证券研究报告 ＃industryId＃ 物业管理 ＃investSuggestion＃ ＃ ＃02869.HK ＃绿dy城Com服pa务ny＃ 港股通(沪、深) 增持 (维持） 派息率提升，盈＃利titl能e＃力&质量均改善 ＃createTime1＃ 2024年04月 01 日 投资要点 ＃市场ma数rk据etData＃ ＃sum核ma心ry＃效益改善，重视股东回报：2023年公司实现营业收入173.9亿元， 日期 2024.03.28 同比增长17.1%；基于公司提质增效的成果，综合毛利率同比增加0.6个 收盘价（港元） 2.99 百分点至 16.8%，其中物业管理服务毛利率同比提升 0.9 个百分点至 总股本（百万股） 31.94 13.0%，管理费用率同比下降0.4个百分点至7.3%；核心经营利润12.96 总市值（亿港元） 96 亿元，同比增长32.1%，核心业务的盈利能力持续提升；归母净利润为 6.05亿元，同比增长10.6%，归母净利润增速低于核心经营利润增速主 净资产（亿元） 74.06 要因大幅计提对金融工具及其他资产的减值拨备。公司重视股东回报， 总资产（亿元） 180.82 2023年 ...

Investment Rating - The report assigns 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 [4]. Core Insights - The company reported a robust revenue growth of 17.1% year-on-year, achieving a total revenue of 17.393 billion RMB in 2023, with projections of 20.350 billion RMB in 2024 [1][3]. - The core operating profit increased by 32.1% year-on-year, reaching 1.296 billion RMB, while the net profit attributable to shareholders rose by 10.6% to 605 million RMB [1][3]. - The company has shown a strong performance in its property services segment, which remains the largest source of revenue and profit, contributing 63.8% to total revenue [1][3]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 17.411 billion RMB, with a projected increase to 20.362 billion RMB in 2024, reflecting a growth rate of 17% [1][3]. - Net profit for 2023 was reported at 605 million RMB, with expectations to rise to 773 million RMB in 2024, indicating a year-on-year growth of 28% [1][3]. - Earnings per share (EPS) is projected to be 0.24 RMB for 2024, increasing to 0.30 RMB in 2025 [1][3]. Business Segments - The property services segment generated 11.102 billion RMB, accounting for 63.8% of total revenue, while consulting services and park services contributed 2.295 billion RMB and 1.369 billion RMB, respectively [1][3]. - The company has expanded its managed area, with a total of 4.48 billion square meters under management, despite a slight decrease in reserve area due to strategic exits from non-core projects [1][3]. Investment Outlook - The company is positioned as a leading property service provider with stable profitability and a return to normal operations. The report adjusts the EPS forecast for 2024-2025 to 0.24 and 0.30 RMB per share, maintaining the "Buy" rating [1][3].

2024年3月28日 公司研究 盈利能力显著改善，现金充沛慷慨分红 ——绿城服务（2869.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.94港元 事件：绿城服务2023年营收同比+17%，核心经营利润同比+32%。 绿城服务发布2023年度业绩公告，实现营收174亿元，同比增长17.1%，实现 毛利29亿元，同比增长21.3%，毛利率16.8%，同比提升0.6pct；核心经营利 作者 润13亿元，同比增长32.1%；归母净利润6.1亿元，同比增长10.6%；宣派末 分析师：何缅南 期股息每股0.15港元，2022年为每股0.1港元。 执业证书编号：S0930518060006 021-52523801 点评：基础物管稳健，园区服务亮眼，盈利能力显著改善，慷慨分红回馈股东。 hemiannan@ebscn.com 1)基础物管增长稳健，园区服务表现亮眼。2023年公司物管/园区服务/咨询服 联系人：韦勇强 务/科技服务收入111/36/23/4亿元，同比+17.5%/+25.0%/+11.1%/-12.6%， 021-52523810 物管基本盘稳健，是公司整体业绩稳步增长的基石，截至2 ...

