世茂服务：附属公司拟出资2.376亿元成立合伙企业投资冷链物流项目 智通财经6月19日电，世茂服务(00873.HK)公布，当日公司间接全资附属公司上海世茂天境(作为有限合 伙人)与无锡星河(作为普通合伙人)订立合伙协议，据此，订约方同意成立合伙企业，以在中国辽宁省开 发葫芦岛区域冷链物流项目的投资及运营。根据合伙协议的条款，合伙企业全体合伙人的出资总额为人 民币2.4亿元，其中上海世茂天境出资人民币2.376亿元，无锡星河出资人民币240万元。 ...

Financial Performance - The company's revenue for 2024 was RMB 7,895.54 million, a decrease of 3.73% compared to RMB 8,202.67 million in 2023[16] - The net loss attributable to equity holders for 2024 was RMB 272.36 million, compared to a profit of RMB 273.25 million in 2023[16] - The gross profit for 2024 was RMB 1,564.28 million, down from RMB 1,646.43 million in 2023, reflecting a gross margin of approximately 19.8%[16] - The company reported a significant increase in administrative expenses, which rose to RMB 827.49 million in 2024 from RMB 989.52 million in 2023[16] - For the year ended December 31, 2024, the company's total revenue was RMB 7,895.5 million, with a gross profit of RMB 1,564.3 million, resulting in an annual loss of RMB 223.0 million[37] - The gross profit from property management services was RMB 1,120.8 million, up 5.2% from RMB 1,065.4 million in 2023, maintaining a gross margin of 20.1%[39] - The gross margin for property management services was stable at 20.1%, while community value-added services saw a decline in gross margin to 23.5% from 26.1%[66] - The annual loss reached RMB 223.0 million, compared to a profit of 316.7 million in 2023, with the attributable loss to equity holders amounting to RMB 272.4 million, down from a profit of RMB 273.2 million in 2023[79] Market Strategy and Growth - The company plans to focus on enhancing service quality and expanding into the stock market and non-residential sectors to drive growth[18] - The company aims to provide 6 million affordable housing units over the next five years, as part of a broader government initiative[18] - The company expanded its market presence with a new annual contract value of RMB 1,482.7 million, representing a year-on-year increase of 28.2%, and a new contracted construction area of 43.1 million square meters, up 3.4% year-on-year[21] - The company is committed to long-term development and aims to reshape its strategies in response to market changes[19] - In 2025, the company plans to adjust its operational structure for better resource allocation, actively explore new third-party bidding markets, and innovate service models to enhance revenue generation[26] - The company aims to maintain its business scale in the residential sector while improving customer retention and expanding value-added services to contribute stable profits[27] - The company is shifting its strategic focus from acquisitions to third-party bidding and market expansion due to the slowdown in the real estate sector[58] Operational Efficiency and Cost Management - The company is committed to cost control by optimizing personnel allocation and implementing lean cost management practices to ensure effective cost oversight[30] - The company will enhance service quality in the residential sector through comprehensive updates in image, standards, and service, while also improving operational efficiency in the non-residential sector with smart management systems[31] - The total sales and service costs decreased by 3.4% to RMB 6,331.3 million, attributed