 元（於 2025 年 12 月 31 日： 約 人 民 幣
3,146,359,000 元）。其中，應收有關連人士貿易賬款總額及減值分別為約人民幣 2,088,616,000 元（於
2025 年 12 月 31 日：約人民幣 2,197,030,000 元）及約人民幣 2,088,616,000 元（於 2025 年 12 月 31 日：
約人民幣 2,197,030,000 元）。
於 2026 年 6 月 30 日及 2025 年 12 月 31 日，應收貿易賬款以人民幣計值，其賬面值與其公允值相若。
(ii)

其他應收款項
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

13,390,549

13,400,000

(13,390,549)

(13,400,000)

—

—

9,638

10,113

－代業主付款（附註 (b)）

355,372

364,858

－按金

147,403

148,224

－其他

90,454

80,917

602,867

604,112

(6,811)

(7,023)

(114,415)

(122,753)

481,641

474,336

最終控股公司（附註 (a)）
－融資擔保
減：
－融資擔保質押被強制執行

其他有關連人士（附註 13）
第三方

其他應收款項總額
減：其他應收款項的減值撥備
－有關連人士（附註 13）
－第三方

– 13 –

於 2026 年 6 月 30 日及 2025 年 12 月 31 日，其他應收款項以人民幣計值，其賬面值與其公允值相若。
附註：
(a)

根據法院判決，最終控股股東及恒大地產集團有限公司（本公司關聯方）為融資擔保資金的實
際債務人，另有若干第三方作為被擔保人分別共同承擔上述債務全額。截至 2026 年 6 月 30
日，本集團已向相關方追回款項約人民幣 9.5 百萬元，後續將繼續採取合理的措施追收剩餘債
務，積極維護本集團利益。

(b)
11.

代業主付款主要指物業的公用事業成本。

股本

已發行及繳足

12.

於 2026 年

於 2025 年

於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

6 月 30 日

12 月 31 日

股份數目

股份數目

人民幣千元

人民幣千元

（未經審核）

（經審核）

（未經審核）

（經審核）

10,810,811,000

10,810,811,000

7,060

7,060

於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

486,156

489,264

1,492,733

1,398,017

1,978,889

1,887,281

應付貿易賬款

應付貿易賬款（附註 (a)）
－有關連人士（附註 13）
－第三方

– 14 –

附註：
(a)

(b)

於 2026 年 6 月 30 日及 2025 年 12 月 31 日，基於所獲貨品及服務的應付貿易賬款賬齡分析如下：
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

1 年內

1,563,861

1,247,710

1至2年

129,874

375,727

2至3年

158,789

200,903

3 年以上

126,365

62,941

1,978,889

1,887,281

於 2026 年 6 月 30 日及 2025 年 12 月 31 日，應付貿易賬款以人民幣計值，其賬面值與其公允值相若。

– 15 –

13.

有關連人士交易
(a)

有關連人士交易
除簡明綜合財務報表其他部分詳述的交易外，本集團與有關連人士有以下交易。
截至 6 月 30 日止六個月
2026

2025

人民幣千元

人民幣千元

（未經審核）

（未經審核）

2,559

19,098

96

1,375

2,655

20,473

5,954

4,346

62,336

76,214

607

2,757

62,943

78,971

提供服務收入（附註 5）
－由本集團最終控股公司控制
－本集團最終控股公司的合營企業

購買貨品及服務
－由本集團最終控股公司控制
租賃停車場
－由本集團最終控股公司控制
－本集團最終控股公司的合營企業

上述交易均於本集團日常業務過程中按各交易方協定的條款進行。
鑒於中國恒大集團正處於清盤程序中，本集團管理層預計從中國恒大集團獲得的經濟利益前景不樂
觀，且具有高度不確定性。由於物業服務客戶包括全體業主並涉及社區的各個方面，其作為一個
整體具有整體性及不可分割性，將中國恒大集團從向該等閒置物業提供物業管理服務中撇除並不可
行。該服務不會產生額外的成本，因此，本集團繼續向中國恒大集團提供物業管理服務。本集團預
計截至 2026 年 6 月 30 日止六個月的金額約人民幣 255,732,000 元。本集團並無就其向中國恒大集團
提供的該等物業管理服務確認收入，同時本集團將根據相關法律及適用協議盡力採取合理的措施向
相關方追收應收款項，積極維護本集團利益。

– 16 –

(b)

與有關連人士的結餘
於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

1,970,181

1,994,910

118,435

202,120

2,088,616

2,197,030

(2,088,616)

(2,197,030)

—

—

－由本集團最終控股公司控制

9,638

10,113

減：其他應收款項減值撥備（自損益中扣除）

(6,811)

(7,023)

