Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 3,594,714, representing a 28.0% increase compared to RMB 2,809,206 in 2023[5] - The gross profit for the year was RMB 835,368, with a gross margin of 23.2%, down from 24.8% in 2023[5] - Operating profit increased by 22.1% to RMB 705,087, compared to RMB 577,305 in 2023[7] - Net profit attributable to equity shareholders was RMB 546,529, an 11.0% increase from RMB 492,545 in the prior year[5] - The company's basic and diluted earnings per share for 2024 were RMB 546,529,000, compared to RMB 492,545,000 in 2023, indicating an increase of 10.9%[40] - The company's income tax expense for 2024 was RMB 232,886,000, a significant increase from RMB 149,508,000 in 2023, representing a growth of 55.7%[35] - Net profit for the year increased by 10.0% to RMB 553.5 million in 2024, compared to RMB 503.0 million in 2023, with a net profit margin of 15.4%, down 2.5 percentage points from 17.9%[113] Revenue Breakdown - Property management services revenue was RMB 1,932,289, up 24.7% from RMB 1,549,890 in the previous year[5] - The 5S value-added services segment saw revenue increase to RMB 1,097,007 thousand, a significant rise of 62% compared to RMB 678,483 thousand in 2023[25] - Revenue from residential property management was RMB 1,476.9 million, with a managed area of 56,939 thousand square meters across 314 projects, compared to RMB 1,131.6 million and 45,040 thousand square meters across 252 projects in 2023[83] - Property management services generated revenue of RMB 1,932.3 million, accounting for 53.8% of total revenue, with a year-on-year growth of 24.7%[94] - 5S value-added services revenue reached RMB 1,097.0 million, representing 30.5% of total revenue, with a significant increase of 61.7% compared to the previous year[98] - Non-owner value-added services revenue was RMB 565.4 million, accounting for 15.7% of total revenue, showing a decline of 2.7% year-on-year[98] Operational Metrics - The number of managed area increased by 23.9% to 67,945 thousand square meters, compared to 54,847 thousand square meters in 2023[5] - The total contracted area as of December 31, 2024, was 92.9 million square meters, an increase from 82.2 million square meters in 2023, while the managed area grew to 67.9 million square meters from 54.8 million square meters[81] - The average property management fee for 2024 was approximately RMB 4.10 per square meter per month, down from RMB 4.21 in 2023, with 15 projects increasing their management fees[75] - The total managed area in Hangzhou exceeded 4.3 million square meters, representing approximately 63.7% of the total managed area, with the top five cities accounting for about 88.5% of the total[59] Cost and Expenses - Employee costs rose to RMB 1,199,366,000 in 2024, up from RMB 1,013,680,000 in 2023, reflecting a growth of 18.3%[30] - Total sales cost increased by 30.6% from RMB 2,113.3 million in 2023 to RMB 2,759.3 million in 2024, primarily due to business scale growth[104] - The depreciation expense for owned properties, plants, and equipment rose to RMB 15,204,000 in 2024 from RMB 11,577,000 in 2023, an increase of 31.2%[33] Dividends and Shareholder Returns - The company declared a mid-year dividend of HKD 0.630 per share, with a payout ratio of approximately 60%[5] - The board proposed a final dividend of HKD 0.876 per share for 2024, with a total proposed dividend of approximately HKD 242.1 million, representing a payout ratio of about 70%[132] Market and Strategic Initiatives - The company continues to focus on expanding its property management and value-added services in the Chinese market[24] - The company aims to enhance its service quality through a three-tier quality control system and has implemented a customer service intelligence system to improve client satisfaction[58] - The company has successfully expanded its market presence through strategic partnerships and joint ventures, with new projects in Hangzhou, Shanghai, Zhoushan, and Hainan[59] - The company aims to expand its market share in the Yangtze River Delta region, targeting cities like Shanghai and Ningbo for future growth[88] Governance and Compliance - The company has complied with the corporate governance code, with a commitment to maintaining high standards of governance and accountability[135] - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and financial statements for the year ending December 31, 2024[137] Employee and Talent Development - The company emphasized the importance of talent development, enhancing internal training and expanding the talent reserve pool[68] - Total employees increased to 14,022 as of December 