to reduced revenue scale and ongoing organizational optimization[65] - Administrative expenses amounted to RMB 827.5 million, a 16.4% decrease from RMB 989.5 million in 2023, representing 10.5% of total revenue, down 1.6 percentage points from 12.1% in 2023, due to effective cost control measures[69] Employee and Workforce Management - Employee headcount decreased by 25.0% to 35,633 from 47,531 in 2023, with total employee costs down by 12.9% to RMB 3,408.3 million[63] - The company is focused on management training and professional empowerment to build a strong core employee team and enhance overall operational capabilities[32] Community and Social Responsibility - The company received an upgrade in its ESG rating from MSCI from BB to BBB and was recognized as one of the top 10 leading companies in ESG sustainable development in China[34] - The group emphasizes the importance of environmental protection and sustainable development in its operations[93] - The company has established a code of conduct emphasizing integrity and professional ethics, covering six key dimensions including conflicts of interest and information accuracy[187] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the fiscal year ending December 31, 2024[145] - The board consists of three executive directors and three independent non-executive directors, with independent directors accounting for more than one-third of the total board members[151] - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring unbiased oversight of the executive management[151] - The company has established a risk management and internal control system to identify, assess, manage, and report all significant risks, including environmental, social, and governance risks[180] Shareholder Engagement and Communication - The company has adopted a shareholder communication policy to ensure timely access to comprehensive and understandable information for all shareholders[191] - The company encourages shareholder participation in annual general meetings to enhance accountability and keep them informed of strategic goals[193] - Shareholders holding at least 10% of voting rights can request a special general meeting, which must be held within two months of the request[198]

当以往依靠新增项目驱动的增长模式不再延续，物管企业的生存逻辑已发生根本性转变，独立外拓能 力、降本能力、增值服务破局能力，成为下一阶段企业增长、穿越周期的关键决定因素。 而在这物业管理服务行业进入"高质量生存能力"比拼的一年，世茂服务(00873)于2024年依然交出了一 份韧性十足的答卷。 物管业务逆势增长，第三方外拓质量跃升 在房地产行业深度调整的背景下，世茂服务的物业管理服务板块成为财报最大亮点： 2024年，世茂服务物业管理服务实现收入55.64亿元，同比增长5.1%，占总收入比重提升至70.5%，其中 毛利率也稳定在20.1%。 其中，公司期内第三方竞标外拓，不但成绩再创新高，更在激烈的市场竞争中，构建起自身可持续发展 的强劲动力，向更高的目标稳步迈进。 据智通财经APP了解到，2024年，世茂服务实现第三方外拓新增合同额14.83亿元，同比增长28.2%；新 增合约建筑面积43.1百万平方米，同比上升3.4%；新增项目平均物管费冲上2.9元/平方米/月，同比激增 26.1%，实现量价齐升，外拓质量显著优化； 在区域布局上，世茂服务采取高能级城市密度战略：截至2024年全年，世茂服务在管项目中，高达 ...

从收入结构来看，世茂服务实现了从"依赖输血"到"自主造血"的结构性突破。 财报显示，2024年公司基础物业服务收入占比70.5%，去年该业务板块营收保持了小幅的上升。对此公 司财报指出，主要得益于公司第三方外拓的积极成果，特别是新获取项目的质量高于存量项目，同时公 司也在积极提升服务品质带动在管项目合同总金额增加。 从管理规模来看，截至2024年底，世茂服务在管面积达2.18亿平方米，合约建筑面积3.14亿平方米。其 中，来自第三方的在管面积和合约面积分别达到了71.5%和75.8%，显示出公司市场拓展能力的不断提 升，而如今也可以清晰地窥见，外拓已成为支撑其规模及业绩增长的重要驱动力。 对于物业行业的观察者来说，一个深刻的变化是，过去这十来年中国物业管理行业经历了从"地产附 属"到"独立赛道"的身份蜕变。特别是2020年后的地产深度调整，彻底改变了行业生态——增量市场萎 缩、存量竞争加剧、服务价值回归。 行业生态来看，地产商接连出险背景下，物企独立性受到前所未有的重视；政策层面来看，"物业服务 +生活服务"的融合导向倒逼物企从"跑马圈地"转向"精耕细作"；资本市场层面，手握真金白银的投资者 则从追捧规模增速 ...