2,827

3,090

1,445

1,452

應收貿易賬款（附註 10）
－由本集團最終控股公司控制
－本集團最終控股公司的合營企業

減：應收貿易賬款減值撥備（自損益中扣除）

其他應收款項（附註 10）

預付款項
－由本集團最終控股公司控制

– 17 –

於 2026 年

於 2025 年

6 月 30 日

12 月 31 日

人民幣千元

人民幣千元

（未經審核）

（經審核）

480,992

483,662

5,164

5,602

486,156

489,264

125,300

129,917

3,301

2,672

128,601

132,589

5,944

6,079

應付貿易賬款（附註 12）
－由本集團最終控股公司控制
－本集團最終控股公司的合營企業

其他應付款項
－由本集團最終控股公司控制
－本集團最終控股公司的合營企業

合約負債
－由本集團最終控股公司控制

上述應收貿易賬款、預付款項、應付貿易賬款以及合約負債為貿易性質、不計息及按合約條款還款。
(c)

主要管理人員薪酬
主要管理人員包括董事及核心管理人員共 20 人（2025 年同期：17 人），薪酬載列如下：
截至 6 月 30 日止六個月
2026

2025

人民幣千元

人民幣千元

（未經審核） （未經審核）
薪金、花紅及其他福利

8,369

7,169

養老金計劃供款開支

296

215

8,665

7,384

– 18 –

主席報告書
謹致各位股東：
本 人 謹 代 表 恒 大物業集團有限公司（「本公司 」，連同其附屬公司，統稱「本集團 」）董 事（「董
事」）會（「董事會」），提呈本集團截至 2026 年 6 月 30 日止六個月（「期內」）之中期業績。本集團
於期內實現營業收入約人民幣 6,942.7 百萬元，同比增長約 4.5%；毛利潤約人民幣 1,331.9 百
萬元，毛利率約 19.2%；淨利潤約人民幣 503.3 百萬元，淨利率約 7.2%。本公司擁有人應佔利
潤約人民幣 517.0 百萬元，每股基本盈利約人民幣 0.05 元。於 2026 年 6 月 30 日，本公司淨資產
約人民幣 2,461.0 百萬元，較 2025 年末增加約人民幣 511.2 百萬元，可用資金約人民幣 4,244.3
百萬元，較 2025 年 12 月 31 日減少約人民幣 66.2 百萬元。
期內，本集團累計簽約（含續簽）第三方面積約 4,300 萬平方米，合同年飽和收入近人民幣 10 億
元；簽約項目於期內進場率高達 94.4%，對集團現金流與利潤形成有效貢獻。

業務回顧
2026 年上半年，政策端釋放出明確信號。《政府工作報告》首次將「物業服務質量提升行動」納
入頂層設計，兩會明確提出「物業服務 + 生活服務」方向，鼓勵物業服務向家庭場景延伸。住建
部亦專題撰文，強調要聚焦居民天天有感的「關鍵小事」，以行業自律和服務規範推動居住品
質升級。政策在打開發展空間的同時，也確立了新的行業標尺－品質、透明、信任。粗放經營
的空間持續收窄，而真正深耕服務的企業，正迎來政策紅利加速釋放的窗口期。

– 19 –

然而，機遇之外，挑戰同樣不容回避。物業服務價格廣受質疑，人工成本剛性攀升，企業利潤
雙向承壓；監管趨嚴倒逼公共收益透明化；同時，業主對響應效率、服務精細度及場景融合的
需求持續升級，而行業供給能力存在落差。多重矛盾疊加，既考驗企業既有的運營模式，亦倒
逼企業重塑服務價值。
挑戰當前，本集團選擇以長期主義作答，回歸服務初心，以透明立信，重建業主信任鏈條；以
科技賦能，解放一線生產力，提升服務效率；以能力升級，讓物業從基礎維護延伸至生活運
營，將單一服務轉化為多元場景解決方案。我們堅信，唯有在提升服務價值中贏得長久滿意，
方能讓物業真正成為美好生活的承載者。
服務提質，於細微處見真章。期內，我們持續深化「家園煥新」行動，投入專項資金用於社區
翻新與功能補強，從環境改造、智慧設備升級到適老適幼設施完善，一系列亮點工程落地，
讓社區在時光流轉中歷久彌新。硬件煥新之外，服務溫度同步提升，常態化開展「直面業主三
件事」，旨在打通需求感知的「最後一百米」。通過定期組織「設備房開放日」，將看不見的守
護變為看得見的放心；落實「入戶拜訪」機制，將上門服務與安全宣傳有機融合，主動協助業
主排查家居安全隱患，並為獨居老人等重點群體建立專項關懷檔案，真正把身邊每一件「關鍵
小事」辦到心坎上。同時，通過「業主見面會」面對面傾聽業主需求，在坦誠交流中校準服務方
向，確保每一項改進都源於業主之聲、落於扎實行動。服務品質的厚度，不在宏大的敘事裡，
正藏身於每一件平凡小事的閉環解決與對細節日復一日的堅持中。