31, 2024, up from 11,647 in 2023, with employee costs rising to RMB 1,199.4 million from RMB 1,013.7 million[128]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,650,407,000, representing a 38.7% increase compared to RMB 1,190,076,000 for the same period in 2023[9]. - Gross profit for the reporting period was RMB 421,745,000, an increase of 32.6% from RMB 318,032,000 in the corresponding period of 2023[9]. - Profit for the reporting period was RMB 272,347,000, reflecting a 14.7% increase from RMB 237,470,000 in the previous year[9]. - Basic earnings per share increased to RMB 0.96 from RMB 0.84, marking a growth of 14.9%[9]. - The Group's profit for the period increased by 14.7% to RMB 272.3 million, with a net profit margin of 16.5%, down 3.5 percentage points from the previous year[93]. - The Group's profit before taxation rose by 24.5% to RMB 391.7 million, mainly due to increased gross profit from operations[91]. - Total revenue for the six months ended June 30, 2024, reached RMB 1,650,407,000, a 38.7% increase from RMB 1,190,076,000 in the same period of 2023[199]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,184,894,000, up from RMB 4,054,902,000 at the end of 2023[12]. - Current assets increased to RMB 2,737,038,000 from RMB 2,605,190,000, while cash and cash equivalents decreased to RMB 867,138,000 from RMB 1,455,384,000[12]. - Total liabilities rose to RMB 2,725,297,000 from RMB 2,513,329,000, indicating an increase in financial obligations[12]. - Current liabilities increased to RMB 2,710,267 from RMB 2,491,664 at the end of 2023, indicating a rise of 8.8%[167]. - The total equity of the Group decreased by 5.3% to RMB 1,459.6 million from RMB 1,541.6 million as of December 31, 2023[96]. Operational Metrics - As of June 30, 2024, the Group's gross floor area (GFA) under management was approximately 63.1 million sq.m., representing a 29.6% increase compared to the same period in 2023[14]. - The contracted GFA was approximately 90.0 million sq.m., reflecting a growth of 21.3% year-over-year[14]. - The number of projects managed increased to 398 in 2024 from 328 in 2023, marking a rise of about 21.3%[55]. - The average monthly property management fee was approximately RMB 4.17 per sq.m., down from RMB 4.27 per sq.m. in the same period of 2023[42]. Value-Added Services - Revenue from property management services amounted to RMB 905.3 million, while value-added services to non-property owners generated RMB 250.7 million[42]. - Revenue from 5S value-added services increased significantly to RMB 494,324,000, up from RMB 191,234,000, representing a growth of 158.5% year-over-year[199]. - The Group's value-added service system centered on 5S aims to provide one-stop quality services for homeowners[21]. Cost and Expenses - Cost of sales increased by 40.9% from RMB 872.0 million to RMB 1,228.7 million, consistent with business scale growth[84]. - Selling and marketing expenses rose by 41.5% to RMB 10.7 million, primarily due to increased market expansion expenses[85]. - Administrative expenses increased by 50.5% to RMB 49.9 million, mainly due to enhanced management and talent development[86]. Cash Flow and Dividends - The net cash generated from operating activities was RMB 171,070,000, a decrease of 73.8% compared to RMB 653,670,000 for the same period in 2023[173]. - The company paid dividends totaling RMB 345,743,000, compared to no dividends paid in the same period last year, indicating a new strategy in shareholder returns[175]. - The interim dividend declared is HK$0.630 per share, totaling approximately HK$174.1 million, with a payout ratio of about 60% of net profit attributable to equity shareholders[116]. Corporate Governance - The Company has complied with all applicable code provisions under the Corporate Governance Code during the six months ended June 30, 2024, except for the separation of the roles of chairman and chief executive officer[120]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the interim results and financial statements for the six months ended June 30, 2024[124]. - The Company has maintained high standards of corporate governance to safeguard shareholder interests and enhance corporate value[120]. Market Expansion and Strategy - The Group's strategy focuses on expanding market share through high-quality brand development and deep regional cultivation[19]. - The Group aims to enhance operational capabilities through informatization and intelligence improvements[46]. - The Group plans to fully utilise the remaining unutilised net proceeds by 31 December 2025, based on the best estimation of future development and market conditions[135].