每经记者 刘颂辉 每经编辑 陈梦妤 除却物业管理服务主业，其他业务收入全线下降。 3月28日，世茂服务（HK00873，股价0.95港元，市值23.45亿港元）发布年报，2024年，公司实现收入 79.96亿元，同比微降3.7%；归母净利润4.92亿元，同比下降24%。 报告期内，世茂服务在物业管理服务方面收入55.64亿元，同比增长5.1%；其余社区增值服务、非业主 增值服务和城市服务等三个业务板块，收入均出现两位数下降。 世茂服务总裁及执行董事邵亮在当日举行的业绩发布会上表示，2024年，公司从业务维度和项目维度等 方面进行了主动调整，关停和暂缓一批经营底子比较薄、经营现金流亏损的项目，处置了经营垫资较大 的一系列子公司，因此对年度收入水平产生影响。 据其介绍，世茂服务2025年计划围绕全年经营目标及经营导向，全面优化经营结构，探索并开辟全新赛 道，挖掘新增长点。 物管主业收入微增 据年报披露，世茂服务2024年实现收入约78.96亿元，毛利润15.64亿元，毛利率19.8%，归母净利润率 6.2%。公司全年为1447个项目提供物业管理相关服务，项目包括住宅、高校、公建、产业园及医院 等。 物业管理服务是 ...

智通财经APP讯，世茂服务(00873)发布截至2024年12月31日止全年业绩，收入78.96亿元(人民币，下 同);毛利15.64亿元。 公告称，2024年全年，世茂服务收获了亮眼的市拓成果，新增年化合同额为14.83亿元，同比上升 28.2%;新增合约建筑面积4310万平方米，同比上升3.4%;新增项目平均物业管理费为2.9元╱平方米╱ 月，同比上升26.1%。 2024年全年，物业管理服务作为世茂服务的核心业务板块，呈现出稳健上扬的发展态势。尽管近年来整 体经济发展面临不少压力，房地产行业也持续低迷，但世茂服务凭借对行业的深刻理解及卓越的经营管 理能力，依旧取得丰硕的成果。 物业管理服务收入实现55.64亿元，同比上升5.1%，主要得益于集团积极开展第三方竞标外拓，新增在 管建筑面积;第三方竞标外拓团队能力突出，业绩优异，新获取项目的质量高于存量项目;集团提升物业 管理服务品质，促进在管项目合同总金额的增加;及世茂集团控股有限公司交付给集团的在管建筑面积 的增加，促进物业管理服务收入的增长。 截至2024年全年，世茂服务在管项目中，住宅项目占比达到63.9%，构成了业务的坚实底盘。在这些住 宅项目里， ...

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 7,895.5 million, a decrease of 3.7% compared to RMB 8,202.7 million in the same period of 2023[3]. - The annual loss was RMB 223.0 million, a significant decrease from a profit of RMB 316.7 million in 2023[5]. - The core net profit attributable to equity holders was RMB 492.4 million, down 24.0% from RMB 647.7 million in 2023[5]. - The company reported a basic loss per share of RMB 0.11, a significant decrease from a basic earnings per share of RMB 0.11 in 2023[5]. - The gross profit margin for the year was 19.8%, with a core net profit margin of 6.2%[11]. - The group experienced an operating loss of RMB 157.7 million, a significant drop from an operating profit of RMB 343.6 million in 2023[75]. - The company reported a loss before tax of RMB 147.7 million, a decrease from a profit of RMB 387.8 million in 2023[77]. - The company reported a total equity of RMB 8,039,043 thousand in 2024, down from RMB 8,646,153 thousand in 2023, reflecting a decrease of approximately 7%[99]. Revenue Breakdown - Property management services revenue was RMB 5,564.3 million, accounting for 70.5% of total revenue, an increase of 5.1% from RMB 5,291.9 million in 2023[3]. - The community value-added service revenue was RMB 1,207.7 million, a decrease of 11.4% compared to RMB 1,362.9 million in 2023, primarily due to the overall downturn in the real estate industry[42]. - The revenue from smart scene solutions was RMB 81.9 million, down 4.3% from RMB 85.6 million in 2023[46]. - The revenue from parking asset operation services was RMB 264.6 million, a decrease of 10.2% from RMB 294.6 million in 2023[47]. - The revenue from home improvement services was RMB 69.7 million, down 44.9% from RMB 126.5 million in 2023[48]. - The revenue from campus value-added services was RMB 361.1 million, a decrease of 12.5% from RMB 412.7 million in 2023[49]. - The revenue from elderly care services increased by 15.1% to RMB 187.3 million compared to RMB 162.7 million in 2023, driven by business expansion in new markets[50]. Operational Efficiency - The company is focusing on enhancing service quality and customer satisfaction as a core operational principle[17]. - A strategic committee has been established to evaluate project conditions comprehensively, ensuring high operational management and profitability[12]. - The company is restructuring