资金往来未经董事会批准，核数师已要求公司进一步解释进行资金往来的理据。因此，董事会已启动对 资金往来展开调查程序，就公司所知及根据公司的初步内部审阅，发现公司曾进行若干属于向关联人士 提供财务资助性质的资金往来，录得最高未偿还余额为8亿元。 截至去年12月31日，上述财务资助已全数偿还，目前无未偿还余额。 已延迟一个多月披露年报，新城悦服务(HK01755，股价2.8港元，市值24.4亿港元)传来新动态。 5月13日晚间，新城悦服务发布公告表示，公司宣布延迟刊发2024年全年业绩和2024年年报之后，在审 核2024年全年业绩之过程中，核数师发现与关联人士之间的若干资金往来并无记入公司编制的记账记录 及财务报表，同时，发现公司提供的银行对账单存在若干不一致之处。 成立独立调查委员会及委任独立调查律师鉴于上文所述，独立调查委员会成立并由公司三位独立非执行 董事组成，即张燕、朱伟及姜旭之，就资金往来进行调查。同时，公司委任独立调查顾问进行调查及就 相关事宜向独立调查委员会提供意见。调查将动用一切合理所需之取证手段及IT工具，以查明所有未披 露的关联方资金往来及其发生的根本原因，识别导致银行对账单不一致的情况，确认 ...

Revenue and Growth - For the six months ended June 30, 2024, the majority of revenue was derived from property management services, indicating strong demand in this sector [5]. - The company ranked 11th among the top 100 Chinese property management service enterprises in 2024, up from 34th in 2010, reflecting significant growth in market position [4]. - For the year ended December 31, 2023, the revenue reached RMB 5,424,284, representing a 4.7% annual growth [23]. - Revenue from property management services for the year was RMB 3,555,106, with a 17.5% annual growth [25]. - The Group recorded revenue of approximately RMB2,770.4 million in the first half of 2024, representing a year-on-year increase of approximately 3.3% compared to RMB2,681.1 million in the same period of 2023 [50]. - Revenue from property management services reached approximately RMB1,907.9 million, a year-on-year increase of approximately 12.6% [52]. Profitability and Financial Performance - Gross profit for the same period was RMB 1,438,478, with a 7.5% increase compared to the previous year [23]. - The net profit attributable to equity shareholders for 2023 was RMB 445,045, reflecting a 5.1% growth year-on-year [23]. - The gross margin for 2023 was 26.5%, a slight decrease from 25.8% in 2022 [23]. - The Group's profit attributable to owners for the period was approximately RMB301.6 million, representing a year-on-year increase of approximately 2.7% [37]. - The gross profit for the Group was approximately RMB753.2 million, a year-on-year increase of approximately 5.0% compared to RMB717.6 million in 2023, with a gross profit margin of approximately 27.2% [75]. Asset and Cash Management - As of June 30, 2023, total assets amounted to RMB 6,682,643, an increase from RMB 6,150,647 in 2022 [29]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 423,710 [31]. - Current assets as of June 30, 2024, were RMB5,896.7 million, an increase of 6.2% from RMB5,552.3 million as of December 31, 2023 [90]. - Cash and cash equivalents increased by 9.3% to RMB2,107.3 million from RMB1,927.3 million as of December 31, 2023 [90]. - The Group did not have any borrowings as of June 30, 2024, maintaining a gearing ratio of 0% [97]. Value-Added Services - The revenue from value-added services includes community-related and developer-related services, contributing to diversified income streams [8]. - Revenue from community-related value-added services was approximately RMB645.9 million, reflecting a year-on-year decrease of approximately 8.8% [39]. - Revenue from developer-related value-added services decreased by approximately 22.3%, amounting to approximately RMB216.6 million [52]. - The Group plans to enhance profitability and professionalism in community-related value-added services, particularly in recurring business areas [47]. Strategic Focus and Future Plans - Future strategies may include further expansion of value-added services and enhancements to the existing service platform [4]. - The Group aims to shift focus towards the existing residential market due to the declining opportunities in newly constructed projects [46]. - The Group's strategy emphasizes high-quality development and reducing dependency on the real estate industry [45]. Shareholder and Equity Information - As of June 30, 2024, Mr. Wang Zhenhua holds 600,000,000 shares, representing approximately 68.86% of the total shareholding [151]. - The maximum number of shares that may be issued upon the exercise of options under the Share Option Scheme is capped at 80,000,000 shares, which is 10% of the issued shares as of November 6, 2018 [155]. - The total number of shares held by substantial shareholders is 600,000,000, which constitutes 68.86% of the total shareholding [151]. Share Option and Award Schemes - The Share Option Scheme was conditionally adopted on October 20, 2018, to incentivize eligible participants for their contributions to the Group [158]. - The maximum number of shares under the Share Award Scheme was adjusted to not exceed 5.0% of the total issued share capital as of August 23, 2021, amounting to 43,603,500 shares [186]. - The Share Award Scheme allows the Board to instruct the Trustee to purchase existing shares in the open market [197]. Administrative and Operational Expenses - Administrative expenses increased by approximately 3.0% to approximately RMB221.7 million from RMB215.3 million in 2023, with the growth rate lower than revenue growth [73]. - The cost of sales and services was approximately RMB2,017.2 million, an increase of approximately 2.7% from RMB1,963.5 million in 2023, attributed to stable growth in overall business scale [68]. Other Financial Information - Other gains for the Group were approximately RMB23.4 million, significantly up from RMB2.7 million in the same period last year, mainly due to net fair value gains on financial assets and net gains on disposal of a subsidiary [80]. - Income tax expense decreased by approximately 7.1% to RMB84.1 million from RMB90.5 million in the same period last year, with a tax rate of approximately 20.2% [87]. - The Group did not have any significant contingent liabilities or outstanding guarantees in respect of payment obligations to third parties as of June 30, 2024 [107].