Investment Rating - The report maintains a BUY rating for Binjiang Services with a target price (TP) trimmed by 4% to HK$32.94, representing a 15x 2024E P/E [2][4]. Core Insights - Binjiang Services reported solid 1H24 results with revenue and net profit (NP) growing 39% and 15% year-over-year (YoY) respectively. The gross profit margin (GPM) narrowed by 1.2 percentage points due to a higher proportion of lower-margin furnishing services in revenue [2][5]. - The company has balanced sources of growth, with managed gross floor area (GFA) expanding by 30% YoY in 1H24, driven by both parent company and third-party contributions [2][5]. - The sustainability of growth in furnishing services is supported by RMB 1.27 billion in contract liabilities, although this may continue to exert pressure on margins [2][5]. Financial Performance Summary - Revenue for 1H24 reached RMB 1.65 billion, with property management services growing by 26% YoY and the Owner Value-Added Services (VAS) segment increasing by 159% YoY [2][5]. - The net profit margin contracted by 3.3 percentage points to 16.1% due to a 6 percentage point increase in the tax rate, resulting in a 15% YoY increase in NP [2][5]. - Total receivables increased by 44% YoY, slightly outpacing revenue growth, which is considered normal given the seasonal nature of property management fee collections [2][5]. Growth Projections - The company expects to deliver 20-30% growth in managed GFA for 2024E, indicating a positive outlook despite a challenging environment [2][5]. - Forecasts for net profit have been lowered by 7-13% for 2024-25E to reflect the challenging environment and intensifying competition [2][6]. Valuation Metrics - The report provides a valuation of 15x 2024E P/E, with a target price of HK$32.94, indicating a significant upside potential from the current price of HK$17.00 [4][6]. - The earnings summary shows a consistent growth trajectory with revenue projected to reach RMB 3.485 billion in FY24E, reflecting a 24.1% YoY growth [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company has reported a dual increase in revenue and profit, with a steady growth in managed area and a robust project reserve, indicating promising future resource delivery [2]. - The expansion into hard decoration services has led to a significant increase in 5S value-added service revenue, which is expected to become a new profit growth point [2]. - The company maintains its profit forecast, expecting net profits of 583 million, 702 million, and 829 million yuan for 2024-2026, with corresponding EPS of 2.11, 2.54, and 3.00 yuan [2]. Financial Performance - For the first half of 2024, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 38.7%, and a net profit of 265 million yuan, up 14.9% year-on-year [2]. - The gross margin and net margin were 25.6% and 16.5%, respectively, reflecting a decrease of 1.1 percentage points and 3.5 percentage points [2]. - The interim dividend declared is 0.63 HKD per share, with a payout ratio of 60% [2]. Property Management Revenue - Property management revenue reached 905 million yuan, a year-on-year increase of 25.9%, accounting for 54.9% of total revenue, with a gross margin of 19.7% [2]. - The managed area increased to 63 million square meters, a year-on-year growth of 29.6%, with residential properties making up 81.7% [2]. - The company has raised property management fees 64 times since 2015, with an average fee of 4.17 yuan per square meter per month [2]. Value-Added Services - Non-owner value-added service revenue decreased by 10.3% year-on-year to 251 million yuan, primarily due to a reduction in pre-delivery service revenue [2]. - The 5S value-added service revenue surged by 158.5% year-on-year to 494 million yuan, with significant contributions from parking and storage services [2]. - The gross margin for value-added services decreased to 27.4%, down 7.4 percentage points year-on-year, due to the dilution effect from hard decoration services [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 1.65 billion yuan for the first half of 2024, representing a year-on-year increase of 38.7%, while the net profit attributable to shareholders was 270 million yuan, up 14.9% year-on-year [2] - The revenue growth was driven by high increases in both revenue and gross profit, although the net profit growth was below expectations due to a decline in gross margin [2][3] - The company has expanded