绿城服务 视觉中国 资料图 3月24日，绿城服务（02869.HK）召开2024年业绩沟通会，董事会主席杨掌法、行政总裁金科丽、首席财务官张玲波出席会议。 2024年，绿城服务实现收入185.28亿元，同比增加6.5%。其中，物业服务收入124.01亿元，同比增长11.7%，占整体收入的66.9%；园区服务收入 33.73亿元，同比下降5.5%，占整体收入的18.2%；咨询服务收入24.12亿元，同比增长5.1%，占整体收入的13.0%；科技服务收入3.41亿元，同比 下降20.3%，占整体收入的1.9%。 对于营收增速放缓，金科丽解释，公司的房屋4S业务完成出表，同时公司对许多亏损的非主营业务进行关停并转，这是周期性结构调整的必经阶 段。 利润方面，2024年绿城服务实现毛利31.97亿元，同比增长9.7%；毛利率为17.3%，同比增加0.5个百分点。 绿城服务：2024年收入185亿元，多个存量项目实现溢价承接 其中，物业服务毛利率为13.7%，同比增加0.7个百分点；园区服务毛利率为22.6%，同比增加1.1个百分点；咨询服务毛利率为24.9%，同比增加1.5 个百分点；科技服务毛利率为39.3%，同比 ...

Financial Performance - Revenue for the year reached RMB 18,527.8 million, a year-on-year increase of 6.5% compared to RMB 17,393.3 million in 2023[5]. - Gross profit reached RMB 3,196.7 million, an increase of 9.7% from RMB 2,913.4 million in 2023, with a gross margin of 17.3%[7]. - Core operating profit was RMB 1,587.5 million, reflecting a 22.5% increase from RMB 1,296.0 million in 2023[7]. - Profit attributable to equity shareholders was RMB 785.1 million, up 29.7% from RMB 605.4 million in 2023[7]. - Total revenue for 2024 reached RMB 17,893,473, an increase of 6.4% compared to RMB 16,812,038 in 2023[8]. - Gross profit for 2024 was RMB 3,011,363, representing a gross margin of approximately 16.8%, up from RMB 2,759,497 in 2023[8]. - Operating profit for 2024 increased to RMB 1,014,264, compared to RMB 780,856 in 2023, reflecting a growth of 29.9%[8]. - Net profit from continuing operations for 2024 was RMB 751,725, a rise of 7.1% from RMB 701,661 in 2023[8]. - Total comprehensive income for the year was RMB 932,220, compared to RMB 777,443 in 2023, indicating a growth of 19.9%[9]. - The company reported a net loss of RMB 119,655 thousand for 2024, compared to a net loss of RMB 191,442 thousand in 2023, indicating an improvement of approximately 37.4% year-over-year[51]. Revenue Breakdown - Property services revenue amounted to RMB 12,401.3 million, accounting for 66.9% of total revenue, with a year-on-year growth of 11.7%[5]. - The company’s revenue from consulting services was RMB 2,412.0 million, a year-on-year increase of 5.1%[5]. - Technology services revenue decreased to RMB 341.2 million, down 20.3% from RMB 428.0 million in 2023[5]. - Community services revenue was RMB 3,373.2 million, making up 18.2% of total revenue, showing a decline of 5.5% from RMB 3,568.6 million in 2023[107]. - Revenue from park services decreased to RMB 2,692,013,000 in 2024 from RMB 2,940,646,000 in 2023, reflecting a decline of approximately 8.4%[28]. Cash and Liquidity - Cash and cash equivalents stood at RMB 4,853.9 million, a 7.1% increase from RMB 4,530.8 million in 2023[7]. - The company reported a significant increase in fixed deposits, reaching RMB 1,118.2 million, a 199.5% increase compared to RMB 373.4 million in 2023[7]. - The net cash flow from operating activities for 2024 was RMB 1,474,721 thousand, compared to RMB 1,436,072 thousand in 2023, indicating a year-over-year increase of about 2.7%[15]. - The cash paid for income taxes in 2024 was RMB 225,901 thousand, up from RMB 205,340 thousand in 2023, indicating an increase of about 10%[15]. - The company reported a cash inflow from the sale of subsidiaries amounting to RMB 62,721 thousand in 2024, compared to a cash outflow of RMB 15,128 thousand in 2023[15]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.13 per share and a special dividend of HKD 0.07 per share[7]. - Proposed final dividend for 2024 is RMB 585,932,000, with a per share amount of HKD 0.13, compared to HKD 0.15 in 2023[81]. - The company paid dividends to equity shareholders amounting to RMB (433,447) thousand, compared to RMB (285,115) thousand previously, representing an increase of approximately 52%[16]. Assets and Liabilities - The company’s total assets amounted to RMB 12,649,296,000, compared to RMB 12,111,712,000 in the previous year, reflecting an increase of about 4.4%[12]. - The company’s total liabilities were reported at RMB 5,044,528,000, compared