金融界5月8日消息，上证指数低开高走，中证香港物业管理与服务主题指数 (港股物业，931744)报 396.40点。 数据统计显示，中证香港物业管理与服务主题指数近一个月上涨6.27%，近三个月上涨12.78%，年至今 上涨9.84%。 据了解，中证香港物业管理与服务主题指数从香港市场选取30只业务涉及物业管理服务、社区增值服务 和非业主增值服务等领域的上市公司证券作为指数样本，以反映香港市场物业管理与服务上市公司证券 的整体表现。该指数以2019年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港物业管理与服务主题指数十大权重分别为：华润万象生活（16.07%）、碧 桂园服务（15.21%）、保利物业（13.82%）、万物云（12.77%）、绿城服务（7.31%）、中海物业 （7.29%）、融创服务（6.09%）、恒大物业（5.72%）、雅生活服务（5.57%）、永升服务（4.43%）。 从中证香港物业管理与服务主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 作者：行情君 本文源自：金融界 从中证香港物业管理与服务主题指数持仓样本的行业来看，房地产管理占比100.00%。 ...

智通财经4月30日电，记者获悉，融创服务全资附属公司融远投资近日与广西老彰家物业服务有限公司 等正式签署协议，融创服务以8.27亿元的价格向后者转让其所持广西彰泰融创智慧服务集团80%股权。 此次交易完成后，融创服务将全面退出彰泰服务集团，这标志着双方自2021年以来的战略合作正式终 止。（智通财经记者 李洁） 融创服务出售彰泰物业80%股权 交易代价约8.3亿元 ...

金十数据4月30日讯，融创服务(01516.HK)公告，为进一步优化战略布局，将更多资源与管理精力聚焦 投入在一二线核心城市，于2025年4月29日，本公司之全资附属公司融远投资与广西老彰家等订立股权 交易协议，以实现本集团全面退出彰泰服务集团。据此，融远投资将其间接持有的广西彰泰融创智慧 80%股权，以代价人民币8.2662亿元，通过相关交易安排转让给广西老彰家。本次交易完成后，本集团 将不再持有彰泰服务集团任何权益。 融创服务：以8.26亿元出售彰泰融创智慧80%股权 ...