证券研究报告·海外公司点评·房地产服务 绿城服务（02869.HK） 2023年业绩公告点评：规模稳增利润率修复， 2024年 03月 28日 分红提升回馈股东 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 营业总收入（百万元） 14,856 17,393 20,919 24,758 28,781 执业证书：S0600523020003 同比 18.23% 17.08% 20.27% 18.35% 16.25% xiaoc@dwzq.com.cn 归母净利润（百万元） 547.50 605.37 760.25 910.75 1,103.22 证券分析师 白学松 同比 -35.30% 10.57% 25.58% 19.80% 21.13% 执业证书：S0600523050001 baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.17 0.19 0.24 0.29 0.35 P/E（现价&最新摊薄） 15.02 1 ...

Investment Rating - The report maintains a "Buy" rating for Greentown Service (02869.HK) [2] Core Views - The company achieved a revenue of 17.39 billion RMB in 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 605 million RMB, up 10.6% year-on-year, meeting market expectations [2][3] - The dividend payout ratio increased to 73%, reflecting a 21 percentage point rise from the previous year [2] - The company’s managed area grew by 17% year-on-year, with third-party management accounting for 84% of the total [2] - Greentown Service is recognized for its service quality and has a strong ability to raise property management fees, which contributes to stable long-term profit margins [2] Financial Performance Summary - Revenue for 2023 was 17,393 million RMB, with a year-on-year growth rate of 17.1% [3] - The net profit for 2023 was 605 million RMB, with a year-on-year growth rate of 10.6% [3] - The earnings per share (EPS) for 2023 was 0.19 RMB, an increase of 11% year-on-year [2][3] - The gross profit margin and net profit margin were 16.8% and 3.5%, respectively, with slight changes from the previous year [2] - The company plans to distribute a dividend of 0.15 HKD per share, corresponding to a dividend payout ratio of 73% [2] Revenue Breakdown - Property service revenue increased by 18% year-on-year, while park service revenue rose by 25% [2] - The revenue from property services, park services, consulting services, and technology services for 2023 was 111.0 million RMB, 35.7 million RMB, 23.0 million RMB, and 4.3 million RMB, respectively [2] - The gross profit margins for property services, park services, consulting services, and technology services were 13.0%, 21.5%, 23.4%, and 38.7%, respectively, with improvements noted in property and park services [2] Future Earnings Forecast - The report forecasts earnings per share of 0.22 RMB for 2024, 0.25 RMB for 2025, and 0.28 RMB for 2026 [3][5] - Revenue is projected to reach 20.16 billion RMB in 2024, with a growth rate of 15.8% [3] - The net profit is expected to grow to 700 million RMB in 2024, reflecting a year-on-year increase of 15.6% [3]

Financial Performance - The group's revenue reached RMB 17,393.3 million, representing a year-on-year increase of 17.1% compared to RMB 14,856.3 million in 2022[2]. - Gross profit amounted to RMB 2,913.4 million, up 21.3% from RMB 2,402.0 million in 2022, with a gross margin of 16.8%, an increase of 0.6 percentage points[3]. - Core operating profit was RMB 1,296.0 million, reflecting a growth of 32.1% compared to the previous year[3]. - Profit attributable to equity shareholders was RMB 605.4 million, a 10.6% increase from RMB 547.5 million in 2022[3]. - The overall comprehensive income for the year was RMB 777.4 million, slightly down from RMB 782.2 million in 2022[6]. - The company's net income after tax increased significantly to RMB 1,641,412 thousand in 2023 from RMB 896,863 thousand in 2022, representing an increase of approximately 83.0%[9]. - The company's profit before tax for 2023 was RMB 972,226,000, an increase from RMB 863,941,000 in 2022, representing a growth of approximately 12.6%[36]. - The net profit for the year was RMB 716.1 million, up 13.4% from RMB 631.4 million in 2022[74]. Revenue Breakdown - Property services generated RMB 11,101.5 million in revenue, accounting for 63.8% of the total revenue, an increase from the previous year's contribution[2]. - The group's