新城悦服务（1755.HK）/物 业服务行业 证券研究报告/公司点评 2024 年 9 月 9 日 [Table_Industry] 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 投资要点 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 新城悦服务发布 2024 年中期业绩公告；公司 2024 年上半年实现主营业务收入 27.70 亿，同比+ 3.3%，股东应占利润 3.02 亿，同比+2.7%； 分析师：陈希瑞 执业证书编号：S0740524070002 2024 年上半年公司实现主营业务收入 27.70 亿，同比+3.30%，股东应占利润 3.02 亿，同比+2. 7%。收入的增长主要是因为公司业绩内新项目的交付。报告期内，公司综合毛利率由 2023 年同 期的 26.8%增长至 27.2%，细分板块看，物业管理服务、社区增值服务、开发商增值服务三大业 务板块毛利率分别达到 24.7%、36.2%、22.3%，较 ...

Revenue Performance - Revenue for the six months ended June 30, 2024, was RMB 2,770,369, representing a 3.3% increase from RMB 2,681,101 in the same period of 2023[2] - For the six months ended June 30, 2024, the total revenue was RMB 2,770,369 thousand, an increase from RMB 2,681,101 thousand for the same period in 2023, representing a growth of approximately 3.3%[17] - The group's revenue for the first half of 2024 was approximately RMB 2,770.4 million, representing a year-on-year growth of about 3.3%[38] - Property management services revenue reached approximately RMB 1,907.9 million, with a year-on-year growth of about 12.6%[38] - Community value-added services revenue decreased by approximately 8.8% to RMB 645.9 million from RMB 708.1 million in 2023, making up about 23.3% of total revenue[48] - Developer value-added services revenue fell by approximately 22.3% to RMB 216.6 million from RMB 278.9 million in 2023, representing about 7.8% of total revenue[49] Profitability - Net profit attributable to owners for the six months was RMB 301,599, a 2.7% increase from RMB 293,789 in the prior year[3] - Basic and diluted earnings per share were both RMB 0.35, up 2.9% from RMB 0.34[3] - The gross profit for the first half of 2024 was approximately RMB 753.2 million, a 5.0% increase from RMB 717.6 million in 2023, with a gross margin of 27.2%[51] - The net profit margin was approximately 12.0%, a decrease of 0.4 percentage points compared to the same period in 2023[55] - The group's profit for the reporting period was approximately RMB 332.2 million, a decrease of about 0.4% compared to RMB 333.5 million in the same period of 2023[55] Cash Flow and Assets - Cash generated from operating activities increased significantly by 213.5% to RMB 20,622 compared to RMB 6,578 in the previous year[3] - Total assets as of June 30, 2024, amounted to RMB 6,970,481, an increase from RMB 6,682,643 as of December 31, 2023[9] - Current assets increased to RMB 5,896,717 from RMB 5,552,281, with trade receivables rising to RMB 2,286,548 from RMB 1,796,855[7] - The total cash and cash equivalents as of June 30, 2024, amounted to approximately RMB 2,107.3 million, an increase from RMB 1,927.3 million as of December 31, 2023[60] Liabilities and Equity - Total liabilities as of June 30, 2024, were RMB 3,572,101, compared to RMB 3,391,435 at the end of 2023[9] - Total equity attributable to owners increased to RMB 3,398,380 from RMB 3,291,208[8] - The total liabilities for trade and other payables as of June 30, 2024, were RMB 2,038.3 million[36] Expenses and Costs - Total cost of sales and services for the six months