to RMB 5,969,957,000, showing a decrease of about 15.5%[12]. - Total liabilities for 2024 amounted to RMB 53,804,882, down from RMB 54,843,046 in 2023, showing a reduction of about 1.9%[41]. Operational Efficiency - The company’s administrative expenses decreased slightly to RMB 1,158,022 in 2024 from RMB 1,192,599 in 2023[8]. - Selling and marketing expenses rose to RMB 352.9 million, a 3.0% increase from RMB 342.6 million in 2023, with a selling expense ratio of 1.9%, down 0.1 percentage points[113]. - Administrative expenses decreased by 1.5% to RMB 1,256.3 million from RMB 1,274.8 million in 2023, with an administrative expense ratio of 6.8%, down 0.5 percentage points[114]. Employee and Operational Costs - Employee costs increased to RMB 5,787,253 thousand in 2024, up from RMB 5,460,129 thousand in 2023, representing a rise of approximately 6%[55]. - Total employee cost was RMB 6,150.5 million, an increase of 5.7% from RMB 5,816.9 million in 2023, primarily due to new project deliveries and rising labor costs[158]. Strategic Initiatives - The company aims to reduce management expense ratio by 0.5 percentage points through digital empowerment and precise operations in 2024[98]. - The company plans to enhance its service depth and industry breadth by focusing on high-quality development and urban service integration by 2025[104]. - The company is leveraging technology to improve service efficiency and has initiated collaborations with Ant Group and DingTalk for smart property services[99]. Market Position and Growth - The company achieved an annual operating revenue of approximately RMB 18.53 billion, maintaining steady growth despite a high base[95]. - The area managed reached 5.09 million square meters, reflecting double-digit growth compared to 2023[96]. - The company continues to optimize service offerings and enhance operational capabilities, focusing on core ecosystems such as community retail and home living services[141]. Compliance and Governance - The company has adhered to all applicable corporate governance codes and adopted most of the recommended best practices[174]. - The Audit Committee reviewed the consolidated financial statements for the year ending December 31, 2024, confirming alignment with the data provided by the auditors[178].

Core Viewpoint - Greentown Service has launched a "Deep Service System" aimed at enhancing customer service across various life scenarios and stages, emphasizing a comprehensive approach to service delivery [1][3]. Group 1: Service System Development - Since its establishment in 1995, Greentown Service has undergone multiple iterations of its service system, evolving from basic property management to a comprehensive "Park Life Service System" that includes various IP designs and community services [2]. - The company has focused on integrating customer feedback into its service model, collecting 230,000 suggestions and 7.23 million words of customer feedback to guide service improvements [3]. Group 2: Customer Engagement and Feedback - Greentown Service has established ten channels for customer interaction, including a dedicated email for the chairman, WeChat for property managers, and a satisfaction survey platform, to ensure comprehensive feedback collection [3]. - The company has committed to addressing the most frequent customer concerns, such as elevator maintenance and garbage management, by implementing corrective actions and service upgrades [3]. Group 3: Growth and Community Involvement - Over the past fourteen years, Greentown Service has expanded its scale by 14 times, now covering over 2.48 million households, largely due to its strategy of empowering residents and involving them in service oversight [4]. - The company has mobilized 90,000 volunteers from its "Happiness Community" initiative, who conducted 88,100 inspections last year, resulting in the generation of 45,600 work orders to address community issues [4].