its management scale significantly, with a managed area of approximately 63.12 million square meters, a year-on-year increase of 29.6% [2] - The average property management fee remains high at 4.17 yuan per square meter per month, only slightly down from the previous year [2] - The 5S value-added services saw a substantial revenue increase of 158.5% year-on-year, driven by the growth in the "优居" service [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.65 billion yuan, with a gross profit of 425 million yuan, reflecting a gross margin of 25.6%, down 1.1 percentage points year-on-year [2] - The net profit attributable to shareholders was 270 million yuan, with a significant increase in impairment losses on trade receivables and contract assets, which rose by 311.3% year-on-year [2][3] Management and Operations - The company has seen a qualitative expansion in management scale, with third-party management accounting for 57.7% of the total managed area, an increase of 1.2 percentage points from the end of 2023 [2] - The company reported that 65.2% of the newly managed area in the first half of 2024 came from third-party contracts [2] Cash Flow and Dividends - As of the first half of 2024, the company had cash and time deposits amounting to 2.84 billion yuan, a decrease of 8.13% from the end of 2023, but still maintaining a strong cash position [2] - The company has resumed distributing interim dividends, with a payout ratio of 60% [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 560 million yuan, 670 million yuan, and 750 million yuan, with year-on-year growth rates of 14.4%, 18.5%, and 12.0% respectively [3] - The stock is expected to trade at a price-to-earnings (P/E) ratio of 7.3x, 6.2x, and 5.5x for 2024-2026 [3]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,650,407, representing a 38.7% increase from RMB 1,190,076 for the same period in 2023[2] - Gross profit for the period was RMB 421,745, up 32.6% from RMB 318,032 year-on-year, with a gross margin of 25.6%[2] - Net profit attributable to equity shareholders for the period was RMB 265,315, a 14.9% increase from RMB 230,996 in the previous year[2] - Operating profit for the period was RMB 350,668, reflecting a 25.9% increase from RMB 278,601 in the previous year[3] - Total comprehensive income for the period was RMB 263,941, compared to RMB 233,004 in the same period last year[5] - The pre-tax profit for the six months ended June 30, 2024, was RMB 391,681 thousand, compared to RMB 314,490 thousand for the same period in 2023, reflecting a growth of 24.6%[17] - The group achieved a revenue increase of 38.7% to RMB 1,650.4 million for the first half of 2024, with a gross profit of RMB 421.7 million, up 32.6% year-on-year[44] - The group’s profit for the reporting period was RMB 272.3 million, an increase of 14.7% compared to RMB 237.5 million in the same period of 2023[72] Revenue Breakdown - Property management services generated revenue of RMB 905,335 thousand, up 25.9% from RMB 719,350 thousand year-on-year[17] - Non-owner value-added services and 5S value-added services contributed RMB 250,748 thousand and RMB 494,324 thousand respectively, with the latter showing a significant increase from RMB 191,234 thousand in the previous year[17] - The revenue from 5S value-added services accounted for 29.9% of total revenue, making it the second-largest source of income for the company[58] - The total revenue from property management services reached RMB 905,335,000 for the first half of 2024, a 25.9% increase from RMB 719,350,000 in the same period of 2023[50] - Residential property management revenue was RMB 689,428,000, a 31.5% increase from RMB 524,128,000 in the previous year[50] Managed Area and Growth - The total managed area increased to 63,119 thousand square meters, a 29.6% growth compared to 48,708 thousand square meters as of June 30, 2023[2] - The managed building area reached approximately 63.1 million square meters, a year-on-year increase of 29.6%, and a 15.1% increase compared to December 31, 2023[44] - The contracted building area amounted to approximately 90.0 million square meters, reflecting a growth of 21.3% compared to the same period in 2023[36] - The proportion of managed area from independent third parties increased to 57.7%, up by 1.6 percentage points year-on-year[37] - The total number of projects managed increased to 398 in 2024, compared to 328 in 2023, reflecting a