Project and Area Management - Total contracted projects increased to 508, with a total contracted area of 88.8 million square meters, representing a growth of 6.4%[4] - Total managed projects increased to 418, with a total managed area of 66.7 million square meters, representing a growth of 2.2%[4] - Newly contracted area for the period was 9.26 million square meters, while terminated contracts accounted for 3.90 million square meters[6] - The Greater Bay Area accounted for the largest share of contracted area at 52.54 million square meters, followed by the Central and Western regions at 17.07 million square meters[9] - Non-commercial contracted projects increased to 416, with a total contracted area of 81.4 million square meters[9] - Commercial contracted projects slightly increased to 92, with a total contracted area of 7.41 million square meters[15] Revenue and Profit - The company's revenue for the period was RMB 1,960.2 million, a year-on-year increase of 29.7%[24] - Non-commercial property management and value-added services revenue increased by 32.3% to RMB 1,601.3 million, driven by an increase in managed non-commercial projects to 335 and managed area to 60.1 million square meters[31] - Community value-added services revenue grew by 61.2% to RMB 645.5 million, attributed to the expansion of managed non-commercial property area and diversified service offerings[31] - Commercial property management and operation services revenue rose by 19.2% to RMB 358.9 million, with managed commercial projects increasing to 83 and managed area to 6.6 million square meters[33] - Revenue from independent third parties accounted for 60.8% of total revenue, increasing to RMB 1,191.9 million[26] - Revenue from Guangzhou Yuexiu, Yuexiu Property, and their associates increased by 9.5% to RMB 768.3 million, driven by deeper cooperation in diversified business areas such as intelligent services[29] - The company's revenue from mainland China accounted for 97.5% of total revenue, reaching RMB 1,910.2 million[30] - Gross profit rose to RMB 507.4 million, but overall gross margin decreased from 28.1% to 25.9%[38] - Net profit increased by 12.1% to RMB 287.5 million, with a net profit margin of 14.7%[43] - Earnings per share rose to RMB 0.18 from RMB 0.16[44] - Revenue for the first half of 2024 increased to RMB 1,960,175 thousand, up 29.7% from RMB 1,511,846 thousand in the same period of 2023[71] - Gross profit rose to RMB 507,362 thousand in H1 2024, a 19.4% increase from RMB 424,962 thousand in H1 2023[71] - Net profit attributable to the company's owners grew to RMB 277,675 thousand in H1 2024, up 12.1% from RMB 247,691 thousand in H1 2023[71] - Basic and diluted earnings per share increased to RMB 0.18 in H1 2024, compared to RMB 0.16 in H1 2023[71] - The group's profit for the period increased to RMB 287,462 thousand in H1 2024, up from RMB 256,449 thousand in H1 2023[97] - Total group revenue for H1 2024 reached RMB 1,960,175 thousand, a significant increase from RMB 1,511,846 thousand in H1 2023[100] - Non-commercial property management and value-added services revenue increased to RMB 1,601,274 thousand in H1 2024, up from RMB 1,210,790 thousand in H1 2023[100] - Commercial property management and operation services revenue rose to RMB 358,901 thousand in H1 2024, compared to RMB 301,056 thousand in H1 2023[100] - Revenue from property management services under non-commercial segment grew to RMB 600,948 thousand in H1 2024, up from RMB 457,936 thousand in H1 2023[100] - Community value-added services revenue surged to RMB 645,509 thousand in H1 2024, compared to RMB 400,474 thousand in H1 2023[100] - Revenue from commercial operation and management services increased to RMB 308,096 thousand in H1 2024, up from RMB 250,881 thousand in H1 2023[100] - Market positioning consulting and tenant recruitment services revenue slightly rose to RMB 