Financial Performance - For the year ended December 31, 2024, the Group reported total revenue of approximately RMB 6.97 billion, a slight decrease from RMB 7.01 billion in 2023[10]. - Revenue from non-related parties reached approximately RMB 6.80 billion, representing a year-on-year growth of about 5.6% and accounting for approximately 98% of total revenue[13]. - The Group's net loss for the year was RMB 433.14 million, compared to a loss of RMB 393.18 million in 2023[10]. - The gross profit for the year ended December 31, 2024, was approximately RMB 1,527.3 million, down from RMB 1,667.9 million in 2023, reflecting a decrease of about 8.4%[32]. - The gross margin decreased to approximately 21.9% in 2024 from 23.8% in 2023, a decline of about 1.9 percentage points[32]. - Community living services revenue decreased by approximately RMB 30.8 million (approximately 6.5%) to about RMB 443.0 million for the year ended December 31, 2024[23]. - The gross profit margin for property management and operation services decreased from approximately 23.8% in 2023 to 20.9% in 2024, mainly due to increased maintenance costs[33]. Assets and Liabilities - The Group's total assets as of December 31, 2024, were RMB 10.59 billion, down from RMB 11.64 billion in 2023[11]. - The total equity of the Group decreased to RMB 5.32 billion in 2024 from RMB 6.24 billion in 2023[11]. - The net amount of trade and other receivables was approximately RMB 3,590.2 million as of December 31, 2024, a decrease of about RMB 727.4 million from RMB 4,317.6 million as of December 31, 2023, primarily due to an increase in trade receivables and impairment provisions[45]. - The group's available funds totaled approximately RMB 4,068.8 million as of December 31, 2024, a decrease of about RMB 366.8 million from RMB 4,435.6 million as of December 31, 2023, mainly due to cash outflows for dividends[47]. - The current ratio was approximately 1.5 times as of December 31, 2024, compared to approximately 1.7 times as of December 31, 2023[47]. - The group has no loans or borrowings as of December 31, 2024, maintaining an asset-to-liability ratio of zero[47]. Revenue Breakdown - Property management and operation services revenue increased by approximately RMB 221.0 million (approximately 3.6%) to about RMB 6,379.6 million for the year ended December 31, 2024, driven by an increase in managed building area[22]. - The proportion of revenue from core cities in the group's contracts reached approximately 98%, an increase of about 6 percentage points year-on-year[15]. - The community living service business achieved revenue of approximately RMB 2.2 billion, representing a year-on-year growth of about 5% and accounting for about 50% of total community living service revenue[16]. - The revenue from convenience services was approximately RMB 215.84 million, remaining stable compared to RMB 216.35 million in 2023[24]. - Space operation services revenue decreased by approximately RMB 26.0 million to RMB 117.19 million, primarily due to the active reduction of non-core business operations[25]. - Non-owner value-added services revenue was approximately RMB 146.9 million, a significant decrease of about RMB 230.2 million (approximately 61.0%) from RMB 377.1 million in 2023[29]. Operational Metrics - The number of managed properties increased to approximately 2.91 million square meters, reflecting a year-on-year growth of about 7%[14]. - The number of managed households rose to approximately 1.7 million, marking an 8% increase compared to the previous year[14]. - The renewal rate of contracts increased by 4 percentage points to approximately 95%[14]. - The group invested over RMB 60 million in 541 projects in 2024 to enhance service quality and address owner concerns, resulting in over 80% improvement in collection rates[14]. Governance and Management - The management team includes experienced professionals with over 20 years in the real estate industry, enhancing strategic decision-making capabilities[54][55][56]. - The company emphasizes the importance of good corporate governance and has adopted the corporate governance code as its own[70]. - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors[73]. - The company has established various board committees, including the audit committee, remuneration committee, nomination committee, and ESG committee[71]. - The company has confirmed the independence of all independent non-executive directors in accordance with listing rules[76]. ESG and Risk Management - The group has a strong focus on environmental, social, and governance (ESG) initiatives, led by the CEO who also chairs the ESG committee[55]. - The company has committed to integrating ESG and climate-related expectations into its business decision-making processes[98]. - The company has established a clear risk management structure, with the board overseeing risk management and the audit committee reviewing its effectiveness[106]. - The company has implemented effective risk management procedures, including risk identification, analysis, response, and monitoring responsibilities[109]. Shareholder and Dividend Information - The group plans to declare a final dividend of RMB 0.143 per share for the year 2024, totaling approximately RMB 437 million, which represents about 55% of the core net profit attributable to shareholders[16]. - The company maintains a dividend policy aimed at providing stable and sustainable dividends while ensuring sufficient financial resources for business growth[137]. - The proposed final dividend for the year ending December 31, 2024, is RMB 0.143 per share, totaling approximately RMB 437 million, subject to shareholder approval[139]. Strategic Investments and Future Plans - The company plans to seek strategic investment and acquisition opportunities related to its core property management and community operations[124]. - The company has allocated HKD 1,480 million for further expansion of community value-added services, with HKD 431 million utilized to date[128]. - The company plans to upgrade its smart management service system with an allocation of HKD 768 million, of which HKD 415 million has been utilized[128].

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 ...

