Core Viewpoint - Jinmao Property Service has achieved a significant upgrade in its ESG rating from BBB to AA, reflecting its systematic improvements and outstanding performance in environmental, social, and governance practices [1][3]. ESG Rating and Recognition - The ESG rating system used by Wind is authoritative in China, considering international frameworks and local market conditions, with a grading scale from AAA to CCC [3]. - Jinmao Service's upgrade to AA is a strong affirmation of its management level, risk control capabilities, and sustainable development potential [3]. Governance Practices - Jinmao Service has demonstrated high responsibility and transparency in governance, enhancing its governance structure and internal controls [4]. - The company held five board meetings in 2024 with a 97.5% attendance rate, ensuring effective decision-making [4]. - Jinmao Service actively engaged with investors, holding two earnings release meetings and publishing 47 announcements, thereby maintaining investor rights and enhancing market trust [4]. Environmental Responsibility - The company has actively responded to national "dual carbon" goals, implementing policies that guide its ESG practices and integrating green development into its operations [5]. - In 2024, Jinmao Service reported zero major environmental incidents and maintained a 100% compliance rate for waste gas and wastewater emissions [5]. Social Contributions - Jinmao Service focuses on creating social value, aiming to enhance public welfare through service innovation and community engagement [6]. - The company is committed to improving urban ecology and community vitality while advancing digital and smart construction [6]. - The upgrade to AA in the Wind ESG rating marks a significant milestone in Jinmao Service's sustainable development journey [6]. Future Commitments - Jinmao Service plans to continue aligning with national sustainable development strategies and improve its climate-related ESG disclosures to meet growing regulatory and investor demands [6]. - The company aims to further integrate ESG into its core strategy and daily operations, driving continuous improvement in ESG management [6].

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

Core Points - The article discusses the upcoming 2025 TrendBank (Yinchuan) Long-term Energy Storage Industry Conference scheduled for July 2-3, 2025, in Yinchuan, China, which is open for free registration to the industry [2][13][25] - The conference will feature various speakers, including industry leaders and experts, discussing advancements in energy storage technologies [4][9][12] Group 1: Conference Details - The conference will be held at the Yinchuan Lida Deep Hang International Hotel, with an expected attendance of over 300 participants [13][14] - The event is organized by TrendBank in collaboration with Shanghai Electric Energy Storage Technology Co., Ltd. and supported by the Yinchuan government and other industry associations [15][14] - A blue paper on the development of long-term energy storage will be released during the conference [2][20] Group 2: Key Speakers and Topics - Notable speakers include Guo Shaofeng, the Market Director of China Storage National Energy Technology Co., who will present on advanced compressed air energy storage technology [4][9] - The agenda includes sessions on various energy storage technologies such as compressed air, molten salt, and liquid flow batteries, with discussions on their applications and market potential [16][22] Group 3: Industry Context - The conference aims to promote knowledge sharing and collaboration within the long-term energy storage sector, aligning with national strategies for energy transition and sustainability [17][18] - The Su-Yin Industrial Park, where the conference is held, focuses on developing new energy materials and technologies, contributing to the growth of the energy storage industry [17][18]

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Core Viewpoint - Jinke Property Service Development Co., Ltd. announced the acquisition of 100% equity in Jinke Green Building Technology (Chongqing) Co., Ltd., enhancing its energy operation and maintenance services in the context of the "dual carbon" goals [1][2]. Group 1: Acquisition Details - The acquisition will integrate property services with energy operation and maintenance, improving operational efficiency and customer experience [2][3]. - Jinke Green Building Technology specializes in energy operation and maintenance for technology residential projects, which is crucial for ensuring user experience and asset value [1][3]. Group 2: Strategic Importance - This acquisition marks a deepening of strategic collaboration between Jinke Property and China Jinke, aligning with the company's five-year high-quality development goals [2][4]. - The energy operation business will serve as a "green" label, enhancing competitiveness in the technology residential sector and supporting long-term growth [2][3]. Group 3: Market Position and Growth - Jinke Property aims to expand its service coverage and enhance customer loyalty through resource integration, targeting a revenue of 2.966 billion yuan in 2024, a 9.7% increase year-on-year [3]. - The company has already conducted joint pilot projects in technology application and smart energy management, laying a foundation for deeper integration [3][4]. Group 4: Future Outlook - The acquisition is seen as a proactive response to the transformation of the property management industry in the "dual carbon" era, aiming to redefine the value core of property management [4]. - Jinke Property is exploring innovative practices in smart energy management and zero-carbon communities, enhancing its market competitiveness in high-end commercial and industrial sectors [4].