50,805 thousand in H1 2024, from RMB 50,175 thousand in H1 2023[100] - Non-owner value-added services revenue remained stable at RMB 354,817 thousand in H1 2024, compared to RMB 352,380 thousand in H1 2023[100] Property Management Fees - Residential property management fees increased to RMB 2.8 per square meter per month, up from RMB 2.7 in the same period last year[11] - Average management fees for office buildings and shopping malls remained stable at RMB 20.0 and RMB 35.7 per square meter per month, respectively[17] - The average property management fee for office buildings decreased slightly to RMB 20.0 per square meter per month in 2024, compared to RMB 20.5 in the same period of 2023[18] - The average property management fee for shopping malls decreased to RMB 35.7 per square meter per month in 2024, compared to RMB 36.6 in the same period of 2023[18] Costs and Expenses - Sales cost increased by 33.7% to RMB 1,452.8 million, driven by expanded managed area and diversified value-added services[36] - Administrative expenses grew by 24.9% to RMB 158.9 million due to business expansion and headquarters relocation[39] - Employee costs for the period totaled RMB 513.3 million, with a total of 13,781 full-time employees in mainland China and Hong Kong[57] - Depreciation expenses rose to RMB 46,984 thousand in H1 2024, compared to RMB 35,611 thousand in H1 2023[97] - Pre-tax profit for the first half of 2024 included employee benefits expenses of RMB 513,260 thousand, a slight decrease from RMB 520,406 thousand in the same period of 2023[104] Financial Position - Accounts receivable increased by 32.7% to RMB 761.1 million, reflecting business scale expansion[46] - Other receivables grew by 27.2% to RMB 499.9 million, driven by business development[47] - Accounts payable surged by 57.5% to RMB 628.8 million, due to adjusted payment schedules[48] - Cash and cash equivalents increased to RMB 4,866.2 million, supported by operating activities[50] - The company maintained a debt ratio of 0% with no bank borrowings[50] - Total non-current assets surged to RMB 1,997,065 thousand as of June 30, 2024, from RMB 533,394 thousand as of December 31, 2023[75] - Cash and cash equivalents decreased to RMB 2,733,155 thousand as of June 30, 2024, from RMB 4,695,204 thousand as of December 31, 2023[75] - Total current liabilities increased to RMB 3,034,141 thousand as of June 30, 2024, up 13.8% from RMB 2,665,280 thousand as of December 31, 2023[75] - Net assets grew to RMB 3,788,355 thousand as of June 30, 2024, from RMB 3,620,455 thousand as of December 31, 2023[77] - Total equity increased to RMB 3,788,355 thousand as of June 30, 2024, up from RMB 3,620,455 thousand at the beginning of the year[78] - Retained earnings grew to RMB 1,340,883 thousand, a significant increase from RMB 1,197,774 thousand at the start of the year[78] - Net cash generated from operating activities was RMB 209,146 thousand, a decrease from RMB 292,518 thousand in the same period last year[80] - Cash and cash equivalents decreased to RMB 2,733,155 thousand from RMB 4,695,204 thousand at the beginning of the year[80] - The company added RMB 2,123,939 thousand to fixed deposits during the period[80] - Non-controlling interests increased to RMB 185,662 thousand, up from RMB 175,875 thousand at the start of the year[78] - Total assets as of June 30, 2024, were RMB 7,004,825 thousand, an increase from RMB 6,407,144 thousand as of December 31, 2023[102] - Total liabilities as of June 30, 2024, were RMB 3,216,470 thousand, up from RMB 2,786,689 thousand as of December 31, 2023[102] - Capital expenditures for the first half of 2024 were RMB 84,450 thousand, compared to RMB 107,692 thousand in the same period of 2023[102] - Accounts receivable increased to RMB 803,432 thousand as of June 30, 2024, compared to RMB 609,286 thousand at the end of 2023[117] - The aging analysis of