revenue from community services rose to RMB 3,521,880 thousand, a 24.8% increase from RMB 2,820,751 thousand in the prior year[15]. - Consulting services revenue increased to RMB 2,295,256 thousand, representing a growth of 11.1% compared to RMB 2,066,796 thousand in 2022[16]. - Technology services revenue decreased to RMB 427,954 thousand, down 12.5% from RMB 489,390 thousand in 2022[15]. - Revenue from property management services was RMB 253,132 thousand, up 70.7% from RMB 148,343 thousand in the previous year[16]. Cash and Liquidity - As of December 31, 2023, cash and cash equivalents were RMB 4,530.8 million, an increase of 8.3% from RMB 4,183.4 million in 2022[3]. - Net cash from operating activities increased to RMB 1,436,072 thousand in 2023, up from RMB 695,276 thousand in 2022, reflecting a growth of approximately 106.5%[9]. - The company reported a net cash outflow from investing activities of RMB 377,530 thousand in 2023, compared to RMB 140,769 thousand in 2022, indicating a significant increase in investment expenditures[9]. - The net cash used in financing activities was (717,246) thousand RMB in 2023, slightly lower than (720,423) thousand RMB in 2022[10]. - Cash and cash equivalents increased by 341,296 thousand RMB in 2023, contrasting with a decrease of (165,916) thousand RMB in 2022[10]. Assets and Liabilities - Total assets decreased to RMB 9,524,144 thousand in 2023 from RMB 9,466,218 thousand in 2022, representing a decline of approximately 0.61%[7]. - Current liabilities rose to RMB 8,557,525 thousand in 2023, compared to RMB 7,387,474 thousand in 2022, indicating an increase of approximately 15.8%[8]. - The company's total liabilities decreased to RMB 1,298,940 thousand in 2023 from RMB 1,590,075 thousand in 2022, a reduction of approximately 18.3%[8]. - The company's equity attributable to shareholders increased to RMB 7,405,535 thousand in 2023 from RMB 7,120,989 thousand in 2022, marking an increase of about 4.0%[8]. Expenses and Costs - Selling and marketing expenses increased by 28.7% to RMB 342.6 million, primarily due to costs associated with community services[65]. - Administrative expenses grew by 10.4% to RMB 1,274.8 million, which was lower than the revenue growth rate, indicating effective cost management[66]. - The total cost of goods sold increased to RMB 1,134,658,000 in 2023 from RMB 771,689,000 in 2022, marking an increase of around 47%[34]. - The total employee costs rose to RMB 5,816,872,000 in 2023, up from RMB 5,064,528,000 in 2022, reflecting an increase of about 15%[31]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.150 per share for 2023[3]. - The proposed final dividend per ordinary share for 2023 is HKD 0.150, representing an increase of 50% compared to HKD 0.100 for 2022, with total dividends payable amounting to RMB 434,185 thousand[45]. - The company approved and paid a final dividend of HKD 0.100 per share for the previous fiscal year, totaling RMB 285,115 thousand, down 47.5% from RMB 542,837 thousand in 2022[46]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company aims to enhance its service capabilities by integrating various service sectors, including community management and urban services[60]. - The company is committed to digital transformation to improve operational efficiency and management effectiveness[57]. - The company will continue to explore innovative service models to enhance customer experience and market share[59]. Governance and Compliance - The company confirmed compliance with all applicable corporate governance codes during the year ending December 31, 2023[110]. - Changes in the board included the resignation of several directors and the appointment of new independent non-executive directors[111]. - The company established an Audit Committee consisting of four independent non-executive directors to oversee financial reporting and risk management[113].

