融创服务 01516.HK 公司研究 | 动态跟踪 | | 物管业务稳健增长，关联方影响进一步消 | | --- | --- | | 化 | | 核心观点 公司发布 2024 年度业绩公告，营业收入约为 69.7 亿元，同比基本持平；归母净亏损约 4.51 亿元，同比增亏 3.7%；归母核心净利润约 8.0 亿元，同比基本持平。 盈利预测与投资建议 ⚫ 维持增持评级，调整目标价至 1.73 港元。根据公司 24 年业绩公告，我们调整了对公 司在管面积和各项业务收入及毛利率预测值，下调了费用率的预测，同时考虑到 24 年公司进一步计提应收款减值，调整后公司 24-26 年 EPS 预测值为-0.15/0.16/0.16 元（原预测 24-25 年为 0.24/0.26 元），可比公司 25 年 PE 为 10x，对应目标价 1.73 港元（1 港元=0.926 人民币）。 风险提示 ⚫ 关联方应收账款压力进一步增大。外拓具备不确定性。资产减值损失风险。 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | - ...

每经记者 陈利 每经编辑 魏文艺 这已是融创服务（HK01516，股价1.72港元，市值52.58亿港元）连续三年亏损。 融创服务3月25日发布的2024年度业绩报告显示，去年公司实现收入同比减少0.57%至69.7亿元（人民 币，下同），毛利同比减少8.4%至约15.27亿元，毛利率下降1.9个百分点至约21.9%，公司拥有人应占 亏损约为4.51亿元。 融创服务解释称，亏损主要由于年内集团出于谨慎性考虑，对关联方贸易及其他应收款项进一步计提了 减值拨备所致。报告期内，关联方贸易应收款项减值拨备于2024年度进一步计提约7.63亿元，累计计提 约26.95亿元；计提减值拨备后的关联方贸易应收款项余额约为5.91亿元，其中无担保的金额约为1.81亿 元。 《每日经济新闻》记者注意到，自2022年以来，融创服务的营业收入已连续三年下降，近三年归母净亏 损数值分别为4.82亿元、4.35亿元、4.51亿元。 对关联方依赖降低 虽然近两年来融创服务一直试图摆脱来自关联方的影响，但从结果来看，关联方依然影响着融创服务。 2024年，融创服务净亏损约为4.33亿元，公司拥有人应占亏损约为4.51亿元。而2023年，该数 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 融创服务（1516）公司年报点评 2025 年 03 月 26 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le5_日S收to盘ck价（In港fo元] ） | 1.68 | | --- | --- | | 52 周股价波动（港元） | 1.44-3.18 | | 总股本（亿股） | 30.57 | | 总市值（亿港元） | 51 | | 相关研究 | | 2024.09.02 《现金水平持续改善，业务发展聚焦质量》 2024.03.31 《现金水平持续改善，业务发展聚焦质量》 2024.03.30 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M | 绝对涨幅（%） | -7.0 | 10.7 | -0.5 | | --- | --- | --- | --- | | 相对涨幅（%） | 2.1 | 6.8 | -0.1 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SUNAC SERVICES HOLDINGS LIMITED 融創服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01516） 截至2024年12月31日止年度的年度業績公告 業績摘要 截至2024年12月31日止年度： 註： 1 指剔除應收款項計提的減值撥備、股份獎勵計劃開支、以公允價值計量且其變動計入當期損益 的金融資產的未實現公允價值變動損益、收併購帶來的無形資產（品牌、合同及客戶關係）的攤 銷成本、投資物業公允價值變動損益以及商譽及其他無形資產減值後歸屬於本公司擁有人應佔 的核心淨利潤。按此基準，去年同期本公司擁有人應佔核心淨利潤約為人民幣7.93億元。 – 1 – • 本集團的收入約為人民幣69.70億元，同比基本持平；本公司擁有人應佔虧 損約為人民幣4.51億元，同比增虧約3.71%；本公司擁有人應佔核心淨利潤 1 約為人民幣7.96億元，同比基本持平； • 本集團非關聯方 ...