– 20 –

透明是建立信任最樸素的方式。期內，我們自主研發的「公區寶」在「我家燈火」小程序全面
上線，其可對電梯廣告費、臨時停車費、場地租金等公共收益，實現系統智能抓取、自動入
賬、分賬與實時動態顯示，全程無須人工干預。同時，「公區寶」向全體業主開放了需求共創
通道，業主可隨時就公區收益使用方案發起投票、提出異議。每一項經營決策的調整，都需經
過線上表決與公示期後方可執行。從手工記賬、紙質公示到系統化透明呈現，技術解決了信息
不對稱的長期痛點，推動物業與業主的關係從「單向公示」走向「主動公開、全程監督、業主共
建」的協同治理模式。透明，讓信任有了抓手。「公區寶」不只是一款工具，更是一把將公共收
益從「幕後」引向「台前」的鑰匙－以數字化點亮業主的知情權，以透明重建物業與業主之間的
信任燈火。該程序一經上線，業主讚譽有加，多家媒體亦給予廣泛報道與好評，這份來自用戶
與社會的認可，正是對透明價值最有力的回應。
從管理空間到經營生活。我們聚焦到家服務、房屋租售、社區旅遊等高潛力場景，持續打磨
服務產品，將「近距離、全時段、可信賴」的天然優勢轉化為實實在在的服務能力。我們貫徹
「精一崗，通百技，服務進萬家」理念，推動一線崗位參與增值經營，以分傭機制共享成果。
期內，本集團深耕家庭維修業務，持續賦能非工程崗員工，開展「家庭維修師」認證，有效提
升項目維修響應效率，並聯動家政保潔、家電清洗等成熟品類，共同驅動到家服務收入同比上
升 31.9%。同時，持續深化業主服務，盤活業主閒置資產，穩步推進「百萬門店」戰略，期內促
成交易規模超人民幣 36 億元，租售收入同比上升 27.1%。此外，我們圍繞業主出行需求拓展
精品旅遊服務，期內累計服務業主出行超 6.4 萬人次，營收同比提升 141.2%。各業務板塊協同

– 21 –

發力，員工增收與服務延伸同步推進，期內累計 2.2 萬餘名員工參與增值業務並獲傭，「人人
都是經營者」的理念在服務一線落地生根，全員經營意識深度激活，增值業務發展根基持續夯
實。
以 AI 延伸人的能力。我們加速推進「AI+」在業務場景的落地，於期內升級智慧收費系統，通
過自動算費、多渠道繳費與繳費偏好識別，變被動催繳為柔性提醒，收繳效率顯著提升。同
時，將保潔、秩序、工程等多線巡檢合併為綜合巡檢，借助 AI 識別與智能研判，系統可自動
發現垃圾桶滿溢、通道佔用、設備異常等數十類場景問題，以更少人力實現更精準的風險預
警，讓社區安全從「人巡」升級為「智防」。此外，持續迭代「玄覽」智能客訴系統，基於語義理
解與情緒感知，動態生成情緒熱力圖譜，化被動接收為主動洞察，同時與智能工單深度協同，
形成訴求主動發現、提前預警，及時化解、效果評價的全流程閉環。AI 不是替代人，而是把
人從繁瑣中解放出來，將精力回歸業主本身，讓員工更專注於有溫度的服務。
本集團子公司深圳盈綽數據科技集團有限公司（「盈綽數科」），依託集團三千項目、十萬員工
實戰迭代的深厚積累，以「提效、增收、業主滿意」三大產品力精準切入物企痛點，憑藉標準
化產品及敏捷交付快速開拓市場。期內成功簽約超 300 家外部物企，平台產品在實戰中持續獲
得客戶認可，商業價值逐步凸顯。

– 22 –

鍛 造 與 業 務 同 頻 的 人 才 隊 伍。 期 內， 我 們 以 標 杆 引 領 服 務 精 神， 持 續 挖 掘「身 邊 的 服 務 榜
樣」，讓用心服務者被看見、被尊重，全力營造「比學趕幫超」的團隊氛圍，讓服務意識與服
務水平的提升融入日常、成為自覺。幹部評價堅持「看作風、看成績、看初心」，以實績論英
雄，同步建立科學合理的容錯機制，為敢幹事、能幹事者留足空間，並完善各層級人才儲備
池，保障組織活力持續輸出。在此基礎上，我們順應 AI 技術發展趨勢，推動崗位向複合能力
方向迭代，優化組織架構及業務流程，強化橫向協同，讓資源配置更精準、現場管理更高效。

未來展望
公司將以科技為核心引擎，推動認知升級、組織重構、技能重塑與工作方式變革四維並進，讓
數智技術轉化為生產力，於精細服務中重塑價值，在降本增效中激發內生動力，以賦能行業開
拓增長空間，堅定走好科技驅動、價值引領的高質量發展之路。
深耕服務價值。服務品質是物業企業的立身之本，也是連接客户最堅實的紐帶。2026 年下半
年，我們將繼續以高標準夯實日常服務，推行清單式量化管理，讓每項服務有標可依、有據可
查、有質可控；同步依託數智化工具穿透服務全流程，推動賬單公開、工單追蹤、評價可查，
讓業主直觀感知服務的每一個切面。當信任成為服務的底色，物業便不僅僅是服務的提供方，
更是值得託付的生活夥伴。公司將聚焦社區團購、房屋租售、到家服務等核心需求場景，專

