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。 | --- | | ...

大家好欢迎参加光大地产预呈服务中期经营交流会议目前所有参会者均属于静音状态下面开始播报面再声明声明播报完毕后主持人可直接开始发言特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷补或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的 谢谢各位投资人关道阿迪产何美兰那么今天我们有幸请到了内城服务的管理层跟大家做一个交流最近看到这个 律程服务受到了多重利好的促进股价方面有了非常亮眼的表现那么现在有请律程服务的IR团队跟我们做一个分享 谢谢何老师 谢谢大家 感谢大家对微图服务业务计划的关注与支持那我首先再简单回顾一下公司2023年的一个业绩亮点以及24年的指引加上目前最新的一个经营情况简单的介绍一下在2023年的一个业绩方面公司是实现了收入增长17%达到了174亿 核心净利润13 ...

大家好欢迎参加光大地产预呈服务中期经营交流会议目前所有参会者属于经营状态下面开始播报面再声明声明播报完毕后主持人可直接开始发言特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有未经书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制发布或引用会议全部或部分内容 已不得擅自录音制作会议机要对外传播好的 先介绍各位投资人官大 地产 和内南那么今天呢我们有幸请到了力程服务的这个管理层跟大家做一个交流大家最近看到这个力程服务受到了多重利好的这个促进股价方面有了非常亮眼的表现那么现在呢有请力程服务的这个IR团队跟我们做一个分享 谢谢何老师谢谢大家感谢大家对微醇服务一路进化的关注与支持那我首先再简单回顾一下公司2023年的业绩亮点以及24年的指引加上目前最新的经营情况简单的介绍一下在2023年的业绩方面公司是实现了收入增长17%达到了174亿 核心经营利 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HK$1.2 billion for the fiscal year 2023[1]. - Revenue for 2022 reached RMB 17,393,272, representing an 18.2% increase from the previous year[19]. - The Group achieved a revenue of RMB 17,393.3 million for the year ended December 31, 2023, representing a year-on-year growth of 17.1% compared to RMB 14,856.3 million in 2022[43]. - Revenue from property services reached RMB 11,101.5 million, accounting for 63.8% of the Group's total revenue, with a year-on-year growth of 17.5% from RMB 9,446.3 million in 2022[44]. - Revenue from community living services was RMB 3,568.6 million, representing 20.5% of total revenue, with a year-on-year growth of 25.0% from RMB 2,853.9 million in 2022[44]. - Revenue from consulting services amounted to RMB 2,295.3 million, accounting for 13.2% of total revenue, with a year-on-year growth of 11.1% from RMB 2,066.8 million in 2022[44]. - Revenue from technology services decreased to RMB 428.0 million, representing 2.5% of total revenue, a decline of 12.6% from RMB 489.4 million in 2022[44]. - Gross profit reached RMB 2,913.4 million, representing a growth of 21.3% compared to RMB 2,402.0 million for 2022, with a gross profit margin of 16.8%, an increase of 0.6 percentage points from 16.2% in 2022[49]. - Profit before taxation reached RMB 972.2 million, up 12.5% from RMB 863.9 million in 2022[56]. - Profit for the year was RMB 716.1 million, representing a 13.4% increase compared to RMB 631.4 million in 2022[56]. User Growth and Market Expansion - User data showed a growth in active users by 20%, totaling 2 million users by the end of 2023[1]. - The company is expanding its market presence in tier-2 cities, targeting a 25% increase in service coverage[1]. - The company completed a strategic acquisition of a local competitor, enhancing its market share by 5%[1]. - The company continues to explore opportunities for market expansion and innovation in service delivery to enhance customer satisfaction[12]. Future Outlook and Investments - The company provided a positive outlook, projecting a revenue growth of 10-15% for the next fiscal year[1]. - New product launches are expected to contribute an additional HK$300 million in revenue in 2024[1]. - The company plans to invest HK$500 million in technology upgrades over the next two years[1]. - The Group plans to focus on high-quality development and community living services, aiming to transform property services into living and urban services[39]. Sustainability and Corporate Responsibility - The management emphasized a commitment to sustainability, aiming for a 50% reduction in