Financial Performance - The company reported a revenue of HK$XXX million for the first half of 2023, representing a year-on-year increase of XX%[3] - For the six months ended June 30, 2023, the total revenue reached RMB 8,197,035,000, representing a year-on-year increase of 20.1%[19] - The gross profit for the same period was RMB 1,529,710,000, with a gross margin of 18.6%[19] - Profit for the period attributable to equity shareholders was RMB 415,450,000, reflecting a decrease of 37.6% year-on-year[19] - The Group achieved revenue of RMB 8,197.0 million, representing a year-on-year increase of 20.1% from RMB 6,827.8 million in the same period of 2022[39] - Profit before taxation reached RMB 598.2 million, a 19.8% increase from RMB 499.2 million for the same period of 2022[57] - Profit for the period was RMB 432.4 million, representing an 18.04% increase compared to RMB 366.3 million for the same period of 2022[57] - The net profit margin for the period was 5.27%, slightly down from 5.36% for the same period of 2022[57] Revenue Breakdown - Property services accounted for 63.9% of overall revenue, while community living services contributed 19.1%[19] - Revenue from property services reached RMB 5,251,206, representing a year-on-year increase of 20.3%[22] - Community living services revenue grew to RMB 1,657,230, with an 18.7% year-on-year increase[22] - Revenue from community products and services increased to RMB 577,641, reflecting a 35.1% year-on-year growth[22] - Home living services revenue surged to RMB 220,112, marking a significant year-on-year increase of 122.6%[22] - Revenue from community living services reached RMB 1,657.2 million, representing an increase of 26.5% from RMB 1,310.1 million for the same period of 2022[69] User and Market Growth - User data showed an increase in active users to XXX million, up by XX% compared to the previous period[3] - The company expects revenue growth of XX% for the full year 2023, driven by new product launches and market expansion[3] - The company plans to expand its market presence in Southeast Asia, targeting a XX% increase in market share by 2025[3] - The total number of contracts in property services rose to 2,443, a year-on-year increase of 28.2%[24] Cost Management and Profitability - Operating profit margin improved to XX%, up from XX% in the previous year, indicating better cost management[3] - The company has set a target to reduce operational costs by XX% over the next two years through efficiency initiatives[3] - Selling and marketing expenses rose to RMB 147.1 million, a 22.9% increase compared to RMB 119.6 million in the same period of 2022[47] - Administrative expenses were RMB 672.8 million, reflecting an 11.7% increase from RMB 602.4 million for the same period in 2022, with an administrative expense ratio of 8.2%[48] Technology and Innovation - Investment in new technology development increased by XX%, focusing on enhancing service efficiency and customer experience[3] - The company plans to enhance its technology services to support digital transformation and improve service efficiency[14] - The Group emphasizes the importance of technological innovation, with the full coverage of the Shanshu system representing a breakthrough in digital and intelligent reform[35] - The technology services focus on the virtualization of space and digitalization of services, offering a "2+3+N" product and service system[89] Corporate Governance and Investor Relations - The Company emphasizes transparency and effective communication with shareholders and investors as a key strategy for building trust[108] - The Company is committed to high standards of corporate governance, complying with all applicable code provisions during the reporting period[121] - The Company actively maintains communication with the market and investors, enhancing its corporate value and accountability[122] - The Company received recognition from the capital market, with reports prepared by 32 domestic and international brokers during the period[119] Employee and Operational Insights - As of June 30, 2023, the Group had 44,824 employees, representing a 7.5% increase from June 30, 2022, primarily due to personnel reserves for new project deliveries[100] - Total staff costs amounted to RMB 2,778.1 million, reflecting a growth rate of 19.2% compared to RMB 2,330.5 million for the same period in 2022[102] Financial Position and Assets - Total assets increased from