Financial Performance - For the first half of 2024, the Group achieved revenue of approximately RMB 3.484 billion, with a gross profit of about RMB 888 million, both showing stable growth year-on-year[7]. - The core net profit attributable to the owners of the Company was approximately RMB 455 million, remaining flat compared to the previous year[7]. - The group recorded revenue of approximately RMB 3,483.7 million for the six months ended June 30, 2024, an increase of about RMB 87.6 million (approximately 2.6%) compared to RMB 3,396.1 million for the same period in 2023[14]. - For the six months ended June 30, 2024, the total revenue was approximately RMB 3,483.7 million, representing a growth of 2.6% compared to RMB 3,396.1 million for the same period in 2023[15]. - The gross profit for the six months ended June 30, 2024, was approximately RMB 888.4 million, an increase of RMB 40.9 million (4.8%) from RMB 847.5 million in the previous year, with a gross margin of 25.5%[25]. - The company incurred a net loss of RMB 460,352 thousand for the six months ended June 30, 2024, compared to a profit of RMB 364,920 thousand in the prior year, reflecting a significant decline[74]. - The financial assets impairment loss for the period was RMB 1,136,572 thousand, a substantial increase from RMB 38,385 thousand in the previous year[74]. - The company reported a total comprehensive loss of RMB 472,234 thousand for the six months ended June 30, 2024[78]. Revenue Breakdown - Property management and operation services revenue was approximately RMB 3,172.4 million, an increase of about RMB 226.0 million (7.7%) from RMB 2,946.4 million in the previous year, driven by an increase in managed building area[17]. - Community living services revenue decreased to approximately RMB 213.1 million, down RMB 33.1 million (13.4%) from RMB 246.2 million in the previous year, primarily due to the impact of the real estate market[19]. - Non-owner value-added services revenue fell to approximately RMB 98.2 million, a decrease of RMB 105.2 million (51.7%) from RMB 203.4 million in the previous year, due to ongoing adjustments based on market principles[22]. - Revenue from third-party property developers was approximately RMB 887.2 million, accounting for about 28% of the total property management revenue[17]. Cost and Expenses - The sales cost for the six months ended June 30, 2024, was approximately RMB 2,595.3 million, an increase of RMB 46.8 million (1.8%) from RMB 2,548.5 million in the previous year[24]. - Administrative expenses for the six months ended June 30, 2024, were approximately RMB 294.5 million, a decrease of about RMB 20.9 million from RMB 315.4 million for the same period in 2023[27]. - Sales and marketing expenses decreased to approximately RMB 25.9 million for the six months ended June 30, 2024, down by about RMB 12.1 million from RMB 38.0 million for the same period in 2023[28]. - The group’s total expenses for the six months ended June 30, 2024, were RMB 4,052,285,000, an increase from RMB 2,940,310,000 in the same period of 2023[121]. Asset Management - As of June 30, 2024, the total managed area was approximately 282 million square meters, with over 1.6 million owner households under management[7]. - The total managed building area as of June 30, 2024, was approximately 282 million square meters, with residential properties accounting for about 88%[17]. - The company reported a total of RMB 1,160,394 thousand in financial assets measured at fair value through profit or loss as of June 30, 2024, significantly up from RMB 277,378 thousand as of December 31, 2023, indicating a growth of 318.5%[152]. - The total book value of trade receivables increased from RMB 2,492,497 thousand