Group 1 - The core point of the news is that Greentown Service has been actively repurchasing its shares, indicating a strategy to enhance shareholder value [1][2]. - On January 2, the company repurchased 1.558 million shares at a price range of HKD 3.790 to HKD 3.890, totaling HKD 6.0049 million [1]. - Since December 24, 2024, the company has repurchased a total of 4.418 million shares, with a cumulative expenditure of HKD 16.6708 million [2]. Group 2 - The stock closed at HKD 3.830 on the day of the repurchase, with a total trading volume of HKD 11.3858 million [3]. - During the repurchase period, the stock price has increased by 5.51% [4].

Company Overview - The Group reported a diverse range of services including property services, community living services, consulting services, and technology services, catering to the full life cycle of real estate[7]. - The Group's headquarters is located in Hangzhou, Zhejiang Province, China, with a principal place of business in Hong Kong[3]. - The company was incorporated in the Cayman Islands on November 24, 2014, and listed on the Hong Kong Stock Exchange on July 12, 2016[4]. - The Group's authorized representatives include Mr. Yang Zhangfa and Ms. Jin Keli[3]. Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 9,068,367, representing a year-on-year increase of 20.1%[14]. - Gross profit for the same period was RMB 1,743,975, with a gross margin of 19.2%[14]. - Profit attributable to equity shareholders of the Company was RMB 504,741, reflecting a year-on-year increase of 21.8%[14]. - Community living services accounted for 20.2% of total revenue, showing a growth from previous years[14]. - Technology services revenue increased significantly, contributing 2.6% to total revenue, up from 0.7% in 2020[14]. - The gross margin for property services was 13.8%, while community living services achieved a gross margin of 24.3%[14]. - Revenue reached RMB 9,068.4 million, representing a year-over-year increase of 10.6% from RMB 8,197.0 million in the same period of 2023[39]. - Property services remained the largest revenue contributor, generating RMB 6,018.6 million, accounting for 66.4% of total revenue, with a year-over-year growth of 14.6%[41]. - Community living services revenue amounted to RMB 1,758.3 million, representing 19.4% of total revenue and a year-over-year increase of 6.1%[41]. - Consulting services generated RMB 1,132.5 million, accounting for 12.5% of total revenue, with a year-over-year increase of 5.3%[41]. - Technology services revenue decreased to RMB 158.9 million, accounting for 1.8% of total revenue, reflecting a year-over-year decline of 25.5%[41]. Operational Highlights - The Group aims to address the evolving daily needs of customers, property owners, and residents through a broad portfolio of products and services[7]. - The company is positioned as a leading happy living service provider nationwide in China, focusing on enhancing the quality of life for its residents[7]. - The Company plans to enhance its digital transformation efforts through technology services, aiming to provide integrated solutions for clients[10]. - The cultural and education services segment saw a remarkable growth of 32.4% year-on-year, indicating strong demand[16]. - Home living services revenue surged by 122.6% year-on-year, highlighting a significant expansion in this area[16]. - The Company is focused on leveraging mobile internet and smart community portals to broaden service offerings and improve customer satisfaction[10]. - Total number of contracts increased by 20.9% year-on-year to 1,578[18]. - Managed Gross Floor Areas (GFAs) grew by 22.6% year-on-year, reaching 225.9 million sq.m.[18]. - Reserved GFAs increased by 21.9% year-on-year to 252.4 million sq.m.[18]. - Average property service fee rose by 0.9% year-on-year to RMB 3.19 per month per sq.m.[18]. Financial Health - Total assets as of June 30, 2024, amounted to RMB 18,548,018,000, an increase from RMB 17,783,949,000 in 2023[22]. - Current liabilities increased to RMB 9,074,383,000 from RMB 8,319,827,000 in 2023[22]. - The net gearing ratio remains at a net cash position, indicating strong financial health[22]. - Return on net equity for the first half of 2024 was 5.1%[22]. - The management expense ratio decreased by 0.6 percentage points year-over-year due to optimized business processes and enhanced procurement management[28]. - The comprehensive collection rate has increased against the trend, demonstrating effective budget management and cash flow strategies[30]. Strategic Goals - The Group aims to establish a unique label characterized by high safety margins, high growth resilience, and high shareholder returns in the second half of 2024[36]. - The Group's strategic goal is to become the most valuable and happy living service provider in