康桥悦生活2025中期报告

Contents目錄 2CompanyProfile公司簡介4Chairman’sStatement主席報告9CorporateInformation公司資料13FinancialHighlights財務摘要15ManagementDiscussionand Analysis管理層討論與分析30CorporateGovernance/Other Information企業管治╱其他資料38InterimCondensedConsolidatedStatementofComprehensiveIncome中期簡明綜合全面收益表40InterimCondensedConsolidatedBalanceSheet中期簡明綜合資產負債表42InterimCondensedConsolidatedStatementofChangesinEquity中期簡明綜合權益變動表44InterimCondensedConsolidatedStatementofCashFlows中期簡明綜合現金流量表46NotestotheInterimFinancialInformation中期財務資料附註 COMPANYPROFILE公司簡介 KangqiaoService Group Limited(hereinafter referred to as“Kangqiao Service” or the “Company”, together with its subsidiaries，collectivelyreferred to as the“Group”,stock code:2205)wasincorporated in the Cayman Islands as an exempted company withlimited liability on October 8, 2020, and was listed on the Main Boardof The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)on July 16, 2021. 康橋悅生活集團有限公司（下稱「康橋悅生活」或「本公司」，連同其附屬公司統稱「本集團」，股份代號：2205）於2020年10月8日在開曼群島註冊成立為獲豁免有限公司，於2021年7月16日在香港聯合交易所有限公司（「聯交所」）主板上市。 十餘載砥礪奮進，本集團立足中原，深耕全國重點區域，是中華人民共和國（「中國」）知名的綜合物業管理服務提供商，在河南省處於領先地位。本集團業務涵蓋多種物業類型，包括住宅物業、非住宅物業（如商業、寫字樓、產業園、醫院及其他公共基建）及城市服務（如軌道交通衛生和城市環衛等其他服務），各個業務範疇聯動且市場化均衡發展。截至2025年6月30日，本集團業務合同遍佈11省36個城市，服務百萬業主，先後榮獲300餘項殊榮，連續10年位居中國物業行業TOP100，在2025年中國物 業 服 務 百 強 企 業 中 綜 合 實 力 排 名 第23位。 With more than 10 years of hard work and dedication and based inCentral China, the Group is deeply cultivated in key regions of thecountry, and is a reputable comprehensive property managementservice provider in the People’s Republic of China (the “PRC” or“China”), with a leading position in Henan Province.The Group’sbusiness covers a variety of property types, including residentialproperty,non-residential property(such as commercial,officebuildings, industrial parks,hospitalsandotherpublicinfrastructure),and city services (such as rail transit sanitation, city environmentalsanitationandotherservices).Allbusinessareasareinterconnectedandmarket-orientedforbalanceddevelopment.AsofJune30,2025,theGroup’sbusinesscontractscovered36citiesinelevenprovinces,andwe have served millions of property owners and have won morethan 300 awards. We were ranked TOP 100 in China’s propertyindustry for ten consecutive years, and ranked 23rdamong the Top100 Property Service Companies in terms of overall strength in 2025. 「康派臻心，悅享生活」。本集團堅持深入考究城市文明發展脈絡，以「悅服務」和「智科技」為兩大核心價值，從服務理念到服務配套，以全業態、全齡人群、全服務場景為核心內容，涵蓋地產開發全生命週期，現代管理結合數字化智慧科技，將社區服務作為基底，接軌社會治理，充分展示出大物業時代下的新價值。 “Creatinga joyful life through Kangqiao’s considerate services(康派臻心，悅享生活)”. The Group insists on in-depth study on thedevelopmentpathofurbancivilization,andtakes“JoyfulService(悅服務)” and “Intelligent Technology (智科技)” as its two core values.Fromserviceconcepttosupportingservices,theGroupfocusesonallbusinessforms,all-agegroupsandall-servicescenarios,coveringthewhole life cycle of property development. With the combination ofmodern managementwith digital intelligence technology, the Groupfullydemonstratesthenewvalueintheeraoflarge-scalepropertiesbyintegratingsocialgovernanceonthebasisofcommunityservices. Basedontheneedsofurbanculturalgrowthandthepainpointsof community facilities, the Group launched the “Four Seasons andOne Hall (四季一堂)” cultural activities in neighborhoods and the“FiveClubs(五社)”communityactivities.Throughsubdividinggroupsof people, the Group organizes community activities for all agegroups,fromtheelderlytochildren,fromlearningtohealthcareandcaring about the needs of people, so that the neighborhood is notonly a physical space, but also a community of life and emotion. 基於城市文化生長需求及社區配套的痛點，本集團開展「 四季一堂 」社區 文化活動和 「五社」社群活動，通過細分人群，構建全年齡層的社區活動，從老人到孩子，從學習到養生，貼心照顧人們的需求，讓社區不僅僅是物理空間的打造，更是生命和情感的共同體。 未來，本集團將以美好生活及智慧城市服務商的角色定位，深度參與城市服務，借助智慧科技手段，為城市新鄰里情注入新鮮活動力，重新定義城市美好生活！ In the future, the Group will take the role as a better life and smartcityserviceprovidertodeeplyparticipateinurbanservices,injectfreshimpetusinto new neighborhoods within cities and redefine thewonderful city life by capitalizing on smart technology! CHAIRMAN’SSTATEMENT主席報告 DearShareholders, 致各位股東： Thank you for your continuous support and trust for the development ofKangqiao Service as always. 感謝各位對康橋悅生活的發展一如既往地支持與信任。 Onbehalf of theboard(the “Board”) of directors (the“Director(s)”)ofKangqiaoService, I am pleased to present the interim results of the Group for the sixmonths ended June 30, 2025 (the “Reporting Period”). 本 人 謹 代 表 康 橋 悅 生 活 董 事（「董事」）會（「董事會」）欣然提呈本集 團 截 至2025年6月30日 止 六 個月（「報告期」）的中期業績。 2025年，面對外部衝擊影響加大、內部困難挑戰疊加的複雜局面，國民經濟 頂 住 壓 力 穩 中 向 好 ， 展 現 較 強 韌性。房地產行業政策以「需求提振+供給優化+金融協同」為核心，通過各項舉措落地，推動市場實現止跌回穩，但恢復需要週期。物業服務行業政策以「規範標準+提升品質+合理價格」為核心，借助專項指導及督查，驅動行業價值重塑、品質服務升級。本集團貫徹黨建引領方針，在董事會的帶領下，秉持「有品質的持續增長」發展理念，以勤破局、以實築基，在全體 員 工 的 共 同 努 力 下 ， 提 質 降 本 增效 ， 行 業 地 位 及 市 場 獨 立 性 再 次 提升，業務規模及財務數據相對穩定。 In 2025, against the backdrop of a complex landscape marked by intensifiedexternal shocks and overlapping internal difficulties and challenges, China’snational economy withstood pressures and maintained steady improvement,demo