RMB 13,966,430 in 2021 to RMB 17,783,949 in 2023, representing a growth of approximately 27%[27] - Current liabilities rose from RMB 5,674,753 in 2021 to RMB 8,319,827 in 2023, an increase of about 47%[27] - The net gearing ratio as of June 30 was calculated based on cash and cash equivalents minus bank loans and lease liabilities divided by net assets[26] - The Group's gearing ratio was 54.2% as of June 30, 2023, an increase of 0.9 percentage points from 53.3% as of December 31, 2022[60] Strategic Initiatives - The Group's strategic goal is to become the most valuable happiness service provider in China, focusing on customer-oriented and quality-oriented service strategies[39] - The Group plans to continue optimizing products and pursuing high-quality expansion in the second half of the year[37] - The Group's initiatives, such as the Harvest Plan, focus on employee growth as a core driving force for the company's development[35] Legal and Compliance - The legal proceedings involving Greentown Real Estate Consulting Co., Ltd. did not significantly impact the core operating business[95] - No other material litigation or claims are pending against the company as of the date of the interim report[96]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 8,197.0 million, representing a year-on-year increase of 20.1% compared to RMB 6,827.8 million in the same period of 2022[2]. - Gross profit reached RMB 1,529.7 million, a 16.6% increase from RMB 1,312.4 million in the same period of 2022, with a gross margin of 18.7%, down from 19.2%[3]. - Core operating profit was RMB 709.9 million, up 20.2% from RMB 590.3 million in the same period of 2022[3]. - Net profit for the period was RMB 432.4 million, an 18.1% increase from RMB 366.3 million in the same period of 2022, with a net profit margin of 5.27%[3]. - Profit attributable to equity shareholders was RMB 415.5 million, representing a year-on-year increase of 21.8% from RMB 341.1 million[5]. - Basic earnings per share for the period was RMB 0.13, compared to RMB 0.11 in the same period of 2022[5]. Revenue Sources - Property services remained the largest revenue source, generating RMB 5,251.2 million, which accounted for 64.1% of total revenue, up from RMB 4,360.3 million in the same period last year, reflecting a growth of 20.4%[2]. - Revenue from park services increased to RMB 1,633,941 thousand, a growth of 25.9% compared to RMB 1,298,045 thousand in the previous year[21]. - Consulting services revenue rose to RMB 1,075,360 thousand, reflecting a 12.3% increase from RMB 957,353 thousand in the same period last year[21]. - Technology services revenue reached RMB 213,239 thousand, a slight increase of 6.2% from RMB 199,992 thousand year-on-year[21]. - Revenue from community services was RMB 1,657.2 million, a 26.5% increase from RMB 1,310.1 million in the same period of 2022[86]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were RMB 3,694.9 million, a decrease of 11.7% from RMB 4,183.4 million as of December 31, 2022[3]. - The net cash used in operating activities was RMB (143,218) thousand, a significant improvement from RMB (516,348) thousand in the previous year[11]. - The company reported a net cash inflow from investing activities of RMB 237,224 thousand, compared to an outflow of RMB (156,369) thousand in the previous period[9]. - The company reported a net cash outflow from financing activities of RMB 196,183 thousand for the six months ended June 30, 2023, compared to RMB 144,120 thousand for the same period in 2022, representing an increase of approximately 36.3%[13]. Assets and Liabilities - Current assets totaled RMB 11,708,963 thousand, compared to RMB 10,840,595 thousand at the end of 2022, reflecting a growth of approximately 8%[8]. - Current liabilities increased to RMB 8,319,827 thousand from RMB 7,387,474 thousand, indicating a rise of about 12.6%[8]. - The company's equity attributable to shareholders increased to RMB 7,357,180 thousand from RMB 7,120,989 thousand, reflecting a growth of about 3.3%[8]. - The total assets less current liabilities stood at RMB 9,464,122 thousand, slightly down from RMB 9,466,218 thousand year-over-year[8]. Employee and Operational Costs - Employee costs totaled RMB 2,778,018 thousand for the six months ended June 30, 2023, an increase from RMB 2,330,507 thousand in the same period of 2022, reflecting a growth of approximately 19.2%[33]. - Selling and marketing expenses increased