on December 31, 2023, to RMB 3,161,635 thousand on June 30, 2024, reflecting a growth of approximately 27%[93][92]. Impairment and Provisions - The net impairment loss on financial assets for the six months ended June 30, 2024, was approximately RMB 1,136.6 million, significantly higher than RMB 38.4 million for the same period in 2023[29]. - The total provision for losses on financial assets increased from RMB 2,616,727 thousand at the beginning of the year to RMB 3,708,533 thousand by June 30, 2024, showing a significant rise in credit risk management[100]. - The total provision for trade and other receivables amounted to approximately RMB 3,567 million, an increase from RMB 2,614 million as of December 31, 2023, representing a year-over-year increase of 36.4%[18]. - The company has recognized a net impairment loss of RMB 1,136,572 thousand for the six months ended June 30, 2024, indicating ongoing challenges in asset recoverability[104]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with all applicable provisions during the six months ending June 30, 2024[37]. - The board of directors confirmed compliance with the standard code for securities transactions during the six months ending June 30, 2024[38]. - The company emphasizes the importance of good corporate governance and regularly discusses group performance and operational strategies[37]. Shareholder Information - The company holds 419,340,750 shares under the share incentive plan, representing approximately 13.72% of the issued shares as of June 30, 2024[44]. - The share incentive plan aims to align the interests of selected participants with those of shareholders[41]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, which is the same as the previous year[64]. Employee and Management - The company reported a total of 26,839 employees as of June 30, 2024, an increase from 26,795 employees as of December 31, 2023[65]. - Total compensation for key management personnel decreased to RMB 12,820 thousand for the six months ended June 30, 2024, down from RMB 17,945 thousand in the same period of 2023, a decrease of 28.5%[163]. Cash Flow and Liquidity - Cash and cash equivalents decreased significantly from RMB 3,979,504 thousand to RMB 2,180,527 thousand, a drop of approximately 45.24%[75]. - Operating cash flow for the six months ended June 30, 2024, was a net cash outflow of RMB 492,112 thousand, compared to a net inflow of RMB 6,614 thousand for the same period in 2023[80]. - The company’s cash flow from operating activities was significantly impacted, with a cash outflow of RMB 344,490 thousand compared to a cash inflow of RMB 132,966 thousand in the same period of 2023[80]. Strategic Initiatives - The group remains committed to high-quality development and focuses on mid-to-high-end properties in core cities[3]. - The group is focused on expanding market share in core cities and enhancing service quality, aiming for sustainable growth and reliable returns for shareholders[12]. - The company plans to utilize net proceeds from fundraising for strategic investments in property management and community-related operations, with an expected total allocation of RMB 9,042 million[69].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 融创服务（1516）公司半年报点评 2024 年 09 月 02 日 股票数据 0[8Ta月b3le0_日S收to盘ck价（In港fo元] ） 1.69 52 周股价波动（港元） 1.38-3.02 总股本（百万股） 3057 总市值（亿港元） 52 [《Ta现b金le水_R平e持po续r改tIn善fo，] 业务发展聚焦质量》 上半年核心业务驱动增长，谨慎计提减值录得亏损。公司 2024 年 1H 营业收 入为 34.84 亿元，同比下上升 3%，收入增加的主要由于物业管理及运营服务 收入的增加；毛利为 8.88 亿元，同比上升 5%；归母净亏损为 4.72 亿元，2023 年同期归母净利润为 3.40 亿元；本公司股东核心净利润约为 4.55 亿元，同 比增长约 4%。 相关研究 2024.03.31 市场表现 [Table_QuoteInfo] 亏损原因我们认为主要在于公司大量计提减值，2024 年 1H，公司的金融资 产减值亏损净额为 11.37 亿元（2023 年同期为 0.38 亿元）。其中，关联方 金融资产减值亏损净额为 9 ...