accounts receivable shows that 31 to 180 days category increased to RMB 339,995 thousand as of June 30, 2024[118] - Prepayments, other receivables, and other assets totaled RMB 573,041 thousand as of June 30, 2024, up from RMB 453,432 thousand at the end of 2023[119] - Accounts payable increased to RMB 628,828 thousand as of June 30, 2024, compared to RMB 399,277 thousand at the end of 2023[123] - Other payables and accrued expenses totaled RMB 1,467,331 thousand as of June 30, 2024, up from RMB 1,362,568 thousand at the end of 2023[124] - The company's property rights assets increased to RMB 142,901 thousand as of June 30, 2024, up from RMB 103,691 thousand at the beginning of the year[113] - Intangible assets totaled RMB 326,335 thousand as of June 30, 2024, with goodwill accounting for RMB 260,408 thousand[114] - The company purchased assets worth RMB 5,553 thousand in the first half of 2024, down from RMB 7,291 thousand in the same period of 2023[112] Dividends and Share Repurchases - An interim dividend of HKD 0.100 per share (equivalent to RMB 0.091 per share) was declared for the year 2024[64] - The company repurchased 1,172,000 ordinary shares on the Hong Kong Stock Exchange during the period, with a total consideration of HKD 3.7 million[60] - The company declared a final dividend of RMB 120,606 thousand for the year 2023[78] - The company declared an interim dividend of RMB 0.091 per share for 2024, totaling approximately RMB 138,838 thousand, up from RMB 0.081 per share and RMB 124,411 thousand in 2023[108] - The company repurchased a total of 1,172,000 ordinary shares on the Hong Kong Stock Exchange during the period, with a total consideration (excluding expenses) of approximately HKD 3.7 million[172] - The company repurchased 1,172,000 ordinary shares in June 2024 at a maximum price of HKD 3.30 and a minimum price of HKD 3.09, with a total payment of HKD 3,744,000[173] - The company suspended share transfer registration from September 4, 2024, to September 5, 2024, to process interim dividend eligibility[174] Related Party Transactions - Total transactions with related parties for the six months ending June 30, 2024, amounted to RMB 768,304,000, an increase from RMB 701,894,000 in the same period in 2023[131] - The company's outstanding receivables from related parties as of June 30, 2024, totaled RMB 400,229,000, up from RMB 341,997,000 as of December 31, 2023[135] - The company's total outstanding payables to related parties as of June 30, 2024, were RMB 263,940,000, compared to RMB 157,394,000 as of December 31, 2023[136] - The company's total contract liabilities with related parties as of June 30, 2024, were RMB 128,815,000, up from RMB 86,084,000 as of December 31, 2023[136] - The company's total lease liabilities with related parties as of June 30, 2024, were RMB 59,311,000, compared to RMB 20,145,000 as of December 31, 2023[136] - The company's total bank deposits with a related party as of June 30, 2024, were RMB 572,611,000, a significant increase from RMB 43,631,000 as of December 31, 2023[136] - The company's total prepayments, other receivables, and other assets with related parties as of June 30, 2024, were RMB 170,995,000, up from RMB 106,762,000 as of December 31, 2023[135] - The company's total contract assets with related parties as of June 30, 2024, were RMB 87,672,000, compared to RMB 56,649,000 as of December 31, 2023[135] Equity and Investments - The fair value of equity investments measured at fair value through other comprehensive income was RMB 33,865 thousand as of June 30, 2024, compared to RMB 33,624 thousand as of December 31, 2023[140][143] - A 100 basis point increase/decrease in the expected value of each asset or liability in equity investments measured at fair value through other comprehensive income would result in an increase/decrease of approximately RMB 333,000 in the company's