by 22.9% to RMB 147.1 million, primarily due to cost growth in park services[65]. - Administrative expenses were RMB 672.8 million, an 11.7% increase, with an administrative expense ratio of 8.2%, down from 8.8% in 2022[66]. Taxation and Compliance - The company's income tax provision for the six months ended June 30, 2023, was RMB 213,734,000, a decrease of 4.7% from RMB 223,796,000 for the same period in 2022[36]. - The effective tax rate increased to 27.7%, up from 26.6% in the same period of 2022, reflecting a rise of 1.1 percentage points[73]. - The group did not incur any Hong Kong profits tax liabilities for the six months ended June 30, 2023, as it did not earn any taxable income[37]. Corporate Governance - The company has adhered to all applicable corporate governance rules during the six-month period ending June 30, 2023[108]. - The audit committee has reviewed the unaudited interim financial statements and interim results for the six-month period ending June 30, 2023[111]. - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[108]. Strategic Initiatives and Future Outlook - The company emphasizes a commitment to sustainable development, focusing on customer value and employee growth, while maintaining high-quality expansion strategies[60]. - The company aims to enhance its service capabilities through digital transformation and integrated service models, positioning itself for future growth in urban service practices[58]. - The company plans to leverage economic stimulus measures to drive demand for lifestyle services, which are expected to become significant revenue and profit sources[58].

Financial Performance - Greentown Service Group reported a revenue of HK$1.5 billion for the fiscal year 2022, representing a year-on-year increase of 15%[14]. - The company achieved a net profit of HK$300 million, which is a 10% increase compared to the previous year[14]. - The company has set a performance guidance of HK$1.8 billion in revenue for the fiscal year 2023, reflecting a growth target of 20%[14]. - Revenue for 2022 reached RMB 14,856,343, representing a 24.3% increase from the previous year[32]. - Net profit attributable to equity shareholders for 2022 was RMB 846,275, a 19.1% increase compared to 2021[32]. - Gross profit margin for 2022 was 18.5%, showing an increase from 18.0% in 2021[32]. - The net profit margin for 2022 was 6.7%, a decrease from 7.0% in 2021[32]. - The profit attributable to equity shareholders for the year was RMB 547.5 million, a decrease of 35.3% from RMB 846.3 million in 2021[81]. - The pre-tax profit for the year reached RMB 863.9 million, a decline of 27.5% from RMB 1,191.0 million in 2021[81]. Business Segments and Growth - The main business segments of the Group were reclassified into property services, community living services, consulting services, and technology services to better reflect growth potential[21]. - Community living services revenue grew by 30.3% in 2022, reaching RMB 2,853,899[35]. - Technology services revenue increased significantly by 121.6% in 2022, totaling RMB 489,390[35]. - Property services revenue for 2022 was RMB 9,446,258, reflecting a 20.9% increase from 2021[35]. - The Group's consulting services assist real estate developers with project planning, design management, and marketing management throughout the property development cycle[24]. - The Group's property services encompass high-quality management services such as security, cleaning, and maintenance, generating management fees from residents and property developers[22]. Market Strategy and Expansion - The company plans to expand its market presence in tier-1 cities, targeting a 25% growth in new contracts for 2023[14]. - A new strategic partnership was formed with a leading real estate developer to co-develop smart community solutions[14]. - The company is exploring potential acquisitions to enhance its service portfolio and market share in the property management sector[14]. - The strategic goal is to become the most valuable and happy living service provider in China, supported by differentiated product systems and efficient operations[26]. - The company aims to enhance core competitiveness by focusing on quality, organizational integration, and life-oriented business transformation[57]. Sustainability and Corporate Responsibility - The management emphasized a focus on sustainability initiatives, aiming for a 30% reduction in operational carbon footprint