Financial Performance - The company's revenue for 2024 reached RMB 2,965,973 thousand, representing a 9.7% increase from RMB 2,704,412 thousand in 2023[30] - Gross profit decreased by 5.4% to RMB 706,407 thousand, with a gross margin of 23.8%, down from 27.6% in the previous year[30] - Net profit for the year increased by 12.0% to RMB 384,048 thousand, resulting in a net profit margin of 12.9%[30] - Total revenue for property management services was RMB 2,058.57 million, an increase from RMB 1,574.89 million in the previous year[56] - Revenue from residential properties amounted to RMB 1,432.85 million, accounting for 69.6% of total revenue, while non-residential properties generated RMB 625.72 million, making up 30.4%[56] - Revenue from non-owner value-added services decreased by approximately 35.7% year-on-year to about RMB 324.7 million, accounting for 10.9% of total revenue[65] - Community value-added services revenue decreased by approximately 6.7% year-on-year to about RMB 582.7 million, accounting for 19.7% of total revenue[67] - The total revenue for the group increased by 9.7% from RMB 2,704.4 million in 2023 to RMB 2,965.9 million in 2024[73] Assets and Liabilities - Total assets grew by 19.8% to RMB 4,330,460 thousand, while total equity increased by 12.4% to RMB 1,761,792 thousand[31] - Cash resources increased by 11.9% to RMB 1,403,692 thousand, indicating improved liquidity[31] - Trade receivables from third parties increased from approximately RMB 566.9 million as of December 31, 2023, to approximately RMB 821.7 million as of December 31, 2024, primarily due to business expansion and increased managed building area[91] - The impairment provision for trade receivables increased from approximately RMB 28.0 million as of December 31, 2023, to approximately RMB 66.1 million as of December 31, 2024, an increase of about RMB 38.1 million[91] - Total prepaid expenses, other receivables, and other assets increased from approximately RMB 821.4 million as of December 31, 2023, to approximately RMB 992.9 million as of December 31, 2024, mainly due to increased prepaid energy costs and rental payments[92] - Trade payables and notes payable rose from approximately RMB 597.3 million as of December 31, 2023, to approximately RMB 678.1 million as of December 31, 2024, driven by business expansion and increased procurement of services[93] Operational Expansion - The company signed a 100% equity acquisition agreement for Runwu Jiaye, expanding its business scope[17] - The company managed a total contracted area of approximately 134.3 million square meters across 595 properties in 71 cities[12] - Over 95% of new contracts signed in 2024 were located in first and second-tier cities, with over 60% in first-tier cities[46] - The managed building area was approximately 100.9 million square meters, reflecting a growth of about 19.8% year-over-year[56] - The company has established partnerships with governments in 10 cities, providing urban operation services over an area of approximately 117.1 square kilometers[60] - The company aims to continue expanding its managed scale and enhancing local urban density through strategic market penetration[58] Strategic Initiatives - The company plans to enhance its community value-added services, including real estate brokerage and community life services[12] - The company aims to maintain its industry-leading position by focusing on service quality, differentiated service products, and effective corporate governance[49] - The company plans to continue its "1245" strategy to navigate economic fluctuations and enhance service capabilities[49] - The company has implemented 9 major digital core strategic projects to enhance operational efficiency and customer service responsiveness[47] - The company is actively expanding its client base, successfully signing contracts with major clients such as CapitaLand and Yili Group[46] Human Resources and Talent Development - Employee costs totaled approximately RMB 550 million for the year ended December 31, 2024, compared to RMB 530 million in 2023, reflecting a year-on-year increase[105] - The company employed 2,670 full-time employees as of December 31, 2024, up from 2,098 full-time employees as of December 31, 2023[104] - The company has implemented a differentiated incentive plan based on employee performance and contribution, aiming to stimulate employee engagement[105] - The company is committed to continuous talent pipeline development, ensuring stable talent supply and supporting rapid employee growth[106] - The company has established a comprehensive training system to enhance employee capabilities across various business areas and development stages[105] Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors, with a diverse age range from 38 to 71 years[148] - The company has achieved its gender diversity target on the board, with two female directors and six male directors, and continues to promote gender diversity at all levels[149] - The board has established a mechanism to ensure independent opinions and information are available to all directors, with the company covering the costs of independent professional advice when needed[154] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, focusing