equity as of June 30, 2024[141] - The fair value of equity investments measured at fair value through other comprehensive income was classified as Level 3 in the fair value hierarchy, with no transfers between levels during the period[144][145] - The company's financial department conducts Level 3 fair value valuations for financial reporting purposes, with discussions between management and independent qualified valuers at least every six months[140] - The fair value of equity investments measured at fair value through other comprehensive income was derived using the sum-of-the-parts method[141] - The company's equity investments measured at fair value through other comprehensive income recognized a gain of RMB 241 thousand in other comprehensive income during the period[145] - The company's directors and key executives held approximately 0.07% of the company's issued shares as of June 30, 2024[148] - Guangzhou Yuexiu Group held a 66.95% stake in the company as of June 30, 2024[152] - Guangzhou Metro Group held a 5.94% stake in the company as of June 30, 2024[152] - The company's directors and key executives held interests in associated companies ranging from 0.002% to 0.05% as of June 30, 2024[149] - The total number of issued shares of Yuexiu Property as of June 30, 2024, is 4,025,392,913[153] - Mr. Zhang Jin holds interests in 331,173 shares of Yuexiu Property, with 231,936 shares as beneficial owner and 99,237 shares as a beneficiary of the employee share award plan trust[153] - Mr. Zhang Chenghao holds interests in 115,162 shares of Yuexiu Property, with 15,439 shares as beneficial owner and 99,723 shares as a beneficiary of the employee share award plan trust[153] - Yuexiu Property indirectly owns approximately 43.39% of Yuexiu Enterprise[154] - The total number of issued shares of Yuexiu Services Group as of June 30, 2024, is 1,521,449,677[154] - The maximum number of shares that can be issued under the stock option incentive plan is 10% of the issued shares as of the adoption date, which is 152,203,017 shares[160] - As of January 1, 2024, and June 30, 2024, the number of stock options that can be granted under the plan is 137,216,417 shares, representing approximately 9.02% of the issued shares[160] - No stock options were vested in the six months ended June 30, 2024, and no shares were issued under the stock option plan during this period[160] - The stock option plan is effective from February 15, 2023, and will remain valid for ten years unless canceled or amended[164] - As of June 30, 2024, the company had 14,986,600 unexercised stock options, with no options exercised or canceled during the period[166] - The stock options granted under the plan will vest in three tranches: 33% after 24 months, 33% after 36 months, and 34% after 48 months from the grant date[166] - The vesting conditions for the stock options include achieving a non-GAAP net profit growth rate of at least 32% in 2023, 52% in 2024, and 75% in 2025 compared to 2021[167] - The company’s accounts receivable turnover ratio must not be less than 4.2 for the years 2023, 2024, and 2025 to meet the vesting conditions[167] - The cash dividend ratio must not be less than 30% of the distributable net profit of the most recent fiscal year[167] - The company’s non-GAAP return on equity (ROE) must be at least 12.8% in 2023, 12.9% in 2024

交银国际研究 公司更新 | --- | --- | --- | |-----------|-----------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 2.99 | 港元 4.72 | +57.9% | 越秀服务 (6626 HK) 2024 上半年业绩符合预期，现金充裕支持股份回购 2024 上半年业绩大致符合预期：收入同比增 29.7%至 19.6 亿元人民币（下 同），和我们的预测基本一致（为我们全年预测 41 亿元的 47.8%）。整体 毛利率同比下跌 2.2 个百分点至 25.9%，比我们全年预测 24.9%略高。净利 润同比增 12.1%至 2.78 亿元，为我们全年利润预测约 50.5%。每股中期股 息拟定为0.1港元（2023年上半年：0.089港元），派息比率维持在50%。 在管面积扩张至 66.7 百万平方米：截至 2024 年 6 月，在管面积/合约面积 环比增长 14.6%/13.5%至 8,880 万/6,670 万平方米。上半年新签约项目 59 个，新签合约面积为926万平方米，其中约599万平方米来自第三方项目， 占 65%。鉴于外拓能力提升 ...