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 6.97 billion, showing a year-on-year decrease of about 0.56%[2] - The attributable loss to the company's owners was approximately RMB 451 million, representing an increase in loss of about 3.71% year-on-year[2] - The core net profit attributable to the company's owners was approximately RMB 796 million, remaining stable compared to the previous year[2] - Non-related party revenue increased by approximately 5.63% year-on-year to about RMB 6.80 billion[2] - The company's gross profit for the fiscal year ending December 31, 2024, was approximately RMB 1,527.3 million, a decrease of about RMB 140.6 million (approximately 8.4%) from RMB 1,667.9 million in the previous year[62] - The gross margin decreased to approximately 21.9%, down 1.9 percentage points from 23.8% in the previous year, primarily due to increased maintenance costs[62] - The net loss for the year ended December 31, 2024, was approximately RMB 433.1 million, with the loss attributable to the company's owners being approximately RMB 451.2 million, compared to a net loss of approximately RMB 393.2 million for the year ended December 31, 2023[68] Dividends - The board proposed a final dividend of RMB 0.143 per share, totaling approximately RMB 437 million, which is about 55% of the core net profit attributable to the company's owners[2] - The proposed final dividend for 2024 is RMB 0.143 per share, totaling approximately RMB 437,129 thousand, consistent with the previous year's dividend[30] - The board proposed a final dividend of RMB 0.143 per share for the year ending December 31, 2024, totaling approximately RMB 437 million, subject to shareholder approval[89] - The final dividend payment is expected to be made in cash around June 6, 2025, pending shareholder approval[89] Assets and Liabilities - The total assets of the group as of December 31, 2024, were approximately RMB 10.59 billion, down from RMB 11.64 billion in the previous year[9] - The total liabilities of the group decreased to approximately RMB 5.27 billion from RMB 5.41 billion in the previous year[9] - The equity attributable to the company's owners decreased to approximately RMB 5.17 billion from RMB 6.04 billion in the previous year[9] - The total current liabilities for trade and other payables decreased to RMB 2,841.47 million in 2024 from RMB 3,036.87 million in 2023[41] - The net trade and other receivables as of December 31, 2024, were approximately RMB 3,590.2 million, a decrease of about RMB 727.4 million from approximately RMB 4,317.6 million as of December 31, 2023[71] - The group's available funds as of December 31, 2024, totaled approximately RMB 4,068.8 million, a decrease of about RMB 366.8 million from approximately RMB 4,435.6 million as of December 31, 2023[74] Revenue Breakdown - Property management and operation services generated revenue of RMB 6,379,627 thousand, up 3.6% from RMB 6,158,647 thousand in the previous year[22] - Revenue from third-party sources increased by 5.6% to RMB 6,801.7 million, accounting for 97.6% of total revenue, while revenue from related parties decreased by 70.6% to RMB 167.8 million, representing 2.4% of total revenue[47] - Community living services revenue decreased by approximately RMB 30.8 million (approximately 6.5%) to RMB 443.0 million, primarily due to a reduction in space operation services[54] - Non-owner value-added services revenue fell by approximately RMB 230.2 million (approximately 61.0%) to RMB 146.9 million, attributed to a contraction in business volume amid a lack of significant improvement in the real estate sector[58] Operational Metrics - As of December 31, 2024, the total managed area reached approximately 291 million square meters, a year-on-year increase of about 7%[81] - The number of managed owner households increased to approximately 1.7 million, representing a year-on-year growth of about 8%[81] - The renewal rate improved by 4 percentage points to approximately 95%, with residential projects accounting for about 84% of the saturated income[81] - In 2024, the signing amount in core cities accounted for about 98%, an increase of approximately 6 percentage points year-on-year, with project density in single cities increasing by about 11% compared to 2022[82] - The community service business generated revenue of approximately RMB 220 million, a year-on-year increase of about 5%, accounting for about 50% of total community service income[83] Employee and Governance - The group employed 27,051 staff as of December 31, 2024, with total employee costs amounting to approximately RMB 2.739 billion for the year[94] - The company has established a comprehensive internal training program for employees to enhance their professional and service skills[96] - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting procedures and internal controls for the year ending December 31, 2024[99] - The company has adopted the corporate governance code and complied with all applicable provisions for the year ending December 31, 2024[98] Future Outlook - The company plans to invest over RMB 60 million in 541 projects in 2024, addressing owner issues and improving project collection rates by over 80%[81] - The company aims to enhance service quality and operational stability while focusing on core business areas and developing differentiated competitive advantages[86] - The company will continue to innovate and implement new technologies to improve efficiency and service quality, while streamlining management structures[86] - The company anticipates that the scale of new property management services for Zhangtai Service will not meet previous expectations due to slower project expansion and rising service costs[36]

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's core business has shown steady growth, with a cautious approach to impairment provisions leading to a recorded loss. In the first half of 2024, the company's revenue was 3.48 billion yuan, a year-on-year increase of 3%, primarily driven by growth in property management and operational services [6][8] - The overall gross margin has remained stable, with a notable increase in the gross margin of value-added services. The gross margin for the first half of 2024 was 25.5%, up 0.5 percentage points from the same period in 2023 [6][8] - The company has maintained a stable growth in managed scale, with a total managed area of 282 million square meters in the first half of 2023 [6][8] Summary by Sections Financial Performance - In the first half of 2024, the company's total revenue was 3.48 billion yuan, with a gross profit of 888 million yuan, reflecting a 5% increase year-on-year. However, the net loss attributable to shareholders was 472 million yuan, compared to a net profit of 340 million yuan in the same period of 2023 [6][8][11] - The gross margin for property management and operational services was 23.8%, a decrease of 0.9 percentage points year-on-year, while the gross margin for non-owner value-added services increased significantly to 38.0%, up 22.3 percentage points [6][8] Revenue and Profit Forecast - The company forecasts revenues of 7.50 billion yuan for 2024, with an expected EPS of 0.01 yuan, and 8.26 billion yuan for 2025, with an expected EPS of 0.23 yuan. The estimated P/E ratio for 2025 is projected to be between 9-10 times, corresponding to a reasonable value range of 2.11-2.34 yuan, or 2.29-2.55 HKD per share [6][11] Market Comparison - The company's market capitalization is 5.2 billion HKD, with a P/E ratio of -13 for 2023, indicating a challenging market position compared to peers [10][11]