ended June 30, 2024, was RMB 2,282,067 thousand, slightly up from RMB 2,220,617 thousand in 2023, indicating a year-over-year increase of 2.8%[19] - Employee benefit expenses decreased to RMB 814,848 thousand from RMB 989,774 thousand, a reduction of approximately 17.7%[19] - Administrative expenses increased by approximately 3.0% to RMB 221.7 million from RMB 215.3 million in 2023, with the growth rate lower than revenue growth[53] - Income tax expenses decreased by approximately 7.1% to RMB 84.1 million from RMB 90.5 million in 2023, with a tax rate of about 20.2%[54] Strategic Focus and Future Plans - The company aims to reduce reliance on real estate developers and increase comprehensive logistics services to various enterprises and government bodies[39] - The company is shifting focus towards the existing residential market due to reduced opportunities in new construction projects, aiming for stable management fee collection rates[40] - The company is enhancing its community value-added services and restructuring its business processes to improve profitability and professional standards[41] - The company has maintained a focus on high-quality development since 2022, which is expected to support independent and healthy growth in the future[39] Corporate Governance and Management Changes - The company announced the resignation of the Chief Financial Officer effective August 28, 2024, with a new CFO appointed on the same date[71] - The new CFO, Ms. Chen, has over 17 years of experience in investment management and financial operations[71] - The board expressed gratitude to the outgoing CFO for his contributions during his tenure[72] Compliance and Reporting - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the six months ending June 30, 2024[65] - The audit committee, consisting of one non-executive director and two independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2024[69] - The interim results announcement is available on the stock exchange and the company's website, with a detailed interim report to be sent to shareholders[70]

新城悦服务（01755.HK）首次覆盖报告 B 端业务渐入佳境，多点突破蓄势待发 2024 年 08 月 01 日 双链战略持续发展，全业态餐饮布局完成。公司 2021 年提出"大社区+大 后勤"战略，聚焦"物业+团餐"的发展模式，现已完成全业态领域的后勤餐饮 服务布局，目前拓得近 50 个"物业+团餐"项目，进驻超 140 个餐饮服务项目， 具备持续自主外拓能力。 在管面积持续增长，发力外拓非住业态。新城悦服务自上市后外拓在管面积 增速整体高于来自集团面积增速，市场竞争力不断提高。截至 2023 年 12 月 31 日，在管面积达 2.2 亿平方米，同比增长 12.8%，第三方在管增至 1.1 亿平方米， 同比增长 4.6%，占总在管面积比重达 48.9%。目前新城悦服务已实现全业态均 衡布局。2023 年，公司成功拓展多个优质非住项目，其中医院赛道持续精耕， 新拓多个项目，总服务项目达 43 个，后勤年化合约金额 2 亿元，新增合约金额 0.6 亿元。截至 2023 年 12 月 31 日，公司非住宅业态在管面积已达 0.5 亿平方 米，收入 7.3 亿元，同比增长 13.8%。 非周期性业务稳健提升，" ...

我们先来看一下2023年的一些亮点2023年公司核心业务依旧保持稳健增长全年实现收入54.2亿同比增长4.7%其中物业管理收入增速为17.5%依旧增长强劲社区增值服务收入增速为2.3%社区增值板块中非洲机型业务收入占比持续提升至79.8% 增长迅速其中团餐业务实现收入4.5亿元同比增长26.4%固定资源管理服务收入1.6亿元同比增长44.7%开发商增值服务收入增速为负的36.2%地产关联度持续降低 2023年公司整体利润同步增长,实现年内利润5.1亿,同比增长7%,本公司拥有人应占利润4.5亿,同比增长5.1%,2023年实现经营现金流4.2亿元,较上一年改善显著,分红比例也由上年的33%提升至40%,派息为每股人民币0.205元。 2024年1-5月份,公司收入实现个位数增长,其中物业管理服务依旧保持了良好的稳健增长趋势,主要来源于自营基本盘的稳定增长。 去年同期略微下降,主要是与开发商相关的周期性业务、装修业务和车位代销业务等的大幅下降同时非周期性业务、繁餐业务和固定资源管理服务业务延续去年强劲增长的趋势开发商增值服务继续呈现下降态势 地产关联度持续降低2024年1到5月的收缴率与去年同期相比基本保持一致 ...