growth of 21.3%[50] Expenses and Costs - Employee costs totaled RMB 558,417 thousand, an increase of 25.1% from RMB 446,459 thousand in the previous year[21] - Selling and marketing expenses rose by 41.5% to RMB 10.7 million from RMB 7.6 million in 2023, primarily due to increased market expansion costs[66] - Administrative expenses increased by 50.5% to RMB 49.9 million from RMB 33.2 million in 2023, mainly due to enhanced management and talent development[67] - The company’s depreciation expense for owned properties, plants, and equipment was RMB 6,987,000 for the six months ended June 30, 2024, compared to RMB 3,951,000 for the same period in 2023, reflecting an increase of approximately 77.2%[23] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.630 per share, with a payout ratio of approximately 60% of net profit[2] - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.630 per share, with a payout ratio of approximately 60%, totaling about HKD 174.1 million[80] Strategic Focus and Development - The company continues to focus on expanding its property management and value-added services in the Chinese market[16] - The company aims to enhance brand influence and expand market share, focusing on the Yangtze River Delta and Greater Bay Area regions[54] - The company is committed to upgrading its internal management system and smart management platform to improve operational efficiency[56] - The company has enhanced its talent development strategy, focusing on professional training in key areas such as fire safety and smart technology[41] - The company has established a supplier alliance for renovation services, leading to rapid business growth in the first half of 2024[39] Financial Position and Assets - Current assets as of June 30, 2024, were RMB 2,737.0 million, a 5.1% increase from RMB 2,605.2 million as of December 31, 2023[73] - Cash and cash equivalents decreased by 40.4% to RMB 867.1 million from RMB 1,455.4 million as of December 31, 2023, primarily due to payments and purchases of fixed-term deposit financial products[73] - The total equity as of June 30, 2024, was RMB 1,459.6 million, a decrease of 5.3% from RMB 1,541.6 million as of December 31, 2023[73] Corporate Governance and Social Responsibility - The company will continue to strengthen corporate governance and cultural development to enhance employee cohesion and corporate value[57] - The group continues to actively participate in social responsibility initiatives and community cultural activities, enhancing its brand reputation[43]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is deeply rooted in Hangzhou and is expanding nationwide, with value-added services driving significant performance growth. The projected earnings per share (EPS) for 2024-2026 are 2.11, 2.54, and 3.00 respectively, with corresponding price-to-earnings (P/E) ratios of 7.1, 5.9, and 5.0 [3][4]. Summary by Sections 1. High-End Residential Focus and Quality Service - The company has established itself in high-end residential property management, leading the market in service quality [10][11]. - The ownership structure is stable, with the top three shareholders being major stakeholders in the parent company, Binhai Group, ensuring collaborative growth [12]. - Revenue and profit have shown consistent growth, with a 2023 revenue of 28.10 billion yuan, a year-on-year increase of 41.5% [15]. 2. Property Management Expansion - The company has rapidly expanded its property management scale, with a managed area of 54.8 million square meters by the end of 2023, reflecting a 30.7% year-on-year growth [24]. - The average property management fee is approximately 4.21 yuan per square meter per month, which is above industry standards [39]. 3. Non-Owner Value-Added Services - Non-owner value-added services generated 5.81 billion yuan in revenue in 2023, a 7.5% increase, while the 5S value-added services saw a remarkable growth of 172.5% [3][15]. - The company has diversified its service offerings, including pre-delivery services and community space services, contributing to its revenue growth [3][15]. 4. Financial Forecast and Investment Recommendations - The company is expected to maintain revenue growth, with projected revenues of 35.28 billion yuan in 2024, 42.87 billion yuan in 2025, and 50.02 billion yuan in 2026 [5]. - The net profit for 2024 is estimated at 5.83 billion yuan, with a net profit margin of 17.0% [5][18].

