走过最艰难的时刻后，碧桂园服务终于要上岸了。 3月27日，碧桂园服务（6098.HK）发布2024年度业绩报告。财报显示，2024年全年，碧桂园服务实现总收入439.9亿元，同比增长3.2%；利润稳中有升，核 心业务的合计经调整毛利增长6.4%至92亿元，归母净利润同比增长518.7%至18亿元。 在此背景下，碧桂园服务2024年全年派息9.9亿元，超过2024年归母净利润的55%，积极与股东分享经营成果，同时也展现出公司财务状况的稳健。 与此同时，2025年，碧桂园服务计划使用不少于5 亿元用于境外回购或者由境内子公司通过信托来购买公司股票，这也有利于进一步提振市场信心。 碧桂园服务如今现金流保持健康稳定，去年经营活动所得现金净额约为38.7亿元，截至去年底，银行存款和现金总额（包括受限制银行存款及定期存款）达 181.8亿元。 此外，碧桂园服务的物业管理规模实现稳步提升，截至去年底，除"三供一业"业务外，其收费管理面积达到约 10.4亿平方米。 据悉，通过整合营销促预缴、"一户一档"精准服务、归仓战役等精细化运营措施，碧桂园服务收费率持续提升。 从具体收入表现来看，物业管理服务收入依然是碧桂园服务的基本盘 ...

这是徐彬淮就任碧桂园服务（HK06098，股价7.02港元，市值234.71亿港元）总裁后交出的第一份完整财报。 3月27日，碧桂园服务公布2024年度业绩报告并召开业绩发布会。年报显示，2024年，碧桂园服务实现收入439.93亿元（人民币，下同），同比增长3.24%； 股东应占溢利18.08亿元，同比增长518.59%；净利润18.75亿元，同比增长262.8%；毛利为84.01亿元，同比下降3.8%。 "2024年对碧桂园服务来说是极具挑战的一年，公司经历了很多的风雨和波折。不过到了年末，我们还是交了一份合格的答卷。"在当天的业绩会上，碧桂园 服务执行董事、总裁徐彬淮表示，从收入、利润到现金流，基本上达成了年初管理团队内部设定的目标。 每经记者 陈利 每经编辑 魏文艺 "今年业务会出现向好趋势" "合格答卷"，这是徐彬淮对去年业绩的定义。 反映到数据上，2024年，碧桂园服务实现营收439.93亿元，同比增长3.24%。其中，物业管理服务收入259.1亿元，同比上升4.9%，占总收入比例58.9%；社 区增值服务收入41.94亿元，同比增长11.8%，占总收入比例9.5%；"三供一业"业务收入49.92 ...

报告期内，碧桂园服务主要为业主、住户及物业开发商提供一系列物业管理服务，包括保安、清洁、绿 化、园艺及维修保养服务等。公司共管理7895项物业，这些物业遍布国内31个省、直辖市、自治区和香 本报记者 陈婷 赵毅 深圳报道 3月27日，碧桂园服务（6098.HK）发布2024年业绩公告。报告期内，碧桂园服务收入约439.93亿元，同 比增长3.2%，毛利约84亿元，同比下降3.8%，净利润约18.75亿元，同比增长262.8%，股东应占核心净 利润约30.38亿元，同比下降22.9%。 碧桂园服务主要从事物业管理服务、社区增值服务、非业主增值服务及"三供一业"业务、城市服务、商 业运营服务。2024年，碧桂园服务来自物业管理服务的收入约259.1亿元，同比增长4.9%，占总收入比 重提升至58.9%。报告期内，公司非业主增值服务收入同比出现大幅下滑，收入占比进一步降至1.6%。 碧桂园方面表示，这主要是因为公司主动压降关联方交易规模所致。 2025年3月27日，碧桂园服务管理层在业绩会上对包括《中国经营报》在内的媒体记者表示："此前大家 一直担心我们与兄弟公司形成的业务影响。在2024年年初，公司已经设定关联交 ...