– 23 –

注「一米寬」的領域，做足「百米深」的功夫，讓產品力在深耕中持續精進。同時，激發全員經
營協同，持續賦能一線，讓專業技能成為贏得業主信賴的基石，最終實現「服務增值、員工增
收、業主滿意」的良性循環。
從組織提效到行業賦能。2026 年下半年，我們將持續推動 AI 深嵌服務全鏈條，從前端服務響
應到中後台運營管理，從能源調度到資產運維，讓「人找事」變為「AI 派活、事找人」，將 AI 能
力從標準化場景向複雜業務環節延伸。同時，打造一線員工的智能作業夥伴，將優秀經驗轉化
為隨時可調用的知識資產，讓每位員工無論經驗深淺，背後皆有強大的數字平台在支撐，使
「精一崗、通百技」從理想照進現實，從而整體抬升團隊能力曲線。
立足本集團規模化土壤，我們將重點打造盈綽數科開箱即用的 SaaS 產品矩陣，為中小物企提
供覆蓋全場景的一站式數智化解決方案。以極低的接入門檻、極高的交付效率，破解中小物企
轉型困局，致力成為其數智升級的首選戰略夥伴。我們將以產品力兌現市場信任，以服務力沉
澱行業口碑。技術向善、回歸人本，讓一線物業人擁有更多職業尊嚴，讓萬千家庭感知更透
明、更具品質的物業服務。
功崇惟志，業廣惟勤。最後，本人謹代表董事會，向全體同事和管理團隊的堅守與付出致以誠
摯敬意，並向所有股東和利益相關者的支持與信任表示衷心感謝。讓我們繼續同心同行，以扎
實行動推動公司邁向高質量發展的新階段。

段勝利

董事長
香港，2026 年 8 月 31 日

– 24 –

管理層討論及分析
財務回顧
收入
本集團收入主要來自四項業務板塊：(i) 物業管理服務；(ii) 社區生活服務；(iii) 資產管理服
務；及 (iv) 社區運營服務。期內，本集團總收入約人民幣 6,942.7 百萬元，同比增長約 4.5%。
下表載列本集團於所示期間，按業務板塊劃分的收入明細：
截至 2026 年 6 月 30 日

截至 2025 年 6 月 30 日

止六個月

止六個月

收入

收入

收入佔比

增長率

(%) （人民幣千元）

(%)

(%)

5,846,160

84.2

5,627,822

84.6

3.9

－基礎物業管理服務

5,831,492

84.0

5,611,812

84.4

3.9

－非業主增值服務

14,668

0.2

16,010

0.2

-8.4

社區生活服務

537,800

7.7

456,205

6.9

17.9

資產管理服務

406,981

5.9

398,907

6.0

2.0

社區運營服務

151,709

2.2

163,656

2.5

-7.3

6,942,650

100.0

6,646,590

100.0

4.5

（人民幣千元）
物業管理服務

合計

收入佔比

– 25 –

（一）物業管理服務
期內，物業管理服務收入約人民幣 5,846.2 百萬元，同比增長約 3.9%。其中：
1.

基礎物業管理服務收入約人民幣 5,831.5 百萬元，同比增長約 3.9%，主要由於本集
團 (i) 在管面積增加；及 (ii) 以服務促收費，持續提升服務質量，風險客戶減少所致。
截 至 2026 年 6 月 30 日， 本 集 團 總 在 管 面 積 約 603 百 萬 平 方 米， 較 2025 年 6 月 30 日
總在管面積約 596 百萬平方米增加約 700 萬平方米。
期內，(i) 出於謹慎性原則，本集團按照向客戶提供物業管理服務而預期享有的對價
為原則確認基礎物業管理服務收入。對若干信用風險顯著上升的第三方客戶，本集
團於其代價逾期時，考慮其支付代價款項的意願，對已完成履約義務但尚未收取該
等客戶代價款項部分未確認為收入；及 (ii) 考慮關聯方現狀，基於穩健性原則，本
集團期內物業管理服務收入剔除了與關聯方有關的空置物業管理等基礎物業管理服
務收入約人民幣 255.7 百萬元。

– 26 –

下表載列本集團於所示期間，按業態劃分的基礎物業管理服務收入明細：
截至 2026 年 6 月 30 日

截至 2025 年 6 月 30 日

止六個月

止六個月

收入
項目來源

2.