2024 年 8 月 26 日 公司研究 非商业板块高速增长，大湾区竞争优势明显 ——越秀服务（6626.HK）2024 年中期业绩点评 要点 事件：越秀服务 2024H1 营收同比+30%，归母净利润同比+12%，派息比率 50%。 公司发布 2024 年中期业绩公告，实现收入 19.6 亿元，同比增长 29.7%，其中 非商业板块收入 16.0 亿元，同比+32.3%，商业板块收入 3.6 亿元，同比+19.2%； 毛利率 25.9%，归母净利润 2.8 亿元，同比增长 12.1%。截至 2024 年 6 月 30 日，公司在管面积 6670 万平，合约面积 8880 万平，公司宣派 2024 年度中期 股息每股 0.1 港元，派息比率为 50%。 点评：非商业板块高速增长，大湾区竞争优势明显，现金充裕中期分红慷慨。 1）商业板块稳步复苏，非商业板块高速增长。2024 年上半年，公司非商业/商 业板块收入占比分别为 81.7%/18.3%，非商业板块是主要的收入贡献来源，其 中物业管理/社区增值/非业主增值服务收入增速分别为 31.2%/61.2%/0.7%，得 益于在管面积的快速扩张，基础物管保持较高增 ...

业绩简评 2024 年 8 月 20 日，公司发布 2024 年中期业绩：2024 年上半年实 现收入 19.60 亿元，同比增长 29.7%；归母净利润 2.78 亿元，同 比增长 12.1%。 经营分析 收入略超预期，归母净利润符合预期。2024H1 公司收入增长略超 预期，主因社区增值服务收入 6.45 亿元，同比+61.2%%，其中美居 业务收入 2.45 亿元，同比+207.0%。归母净利润符合预期，但增速 不及营收增速，主因毛利率下滑，公司综合毛利率同比下降 2.2pct 至 25.9%，主要因为：①物业管理服务毛利率下滑 0.6pct 至 15.4%； ②非业主增值服务毛利率下滑 3.8pct 至 28.7%；③社区增值服务 毛利率下滑 5.0pct 至 30.5%。 面积稳步增长，新增面积更独立更多元。截至 2024 年 6 月末，公 司在管面积 6667 万方，较 2023 年底增长 2.2%；合约面积 8881 万 方，较 2023 年底增长 6.4%。2024H1 公司新增合约面积 926 万方， 同比+12.1%。分来源看，第三方占比 65%，关联方占比 35%；分业 态看，住宅、TO ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） （股份代號：06626） 截至二○二四年六月三十日止六個月的 中期業績公告 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | | 截至二○二四年六月三十日止六個月業績摘要 | | ‧ | 總收入為人民幣 1,960.2 百萬元，同比增長 29.7% ，其中： | | | (i) 自非商業物業管理及增值服務所得收入為人民幣 1,601.3 百萬元，同比增 | | | 長 32.3% ；及 | | | (ii) 自商業物業管理及運營服務所得收入為人民幣 358.9 百萬元，同比增長 | | | 19.2% 。 | | ‧ | 毛利率為 25.9% 。 | | ‧ | 本公司擁有人應佔盈利為人民幣 277.7 百萬元， ...

先来参加我们这个电话会昨天的话是520然后呢越秀服也公告了这个回购的这个计划市场昨天也给了一个比较积极的反馈然后我们今天呢非常荣幸啊邀请到越秀服的资本运营总监万总以及于总呢和大家做一个这样的这个交流那下面的话我们先请于总简单介绍一下公司这个回购的这个计划以及公司一到四月的这个经营的情况然后进入我们这个问答的环节啊现在时间交给于总 各位投资人朋友们好我是资本经营总监王思宇接下来的话我来简单说一下昨天公告的股权应该说是回购股票回购的计划其实基本上公告的内容也写的比较清楚了我们的回购的话主要就是 呃就是是这个公司的资金的情况以及公司的整体的运营情况来做出这个决定的那呃这个量来说的话呢就是我们是用股数来进行这个公告的就是不超过2%就是留在这个整体呃股数的这个就是2%的这样的一个量来进行这个回扣的这个计划的 那这个因为这个2%的话是在我们一般授权就是在股东大会的这个一般授权里面的话呢是已经是有一个10%的一个一般授权在这里的那所以就是这个2%的话呢是可以就是那个一般授权是可以透过到的那所以的话呢就我们就做了这样的一个自愿性的这样的一个公告 那就是可能投资者也会问就是说在这个就是就是说我们的计划或者说就是在金额上的这种这 ...

