金融界4月21日消息，上证指数低开高走，中证港股通内地地产指数 (港股通内地地产，H11143)平盘报 收，报0.0点，成交额0.0亿元。 据了解，中证港股通内地地产指数从港股通范围内选取内地控股地产主题上市公司证券作为指数样本， 以反映港股通内地地产上市公司证券的整体表现。该指数以2007年12月31日为基日，以1000.0点为基 点。 从中证港股通内地地产指数持仓样本的行业来看，房地产开发占比74.61%、房地产管理占比25.39%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。样本公司发生收购、合并、分 拆等情形的处理，参照计算与维护细则处理。当港股通证券范围发生变动导致样本不再满足互联互通资 格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通内地地产指数十大权重分别为：华润置地（17.19%）、中国海外发展 （15.69%）、龙湖集团（8.93%）、华润万象生活（7. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company has seen a significant increase in net profit attributed to the parent company, with a substantial expansion in managed area [4][6]. - Revenue for 2024 reached 439.93 billion RMB, a year-on-year increase of 3.2%, while net profit surged by 262.8% to 18.75 billion RMB [6][7]. - The board has proposed a final dividend of 0.1352 RMB per share and a special dividend of 0.1609 RMB per share, totaling 0.2961 RMB [6][7]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue was 439.93 billion RMB, with a 3.2% year-on-year growth. Net profit was 18.75 billion RMB, up 262.8% [5][6]. - The gross profit margin decreased to 19.1%, down 1.4 percentage points from 2023 [9][12]. - The net profit margin improved to 4.1%, an increase of 3.4 percentage points from the previous year [9][12]. - **Segment Performance**: - Property management services generated 259.1 billion RMB, a 4.9% increase, accounting for 58.9% of total revenue [8][12]. - Community value-added services saw revenue of 41.94 billion RMB, up 11.8% [8][12]. - Non-owner value-added services dropped to 7.04 billion RMB, a decline of 54.6% [8][12]. - The "Three Supplies and One Industry" segment grew by 25.1% to 81.56 billion RMB [8][12]. - Urban services revenue fell by 14.7% to 41.68 billion RMB [8][12]. - Commercial operation services decreased by 38.1% to 6.27 billion RMB [8][12]. - **Cost and Expenses**: - The expense ratio increased to 10.8%, up 1.1 percentage points from 2023 [8][12]. - Total assets reached 712.55 billion RMB, a 2.9% increase year-on-year [8][12]. - **Future Projections**: - The company forecasts an EPS of approximately 0.66 RMB for 2025, with a dynamic PE valuation of 12-14 times, suggesting a reasonable value range of 7.92-9.24 RMB per share [15][18].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 7.02 and a 6-month rating of "Increase" [5][16]. Core Insights - The company achieved a revenue of RMB 43.99 billion in 2024, representing a year-on-year increase of 3.2%. The net profit attributable to shareholders was RMB 18.08 billion, up 518.7% year-on-year, while the core net profit attributable to shareholders was RMB 30.38 billion, down 22.9% year-on-year [2][3]. - The company plans to distribute a final dividend of HKD 0.1352 per share and a special dividend of HKD 0.1609 per share, with a dividend payout ratio of 54.7%. It also intends to use at least RMB 500 million of its available cash reserves for share buybacks in the coming year, emphasizing shareholder returns [2][3]. Financial Performance - The company's gross margin for 2024 was 19.1%, a decrease of 1.39 percentage points from 2023. The net profit margin improved to 4.26%, an increase of 3.05 percentage points from the previous year. The selling and administrative expense ratio rose by 1.08 percentage points to 10.95% [3]. - The cash flow from operating activities was RMB 3.87 billion, a year-on-year decrease of 16.1%, but showed significant improvement compared to the mid-year figure of RMB 270 million, mainly due to proactive collection of receivables [3][4]. Business Segments - Revenue from property management, community value-added services, and the "Three Supplies and One Industry" business grew by 4.9%, 11.8%, and 30.9% year-on-year, respectively. However, revenue from non-owner value-added services, urban services, and commercial operations declined by 54.6%, 14.7%, and 38.1% year-on-year [2][3]. - The company expanded its managed area to approximately 1.037 billion square meters by the end of 2024, an increase of 8.36% year-on-year, with 7,895 management projects, up by 550 from the previous year [4]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 2.22 billion and RMB 2.76 