China, emphasizing customer-oriented and quality-focused services[38]. - The transition from scale-oriented to quality-oriented services is a key focus, requiring differentiation in service offerings and management practices[28]. - The company aims to transform services from homogenization to differentiation to meet evolving resident demands[26]. Investor Relations - The Company emphasizes transparency in corporate information to build investor confidence and maintain effective communication with shareholders[98]. - The Company engaged with a total of 561 investors through conference calls during the Period, including repeated visits[102]. - The Company organized 9 on-site visits for investors, fund managers, analysts, and media to showcase its services and operations[107]. - The Company received 26 investment reports from brokers and investment banks during the Period, with several institutions rating the Company as "buy" or "outperform"[110]. - The Company maintained high standards of corporate governance to enhance investor confidence[112]. - The Company received positive ratings from major institutions such as Goldman Sachs and JP Morgan, indicating strong market recognition[111]. Shareholder Information - During the six months ended 30 June 2024, the Company repurchased a total of 24,390,000 shares at an aggregate amount of HK$68,346,255.20[113]. - A total of 30,468,000 shares were cancelled on 27 May 2024, including 6,078,000 shares repurchased from 19 December 2023 to 29 December 2023[113]. - The Board believes that the repurchase and subsequent cancellation of shares enhance the value of the shares, improving the return to shareholders[113]. - As of 30 June 2024, Mr. Shou Bainian holds 1,020,000,000 shares, representing approximately 32.24% of the Company[120]. - Ms. Li Hairong holds 423,868,339 shares, representing approximately 13.40% of the Company[120]. Compliance and Governance - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the reporting period[113]. - The Company has adopted most of the recommended best practices in the Corporate Governance Code[113]. - The interim financial report is prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant provisions[143]. - The review of the interim financial report did not reveal any issues that would indicate non-compliance with accounting standards[147]. Cash Flow and Investments - The company reported a net cash used in operating activities of RMB (360,397,000) for the six months ended June 30, 2024[24]. - The net cash used in investing activities for the first half of 2024 was RMB (969,646,000), a significant increase from RMB (156,369,000) in the same period of 2023[166]. - The cash flow from financing activities showed a net cash outflow of RMB (183,971,000) for the first half of 2024, compared to RMB (196,183,000) in the same period of 2023[168].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Views - The company reported a revenue of 9.068 billion, a year-on-year increase of 10.6%, with core operating profit rising by 25.8% to 893 million, and net profit attributable to shareholders increasing by 21.5% to 505 million [2]. - The company has shown robust revenue growth and improved profitability, with effective cost management reflected in a decrease in administrative expenses as a percentage of revenue [2]. - The company has successfully expanded its market presence, signing new contracts worth 1.57 billion in annualized revenue, focusing on quality improvement and customer satisfaction [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 9.068 billion, with property services contributing 6.019 billion (up 14.6%), park services 1.758 billion (up 6.1%), consulting services 1.132 billion (up 5.3%), and technology services 159 million (down 25.5%) [2]. - The overall gross margin improved to 19.2%, with property services at 14.9%, park services at 23.9%, consulting services at 32.1%, and technology services at 38.7% [2]. - Administrative expenses were 689 million, with a management expense ratio of 7.6%, down from 8.2% in the previous year [2]. Business Structure and Strategy - The company has optimized its business structure, with property services accounting for 66.4% of total revenue, an increase of 2.3 percentage points year-on-year [2]. - The company emphasizes quality improvement in internal project management, enhancing customer interaction and satisfaction [2]. - The company’s focus on high-frequency consumption services has reduced the revenue proportion from real estate cycle-related businesses [2]. Future Outlook - The report adjusts the company's EPS forecasts for 2024-2026 to 0.23, 0.27, and 0.31 yuan per share, respectively, reflecting the potential impact of the real estate industry's downturn [2]. - The company is positioned as a leading property service provider, demonstrating resilience and growth in a challenging market environment [2].