its organization into four regions and 18 districts to improve operational efficiency and management effectiveness[19]. - The group focused on operational efficiency, systematically evaluating all managed projects to enhance operational quality and competitiveness in the market[38]. - The company is focusing on integrating artificial intelligence and big data applications to improve operational efficiency and customer satisfaction[63]. - The company is transitioning from a labor-intensive model to a technology-driven approach to reduce costs and enhance service quality[64]. Market Trends and Strategic Focus - The property management services industry is experiencing a shift towards focusing on existing projects and non-residential markets due to challenges in traditional growth models[7]. - The government has announced measures to stabilize the real estate market, including the provision of 6 million affordable housing units over the next five years[8]. - The real estate industry is experiencing a downturn, impacting the growth rate of property management services, leading the company to shift its strategic focus from acquisitions to external market expansion[58]. - New business opportunities are emerging in community services and pet services, which the company aims to explore for diversified growth[64]. Asset and Liability Management - Cash and cash equivalents, including time deposits over three months, were RMB 3,764.2 million, a decrease of 21.4% from RMB 4,788.3 million as of December 31, 2023[5]. - Accounts receivable increased by 5.3% to RMB 3,378.3 million, influenced by slower customer payment speeds due to the macroeconomic environment[86]. - Accounts payable rose by 16.5% to RMB 1,412.3 million, attributed to delayed payments to suppliers[87]. - Current assets increased by 5.1% to RMB 9,648.9 million, while cash and cash equivalents decreased by 42.9% to RMB 2,164.1 million[88]. - The company’s total liabilities decreased from RMB 5,243,723 thousand in 2023 to RMB 4,768,067 thousand in 2024, a reduction of approximately 9%[99]. Employee and Cost Management - Employee count decreased by 25.0% to 35,633 from 47,531 in 2023, with total employee costs down by 12.9% to RMB 3,408.3 million[65]. - Administrative expenses decreased by 16.4% to RMB 827.5 million, representing 10.5% of total revenue, down from 12.1% in 2023[72]. - Marketing expenses decreased by 14.9% to RMB 116.3 million, representing 1.5% of total revenue, down from 1.7% in 2023[71]. - The total depreciation and amortization expenses decreased to RMB 326,993,000 in 2024 from RMB 392,377,000 in 2023, a reduction of approximately 16.7%[118]. Corporate Governance and Future Plans - The company has not granted any shares under the share incentive plan adopted on June 28, 2021, which allows for a maximum of 3% of the total issued shares (70,919,190 shares) to be awarded over a ten-year period[53]. - The company has not completed any acquisitions as of December 31, 2024, and will continue to seek suitable targets while enhancing due diligence processes[61]. - The company plans to allocate RMB 1,140 million for potential acquisitions, with RMB 609 million already utilized and RMB 531 million remaining, expected to be used by 2025[58]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with 2023[123]. - The annual general meeting is scheduled for June 10, 2025, to discuss shareholder matters[140].