Core Viewpoint - Country Garden Services reported a net profit increase of 262.8% for the fiscal year 2024, despite a slight revenue growth of 3.2% and a decline in gross profit [1][4]. Financial Performance - Total revenue for 2024 was approximately 43.993 billion RMB, with a gross profit of 8.4 billion RMB, down 3.8% year-on-year [1][4]. - Net profit reached 1.875 billion RMB, marking a significant increase of 262.8% compared to the previous year [1]. - The company plans to distribute a total dividend of approximately 0.2961 RMB per share, amounting to about 0.99 billion RMB, which is 55% of the net profit attributable to shareholders for 2024 [4]. Business Segments - Property management services generated approximately 25.91 billion RMB, a year-on-year increase of 4.9%, accounting for 58.9% of total revenue [4][5]. - Community value-added services brought in about 4.194 billion RMB, up 11.8% year-on-year, representing 9.5% of total revenue [4][5]. - The "Three Supplies and One Industry" business segment saw revenue of approximately 8.16 billion RMB, a growth of 25.1% [4][5]. - City services revenue decreased by approximately 14.7% to about 4.168 billion RMB, while commercial operation services revenue fell by 38.1% to around 0.627 billion RMB [4][5]. Cash Flow and Receivables - As of December 31, 2024, net trade receivables amounted to approximately 17.689 billion RMB, an increase of about 1.311 billion RMB from the previous year [7]. - The company has implemented measures to enhance debt collection, including establishing a special task force to manage receivables [9][10]. - Cash flow from operating activities for 2024 was approximately 3.87 billion RMB, with total bank deposits and cash reaching about 18.179 billion RMB, an increase of approximately 5.239 billion RMB [10]. Strategic Focus - The company aims to stabilize operations, ensure growth, and seek breakthroughs in 2025, with a long-term goal of achieving a 1:1 ratio of net cash flow to net profit [11]. - Management emphasizes a shift from external growth to internal development, focusing on enhancing operational capabilities and leveraging AI [11].

3月27日，碧桂园服务发布最新年度业绩数据。 城市服务实现收入为41.68亿元，同比下降14.7%，收入占比为9.5%，主要由于退出若干环卫项目及市场 竞争激烈等综合因素影响，以及年内实际接管的城市服务项目减少。商业运营服务业务分部实现总收入 6.27亿元，较去年同期实现同比下降38.1%，收入占比为1.4%。 此外，"三供一业"业务收入包括物业管理及其他相关服务、供热服务。其中物业管理及其他相关服务收 入65.39亿元，同比增幅为31%，占总收入比14.9%；供热服务收入16.17亿元，增幅5.8%，占总收入比 3.7%。 截至去年底，碧桂园服务管理物业数达7895项，遍布中国内地31个省、直辖市、自治区及香港特别行政 区及海外，重点覆盖包括珠三角、长三角、长江中游、京津冀及成渝五大经济发达城市群。其中，位于 一二线城市项目的收费管理面积约占40.7%。 现金流方面，截至2024年12月31日，碧桂园服务银行存款和现金总额(包括受限制银行存款及定期存款) 约为181.8亿元，同比增加约52.4亿元，经营活动所得现金净额38.7亿元。 基于良好的现金储备，公司宣布计划将视市场情况及公司届时的实际需要，在202 ...

Core Viewpoint - Country Garden Services reported a total revenue of RMB 43.99 billion for 2024, reflecting a year-on-year growth of 3.2% [2] Financial Performance - The adjusted revenue from property management services, community value-added services, and "Three Supplies and One Industry" business grew by 10.2%, with core business revenue accounting for 87% of total revenue [2] - The adjusted gross profit from core business reached RMB 9.2 billion, an increase of 6.4% year-on-year [2] - As of the end of 2024, the company's cash reserves stood at RMB 18.18 billion, with a net cash flow from operating activities of RMB 3.87 billion [2] - The total dividend paid for the year was RMB 990 million, exceeding 55% of the net profit attributable to shareholders [2] Business Expansion - The company managed a total area of 1.127 billion square meters, with a net addition of 82 million square meters for the year, and over 51.2% of the third-party management area [2] - The proportion of sustainable third-party income rose to 98.9% in 2024, with related party transactions accounting for only 0.9% of total revenue [3] Strategic Initiatives - The company emphasized its competitive edge in community life services, particularly in value-added services, achieving significant success in its liquor business with a revenue of RMB 190 million, a year-on-year increase of 88% [4] - The company plans to deepen its charging station business, having installed 50,000 charging stations in 2024, with an expected revenue of RMB 200 million in 2025 [4]

