Property Management and Operations - The company manages approximately 1,036.9 million square meters of property under management, with an additional 90.3 million square meters in the "Three Supplies and One Industry" business[9]. - The property management services cover 7,895 properties across 31 provinces, municipalities, and regions in China, with about 40.7% of the managed area located in first- and second-tier cities[9]. - The company aims to deepen its involvement in the "Three Supplies and One Industry" sector, expanding its service offerings to include office properties and industrial parks[11]. - The company has established a robust offline service system to enhance property service experiences for owners, focusing on property value appreciation throughout the entire lifecycle[8]. - The company expanded its operations by entering Yantai Penglai International Airport, marking a strategic advancement in Shandong Province[26]. - The company launched a comprehensive product solution for old communities, piloting in cities like Beijing, Shanghai, Guangzhou, and Chongqing, contributing to approximately 48.8% of new annualized revenue from residential projects[63]. - The company has installed over 50,000 charging piles across more than 4,000 communities, with a cumulative registered user base exceeding 3.4 million[65]. - The company has enhanced its service quality and innovation capabilities in response to national policies, marking a critical transformation period from scale expansion to quality improvement in the property management industry[44]. Financial Performance - The company's revenue for the fiscal year 2023 increased to approximately RMB 42.61 billion, representing a year-on-year growth of 3%[20]. - The proportion of revenue from third-party sources reached a new high of approximately 96.9%[20]. - The company declared a final dividend and special dividend totaling RMB 0.2946 per share, emphasizing shareholder returns[20]. - The mid-year revenue for 2024 reached approximately RMB 21.05 billion, reflecting a year-on-year increase of 1.5%[30]. - The company achieved a revenue of approximately RMB 43,992.9 million for the fiscal year ending December 31, 2024, with a net profit of RMB 1,874.5 million and a core net profit attributable to shareholders of RMB 3,038.1 million[41]. - The core business revenue grew by 10.2% year-on-year, accounting for 87.0% of total revenue, while the adjusted gross profit increased by 6.4% compared to the previous year[43]. - The company's revenue from sustainable third-party sources has increased to 98.9%, effectively controlling risks from related parties[43]. - Total revenue for 2023 reached RMB 42,611.5 million, a slight increase from RMB 41,366.6 million in 2022, with a projected revenue of RMB 43,992.9 million for 2024[55]. Community and Value-Added Services - The community value-added services have become a new growth engine for the company, focusing on comprehensive community life services throughout the asset value preservation and community development cycles[10]. - The community value-added service revenue reached approximately RMB 4,194.3 million, representing a year-on-year growth of about 11.8%, accounting for 9.5% of total revenue[65]. - Non-owner value-added service revenue was approximately RMB 704.5 million, showing a significant year-on-year decline of about 54.6%, and accounted for approximately 1.6% of total revenue[66]. - The company invested RMB 400 million in community facility upgrades, achieving a customer satisfaction rate of 93.97%[24]. - The company established 597 party branches and conducted 20,656 party-building and volunteer service activities in 2024, enhancing community governance and resident satisfaction[49]. Digital Transformation and Innovation - Digital transformation initiatives have been implemented, with elevator digitization covering 3,925 projects and 154,692 elevators, accounting for 88.3% of the total managed elevators[22]. - The company has implemented AI technology in key business scenarios, launching applications that support rapid decision-making and improve operational efficiency[45]. - The company aims to enhance its digital operational capabilities and service efficiency, with plans to implement digital tools in security and cleaning processes by 2025[70]. - The company has developed AI-based applications to support rapid business decision-making and improve management efficiency[62]. - The company plans to deploy hundreds of self-developed cleaning robots in projects by 2025, enhancing service quality and operational efficiency[45]. Awards and Recognition - The company has received multiple industry awards, including being ranked first in comprehensive strength among property service companies in China for 2024[7]. - The company has been recognized for its ESG practices, receiving an A rating from MSCI and being classified as a low-risk company by Sustainalytics with a score of 14.2[13]. - The company received multiple awards, including recognition as a leading enterprise in property management and ESG development[35]. - The company has been recognized as the leading brand in property service operations and customer satisfaction in 2024[58]. Governance and Management - The board of directors consists of seven members, including two executive directors and four independent non-executive directors, ensuring diverse oversight and governance[180]. - The company has adopted and complied with all applicable provisions of the Corporate Governance Code, reflecting its commitment to high standards of corporate governance[176]. - The management team is responsible for the daily operations and implementation of business policies approved by the board, ensuring effective management and operational efficiency[179]. - The company has established a comprehensive employee training system to enhance professional development and competitiveness[130]. - The company has independent directors with extensive experience in various sectors, enhancing governance and strategic oversight[162][163]. Financial Management and Risks - The group maintained a net cash position with a capital debt ratio as of December 31, 2024, reflecting a stable financial structure[122]. - The group has faced significant business risks due to potential increases in operational costs, particularly labor costs, which could adversely affect profit margins and operational performance[127]. - The company has implemented several talent development programs, including the "Cornerstone Plan" and "New Talent Plan," to enhance management capabilities[132]. - The company has pledged certain receivables and equipment as collateral for bank loans and financing lease arrangements[133]. Strategic Planning and Future Outlook - The company plans to continue focusing on strategic layout and innovation to drive new growth curves while maintaining stable operations[50]. - The company is exploring new business lines and market expansion strategies to enhance its competitive position[153]. - The company is focusing on new strategic incubation businesses, including urban services, commercial management services, and asset management[164].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 碧桂园服务（6098.HK）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 股票数据 | 3[T月ab31le日_S收t盘oc价k（In港fo元] ） | 6.89 | | --- | --- | | 周股价波动（港元） 52 | 3.920-8.390 | | 总股本（亿股） | 33.43 | | 总市值（亿港元） | 230.4 | | 相关研究 | | [《Ta碧b桂le园_R服e务po20rt2I4nf年o半] 年报点评：基础物管 和营收增长，费用率继续压降》 2024.08.25 市场表现 [Table_QuoteInfo] 恒 生 指 数 对比 1M 2M 3M 绝 对 涨 幅 （%） 2.19 12.00 9.38 相 对 涨 幅 （%） 1.41 -2.47 -5.88 资料来源：海通证券研究所 分析师:涂力磊 Tel:(021)23219747 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 ...

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 ...