收入佔比

（人民幣千元）

收入

收入佔比

增長率

(%) （人民幣千元）

(%)

(%)

住宅╱商業等

4,944,539

84.8

4,786,155

85.3

3.3

公建項目╱城市公服等

886,953

15.2

825,657

14.7

7.4

合計

5,831,492

100.0

5,611,812

100.0

3.9

非業主增值服務收入約人民幣 14.7 百萬元。

（二）社區生活服務
期內，社區生活服務收入約人民幣 537.8 百萬元，同比增長約 17.9%，主要由於：(i) 聚焦
業主戶內服務需求，擴大到家服務產品品類及服務規模；(ii) 圍繞業主直飲水及新能源充
電需求，擴大業務規模，提升經營收入；(iii) 拓展文旅服務覆蓋範圍，帶動收入增長；
及 (iv) 優化社區零售業務供應鏈與服務能力，增加高頻剛需品類，推動收入穩步提升。

– 27 –

（三）資產管理服務
期內，資產管理服務收入約人民幣 407.0 百萬元，同比增長約 2.0%，主要由於本集團依
託社區資源優勢，優化專業服務團隊，將房屋租售與物業服務深度協同，以差異化服務
提升客戶滿意度與業務轉化率，帶動收入穩健增長。
（四）社區運營服務
期內，社區運營服務收入約人民幣 151.7 百萬元，同比下降約 7.3%，主要由於受外部市
場環境影響，商家社區營銷及場地合作需求收縮，相關業務收入減少。
下表載列本集團於所示期間，按收入來源劃分的收入明細：
截至 2026 年 6 月 30 日

截至 2025 年 6 月 30 日

止六個月

止六個月

收入
收入來源

（人民幣千元）

收入佔比

收入

收入佔比

增長率

(%) （人民幣千元）

(%)

(%)

關聯方

2,655

0.0

20,473

0.3

-87.0

第三方

6,939,995

100.0

6,626,117

99.7

4.7

合計

6,942,650

100.0

6,646,590

100.0

4.5

– 28 –

銷售成本
本集團銷售成本包括員工成本、綠化保潔成本、設施設備維修保養成本、能耗成本、增值類業
務採購成本、稅項及其他徵費等。
期 內， 本 集 團 銷 售 成 本 由 2025 年 同 期 約 人 民 幣 5,447.9 百 萬 元 增 長 約 3.0% 至 期 內 約 人 民 幣
5,610.8 百萬元，主要由於：(i) 本集團在管面積擴大；(ii) 提升服務品質，持續推進項目煥新工
程及消防維保設施升級；及 (iii) 大力開展社區生活業務，相應採購成本增加所致。
毛利及毛利率
下表載列本集團於所示期間，按業務板塊劃分的毛利及毛利率明細：
截至 2026 年 6 月 30 日

截至 2025 年 6 月 30 日

止六個月

止六個月

毛利

毛利率

毛利

毛利率

（人民幣千元）

(%)

（人民幣千元）

(%)

945,500

16.2

836,897

14.9

－基礎物業管理服務

944,164

16.2

835,450

14.9

－非業主增值服務

1,336

9.1

1,447

9.0

社區生活服務

118,854

22.1

99,251

21.8

資產管理服務

205,788

50.6

195,521

49.0

社區運營服務

61,746

40.7

67,020

41.0

1,331,888

19.2

1,198,689

18.0

物業管理服務

合計

– 29 –

期內，本集團整體毛利約人民幣 1,331.9 百萬元；毛利率約為 19.2%，同比上升約 1.2 個百分
點。
1.

物業管理服務方面，毛利率由 2025 年同期約 14.9% 上升約 1.3 個百分點至期內約 16.2%。
其 中， 基 礎 物 業 管 理 服 務 毛 利 率 由 2025 年 同 期 約 14.9% 上 升 約 1.3 個 百 分 點 至 期 內 約
16.2%，主要由於：(i) 本集團聚焦有質量的規模擴張；(ii) 持續提升服務品質，風險客戶
有所減少；及 (iii) 依託集採機制與數智化管理平台，有效控制營業成本。

2.

社區生活服務方面，毛利率由 2025 年同期約 21.8% 上升約 0.3 個百分點至期內約 22.1%，
主要由於：(i) 本集團持續優化盈利模式；及 (ii) 隨著業務口碑及團隊專業性提升，有效降
低拓客成本。

3.

資產管理服務方面，毛利率由 2025 年同期約 49.0% 上升約 1.6 個百分點至期內約 50.6%，
主要由於房屋租售業務擴大自營規模，搭建專業團隊，提高人均效能，從而提高毛利率。

4.

社區運營服務方面，毛利率由 2025 年同期約 41.0% 下降約 0.3 個百分點至期內約 40.7%。

– 30 –

行政及營銷開支
期內，本集團行政及營銷開支由 2025 年同期約人民幣 460.4 百萬元下降約 5.1% 至期內約人民
幣 437.0 百萬元，主要由於本集團持續降本增效，嚴控行政費用支出。
其他收入
期內，其他收入約人民幣 30.9 百萬元，較 2025 年同期約人民幣 34.8 百萬元減少約人民幣 3.9 百
萬元。
其他（損失）╱收益
期內，本集團其他損失淨額約人民幣 44.1 百萬元，較 2025 年同期其他收益淨額約人民幣 0.2 百
萬元增加損失約人民幣 44.3 百萬元，主要由於期內商譽及無形資產減值所致。
所得稅開支
期內，本集團的所得稅開支約人民幣 162.7 百萬元，較 2025 年同期約人民幣 177.7 百萬元減少
約人民幣 15.0 百萬元，主要由於確認遞延所得稅資產增加所致。