2025 年 3 月 2 日 公司研究 关联方境外债重组落地，基础物管稳健增长 事件：关联方境外债重组计划获得超过 95%的债权人投票赞成。 2 月 24 日，世茂服务关联方世茂集团发布公告，其境外债重组计划已获得 2053 名（占出席人数的 98.75%）持有投票计划债权总额约 110 亿美元（占债权总额 的 95.39%）的计划债权人投票赞成，后续世茂集团将寻求高等法院对重组计划 进行批准和裁决。 点评：关联方境外债重组落地，基础物管稳健增长，地产关联业务影响较小。 1) 基础物管稳健增长，增值业务有所调整。2024H1 公司实现营业收入 40.3 亿 元，同比下降 1.6%，毛利 8.1 亿元，同比下降 5.9%，归母净利润 1.8 亿元，同 比增长 18.9%。期内，物业管理/社区增值/非业主增值/城市服务分别实现收入 27.6/5.9/0.8/6.0 亿元，同比分别为+5.7%/-17.3%/-33.2%/-7.9%，基础物管业 务实现稳健增长，社区增值和非业主增值不同程度受到房地产市场和国内经济形 势及消费环境影响，业务开展面临一定挑战；城市服务收入下滑则由于公司主动 退出了部分利润率较低及信用期 ...

Financial Performance - For the first half of 2024, Shimao Services reported revenue of RMB 4,031.8 million, with a gross profit of RMB 811.5 million and a net profit of RMB 210.8 million, resulting in a gross margin of 20.1% and a net margin of 5.2%[13]. - In the first half of 2024, the company achieved a revenue of RMB 4,031.8 million, with a net profit of RMB 210.8 million, resulting in a net profit margin of 5.2%, an increase of 0.2 percentage points year-on-year[24]. - Revenue for the six months ended June 30, 2024, was RMB 4,031,765 thousand, a slight decrease from RMB 4,098,139 thousand for the same period in 2023, representing a decline of approximately 1.6%[100]. - Gross profit for the same period was RMB 811,508 thousand, down from RMB 862,674 thousand, indicating a decrease of about 5.9%[100]. - Operating profit decreased to RMB 252,032 thousand from RMB 268,706 thousand, reflecting a decline of approximately 6.2%[100]. - Net profit for the period was RMB 210,837 thousand, compared to RMB 203,946 thousand in the previous year, showing an increase of about 3.4%[100]. - Basic earnings per share increased to RMB 7.46 from RMB 6.36, representing a growth of approximately 17.3%[100]. Property Management Services - The property management services segment generated revenue of RMB 2,761.0 million, reflecting a year-on-year growth of 5.7%, highlighting the company's competitive strength in a challenging real estate market[14]. - The property management services segment accounted for 68.5% of total revenue, generating RMB 2,761.0 million, a year-on-year increase of 5.7% from RMB 2,612.6 million[25]. - The gross profit margin for property management services was 20.0%, down 0.7 percentage points from 20.7% in the same period last year, attributed to increased investments in service quality and project management standards[25]. - The company is actively expanding into the non-residential property management sector, leveraging opportunities in government-funded institutions such as schools and hospitals[10]. - The overall economic environment remains challenging, with the real estate market experiencing slight contractions in investment and sales, impacting property management service growth[10]. Market Expansion - The company achieved a new high in market expansion with a new annual contract value of RMB 620.1 million from third-party bidding, adding 17.7 million square meters of contracted area in the first half of 2024[15]. - In June 2024 alone, the monthly market expansion project contract value reached RMB 230.0 million, setting a new monthly record for the company[15]. - The managed building area from independent third-party developers accounted for 75.2%, with a total of 185.6 million square meters, reflecting the company's enhanced market expansion capabilities[27]. - The company is focusing on enhancing its cash flow and profit margin balance through refined management and project analysis[19]. - The company is committed to enhancing service quality and customer satisfaction to drive revenue growth and maintain a competitive edge in the evolving market landscape[12]. Employee and Management Changes - As of June 30, 2024, the group had 44,011 employees, a decrease of 4.6% from 