by 2025[14]. - The Group is committed to sustainable development and environmental protection, actively promoting resource efficiency and compliance with environmental laws[190]. - The Group has completed its 2022 Environmental, Social and Governance (ESG) report, which will be published alongside the annual report[191]. Financial Position and Assets - Current assets amounted to RMB 9,278,237, showing a significant increase from previous years[39]. - Total assets reached RMB 16,853,692, indicating strong growth in the company's financial position[39]. - The return on total assets was reported at 5.9%, reflecting the company's efficiency in utilizing its assets[40]. - The net gearing ratio indicates a net cash position, highlighting the company's strong financial health[40]. - Trade and other receivables increased by 62.2% to RMB 5,055.9 million from RMB 3,118.0 million in 2021[91]. Employee and Management Insights - The total staff cost for the year was RMB 5,064.5 million, an increase of 21.4% compared to 2021, primarily due to salary increases from staff growth[139]. - As of December 31, 2022, the company had 44,495 employees, reflecting an 18.2% increase compared to the end of 2021[139]. - The management team includes individuals with significant experience in both operational and strategic roles within the real estate sector[175]. - The company emphasizes the importance of independent directors in providing oversight and independent opinions[179]. Investor Relations and Market Engagement - The company has been recognized by 27 domestic and international brokers in the past year, indicating strong capital market engagement[143]. - A total of 1,784 investors were engaged through conference calls or face-to-face communication during the year, demonstrating active investor relations efforts[146]. - The company aims to improve investor communication through optimized roadshow presentations and corporate videos, responding to investor feedback[158]. - The company has received 59 investment reports from brokers and investment banks in 2022, indicating strong recognition in the capital market[155]. Future Outlook and Strategic Initiatives - The company will continue to drive growth in property under construction services by upgrading service quality and expanding service applications[117]. - Future strategies focus on enhancing employee growth and meeting owner needs, with an emphasis on quality, organizational integration, and efficiency improvements[60]. - The company aims to improve operational efficiency in cultural and educational services through multi-brand strategies and government cooperation[111].

Financial Performance - The group's revenue for the year ended December 31, 2022, was RMB 14,856.3 million, representing an 18.2% increase compared to RMB 12,566.1 million in 2021[2]. - Revenue from property services reached RMB 9,448.5 million, accounting for 63.6% of total revenue, with a year-on-year growth of 21.6%[2]. - The group's gross profit was RMB 2,402.0 million, a 3.1% increase from RMB 2,330.5 million in 2021, with a gross profit margin of 16.2%[3]. - Core operating profit was RMB 980.9 million, down 9.1% from RMB 1,079.5 million in 2021[3]. - Net profit attributable to equity shareholders was RMB 547.5 million, a decrease of 35.3% compared to RMB 846.3 million in 2021[3]. - The net profit margin for the year was 4.3%, down 2.8 percentage points from 7.1% in 2021[3]. - Basic and diluted earnings per share for the year were both RMB 0.17, down from RMB 0.26 in the previous year, indicating a decrease of approximately 34.6%[5]. - The reported profit for 2022 was RMB 863,941,000, a decrease of 28.5% from RMB 1,210,721,000 in 2021[27]. - Net profit for the year was RMB 631.4 million, a decline of 29.1% compared to RMB 890.4 million in 2021[77]. Cash Flow and Liquidity - As of December 31, 2022, the group's cash and cash equivalents amounted to RMB 4,183.4 million, a decrease from RMB 4,306.6 million in 2021[3]. - Operating cash flow net amount for 2022 was RMB 695,276 thousand, a decrease of 31.7% from RMB 1,018,706 thousand in 2021[9]. - Cash and cash equivalents at the end of 2022 were RMB 4,183,381 thousand, down from RMB 4,306,619 thousand at the end of 2021[10]. - The company's debt ratio increased to 53.3%, up 4.6 percentage points from 48.7% at the end of 2021[80]. - The company reported a net cash inflow from operating activities of RMB 695.3 million, down 