Financial Performance - Revenue for 2023 reached RMB 2,809,206,000, representing a 41.7% increase compared to 2022[7] - Gross profit for 2023 was RMB 695,887,000, with a gross profit margin of 24.8%[7] - Profit for the year increased to RMB 503,031,000, reflecting a growth of 20.1% from the previous year[7] - Profit attributable to equity shareholders was RMB 492,545,000, marking a 19.6% increase year-on-year[7] - Basic and diluted earnings per share for 2023 were RMB 1.78, up from RMB 1.49 in 2022[7] - The net profit margin for 2023 was 17.9%, down from 21.1% in 2022[7] - The financial summary indicates a consistent increase in revenue and profit over the past five years, highlighting strong operational performance[7] Asset and Equity Growth - As of December 31, 2023, the total assets of the company reached approximately RMB 4,054,902,000, a significant increase from RMB 2,993,992,000 in 2022, representing a year-on-year growth of 35.4%[10] - The total equity attributable to equity shareholders was RMB 1,488,447,000, with a return on shareholders' equity maintained at 33.1%[10] - The Group's total equity as of December 31, 2023, was RMB 1,541.6 million, representing a year-on-year increase of 19.8% from RMB 1,286.3 million as of December 31, 2022, driven by business scale growth and increased operating profit[65] Market Expansion and Strategy - The company is focusing on market expansion and new product development as part of its growth strategy[8] - The Group aims to expand its market presence in the Yangtze Delta region through strategic cooperation and joint ventures[14] - The Group's strategic objective is to achieve a synergistic development of quality, scale, and profitability while expanding its managed area[33] - The Group is actively promoting a third-party project expansion strategy to diversify project sources[27] Operational Efficiency and Management - The Group implemented expense control and cost budget control standards to enhance management efficiency while maintaining service quality[20] - The Group aims to enhance management efficiency through increased technology investment and improved internal systems[29] - The Group's focus on corporate governance and culture aims to enhance employee cohesion and improve overall enterprise value[53] Employee and Talent Development - The Group emphasized talent development by expanding recruitment channels and establishing a training system for management trainees and project managers[20] - The increase in employee count and staff costs indicates the Group's commitment to expanding its workforce and enhancing employee benefits[89] - The Group has implemented various employee recognition initiatives and rewards, alongside systematic training plans and promotion programs for staff[90] Customer Satisfaction and Service Quality - The company has been recognized as the benchmark of the Hangzhou property industry in customer satisfaction for 12 consecutive years[14] - The Group plans to enhance service standardization and quality control to achieve its goal of becoming a leading property management company in China[45] - The Group aims to optimize its quality inspection processes and improve service quality across various aspects, including security and customer service[45] Revenue Breakdown - Revenue from property management services amounted to RMB 1,549.9 million, while value-added services to non-property owners generated RMB 580.8 million[26] - The total revenue from non-residential property management services was RMB 404,298,000 in 2023, compared to RMB 339,468,000 in 2022, marking an increase of approximately 19.1%[37] - Revenue from residential property management services reached RMB 1,131,608,000 in 2023, up from RMB 837,858,000 in 2022, reflecting a growth of approximately 35%[37] Financial Stability and Liquidity - The current ratio decreased to 1.05 in 2023, down from 1.57 in 2022, indicating a decline in short-term financial health[10] - The Group's liquidity position is stable, with sufficient working capital to meet expected capital investment plans, unaffected materially by the COVID-19 epidemic[82] - The Group did not incur any bank loans or other borrowings during the Reporting Period[149] Governance and Compliance - The company has confirmed the independence of all independent non-executive directors in compliance with the Listing Rules[152] - The remuneration committee is responsible for establishing a transparent remuneration policy for directors and senior management, considering comparable companies' remuneration levels[158] - The Group has adopted stringent measures for environmental protection to ensure compliance with prevailing laws and regulations[128] Future Outlook - The Group aims to leverage its strengths and capabilities to seize development opportunities in 2024[24] - The Group's future growth prospects may be adversely affected if it cannot increase the number of managed properties developed by independent third-party developers[81] - The Group plans to fully utilize the remaining unutilized net proceeds by 31 December 2025[117]

2024 年 3月 25日，公司发布 2023年全年业绩：实现营收 28.09 亿元，同比+41.7%，归母净利润4.93 亿元，同比+19.6%。 收入略超预期，归母净利润不及预期主因毛利率下滑。2023 年公 司营收略超预期主要由于 5S增值服务中优居服务规模发展迅速； 而归母净利润增长不及预期主要由于毛利率下滑。2023 年公司毛 利率同比下滑5.1pct 至24.8%。其中物管服务毛利率下滑0.8pct 至 18.3%；非业主增值受地产行业影响，毛利率下滑 11.9pct 至 33.2%；5S增值服务由于毛利率较低的优居服务收入占比快速提升 所带来的结构性影响，毛利率同比下滑16.0pct至 32.3%。 积极践行品牌外拓，第三方占比持续提升，独立性增强。截至2023 港币(元) 成交金额(百万元) 年末，公司合约面积 0.82 亿方，同比+19.0%；在管面积 0.55 亿 29.00 18 16 方，同比+30.7%，其中第三方占比同比提升1.5pct 至56.5%；全 26.00 14 年在管建面净增加0.13 亿方，其中61.3%来自第三方。在第三方 12 23.00 10 占比持续提升的同时 ...