目 錄 公司資料 2 公司架構 3 財務概要 4 業績亮點 5 業務範圍 6 全國區域佈局 12 二○二三年大事記 14 榮譽與獎項 16 主席報告 18 管理層討論與分析 27 企業管治報告 44 董事與高級管理層簡介 61 董事會報告 67 風險管理報告 89 獨立核數師報告 95 綜合利潤表 102 綜合全面收益表 103 綜合資產負債表 104 綜合權益變動表 106 綜合現金流量表 107 綜合財務報表附註 108 越 秀 服 務 集 團 有 限 公 司 | 年 報 2023 ...

Equity Research 股 票 研 究 证 券 研 究 报 告 Change in Share Price [Table_PriceChange] 股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs. % 绝对变动 %8.9 13.8 (28.6) Rel. % to HS Index 相对恒指变动 %7.2 14.3 (15.6) Avg. Share price(HK$) 平均股价（港元） 2.7 2.6 2.9 Source: Bloomberg, Guotai Junan International. Company Report 公 司 报 告 Yuexiu Services (06626 HK) 越 秀 服 务 Equity Research Report 房 地 产 行 业 Property Sector [Table_Title] Company Report: Yuexiu Services (06626 HK) 中文版 Chunli Zhan 詹春立 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | - ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 越秀服务（6626）公司年报点评 2024年03月21日 [Table_InvestInfo] 投资评级 优于大市 维持 收入净利稳定增长，全年派息率达 50% 股票数据 [Table_Summary] 0[3Ta月b2le0_日S收to盘ck价（In港fo元] ） 2.75 投资要点： 52周股价波动（港元） 2.32-3.89 总股本（百万股） 1522 事件：公司公告2023年年度业绩公告 总市值（百万港元） 4186  相关研究 收入净利稳定增长，股东回报不断提高。2023年，公司实现营业收入人民币 [《Ta越b秀le服_R务e（p 0o 6r 6t 2In 6.f Ho K] ）2023年中期业绩点  32.24 亿元，同比+29.7%；归母净利润人民币 4.87 亿元，同比+17.0%；毛 评：经营业绩稳定增长，首次宣派中期股息》 利率 26.6%，同比基本持平；每股基本盈利人民币 0.32 元，末期派息每股 2023.08.27 0.087港币，连同中期股息，2023年全年派息每股0.176港币，全年派息率 《立破并举 ...

2024年3月20日 公司研究 增值服务表现优秀，分红比例显著提升 ——越秀服务（6626.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.80港元 事件：越秀服务2023年营收同比+30%，归母净利润同比+17%，派息比率50%。 公司发布 2023 年度业绩公告，实现收入 32.2 亿元，同比增长 29.7%，其中非 商业板块收入26.3亿元，同比+35.5%，商业板块收入5.9亿元，同比+8.9%； 作者 毛利率26.6%，归母净利润4.9亿元，同比增长17.0%。 分析师：何缅南 执业证书编号：S0930518060006 截至 2023 年末，公司在管面积 6520 万平，合约面积 8340 万平，分别较上年 021-52523801 末增加26.2%和18.2%。2023年全年，公司派息比率为50%。 hemiannan@ebscn.com 点评：业绩符合预期，增值服务表现优秀，外拓力度增强，分红比例显著提升。 联系人：韦勇强 1)业绩符合预期，增值服务表现优秀。整体来看，公司2023年度业绩基本符合 021-52523810 我们预期（我们预测公司收入和归母净利润为32.5/ ...