on effective internal controls and transparency to enhance shareholder confidence[141] - The board is responsible for the overall strategy, internal controls, and risk management systems of the group, ensuring effective financial management and operational oversight[145] Sustainability and ESG - In 2024, the company received 5 awards in the ESG field, highlighting its commitment to sustainable development[39] - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2026[140] - ESG management is a key component of the company's long-term strategy, focusing on sustainable value creation for customers, shareholders, and society[71] - The Strategic and ESG Committee is responsible for formulating the company's development strategy and regularly reviewing its ESG vision, goals, strategies, and policies[180] Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[140] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing user experience[140] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[140] - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[140]

Summary of Conference Call Company and Industry - The conference call pertains to the performance of a company in the economic services sector, specifically focusing on property management and community value-added services. Key Points and Arguments Financial Performance - The company reported a revenue of 2.97 billion yuan for the year 2024, representing a year-on-year growth of 9.7% [2] - The basic property management business saw a significant revenue increase of 30.7%, indicating robust growth in this segment [2] - Economic profit for 2024 reached 384 million yuan, up 12% year-on-year, maintaining a double-digit growth trend [2] - The economic profit margin stood at 12.9%, reflecting a slight increase of 0.2 percentage points year-on-year, positioning the company favorably within the industry [2] Scale and Market Focus - The company emphasized its focus on high-quality urban areas, with a contracted management area of 134 million square meters, a 26% increase year-on-year [2] - The loan area surpassed 100 million square meters, growing by over 20% year-on-year, with over 90% of this area located in first and second-tier cities [2] - In 2024, the company secured 100 outsourcing projects, generating over 200 million yuan in revenue, with more than 95% of these projects located in first and second-tier cities [5] Business Structure and Growth Areas - The community value-added services segment generated 2.64 billion yuan in revenue, a 20% increase, accounting for 89% of total revenue [3] - The gross profit from this segment reached 600 million yuan, up 15%, representing 85% of total gross profit [3] - The company is focusing on enhancing the quality and profitability of its community value-added services, with a particular emphasis on community space operation services, which saw over 30% growth [12] Digital Transformation and Efficiency - The company is investing in digital transformation projects aimed at improving operational efficiency and customer experience, including a financial shared services project that reduced costs [7] - The call center's operational efficiency improved by 20%, enhancing customer service capabilities [7] Profitability and Future Strategies - The company aims to maintain a stable gross profit margin of around 15% for its basic property management services, with potential growth in the community value-added services segment, which has a gross margin exceeding 50% [9] - Future strategies include cost reduction measures and exploring tax incentives to enhance overall net profit margins [9] Mergers and Acquisitions - The company has completed two significant acquisitions in recent years, which have integrated well and met initial investment expectations [10] - Future M&A activities will be approached cautiously, focusing on high-quality targets rather than aggressive expansion [10] Customer Satisfaction - The company maintains a customer satisfaction score consistently above 90, although there has been a slight decline in satisfaction levels for residential services due to ongoing service upgrades [18][19] Other Important Content - The company is actively engaging with top-tier clients and has successfully secured projects with notable firms such as CapitaLand and Yili Group [5] - The management is committed to ensuring that any share buyback or major shareholder actions do not jeopardize the public shareholding requirements [15]

Financial Reporting - Jinmao Property Services reported financial data for the fiscal years ending December 31, 2023, and December 31, 2024[3]. - The company has submitted its statutory annual consolidated financial statements for the year ending December 31, 2023, to the Companies Registry[3]. - The company will timely submit the statutory annual consolidated financial statements for the year ending December 31, 2024[3]. Auditor's Report - The auditor's report for both fiscal years was unqualified, with no emphasis of matter or statements made under sections 406(2), 407(2) or (3) of the Companies Ordinance[3]. Supplementary Information - The announcement serves as a supplementary report to the annual performance announcement and should be read in conjunction with it[4].