billion, respectively, and introduced a new forecast for 2027 at RMB 2.79 billion, maintaining the "Increase" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [4][18]. Core Insights - The company reported a revenue of 439.93 billion yuan for the year 2024, representing a year-on-year growth of 3.2%. The net profit attributable to shareholders was 18.08 billion yuan, a significant increase of 518.7%, while the core net profit decreased by 22.9% to 30.38 billion yuan [1][4]. - The substantial increase in net profit was primarily due to a significant reduction in impairment losses, which decreased by 24.2 billion yuan year-on-year, leading to a 144.4% increase in operating profit. However, non-operating factors and objective circumstances contributed to the decline in core net profit [2]. - The core business, which includes property management services and community value-added services, saw a revenue increase of 9.4%, with its share of total revenue rising to 87%, up by 4.9 percentage points year-on-year [2]. Financial Performance - As of the end of 2024, the company had cash and cash equivalents of 181.8 billion yuan, a year-on-year increase of 40.5%. The operating cash flow net amount was 38.7 billion yuan, covering the core net profit by 1.3 times [3]. - The company plans to utilize 113% of its net profit for market value management, including share buybacks and dividends [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 22.3 billion yuan, 24.2 billion yuan, and 26.0 billion yuan, respectively, with expected growth rates of 23.1%, 8.7%, and 7.4% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.1x, 8.3x, and 7.8x for the years 2025 to 2027 [4].

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Insights - The company's core business gross margin has stabilized, indicating that the peak of asset impairment may have passed, which is expected to further enhance shareholder returns [1][2] - In 2024, the company achieved revenue of 43.99 billion RMB, a year-on-year increase of 3%, and a net profit attributable to shareholders of 1.81 billion RMB, a significant increase of 519% compared to the previous year, primarily due to lower-than-expected impairment of receivables and goodwill [1][2] - The company plans to continue enhancing shareholder returns through dividends and share buybacks, with a dividend payout ratio based on core net profit increasing to 33% in 2024 [3] Revenue and Profitability - The core business revenue (including basic property management, community value-added services, and ancillary services) grew by 9% year-on-year, while gross profit increased by 2%, leading to an increase in revenue and gross profit contribution to 87% and 91%, respectively [2] - The difference between net profit attributable to shareholders and core net profit is mainly due to goodwill impairment from previous acquisitions and other intangible asset amortization [2] Cash Flow and Shareholder Returns - The company has significantly improved cash flow management in the second half of 2024, with operating cash flow net income covering core net profit by 127%, an increase of 10 percentage points year-on-year [3] - The year-end cash and cash equivalents reached 18.18 billion RMB, supporting a dividend payout ratio of 33% and a dividend yield of 5.0% as of March 27 [3] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 and 2026 are projected to be 0.63 RMB and 0.73 RMB, respectively, reflecting a downward adjustment of 7% and 6% from previous estimates [4] - The target price for the company is set at 7.89 HKD, based on a revised price-to-earnings (P/E) ratio of 8 times for 2025, up from a previous target of 5.20 HKD [4][7]

减值大幅收窄致归母净利大涨，非经营性及客观因素致核心归母 净利下降。24 年商誉及其他无形资产减值+金融资产及合同资产减 值损失合共 16.5 亿元，同比减少 24.2 亿元，使得经营利润同比 +144.4%。非经营性因素（少确认风险客商收入影响约 15%、长账 龄应收等坏账计提损失影响约 45%）及客观因素（非业主增值 、城服、商业运营、其他服务的经营利润下降，影响约 60%）共同 导致核心归母净利下降 22.9%。 业绩 2025 年 3 月 27 日，公司发布 2024 全年业绩：实现收入 439.93 亿元，同比+3.2%；归母净利润 18.08 亿元，同比+518.7%；核心 归母净利润 30.38 亿元，同比-22.9%。 经营分析 核心业务保持增长，占比进一步提升。24 年核心业务（物管服务+ 社区增值+三供一业）收入同比+9.4%，加回风险客商未收款后的 收入同比+10.2%。核心业务占总收入比例达 87%，同比+4.9pct。 压降关联方风险，独立性逐步加强。24 年关联方应收款原值压降 4.5 亿至 25.5 亿，计提减值拨备比例 74%。加回风险客商未收款 前，持续关连交易实际发生额占总 ...