– 31 –

期內利潤
期 內， 本 集 團 淨 利 潤 約 人 民 幣 503.3 百 萬 元， 較 2025 年 同 期 約 人 民 幣 491.2 百 萬 元 上 升 約
2.5%，淨利率約為 7.2%，較 2025 年同期約 7.4% 下降約 0.2 個百分點。
期內，本公司擁有人應佔利潤約人民幣 517.0 百萬元，較 2025 年同期約人民幣 472.3 百萬元上
升約 9.5%。
物業及設備
本集團的物業及設備主要包括房屋、機械、汽車、家具、固定裝置及設備。
於 2026 年 6 月 30 日，本集團的物業及設備賬面淨值約人民幣 88.2 百萬元，較 2025 年 12 月 31
日約人民幣 82.0 百萬元增加約人民幣 6.2 百萬元。
無形資產
本集團的無形資產包括電腦軟件、物業管理合約及客戶關係、商譽。
於 2026 年 6 月 30 日，本集團的無形資產約為人民幣 1,294.1 百萬元，較 2025 年 12 月 31 日約人
民幣 1,380.0 百萬元減少約人民幣 85.9 百萬元，主要由於過往年度被收購子公司確認的商譽、
物業管理合約及客戶關係於期內分別產生約人民幣 42.8 百萬元減值及約人民幣 42.5 百萬元攤
銷所致。

– 32 –

應收貿易賬款及其他應收款項
於 2026 年 6 月 30 日，本集團的應收貿易賬款約人民幣 2,923.4 百萬元，較 2025 年 12 月 31 日約
人民幣 2,650.8 百萬元增加約人民幣 272.6 百萬元，主要由於本集團在管面積擴大及受部分項目
回款週期影響，貿易應收賬款餘額有所增加。
本集團的其他應收款項，由 2025 年 12 月 31 日約人民幣 519.7 百萬元減少約人民幣 0.4 百萬元至
2026 年 6 月 30 日約人民幣 519.3 百萬元。
應付貿易賬款及其他應付款項
應付貿易賬款及其他應付款項包括應付貿易賬款、暫時代收款、應付押金、收併購應付對價
款、應付工資及福利、應付股利、應交稅費及預計負債等。
於 2026 年 6 月 30 日，本集團的應付貿易賬款約人民幣 1,978.9 百萬元，較 2025 年 12 月 31 日約
人民幣 1,887.3 百萬元增加約人民幣 91.6 百萬元，主要由於本集團收入規模擴大及為提升服務
質量，相關材料採購、維修工程等應付貿易款項上升所致。
其他應付款項由 2025 年 12 月 31 日約人民幣 2,144.5 百萬元減少約人民幣 241.2 百萬元至 2026
年 6 月 30 日約人民幣 1,903.3 百萬元（其中長期應付款項約人民幣 75.0 百萬元，即期應付款項約
人民幣 1,828.3 百萬元），主要由於本集團支付過往年度業務合併對價款項及與第三方往來款項
下降所致。

– 33 –

合約負債
合約負債主要產生自客戶就尚未提供的物業管理服務、社區生活服務、資產管理服務及社區運
營服務等相關服務作出的預付款項。於 2026 年 6 月 30 日，本集團合約負債約人民幣 2,317.0 百
萬元，較 2025 年 12 月 31 日約人民幣 2,623.7 百萬元減少約人民幣 306.7 百萬元，主要由於物業
服務費預繳款項減少所致。
流動資金及財務資源
於 2026 年 6 月 30 日，本集團的可用資金（包含現金及現金等價物、受限制現金、到期三個月
以內的理財產品及結構性存款）總額約人民幣 4,244.3 百萬元，較 2025 年 12 月 31 日約人民幣
4,310.5 百萬元減少約人民幣 66.2 百萬元。
在本集團的銀行存款和現金總額中，受限制銀行存款約人民幣 127.6 百萬元，主要為恒大保險
經紀有限公司的行業監管資金、根據當地政府部門要求提供物業管理服務的保證金、僅限用於
按酬金制管理的項目的現金及部分子公司訴訟保全資金。
於 2026 年 6 月 30 日， 本 集 團 的 流 動 資 產 淨 額 約 人 民 幣 645.2 百 萬 元（於 2025 年 12 月 31 日：
流動資產淨額約人民幣 87.5 百萬元）。本集團的流動比率（流動資產╱流動負債）約 1.09 倍（於
2025 年 12 月 31 日：1.01 倍）。
於 2026 年 6 月 30 日，本集團沒有任何借款。因此，於 2026 年 6 月 30 日的資本負債比率（按所
示日期的總借款除以權益總額計算）為零（於 2025 年 12 月 31 日：零）。