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 3.48 billion, representing a year-on-year growth of about 3%[2] - The group's gross profit for the same period was approximately RMB 888 million, reflecting a year-on-year increase of about 5%[2] - The loss attributable to the company's owners was approximately RMB 472 million, compared to a profit of RMB 340 million in the same period last year[2] - The core net profit attributable to the company's owners was approximately RMB 455 million, showing a year-on-year growth of about 4%[2] - The company's basic loss per share for the period was RMB 0.15, compared to a profit of RMB 0.11 per share in the same period last year[6] - The total revenue for the six months ended June 30, 2024, was RMB 3,483,728 thousand, compared to RMB 3,396,051 thousand for the same period in 2023, indicating a year-over-year increase of about 2.6%[16] - The company's total revenue for the first half of 2024 is approximately RMB 3,484 million, with a gross profit of approximately RMB 888 million, both showing stable growth year-on-year[53] Assets and Liabilities - The total assets as of June 30, 2024, amounted to approximately RMB 10.26 billion, down from RMB 11.64 billion as of December 31, 2023[7] - The total equity attributable to the company's owners was approximately RMB 5.29 billion, a decrease from RMB 6.24 billion as of December 31, 2023[8] - The company's total liabilities as of June 30, 2024, were RMB 5,238,710 thousand, compared to RMB 4,815,663 thousand as of December 31, 2023, representing an increase of approximately 8.8%[16] - The total equity and liabilities as of June 30, 2024, were RMB 10,263,242 thousand, up from RMB 11,644,829 thousand as of December 31, 2023, indicating a decrease of about 11.9%[16] - As of June 30, 2024, the company's available funds total approximately RMB 3,380.4 million, a decrease of about RMB 1,055.2 million from RMB 4,435.6 million as of December 31, 2023[49] - The company's current assets net value is approximately RMB 2,295.7 million, down from RMB 3,499.4 million as of December 31, 2023[49] - The company has a current ratio of approximately 1.5 times as of June 30, 2024, compared to 1.7 times as of December 31, 2023[49] Revenue Breakdown - For the six months ended June 30, 2024, the company's revenue from property management and operation services was RMB 3,172,442 thousand, an increase from RMB 2,946,418 thousand in the same period of 2023, representing a growth of approximately 7.7%[16] - Revenue from third parties was RMB 3,390.1 million, representing 97.3% of total revenue, with a growth rate of 5.8% compared to the previous year[29] - Community living services revenue decreased to approximately RMB 213.1 million, down about RMB 33.1 million (approximately 13.4%) from RMB 246.2 million for the same period in 2023[34] - Convenience service revenue for the six months ended June 30, 2024, was approximately RMB 103.8 million, a decrease of about RMB 6.8 million compared to the same period in 2023, primarily due to reduced project delivery volume[35] - Space operation service revenue was approximately RMB 58.2 million, a decrease of about RMB 15.8 million compared to the same period in 2023, mainly due to the active adjustment of non-core businesses[36] - Real estate brokerage service revenue was approximately RMB 21.1 million, a decrease of about RMB 10.8 million compared to the same period in 2023, significantly impacted by a decrease in commodity housing transaction volume[36] - Non-owner value-added service revenue was approximately RMB 98.2 million, a decrease of about RMB 105.2 million (approximately 51.7%) compared to the same period in 2023, due to ongoing market-driven adjustments[37] Expenses and Impairments - The group's administrative expenses decreased to approximately RMB 294 million from RMB 315 million in the previous year[5] - Employee benefit expenses for the six months ended June 30, 2024, were RMB 1,347,157 thousand, slightly decreasing from RMB 1,351,563 thousand in the same period of 2023[18] - The net impairment loss on financial assets for the six months ended June 30, 2024, was RMB 1,136,572 thousand, significantly higher than RMB 38,385 thousand in the same period of 2023, indicating a substantial increase in financial asset impairments[18] - Financial asset impairment losses for the six months ended June 30, 2024, were approximately RMB 1,136.6 million, significantly higher than RMB 