carbon footprint by 2025[1]. - The Group's commitment to sustainable development and environmental protection is emphasized through various initiatives and compliance with environmental laws[151]. Financial Position and Assets - Current assets increased from RMB 12,111,712 thousand in 2022 to RMB 18,081,669 thousand in 2023[26]. - Total assets rose from RMB 16,853,692 thousand in 2021 to RMB 18,081,669 thousand in 2023[26]. - Total liabilities increased from RMB 8,977,549 thousand in 2022 to RMB 9,856,465 thousand in 2023[26]. - Net assets grew from RMB 7,876,143 thousand in 2022 to RMB 8,225,204 thousand in 2023[26]. - The company reported a net cash per share of RMB 0.95 as of December 31, 2023[27]. Employee and Management Information - The Group's total staff cost was RMB 5,816.9 million, representing a 14.9% increase compared to RMB 5,064.5 million in 2022[102]. - As of December 31, 2023, the Group had 46,023 employees, reflecting a 3.43% increase from the previous year[102]. - The company has a strong management team, with Mr. Yang Zhangfa serving as CEO since November 2015 and holding various leadership roles within the organization[116]. - The leadership team has a diverse educational background, with degrees from prestigious institutions such as China University of Political Science and Law and Zhejiang University[121][126]. Governance and Compliance - The company is committed to maintaining high standards of governance and independent oversight through its board of directors[137]. - The Group complied with relevant laws and regulations during the year ended December 31, 2023, with no material breaches reported[152]. - The company has confirmed the independence of all independent non-executive directors throughout the year ended December 31, 2023[165]. Shareholder Information - A final dividend of HK$0.150 per share for 2023 is proposed, up from HK$0.100 per share in 2022, subject to shareholder approval[97]. - The Group intends to pay dividends amounting to not less than 25% of profit after tax each year, subject to approval by the general meeting of shareholders[148]. - The top five customers accounted for less than 10% of the total revenue for the year ended December 31, 2023, indicating a diversified customer base[159]. Legal and Risk Management - The Group has made provisions for potential settlements related to ongoing legal proceedings, which have not significantly impacted its core operating business[99]. - The ongoing legal proceedings are in the litigation enforcement process, with no other significant legal claims affecting normal operations as of the report date[99]. Investor Relations - The Company engaged with a total of 594 investors throughout the year via conference calls and face-to-face meetings[107]. - The Company organized 24 on-site visits for investors, fund managers, and analysts in 2023 due to the impact of COVID-19[110]. - The Company has established a proactive investor relations strategy, focusing on transparency and engagement with the capital market[110].

房地产/房地产服务 公 司 研 绿城服务（02869.HK） 扩面提质，非住破局，四大板块协同助力业绩腾飞 究 2024年04月17日 ——港股公司首次覆盖报告 投资评级：买入（首次） 齐东（分析师） 胡耀文（联系人） qidong@kysec.cn huyaowen@kysec.cn 日期 2024/4/17 证 书编号：S0790522010002 证书编号：S0790122080101  拓展规模扩面提质，四大板块协同助力业绩腾飞，给予“买入”评级 港 当前股价(港元) 3.170 绿城服务以物业服务为根基、以生活服务与城市服务为两翼，股权独立，第三方 股 一年最高最低(港元) 5.340/2.340 公 拓展占比高企。公司物业服务板块在管面积保持增长，储备面积充足，园区服务、 司 总市值(亿港元) 101.25 咨询服务和科技服务业务协同发展、稳中有进。我们预计公司2024-2026年归母 首 流通市值(亿港元) 101.25 次 净利润为 7.41、8.95、10.18 亿元，对应 EPS 为 0.23、0.28、0.32 元，当前股价 总股本(亿股) 31.94 覆 对应PE为12.4、10.3 ...