Financial Performance - The company achieved a revenue of approximately RMB 2,809.2 million in 2023, representing a growth of about 41.7% compared to RMB 1,982.6 million in 2022[2] - Net profit for the year was approximately RMB 503.0 million, up 20.1% from RMB 419.0 million in 2022, with a net profit margin of 17.9%, down 3.2 percentage points from 21.1% in 2022[3] - Gross profit for 2023 was approximately RMB 695.9 million, a 17.5% increase from RMB 592.2 million in 2022, with a gross margin of 24.8%, down 5.1 percentage points from 29.9% in 2022[3] - The company reported a total comprehensive income of RMB 503.6 million for the year, compared to RMB 422.7 million in 2022[5] - The pre-tax profit for 2023 was RMB 652,539,000, an increase from RMB 561,064,000 in 2022, indicating a growth of 16.3%[18] - The group's annual profit increased by 20.1% to RMB 503.0 million in 2023 from RMB 419.0 million in 2022, with a net profit margin of 17.9%, down from 21.1%[72] Revenue Breakdown - Revenue distribution across three business segments: Property management services generated approximately RMB 1,549.9 million (55.2% of total revenue), non-owner value-added services generated RMB 580.8 million (20.7%), and 5S value-added services generated RMB 678.5 million (24.1%), with the latter showing a significant growth of 172.5% from RMB 249.0 million in 2022[3] - Property management service revenue was RMB 1,549,890,000, up from RMB 1,193,447,000, reflecting a growth of 29.9%[21] - Non-owner value-added services generated revenue of RMB 580,833,000, compared to RMB 540,187,000 in the previous year, marking a 7.5% increase[21] - The 5S value-added services revenue surged to RMB 678,483,000 from RMB 248,999,000, representing a significant growth of 172.5%[18] Assets and Liabilities - Cash and cash equivalents as of December 31, 2023, were approximately RMB 1,455.4 million, a decrease of about 25.4% from RMB 1,949.9 million on December 31, 2022[3] - Non-current assets, including fixed deposits, totaled approximately RMB 1,631.7 million as of December 31, 2023, a significant increase of about 292.3% from RMB 415.9 million in 2022[3] - Non-current liabilities decreased from RMB 26,883 thousand in 2022 to RMB 21,655 thousand in 2023, a reduction of approximately 19.5%[7] - Total equity increased from RMB 1,286,308 thousand in 2022 to RMB 1,541,583 thousand in 2023, representing a growth of about 19.7%[8] - The company’s total assets net amount reached RMB 1,541,583 thousand in 2023, up from RMB 1,286,308 thousand in 2022, indicating a growth of approximately 19.7%[8] Dividends - The board proposed a final dividend of HKD 1.178 per share and a special dividend of HKD 0.196 per share, with a total payout ratio of approximately 70%[3] - The proposed final dividend per share is HKD 1.178, with a special dividend of HKD 0.196, totaling RMB 344,782,000, up from RMB 247,197,000 in 2022[29] Employee and Operational Metrics - Employee costs rose to RMB 1,013,680,000 in 2023 from RMB 794,410,000 in 2022, an increase of 27.6%[24] - The company reported a significant increase in managed area in Hangzhou, which accounted for 63.6% of the total managed area in 2023, with a growth rate of 28.8%[52] - The number of projects managed increased from 286 in 2022 to 358 in 2023, reflecting a growth of 25.2%[48] - The group employed 11,647 staff as of December 31, 2023, up from 10,336 in 2022, with employee costs amounting to RMB 1,013.7 million[79] Strategic Initiatives - The company aims to enhance service quality and brand value through standardized management and service protocols, targeting to become a leading property management service provider in China[53] - The company plans to expand its market share primarily in the Yangtze River Delta region, leveraging its existing service management systems[54] - The company is focusing on diversifying its service offerings, including property maintenance and renovation services, to better meet owner needs[55] - The company aims to further integrate resources and optimize configurations to meet diverse customer needs and create value[38] Compliance and Governance - The company has complied with all applicable provisions of the corporate governance code, except for the combined roles of the Chairman and CEO[84] - The audit committee, composed of three independent non-executive directors, has reviewed the financial statements for the year ending December 31, 2023[85] - The annual performance announcement for the year ending December 31, 2023, has been verified by KPMG, confirming that the financial data aligns with the consolidated financial statements[94]