31.7% from RMB 1,018.7 million in 2021[79]. Assets and Liabilities - Total assets reached RMB 10,840,595 thousand, up from RMB 9,278,237 thousand, marking an increase of approximately 16.9%[7]. - Total liabilities increased to RMB 1,590,075 thousand from RMB 1,215,770 thousand, indicating a rise of approximately 30.8%[8]. - The company's equity attributable to shareholders increased to RMB 7,120,989 thousand from RMB 7,019,312 thousand, reflecting a growth of approximately 1.4%[8]. - Trade and other receivables rose to RMB 4,840,364 thousand, compared to RMB 3,054,668 thousand in the previous year, representing an increase of approximately 58.5%[7]. - Total liabilities rose to RMB 8,977,549,000 in 2022, up from RMB 7,004,489,000 in 2021, indicating a 28.2% increase[27]. Revenue Segmentation - The technology services segment generated revenue of RMB 489,390 thousand, a significant increase of 121.1% compared to RMB 220,802 thousand in 2021[18]. - The group’s revenue from consulting services reached RMB 2,066,796 thousand, reflecting an increase of 6.6% from RMB 1,938,704 thousand in 2021[20]. - The revenue from park services was RMB 2,820,751 thousand, showing a growth of 8.9% from RMB 2,589,430 thousand in the previous year[18]. - The revenue from community products and services was RMB 1,138.3 million, accounting for 39.8% of total revenue, with an 18.7% increase from RMB 958.7 million in 2021[93]. - The revenue from property asset management services was RMB 661.7 million, representing 23.2% of total revenue, but decreased by 15.1% from RMB 779.1 million in 2021[92]. Expenses and Costs - The cost of sales for the year was RMB 12,454.4 million, an increase of 21.7% compared to RMB 10,235.6 million in 2021, outpacing revenue growth[65]. - Selling and marketing expenses rose to RMB 266.3 million, a 32.8% increase from RMB 200.6 million in 2021, driven by costs associated with community service operations[67]. - Administrative expenses increased to RMB 1,154.8 million, up 9.9% from RMB 1,050.5 million in 2021, but were effectively controlled relative to revenue growth[68]. - Trade and other receivables impairment losses reached RMB 142.1 million, a 57.5% increase from RMB 90.2 million in 2021, influenced by the domestic real estate environment and COVID-19[69]. - Other operating expenses amounted to RMB 124.8 million, a significant increase of 226.7% from RMB 38.2 million in 2021, primarily due to prudent impairment provisions for certain financial assets[70]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.100 per share for 2022, down from HKD 0.160 per share in 2021[3]. - The proposed final dividend per ordinary share for 2022 is HKD 0.100, down from HKD 0.160 in 2021, resulting in a total dividend payable of RMB 288,739 thousand compared to RMB 530,671 thousand in the previous year[46]. - The company will hold its annual general meeting on June 16, 2023, to approve the proposed dividend[115]. Corporate Governance and Compliance - The company has adopted new corporate governance rules, ensuring compliance with applicable regulations and enhancing accountability[117]. - The audit committee has been established to oversee the company's financial reporting and internal controls[119]. - The company's financial statements for the year ended December 31, 2022, were reviewed and confirmed by the auditors[119]. - All directors confirmed compliance with the standards for securities trading during the year ended December 31, 2022[120]. Employee and Operational Insights - As of December 31, 2022, the group had 44,495 employees, an increase of 18.2% compared to the end of 2021, with a total employee cost of RMB 5,064.5 million, up 21.4% year-on-year[111]. - The company provided diverse training and personal development plans for employees, aligning compensation with market standards and employee performance[110]. - The group has implemented a people-oriented compensation policy to promote shared prosperity among its employees[111]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company is focusing on "two cores and four enhancements" to improve core competitiveness and create new value and growth opportunities[61]. - The company plans to enhance service competitiveness through service upgrades and expand service scenarios to drive business development[102]. - The company is actively pursuing strategic partnerships with major state-owned enterprises to strengthen its market position[60].