46,125 employees in the same period of 2023[66]. - Total employee costs amounted to RMB 1,815.3 million, down 6.9% from RMB 1,950.5 million in the same period of 2023[66]. - The reduction in employee costs was attributed to organizational streamlining and enhanced operational management capabilities[66]. - The company appointed Mr. Xu Shitan as the Chairman of the Board on September 1, 2024, and Mr. Shao Liang as Executive Director and President on April 26, 2024[75]. Financial Position and Assets - Total assets as of June 30, 2024, included net investment properties, properties, machinery, and equipment valued at RMB 562.0 million, down 4.8% from RMB 590.2 million at the end of 2023[53]. - Current assets rose by 16.9% to RMB 10,737.7 million from RMB 9,182.5 million at the end of 2023, maintaining a strong financial position[57]. - The company reported a significant cash balance of RMB 4,075,899 thousand at the end of the reporting period[106]. - The company maintained compliance with all applicable corporate governance codes during the reporting period[97]. Shareholder and Governance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value and transparency[90]. - The audit committee consists of three independent non-executive directors and reviews the company's financial reporting procedures and internal controls[92]. - The board of directors comprises six members, including three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[91]. - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[97]. Revenue from Value-Added Services - Community value-added services revenue reached RMB 586.7 million, accounting for 14.5% of total revenue, a year-on-year decline of 17.3% from RMB 709.3 million in 2023[36]. - Non-owner value-added services revenue was RMB 80.9 million, accounting for 2.0% of total revenue, a decline of 33.2% from RMB 121.1 million in 2023[40]. - Urban services revenue amounted to RMB 603.2 million, making up 15.0% of total revenue, down 7.9% from RMB 655.1 million in 2023[41]. - Smart scene solutions revenue increased by 84.0% to RMB 47.3 million, compared to RMB 25.7 million in 2023[38]. Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2024, was RMB (45,801) thousand, compared to RMB 350,568 thousand for the same period in 2023[106]. - Cash flow from investing activities showed a net inflow of RMB 850,551 thousand, down from RMB 1,592,073 thousand in the previous year[106]. - Financing activities resulted in a net cash outflow of RMB (183,053) thousand, compared to RMB (190,593) thousand in the prior period[106]. - The company continues to face various financial risks, including foreign currency risk, interest rate risk, credit risk, and liquidity risk[112]. Related Party Transactions - Revenue from services provided to related parties, specifically Shimao Group, decreased to RMB 104,884,000 for the six months ended June 30, 2024, down from RMB 193,590,000 for the same period in 2023, representing a decline of approximately 45.8%[192]. - The total amount of prepayments, deposits, and other receivables from Shimao Group was RMB 359,999,000 as of June 30, 2024, compared to RMB 749,914,000 as of December 31, 2023, indicating a significant decrease of 52.0%[193].

基础服务发展稳健，社区增值服务毛利率 持续承压 核心观点 公司发布 2024 年中期业绩公告，上半年实现收入 40.3 亿元，同比-1.6%，实现归母净利 润 1.8 亿元，同比+18.9%。 ⚫ 基础服务发展稳健，市拓能力提升。24H1 公司基础物业服务收入达 27.6 亿元，同 比增长 5.7%，主要得益于集团积极开展市场拓展，第三方竞标外拓在管建筑面积提 升。公司积极开展市场拓展，上半年，公司新增第三方外拓合约建筑面积 17.7 百万 方，第三方竞标外拓新增年饱和合同金额为 6.20 亿元，竞标外拓新增项目平均物管 费为 2.3 元/平方米/月，与上年同期持平。截至期末公司合约建筑面积同比-3.9%至 3.33 亿方，在管面积同比-5.3%至 2.47 亿方，从构成上看，来自第三方的合约面积 占比为 77%，业务独立性较强。但由于为了提升项目品质而增加的设备更新投入、 第三方项目及公建项目占比的提升对基础服务毛利率的影响，上半年公司基础服务 毛利率为 20.0%，同比-0.7pcts。 ⚫ 社区增值服务仍待修复，毛利率持续承压。上半年公司社区增值服务实现收入5.9亿 元，同比下降 17.3%，主要是因为 ...