Group 1 - Country Garden Services plans to repurchase at least RMB 500 million worth of shares, indicating confidence in its value and potential to boost stock prices [1] - Three Squirrels intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and supply chain capabilities [2] - China Life aims to promote multi-channel value contribution in 2025, shifting from reliance on individual insurance channels to include bank insurance, group insurance, and internet channels [3] Group 2 - Shubao International's stock surged 31.37% on its first day of trading on the Hong Kong Stock Exchange, reflecting strong investor confidence [4] - FWD Group has applied for a USD 5 billion medium-term note program on the Hong Kong Stock Exchange, indicating its financing needs and market confidence [5]

Financial Performance - For the year ended December 31, 2024, the total revenue reached RMB 43,992.9 million, representing a 3.2% increase from RMB 42,611.5 million in 2023[3] - The net profit for the year was RMB 1,874.5 million, a significant increase of 262.8% compared to RMB 516.7 million in 2023[3] - The core net profit attributable to the company's shareholders was RMB 3,038.1 million, down 22.9% from RMB 3,939.5 million in the previous year[3] - The operating profit for the year was RMB 2,670.1 million, compared to RMB 1,092.4 million in 2023[5] - The total comprehensive income for the year was RMB 1,979.5 million, compared to RMB 674.2 million in 2023[7] - The company reported a significant increase in basic earnings per share to RMB 54.16, compared to RMB 8.69 in the previous year, marking a 523.2% increase[3] - The company reported a pre-tax profit of RMB 2,706,706 thousand for the year ended December 31, 2024, compared to RMB 1,079,650 thousand in 2023, reflecting a substantial increase of approximately 150%[31] - The company's profit attributable to shareholders for the year ended December 31, 2024, was RMB 1,808,357,000, compared to RMB 292,335,000 in 2023, indicating a significant increase[37] Revenue Breakdown - Revenue from property management services reached RMB 25,910,364 thousand in 2024, up from RMB 24,698,514 thousand in 2023, representing a growth of 4.9%[26] - Community value-added services generated RMB 4,194,290 thousand in 2024, an increase from RMB 3,752,870 thousand in 2023, reflecting a growth of 11.8%[26] - Revenue from "Three Supplies and One Industry" business increased to RMB 8,156,243 thousand in 2024, compared to RMB 6,520,190 thousand in 2023, marking a growth of 25.1%[26] - Revenue from urban services decreased to RMB 4,167,620 thousand in 2024 from RMB 4,883,630 thousand in 2023, a decline of 14.6%[26] - Revenue from commercial operation services fell to RMB 626,992 thousand in 2024, down from RMB 1,012,418 thousand in 2023, representing a decrease of 38.0%[26] Assets and Liabilities - Total assets increased to RMB 71,254,531 thousand, up from RMB 69,244,074 thousand[10] - Total equity reached RMB 39,078,722 thousand, compared to RMB 38,782,077 thousand in the previous year[12] - Non-current liabilities decreased to RMB 3,843,346 thousand from RMB 4,078,482 thousand[12] - Current liabilities rose to RMB 28,332,463 thousand, up from RMB 26,383,515 thousand[12] - Cash and cash equivalents increased to RMB 15,337,225 thousand, compared to RMB 12,637,187 thousand last year[12] - The company’s total liabilities reached RMB 32,175,809 thousand, compared to RMB 30,461,997 thousand previously[12] Cash Flow and Investments - The total cash and bank deposits amounted to RMB 18,178.6 million, reflecting a 40.5% increase from RMB 12,939.3 million in 2023[3] - The company reported retained earnings of RMB 9,497,683 thousand, up from RMB 8,164,706 thousand[12] - The company has implemented a share incentive plan, purchasing a total of 109 million shares at approximately RMB 556.5 million[4] - Capital expenditures for the year ended December 31, 2024, totaled RMB 2,133,074 thousand, compared to RMB 2,315,412 thousand in 2023, showing a decrease of about 7.9%[31] Dividends - The company proposed a final dividend of RMB 0.1352 per share and a special dividend of RMB 0.1609 per share, compared to RMB 0.0219 and RMB 0.2727 per share in 2023 respectively[4] - The company plans to distribute a final dividend of RMB 13.52 per share and a special dividend of RMB 16.09 per share for the year ended December 31, 2024, totaling RMB 990,000,000[39] Operational Efficiency and Strategy - The company aims to enhance its digital operational system and improve service efficiency