Financial Performance - For the year ended December 31, 2024, the total revenue of Jinmao Property Services was approximately RMB 2,966.0 million, an increase of about RMB 261.6 million or 9.7% compared to RMB 2,704.4 million for the year ended December 31, 2023[4] - The gross profit for the year ended December 31, 2024, was approximately RMB 706.4 million, a decrease of about 5.4% from RMB 746.5 million for the year ended December 31, 2023[4] - The profit for the year ended December 31, 2024, was approximately RMB 384.0 million, an increase of about 12.0% compared to RMB 342.9 million for the year ended December 31, 2023[4] - The basic and diluted earnings per share attributable to ordinary equity holders of the parent for the year ended December 31, 2024, was RMB 0.41, up from RMB 0.37 for the year ended December 31, 2023[4] - The total comprehensive income for the year ended December 31, 2024, was RMB 377.5 million, compared to RMB 340.9 million for the year ended December 31, 2023[7] - Total revenue for 2024 reached RMB 2,965,973,000, an increase of 9.6% from RMB 2,704,412,000 in 2023[20] - Customer contract revenue grew to RMB 2,935,342,000, up 9.1% from RMB 2,690,744,000 in the previous year[20] - Property management services revenue increased significantly to RMB 2,058,567,000, a rise of 30.6% compared to RMB 1,574,891,000 in 2023[20] - Other income and gains totaled RMB 65,078,000, compared to RMB 30,032,000 in 2023, marking a 116.5% increase[20] - The pre-tax profit for 2024 was RMB 372,456,000, up from RMB 337,315,000 in 2023, reflecting a growth of 10.4%[26] Assets and Liabilities - The total non-current assets as of December 31, 2024, amounted to RMB 941.7 million, an increase from RMB 615.6 million as of December 31, 2023[10] - The total current assets as of December 31, 2024, were RMB 3,388.7 million, compared to RMB 2,998.2 million as of December 31, 2023[9] - The net asset value attributable to equity holders of the parent as of December 31, 2024, was RMB 1,704.8 million, up from RMB 1,541.8 million as of December 31, 2023[10] - Trade receivables amounted to RMB 1,048,773,000, an increase from RMB 928,279,000 in 2023, with a net value of RMB 982,682,000 after provisions[27] - Trade receivables from third parties increased from approximately RMB 566.9 million as of December 31, 2023, to approximately RMB 821.7 million as of December 31, 2024, mainly due to business expansion and increased managed building area[53] - Trade payables and notes payable increased from approximately RMB 597.3 million as of December 31, 2023, to approximately RMB 678.1 million as of December 31, 2024, primarily due to business expansion leading to increased procurement of services and maintenance[57] - As of December 31, 2024, the company's other payables and accrued expenses amounted to approximately RMB 926.7 million, an increase from approximately RMB 756.5 million as of December 31, 2023, representing a growth of about 22.5%[58] - The company's cash and cash equivalents as of December 31, 2024, were approximately RMB 1,399.5 million, up from RMB 1,252.0 million as of December 31, 2023, indicating an increase of about 11.8%[63] - The current ratio as of December 31, 2024, was approximately 1.43, a decrease from 1.57 as of December 31, 2023[64] - The company had no outstanding borrowings as of December 31, 2024, consistent with the previous year[63] Dividends - The board proposed a final dividend of HKD 0.096 per share for the year ended December 31, 2024[4] - The company plans to distribute a mid-term dividend of HKD 0.084 per share, totaling RMB 69,136,000, and a proposed final dividend of HKD 0.096 per share, totaling RMB 80,144,000[24] - The board proposed a final dividend of HKD 0.096 per share for the year ending December 31, 2024, subject to shareholder approval at the 2024 annual general meeting[69] Operational Highlights - The total contracted construction area as of December 31, 2024, was approximately 134.3 million square meters, and the managed construction area was approximately 100.9 million square meters, representing increases of about 26.2% and 19.8%, respectively, compared to December 31, 