– 34 –

主要風險及不明朗因素
以下列出本集團面對的主要風險及不明朗因素，未詳錄所有因素，故亦可能存在其他風險及不
明朗因素。
行業風險
本集團的運營可能受到行業監管環境及相關措施影響，主要為物業服務公司就物業服務收取的
費用受相關監管部門嚴格監管及監督；本集團的業務表現取決於合約面積、可收費在管面積及
所服務的物業項目數量，但業務增長受到及將可能繼續受到中華人民共和國（「中國」）政府有
關本集團所屬行業的法規影響。
業務風險
本集團維持或提高當前盈利水平的能力取決於能否維持或提高當前規模及能否有效控制運營成
本。受市場環境及關聯方問題影響，本集團可能無法從客戶收回物業服務費等相關收入，致使
可能產生應收款項減值虧損；本集團無法保證能夠按照計劃或按合適進度、價格獲得新物業服
務合同；控股股東清盤亦可能導致公司控股權變更，這可能影響公司經營團隊的穩定性；此
外，本集團的利潤率及經營業績可能受到人工成本或其他運營成本增加的重大不利影響。以上
因素均可能對本集團業務、財務狀況及經營業績造成重大不利影響。

– 35 –

關聯方問題帶來的風險
受控股股東清盤及其資產處置進度的影響，本集團可能面臨部分前期物業服務合同終止，可能
無法及時有效轉化已簽約面積，部分與關聯方相關的業務盈利模式發生變更可能導致相關業務
的利潤水平下滑。同時，過去關聯方向業主推介銷售理財產品可能涉及本公司部分附屬公司及
員工，因部分理財產品逾期未兌付，部分員工曾協助相關部門調查。關聯方房產促銷過程中存
在物業服務費承諾未兌現等問題，這些情況均直接影響業主繳費意願，對公司向業主收取物業
服務費和應收賬款回收等產生負面影響。截至目前，董事會尚無法準確評估上述事件對本集團
可能造成的具體影響，公司將持續跟進並適時根據香港聯合交易所有限公司（「聯交所」）證券
上市規則（「上市規則」）履行其披露責任。
匯兌風險
本集團業務主要位於中國，除以外幣計值的銀行存款外，並未面對任何重大直接匯率波動風
險。期內，董事成員預期人民幣匯率不會對本集團運營造成重大不利影響；目前，本集團並未
訂立合約對沖所承受的外匯風險，但管理層將繼續關注外匯風險，並採取審慎措施，以減低可
能存在的匯兌風險。

– 36 –

重大損失無法追回的風險
本集團因人民幣 134 億元的存款質押被相關銀行強制執行一事出現了重大損失（「該等損失」），
該等損失已於 2021 年度全額計提減值損失。本集團已對中國恒大集團（清盤中）
（「中國恒大集
團」）及相關責任方就該等損失的追償事宜向中國廣東省廣州市中級人民法院提起訴訟並獲得
法院判決，中國恒大集團及相關責任方（廣州鑫源除外）須償還存款質押款項及利息損失並承
擔案件受理費。其中，恒大恒康 17 億訴訟、恒大恒康 10 億訴訟、金碧恒盈 10 億訴訟、金碧恒
盈 7 億訴訟、金碧物業 20 億訴訟判決已生效，其餘案件在上訴中。本集團將按法院生效判決
全力推動執行工作，截至 2026 年 6 月 30 日，本集團已向相關方追回款項約人民幣 9.5 百萬元，
後續將繼續採取合理的措施追收剩餘債務，積極維護本集團利益，但受限於中國恒大集團及相
關責任方現狀，本集團追回該等損失的金額尚存在重大不確定性，本公司將及時通過刊載進一
步公告的方式向市場通報任何進展。

資產質押
於 2026 年 6 月 30 日，本集團概無資產質押。

或有負債
於 2026 年 6 月 30 日，本集團概無重大或有負債。

人力資源
於 2026 年 6 月 30 日，本集團有 101,070 名僱員 ( 於 2025 年 12 月 31 日：100,567 名僱員）。僱員
乃根據本集團薪酬福利政策，並結合僱員所在崗位、業績表現、公司盈利狀況、同業水平及市
場環境而制定薪酬。

– 37 –

本集團須參與地方政府組織的社會保險繳納計劃或其他退休計劃，代表僱員支付每月社會保險
基金，以支付養老金基金、醫療保險、工傷保險、生育保險和失業保險及住房公積金，或為僱
員定期向強積金計劃作出供款。
依託「總部－地區－項目」三級培訓機制，堅持落實校招管培生三年培養計劃、新入職僱員培
訓及關鍵人才培養等項目，並結合業務發展需求及員工職業規劃，組織實施各類專業技能、通
用素質、管理能力及企業文化等培訓，以提高僱員的綜合素質及工作能力。
期內，全體員工均參與培訓，總受訓時間達 33.0 萬小時，人均受訓時數為 3.3 小時。