and quality through the integration of digital tools in security and cleaning processes[92] - The company has implemented several stock option and share incentive plans to enhance employee engagement and performance[146] - The company is focused on improving operational efficiency by controlling labor costs and managing operational expenses[143] - The company has established various talent development programs to enhance management capabilities and address future business challenges[148] Market and Economic Conditions - The company faces industry risks influenced by overall economic conditions, market situations, and regulatory policies affecting the property management sector, which could impact revenue growth and operational strategies[142] - The group is currently assessing the specific impact of Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18] - The new financial reporting standards are expected to affect the presentation of the income statement and future financial disclosures starting from January 1, 2027[18] Employee and Community Engagement - As of December 31, 2024, the group employed 214,346 employees, with total employee costs approximately RMB 16,387.8 million for the year[145] - The company has launched a digital learning platform "Bi Xue Tang," offering 1,208 online courses and 4,168 operational learning projects, with an average learning duration of 54.4 hours per employee[147] - The company achieved zero major safety incidents during the year and organized over 14,000 large-scale fire drills, effectively preventing over 710 indoor fire incidents[80] Corporate Governance - The company has adopted and complied with all applicable corporate governance code provisions during the year ending December 31, 2024[170] - The audit committee consists of four independent non-executive directors and has reviewed the group's annual performance and consolidated accounts for the year ending December 31, 2024[169]

Investment Rating - The report maintains a "Buy" rating for Country Garden Services (6098.HK) [2] Core Views - The company focuses on its core business and cash recovery, with a stable property management base and a need for improvement in cash flow [1] - The company sold a 1.49% stake in Zhuhai Wanda for approximately RMB 3.14 billion, recovering cash while still holding a 0.31% stake [1] - In H1 2024, the company reported revenue of RMB 21.05 billion, a year-on-year increase of 1.5%, but a decline in gross profit and net profit [1] Summary by Sections Financial Performance - Revenue for H1 2024 was RMB 21.05 billion, up 1.5% year-on-year - Gross profit decreased to RMB 4.45 billion, down 13.7% year-on-year - Net profit attributable to shareholders was RMB 1.44 billion, down 38.7% year-on-year, with core net profit at RMB 1.84 billion, down 31.7% year-on-year [1] Business Segments - Revenue from property management was RMB 12.8 billion, up 4.6% year-on-year - Non-owner value-added services revenue decreased to 1.7% of total revenue - Community value-added services revenue increased by 6%, driven by local life services, but gross margin declined by approximately 10 percentage points to 39% [1] Market Position - The company leads the industry in managed area, with 1.01 billion square meters under management and 1.63 billion square meters contracted [1] - The company has a strong reputation in its unique business of "Three Supplies and One Industry" [1] Cash Flow and Receivables - As of June 30, 2024, total trade receivables were approximately RMB 22 billion, with a significant decline in cash flow from operating activities to RMB 270 million, down 87.7% year-on-year [1] - The company has established a committee to recover overdue receivables, employing various measures to improve cash flow [1] Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 2.2 billion, RMB 2.5 billion, and RMB 2.7 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.4, 6.5, and 6.0 [1]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號 : 6098 2024 中期報告 目錄 2 公司資料 4 獎項及榮譽 6 主席報告 9 管理層討論及分析 28 企業管治及其他資料 30 權益披露 37 中期簡明綜合全面收益表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期財務資料附註 芮 萌先生 （主席） 梅文珏先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 公司資料 董事會 執行董事 徐彬淮先生 （總裁） 肖 華先生 郭戰軍先生 （於2024年4月3日辭任） 非執行董事 楊惠妍女士 （主席） 獨立非執行董事 梅文珏先生 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 審核委員會 薪酬委員會 陳威如先生 （主席） 楊惠妍女士 梅文珏先生 提名委員會 楊惠妍女士 （主席） 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 環境、社會及管治委員會 徐彬淮先生 （主席） 肖 華先生 楊惠妍女士 （於2024年4月3日獲委任） 陳威如先生 （於2024年4月3日獲委任） 趙 軍先生 （於2 ...