人民财讯3月4日电，碧桂园3月4日晚间在港交所公告，公司及其附属公司（本集团），连同其合营公司 和联营公司于2025年2月单月共实现归属公司股东权益的合同销售金额约人民币23亿元，归属公司股东 权益的合同销售建筑面积约31万平方米。 ...

Financial Performance - For the six months ended June 30, 2024, the company achieved revenue of approximately RMB 102.1 billion, with over 150,000 housing units delivered, covering a total area of about 18.22 million square meters across 178 cities in 29 provinces[17]. - In the first half of 2024, the company's revenue was approximately RMB 102,102 million, a decrease of about 54.9% compared to RMB 226,309 million in the same period of 2023[57]. - Revenue from real estate development dropped by 55.2% to approximately RMB 98,829 million, primarily due to a decrease in property delivery volume[58]. - The pre-tax loss for the first half of 2024 was approximately RMB 10,831 million, significantly improved from a pre-tax loss of RMB 46,148 million in the same period of 2023[64]. - The loss attributable to shareholders for the first half of 2024 was approximately RMB 12,842 million, compared to RMB 48,932 million in the same period of 2023[65]. - The company recorded a loss attributable to equity holders of approximately RMB 12.8 billion for the six months ended June 30, 2024[105]. - The net loss attributable to shareholders for the six months ended June 30, 2024, was RMB 12,842 million, compared to RMB 48,932 million in 2023, reflecting a reduction of 73.7%[170]. - Basic and diluted loss per share for the period was RMB 0.46, an improvement from RMB 1.79 in the previous year[167]. - The total comprehensive loss for the period was RMB 14,930 million, down from RMB 51,854 million in the previous year, marking a 71.2% improvement[170]. Operational Efficiency - Management expenses decreased by 25.3% compared to the same period last year, indicating improved operational efficiency[20]. - The company implemented strict control over non-core operating expenses, reducing marketing and administrative costs by 50.8% to approximately RMB 4,851 million in the first half of 2024[61]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant changes to accounting policies or reported amounts[197]. Debt Management and Financial Stability - The company is focusing on debt risk mitigation and restructuring, including extending debt maturities and reducing financing costs[20]. - The company aims for a sustainable capital structure by promoting more projects to enter the whitelist for stable operations[20]. - The net gearing ratio increased from approximately 209.7% as of December 31, 2023, to approximately 277.3% as of June 30, 2024[69]. - The company has a total of 4,081,405 square meters in Lanzhou, with 3,559,396 square meters completed and 3,545,950 square meters sold and delivered[49]. - The group is actively seeking measures for overseas debt management due to liquidity pressures, aiming to reduce debt by up to USD 11.6 billion and extend maturity to a maximum of 11.5 years[89]. - The group is negotiating with financial institutions regarding domestic loans totaling approximately RMB 28.7 billion that have experienced cross-defaults[156]. - The company is subject to significant uncertainty regarding its ability to implement proposed offshore debt restructuring plans and maintain ongoing operations[196]. Project Development and Delivery - The company has delivered over 5 million households in its communities, contributing to China's urbanization and modernization[6]. - The company has 3,090 projects at various development stages, with 3,059 located in mainland China[34]. - The company is actively pursuing new projects, with a presale area of 450,456 square meters in Huizhou's innovation town project[39]. - The company plans to closely monitor the construction progress of real estate development projects according to sales plans to ensure timely completion and delivery of pre-sold properties[194]. - The company aims to revitalize underperforming assets, including hotels and commercial properties, and may consider divesting real estate investments to generate more cash inflow[194]. Community and Social Responsibility - The company has participated in social charity donations exceeding RMB 10 billion, aiding 490,000 people in poverty alleviation efforts[7]. - The company is committed to fulfilling its social responsibilities and ensuring the delivery of properties amidst the industry's challenges[98]. Employee and Talent Management - As of June 30, 2024, the company employed approximately 29,261 full-time employees, emphasizing the importance of talent as a valuable resource[94]. - The company has implemented a comprehensive training program, including leadership development and on-the-job training, to enhance employee competitiveness in the real estate industry[96]. - The company has adopted several stock option and share incentive plans to motivate employees[96]. Market Expansion and Diversification - The company has expanded its operations beyond Guangdong Province to various high-growth economic regions across China[10]. - 80% of the contract sales in the first half of 2024 came from regions outside Guangdong Province, reflecting the company's efforts in regional diversification[26]. - The company is actively exploring new businesses in construction technology and property management, aiming to enhance cost control and adapt to market changes[22]. Financial Risks and Challenges - The company has faced unprecedented challenges in the real estate sector, with overall sales declining and significant pressure on liquidity due to tightened financing conditions[97]. - The company is actively seeking to extend the maturity of certain domestic bonds due within 12 months after June 30, 2024, due to liquidity pressures[190]. - The company faced significant challenges in pre-sale performance, with a notable decline since April 2023, and no signs of recovery as of the report date[188].