38.4 million for the same period in 2023, primarily due to market conditions affecting receivables[44] - The company reported a deferred tax expense of RMB (298,654) thousand for the six months ended June 30, 2024, compared to RMB (56,762) thousand for the same period in 2023, reflecting a significant change in tax position[19] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the six months ending June 30, 2024[62] - The audit committee consists of three independent non-executive directors, with Mr. Yao Ning serving as the chairman, who has professional accounting qualifications[63] - The independent auditor has reviewed the company's unaudited interim results for the six months ending June 30, 2024, in accordance with the relevant standards[63] Strategic Focus and Future Plans - The company aims to expand its market share by deepening its focus on core cities and advantageous business segments, while enhancing customer service quality[58] - The company has effectively controlled and reduced the impact of related party transactions, with related party revenue decreasing by approximately 51%, accounting for only about 3% of total revenue[53] - The company plans to maintain a healthy cash flow and focus on managing cash flow from non-related party businesses, addressing issues such as secondary fees and vacant property collections[58] - The company has invested approximately RMB 1.338 billion in financial assets, primarily in equity investments in a non-listed company and several low-risk financial products[60] - The company has established a standardized extraction mechanism for maintenance funds and public area revenues to ensure orderly usage[55] - The company emphasizes the importance of professional and differentiated service labels to break through service homogenization in the next phase[58]

2023年度報告 ANNUAL REPORT 融 創 服 務 控 股 有 限 公 司 SUNAC SERVICES HOLDINGS LIMITED ( 於 開 曼 群 島 注 册 成 立 的 有 限 責 任 公 司 ) (INCORPORATED IN THE CAYMAN ISLANDS WITH UNITED LIABLUTY) STOCK CODE 股份代號： 01516.HK sunac services SUNAC SERVICES HOLDINGS LIMITED 融創服務控股有限公司（「本公司」，連同其附屬公司統稱為 「本集團」）是一家於香港聯合交易所有限公司（「聯交所」） 主板上市的公司。 本集團自成立以來，聚焦核心城市中高端物業，踐行高質量發 展戰略，佈局物業管理及商業運營綜合服務兩大業務板塊，逐 步確立了行業領先地位。本集團始終以「至善‧致美」為服務 理念，為客戶提供全面的高品質物業服務，致力於成為「中國 品質服務首選品牌」。 Sunac Services Holdings Limited (the "Company", together with its subsidiaries, t ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of 7.01 billion RMB in 2023, a decrease of 1.6% year-on-year, while the net profit attributable to shareholders was a loss of 440 million RMB, which represents a reduction in losses compared to the previous year [2][5]. - The core net profit, excluding trade receivables impairment, was 790 million RMB, reflecting a year-on-year growth of 3% [2]. - The company declared a final dividend of 0.143 RMB per share, totaling 440 million RMB, which accounts for 55% of the core net profit [2]. Summary by Sections Revenue and Profitability - The company's revenue from core property management and community services was 61.6 billion RMB, with a year-on-year growth of 11.7%, while non-owner value-added services saw a decline of 15.5% and 64.2% respectively [2]. - The overall gross margin for 2023 was 23.8%, an increase of 1.3 percentage points year-on-year [2]. Cash Flow and Financial Health - Operating cash flow improved significantly, with a net cash flow of 860 million RMB in 2023, compared to a negative 400 million RMB in 2022 [2]. - As of the end of 2023, the company had cash reserves of 4.44 billion RMB, indicating a notable improvement in cash flow status [2]. Future Projections - The report adjusts the net profit forecasts for 2024 and 2025 to 400 million RMB and 530 million RMB respectively, with a new projection for 2026 set at 710 million RMB [2][5]. - The expected earnings per share (EPS) for 2024-2026 are revised to 0.13, 0.17, and 0.23 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 12, 9, and 7 times [2][5].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 融创服务（1516）公司年报点评 2024年03月31日 [Table_InvestInfo] 投资评级 优于大市 维持 现金水平持续改善，业务发展聚焦质量 股票数据 [Table_Summary] 3[T月ab29le日_S收t盘oc价k（In港fo元] ） 1.86 投资要点： 52周股价波动（港元） 1.47-3.28 总股本（亿股） 30.57 总市值（亿港元） 57  核心业务保持规模，派息大幅度让利。融创服务2023年营业收入为70.10 相关研究 亿元，同比下降1.6%；毛利为16.68亿元，同比增长4.0%，若剔除非业主 [《Ta现b金le_流R利e润po回rtI正nf，o]业务逐步重回正轨》 增值服务业务，核心业务的毛利同比增长5.2%；净亏损为3.93亿元，归母 净亏损为4.35亿元，归母核心净利润为7.93亿元，同比增长3.0%。董事会 2023.08.29 《融创服务（1516.HK）年报点评：核心业务 建议就截至2023年12月31日止年度宣派末期股息每股14.3分，合计约4.37 保持规模，重新步入发展轨道 ...