重大投資，附屬公司、聯營公司及合營企業的重大收購及出售
截至 2026 年 6 月 30 日止六個月，本集團概無任何重大投資或對附屬公司、聯營公司或合營企
業的重大收購或出售。

重大投資或資本資產的未來計劃
於 2026 年 6 月 30 日，本集團並無有關重大投資或資本資產的具體未來計劃。

購買、出售或贖回本公司上市證券
截至 2026 年 6 月 30 日止六個月，本公司或其任何附屬公司概無購買、出售或贖回本公司的任
何上市證券（包括出售或轉讓庫存股份）。
截至 2026 年 6 月 30 日，本公司並無持有任何庫存股份。

– 38 –

股份計劃
本公司股東已於 2021 年 5 月 10 日舉行的本公司股東特別大會上批准及採納購股權計劃。自採
納購股權計劃起至 2026 年 6 月 30 日概無授出購股權。
除上述以外，本公司並無採納任何其他股份計劃。

報告期後事項
除下文所披露的事項外，自 2026 年 6 月 30 日後及直至本公告日期，本集團概無發生其他重大
期後事項。
潛在交易進展
中國恒大集團及 CEG Holdings (BVI) Limited（清盤中）
（「CEG Holdings」）的共同及個別清盤人
（「清盤人」）一直尋求機會出售（其中包括）中國恒大集團及 CEG Holdings 所持有的本公司股份
（「潛在交易」），截至本公告日期，潛在交易最新進展為：(i) 在此前的潛在買方決定不推進潛在
交易後，清盤人持續與若干潛在買方就潛在交易展開討論。該等潛在買方包括新加入該流程的
各方，以及此前曾參與過該流程的其他方；(ii) 若干潛在買方已獲邀請對本集團進行盡職調查，
並於 2026 年 9 月就潛在交易提交非約束性方案；及 (iii) 於本公告日期，清盤人尚未就潛在交易
與任何潛在買方訂立任何正式或具有法律約束力的協議，且任何最終交易文件的簽署時間尚未
確定。有關上述事項的詳情請參閱本公司日期為 2025 年 9 月 11 日、2025 年 10 月 15 日、2025 年
11 月 14 日、2025 年 12 月 19 日、2026 年 1 月 13 日、2026 年 2 月 6 日、2026 年 3 月 11 日、2026 年
4 月 14 日、2026 年 5 月 19 日、2026 年 6 月 25 日、2026 年 7 月 27 日及 2026 年 8 月 20 日的公告。

– 39 –

遵守企業管治守則
本公司已採納上市規則附錄 C1 第二部分所載的《企業管治守則》
（「企業管治守則」）的守則條
文，作為本公司企業管治守則。截至 2026 年 6 月 30 日止六個月，本公司已遵守企業管治守則
的全部適用守則條文。

遵守證券交易標準守則
本公司已採納上市規則附錄 C3 所載上市發行人董事進行證券交易的標準守則（「標準守則」），
作為本公司有關董事進行證券交易的指引。本公司已向所有董事作出特定查詢，彼等已確認於
截至 2026 年 6 月 30 日止六個月內一直遵守標準守則所載的規定。

中期股息
董事會不建議就截至 2026 年 6 月 30 日止六個月派付任何中期股息（截至 2025 年 6 月 30 日止六
個月：無）。

審核委員會
根據企業管治守則及上市規則的規定，本公司已成立由三名獨立非執行董事組成的審核委員會
（「審核委員會」），成員包括文豔紅女士（審核委員會主席）、彭燎原先生及董心怡先生。審核
委員會及本公司管理層已考慮及審閱本集團採納的會計原則及慣例，審閱本集團截至 2026 年 6
月 30 日止六個月的未經審核的中期業績及綜合財務報表。本公告所載的中期財務資料（包括比
較數字）已由審核委員會審閱。

– 40 –

審閱未經審核中期業績
本集團截至 2026 年 6 月 30 日止六個月的未經審核中期業績已由本公司獨立核數師思立安栢淳
會計師事務所有限公司（前稱栢淳會計師事務所有限公司），根據香港會計師公會頒佈的《香港
審閱委聘準則》第 2410 號「實體的獨立核數師對中期財務資料的審閱」進行審閱。

刊發中期業績公告及中期報告
本中期業績公告已在聯交所網站 (www.hkexnews.hk) 及本公司網站 (www.evergrandeservice.com)
刊登。載有上市規則所規定的所有資料的本公司截至 2026 年 6 月 30 日止六個月的中期報告，
將於適當時候寄發予本公司股東（如要求）並在上述網站可供查閱。
承董事會命
恒大物業集團有限公司

董事長
段勝利
香港，2026 年 8 月 31 日
於本公告日期，董事會包括執行董事段勝利先生、韓超先生及胡旭先生；非執行董事桑權先生及林五昌先生；及
獨立非執行董事彭燎原先生、文豔紅女士、董心怡先生、林懷漢先生及孔祥達先生。

– 41 –