Business Development and Strategy - Country Garden has developed over 1,400 towns, providing modern urban landscapes and serving over 5 million homeowners[8]. - The company aims to integrate community-related businesses to create a comprehensive resource platform for community development[19]. - Country Garden is expanding its business into the robot and light asset management sectors, enhancing its operational capabilities[18]. - Future strategies include continuous product iteration based on market demand and collaboration with partners for project excellence[7]. - The company is exploring new business areas in construction technology and property management, with both new businesses achieving independent market operations[36]. - The company emphasizes a "one body, two wings" strategy for synergistic development, aiming to enhance competitive advantages in the future[37]. - The company is focused on ensuring cash flow safety and is actively considering various debt management measures to alleviate liquidity pressure[102]. - The company aims to leverage advanced construction technologies and standardized new construction methods to provide systematic technological construction solutions[102]. - The company is committed to fulfilling its social responsibilities and ensuring the delivery of properties amidst industry challenges[103]. Financial Performance - The company achieved a revenue of approximately RMB 401 billion for the year ending December 31, 2023, with over 600,000 housing units delivered, covering a total area of approximately 71.62 million square meters across 249 cities in 31 provinces[31]. - The company's total revenue for 2023 was approximately RMB 401,015 million, a decrease of about 6.8% from RMB 430,371 million in 2022[68]. - Revenue from real estate development decreased by 6.2% to approximately RMB 391,251 million in 2023, down from RMB 417,296 million in 2022[69]. - The company's net loss attributable to shareholders for 2023 was approximately RMB 178,400 million, compared to a loss of RMB 6,052 million in 2022[74]. - The net financial expenses for 2023 were approximately RMB 5,458 million, an increase from RMB 4,807 million in 2022[73]. - Total cash balance as of December 31, 2023, was approximately RMB 63,816 million, down from RMB 147,550 million in 2022[75]. - The company's total borrowings decreased from approximately RMB 271,307 million as of December 31, 2022, to approximately RMB 249,649 million as of December 31, 2023[79]. - The net debt-to-equity ratio increased significantly from approximately 40.0% on December 31, 2022, to 209.7% on December 31, 2023[80]. Market Presence and Sales - The contract sales amount attributable to the company's shareholders was approximately RMB 174.3 billion, corresponding to a contract sales area of about 21.7 million square meters, with management expenses reduced by approximately 20.1% compared to the previous year[33]. - 80% of the contract sales were from regions outside Guangdong Province, indicating the company's efforts in regional diversification[38]. - In terms of city type, 61% of the contract sales were from third and fourth-tier cities, while 26% were from second-tier cities, and the remaining 13% from other categories[38]. - The company has seen a significant shift in market dynamics, with a focus on improving product quality and adapting to higher market demands following supply-side reforms[34]. - The company aims to expand its market presence in tier-1 cities, targeting a 20% growth in new project launches next year[58]. Operational Efficiency and Cost Control - The company is implementing a strict operational strategy to optimize cash flow and ensure project progress through reasonable payment plans with contractors and suppliers[31]. - The company is committed to enhancing its cost control capabilities in development operations through the exploration of intelligent construction solutions[36]. - The company has expressed confidence in its future performance, supported by regulatory bodies, financial institutions, partners, investors, and stakeholders[37]. - The company has a strong focus on enhancing corporate governance standards, emphasizing quality board practices and high transparency to shareholders[127]. Corporate Governance and Management - The company has a strong management team with extensive experience in real estate and finance, enhancing operational efficiency[115]. - The board includes independent directors with backgrounds in finance, real estate, and law, ensuring diverse expertise[117][119]. - The company has implemented employee incentive plans and stock option schemes to enhance talent retention and motivation[101]. - The company has established a corporate university to provide training opportunities for employees at all levels, enhancing their competitiveness in the real estate industry[101]. - The company has adopted a code of conduct for securities trading, with all directors confirming compliance for the year ending December 31, 2023[129]. Risk Management and Compliance - The group has established procedures for identifying, assessing, and managing risks, including environmental, social, and governance risks[194]. - The risk management framework is based on the COSO internal control framework, comprising eight interdependent components to ensure effective risk management[190]. - The group has implemented procedures for handling and disclosing inside information, ensuring compliance with disclosure regulations[197]. - The group maintains a zero-tolerance policy towards fraud and corruption, with details available on the company's website[199]. Social Responsibility and Community Engagement - The company has participated in social charity donations exceeding 10 billion RMB, aiding 490,000 people in poverty alleviation efforts[9]. - The company is committed to high-quality development and technological innovation to support national progress[6]. - The company is focused on sustainable development and operational management in real estate projects[111].