我们先来看一下2023年的一些亮点2023年公司核心业务依旧保持稳健增长全年实现收入54.2亿同比增长4.7%其中物业管理收入增速为17.5%依旧增长强劲社区增值服务收入增速为2.3%社区增值板块中非洲机型业务收入占比持续提升至79.8% 增长迅速其中团餐业务实现收入4.5亿元同比增长26.4%固定资源管理服务收入1.6亿元同比增长44.7%开发商增值服务收入增速为负的36.2%地产关联度持续降低 2023年公司整体利润同步增长,实现年内利润5.1亿,同比增长7%,本公司拥有人应占利润4.5亿,同比增长5.1%,2023年实现经营现金流4.2亿元,较上一年改善显著,分红比例也由上年的33%提升至40%,派息为每股人民币0.205元。 2024年1-5月份,公司收入实现个位数增长,其中物业管理服务依旧保持了良好的稳健增长趋势,主要来源于自营基本盘的稳定增长。 去年同期略微下降,主要是与开发商相关的周期性业务、装修业务和车位代销业务等的大幅下降同时非周期性业务、繁餐业务和固定资源管理服务业务延续去年强劲增长的趋势开发商增值服务继续呈现下降态势 地产关联度持续降低2024年1到5月的收缴率与去年同期相比基本保持一致 ...

Company Overview and Key Highlights Company and Industry - The document discusses a company in the property management and community services industry Core Points and Arguments - In 2023, the company achieved a total revenue of 5.42 billion, representing a year-on-year growth of 4.7% [1] - The revenue from property management services grew at a robust rate of 17.5% [1] - Revenue from community value-added services experienced a growth rate of 2.3% [1] Other Important Content - The overall performance indicates that the company's core business remains resilient despite market challenges [1]

核心业务稳健，优化增值服务结构 新城悦服务（1755.HK）/物业 证券研究报告/公司点评 2024年4月2日 服务行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：2.25港元 指标 2022A 2023A 2024E 2025E 2026E 分析师：由子沛 营业收入（百万元） 5,187 5,481 5,804 6,094 6,277 增长率yoy% 19% 6% 6% 5% 3% 执业证书编号：S0740523020005 净利润（百万元） 423 445 500 534 561 Email：youzp@zts.com.cn 增长率yoy% -19% 5% 12% 7% 5% 每股收益（元） 0.49 0.51 0.57 0.61 0.64 每股现金流量 0.07 0.47 0.66 0.81 0.96 分析师：李垚 净资产收益率 17% 16% 16% 15% 13% 执业证书编号：S0740520110003 P/E 4.2 4.0 3.6 3.3 3.2 P/B 0.7 0.6 0.5 0.5 0. ...

2024年4月1日 公司研究 非周期业务稳健增长，派息提升股息率达 10% ——新城悦服务（1755.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.25港元 事件：公司2023年营收同比+5%，归母净利润同比+5%，派息率40%。 新城悦服务发布2023年度业绩公告，收入为54亿元，同比增长4.7%，毛利为 14 亿元，同比增长 7.5%；毛利率为 26.5%，同比提升 0.7pct；归母净利润为 作者 4.5亿元，同比增长5.1%。公司宣派末期股息每股0.205元，派息率40%。 分析师：何缅南 执业证书编号：S0930518060006 点评：非周期业务稳健增长，现金流改善，分红比例提升，股息率具备吸引力。 021-52523801 1）非周期业务保持稳健增长，地产关联度降低。2023年公司更专注于居民和企 hemiannan@ebscn.com 业的刚性需求，在地产下行的大环境之下，核心业务依旧保持稳健增长，其中物 联系人：韦勇强 业管理/社区增值/开发商增值服务收入增速分别为+17.5%/+2.3%/-36.2%，收入 021-52523810 占比分别为65.5%/24.2%/ ...