2023[4] - The company is recognized as a leading provider in the high-end property management sector in China, ranking among the top 15 in various industry assessments[28] - Property management service revenue increased by approximately 30.7% from RMB 1,574.891 million in 2023 to RMB 2,058.567 million in 2024, driven by an increase in managed building area from approximately 84.2 million square meters to 100.9 million square meters[37] - Non-owner value-added service revenue decreased by approximately 35.7% from RMB 504.636 million in 2023 to RMB 324.670 million in 2024, primarily due to a reduction in the number of new business projects acquired[37] - Community value-added service revenue declined by approximately 6.7% from RMB 624.885 million in 2023 to RMB 582.736 million in 2024, influenced by renovation commencement rates and consumer spending power[37] Cost Management - Sales costs increased by approximately 15.4% from RMB 1,957.9 million in 2023 to RMB 2,259.6 million in 2024, aligning with revenue growth trends[38] - Gross profit decreased by approximately 5.4% from RMB 746.542 million in 2023 to RMB 706.407 million in 2024, with a gross margin decline from 27.6% to 23.8%[39] - The gross margin for property management services was approximately 15.1% in 2024, down from 15.8% in 2023, due to increased investments in quality improvement[40] - Selling and distribution expenses decreased by approximately 37.8% from approximately RMB 56.1 million for the year ended December 31, 2023, to approximately RMB 34.9 million for the year ending December 31, 2024, mainly due to a reduction in labor costs and advertising expenses[43] - Administrative expenses decreased by approximately 26.8% from approximately RMB 253.4 million for the year ended December 31, 2023, to approximately RMB 185.4 million for the year ending December 31, 2024, primarily due to organizational optimization and improved efficiency[44] - Financing costs increased by approximately 151.1% from approximately RMB 4.5 million for the year ended December 31, 2023, to approximately RMB 11.3 million for the year ended December 31, 2024, mainly due to an increase in lease liabilities[45] Strategic Initiatives - The company plans to focus on high-tier cities and enhance service quality, operational efficiency, and marketing capabilities as part of its 2025 strategic goals[32] - The company aims to implement a "1245" strategy to prioritize customer needs and drive product and service upgrades for high-quality development[32] - ESG management is a key long-term strategy for the company, emphasizing sustainable value creation for stakeholders[34] - The company plans to upgrade its smart management service system and develop smart community and city solutions, with an allocation of approximately HKD 72.0 million, representing 9.2% of the net proceeds[67] Employee and Governance - As of December 31, 2024, the group had 2,670 full-time employees, an increase from 2,098 employees as of December 31, 2023, with a female employee ratio of 37.0%[75] - Total employee costs for the year were approximately RMB 550 million, compared to RMB 530 million in 2023[75] - The board confirmed compliance with the corporate governance code throughout the year ending December 31, 2024[85] - The company has adopted the "Standard Code" for securities trading by directors as per Appendix C3 of the Listing Rules[86] - All directors have confirmed compliance with the Standard Code for the fiscal year ending December 31, 2024[86] Acquisitions - The company completed the acquisition of Runwu Jiaye for a total cash consideration of RMB 323.8 million on January 18, 2024, enhancing its property management capabilities[80] - The acquired company primarily operates in property management and hotel operations, aligning with the group's strategic positioning in high-end projects[81] - The acquisition is expected to strengthen the company's non-cyclical business, with a high proportion of revenue from property management services[81] - The company has not made any other significant investments or acquisitions as of the announcement date[83]

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