Core Viewpoint - Country Garden has successfully resumed trading after a suspension of over nine months, with significant market reactions and a strong increase in stock price following the announcement [1][2]. Group 1: Resumption of Trading - On January 21, Country Garden announced its resumption of trading on the Hong Kong Stock Exchange, having met all requirements set by the resumption guidelines [1][3]. - The stock price opened over 3% higher and peaked with an increase of nearly 30%, closing at HKD 0.60 per share, reflecting a 23.71% rise [1]. Group 2: Financial Performance and Debt Restructuring - In 2023, Country Garden reported a total revenue of approximately CNY 401 billion, a year-on-year decrease of about 6.8%, and a net loss of CNY 200.96 billion [6]. - The company achieved a contract sales amount of approximately CNY 174.3 billion in 2023, with a sales area of about 21.7 million square meters [6]. - For the first half of 2024, the company reported a total revenue of approximately CNY 102.1 billion and a pre-tax loss of about CNY 10.8 billion, indicating a significant narrowing of losses compared to 2023 [6][7]. - The company aims to reduce its offshore debt by up to USD 11.6 billion through a debt restructuring proposal, with a consensus reached with a committee of seven banks holding approximately USD 1.728 billion in debt [4][8]. Group 3: Market and Policy Environment - The resumption of trading and the positive market response are influenced by recent favorable policies aimed at stabilizing the real estate market, which have led to a rise in stock prices for other property companies [1][12]. - The central government has emphasized the need to promote stability in the real estate market, with plans to expand the use of special bonds for land acquisition and stockpiling of unsold properties [13][14]. - Country Garden has delivered over 380,000 housing units in 2024, leading the industry, although it still falls short of its target of 480,000 units [14].