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The company achieved a revenue of 9.1 billion yuan in H1 2024, representing a year-on-year growth of 10.6%, and a net profit attributable to shareholders of 500 million yuan, up 21.5% year-on-year [2]. - The business development is balanced with improved operational efficiency and rapid growth in core profits, supported by employee incentives [2]. - The company has a strong cash reserve of 3 billion yuan and has implemented an employee stock option plan to enhance motivation and productivity [2]. Summary by Relevant Sections Revenue and Profitability - The company reported a revenue of 91 billion yuan in H1 2024, with a gross profit of 17.4 billion yuan, reflecting a gross margin of 19.2%, an increase of 0.5 percentage points year-on-year [2]. - Core operating profit reached 8.9 billion yuan, marking a 25.8% increase year-on-year [2]. Business Segments - Revenue from property management, park services, and consulting services was 60.2 billion yuan, 17.6 billion yuan, and 11.3 billion yuan respectively, with year-on-year growth rates of 14.6%, 6.1%, and 5.3% [2]. - The company manages 3,356 projects with a total managed area of 480 million square meters, providing a solid foundation for future growth [2]. Operational Efficiency - The company has optimized its processes, resulting in a decrease in management expense ratio by 0.6 percentage points, and an overall gross margin increase of 0.5 percentage points to 19.2% [2]. - The gross margins for property management, park services, consulting services, and technology businesses were 14.9%, 23.9%, 32.1%, and 38.7% respectively, with notable improvements in consulting and technology [2]. Financial Outlook - The company forecasts net profits attributable to shareholders of 750 million yuan, 910 million yuan, and 1.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 12, and 10 times [2][3].

Investment Rating - The report maintains a BUY rating for Greentown Service with a target price (TP) revised up by 3% to HK$ 6.13, reflecting a better outlook than peers, representing a 25x 2024E P/E [2][4]. Core Views - Greentown Service's revenue and core operating profit increased by 11% and 26% YoY in 1H24, respectively, driven by stable parent company support, robust third-party expansion, and a diversified value-added services (VAS) business [2][3]. - The company anticipates core operating profit growth exceeding 20% and cash growth over 15% for 2024E, indicating strong operational performance despite industry challenges [2][3]. - The net increase in managed gross floor area (GFA) from Greentown Real Estate surged 227% YoY, contrasting with a -42% decline from third parties, enhancing the company's competitive position [2][8]. Financial Performance Summary - In 1H24, Greentown Service achieved a revenue of RMB 9,068 million, a 10.6% increase YoY, and a core operating profit of RMB 893 million, reflecting a 25.8% growth YoY [7][9]. - The gross profit margin improved to 19.2%, up 0.6 percentage points YoY, while the core operating margin expanded to 9.8%, an increase of 1.2 percentage points YoY [7][9]. - The company expects a cash balance of RMB 4.3 billion by the end of 2024, anticipating a 15% YoY increase in cash on hand [2][3]. Growth Projections - Revenue is projected to grow from RMB 17,393 million in FY23A to RMB 19,364 million in FY24E, representing an 11.3% growth rate [3][11]. - Net profit is expected to rise from RMB 605.4 million in FY23A to RMB 724.6 million in FY24E, indicating a 19.7% growth [3][11]. - The company has lifted its full-year core operating profit growth guidance from over 15% to over 20% for FY24E [2][3]. Valuation Metrics - The report highlights a P/E ratio of 13.3x for FY24E, which is competitive compared to peers in the property management sector [3][15]. - The dividend yield is projected to increase from 4.5% in FY23A to 5.3% in FY24E, reflecting a commitment to returning value to shareholders [3][15].

房地产 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 3.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 4.98/2.34 | | H 股市值（亿港币） | 98.07 | | 流通 H 股（百万股） | 3,163.65 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com 2024 年 08 月 25 日 绿城服务 (02869) ——业绩高增，利润率修复，费用率改善 买入（维持）投资要点： ⚫ 24H1 营业收 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 之 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 分 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。 Greentown Service Group Co. Ltd. 綠城服務集團有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2869） 截 至2024年6月30日 止 六 個 月 未 經 審 核 中 期 業 績 公 告 綠 城 服 務 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」、「集 團」）截 至2024年6月30日 止 六 個 月（「期 內」）的 未 經 審 核 綜 合 財 務 業 績，連 同 截 至2023年6月30日 止 同 期 的 比 較 數 字 如 下。 | --- | | ...