这也意味着现已担任越秀地产联席总经理的江国雄又将背负更大的重担——助力越秀服务净利提升、帮 助越秀房产基金扭亏。那么，江国雄如何应对新的挑战？ 左手物业、右手房产基金 5月22日晚间，越秀服务、越秀房产基金同时发布公告宣布更换总裁。越秀服务在公告中表示，朱辉松 因在越秀地产内的工作变动辞任越秀服务非执行董事及董事会主席职务。同时，江国雄已获委任为越秀 服务非执行董事、董事会主席、提名委员会、投资委员会、环境、社会及管治委员会各委员会主席以及 薪酬委员会成员。 越秀房产基金也在当日发布公告称，林德良已辞任董事会主席兼行政总裁、财务及投资委员会主席、披 露委员会以及薪酬及提名委员会各委员会成员；江国雄已获委任为董事会主席、非执行董事、财务及投 资委员会以及薪酬及提名委员会各委员会成员。 值得关注的是，越秀服务、越秀房产基金不仅同时换帅且上任的均为同一人——江国雄。 近日，越秀服务、越秀房产基金同时更换了总裁，原越秀地产的"老将"江国雄"一肩挑两职"，同时成为 两家公司的董事会主席。 那么，江国雄何许来历？公开资料显示，江国雄生于1972年，现年53岁，其毕业于暨南大学会计专业， 从广州市城市建设开发有限公司(下称 ...

越秀地产旗下业务板块同日迎来新任总裁。 5月22日晚间，越秀服务、越秀房托同时发布公告宣布更换总裁。越秀服务在公告中表示，朱辉松因在 越秀地产内的工作变动辞任越秀服务非执行董事及董事会主席职务。同时，江国雄已获委任为越秀服务 非执行董事、董事会主席、提名委员会、投资委员会、环境、社会及管治委员会各委员会主席以及薪酬 委员会成员。 如何带领越秀地产商业板块走出低谷，将是新管理层必须直面的挑战。 对于林德良的辞任，越秀房托表示，林德良职务所作重新安排旨在让林德良专注于业务的策略方面，以 协助新任主席在当前市况下制订及实施越秀房产基金的全新发展规划。 不仅是换下林德良，越秀房托还将执行董事区海晶晋升为行政总裁，并委任为管理人的财务及投资委员 会主席、披露委员会以及薪酬及提名委员会各委员会成员。 受到市场下行的影响，去年以来，越秀房托、越秀服务的业绩表现均有明显下滑。 越秀房托也在当日发布公告称，林德良已辞任董事会主席兼行政总裁、财务及投资委员会主席、披露委 员会以及薪酬及提名委员会各委员会成员；江国雄已获委任为董事会主席、非执行董事、财务及投资委 员会以及薪酬及提名委员会各委员会成员。 江国雄是越秀地产管理层的"新 ...

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 3,868 million, a 20% increase from RMB 3,224 million in 2023[9] - Gross profit for 2024 was RMB 902 million, with a gross margin of 23.3%, down from 26.6% in 2023[9] - Net profit attributable to shareholders for 2024 was RMB 353 million, resulting in a net profit margin of 9.1%, compared to 15.1% in 2023[9] - The company reported earnings per share of RMB 0.23 for 2024, a decrease from RMB 0.32 in 2023[9] - Core net profit increased by 5.1% year-on-year to RMB 512 million[71] - The net profit for the year was RMB 285.8 million, a decrease of 42.8% compared to RMB 499.9 million in the previous year[132] - The profit attributable to the company's owners was RMB 352.9 million, down 27.5% from RMB 487.0 million year-on-year[133] - Revenue from property management services increased to RMB 1,462.9 million, a growth of 12.7% from RMB 1,298.6 million in the previous year[114] - Revenue from non-commercial property management and value-added services reached RMB 3,134.2 million, up 19.2% from RMB 2,630.1 million year-on-year[117] Assets and Equity - As of December 31, 2024, the total assets amounted to RMB 6,616 million, up from RMB 6,407 million in 2023[9] - The total equity attributable to shareholders increased to RMB 3,503 million in 2024, compared to RMB 3,444 million in 2023[9] - The group's intangible assets decreased from RMB 332.9 million as of December 31, 2023, to RMB 85.4 million as of December 31, 2024, primarily due to goodwill impairment of approximately RMB 236.9 million[137] Operational Expansion - The company managed a total area of 42.72 million square meters in residential properties, serving over 310,000 households[22] - The commercial and industrial park management area reached 11.43 million square meters as of December 31, 2024[27] - The total contracted area across various regions is 88.73 million square meters, with the Greater Bay Area accounting for 54.96 million square meters (62% of total)[54][53] - The company is actively pursuing market expansion across multiple regions, including East China, the Greater Bay Area, Northern China, and Central-Western regions[49][55] - The group signed 85 new projects in 2024, with a total contracted area of 13 million square meters, bringing the total managed projects to 437 and total managed area to 69 million square meters[75] Service Offerings and Innovations - The company plans to enhance its service offerings by integrating asset management with property management and operational services[24] - The company is expanding its service offerings to include community management services centered around residents' daily needs, such as retail and home services[37] - The asset management services include a comprehensive solution for property leasing, renovation, and management, aimed at enhancing asset value for owners[40] - The company is leveraging digital technologies like IoT and big data to transform physical spaces into smart environments, focusing on various sectors including residential and commercial[44] - The group aims to enhance service quality and customer experience through digital applications and AI tools, focusing on improving response efficiency[78] Corporate Governance - The board of directors is composed of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balance of skills and experience[164] - The company has mechanisms in place to ensure board independence, which is crucial for good corporate governance and effective decision-making[174] - The board confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[184] - The company has established guidelines for managing and disclosing inside information to ensure timely assessment of facts that may significantly impact the company's stock price[190] - The company emphasizes the importance of compliance with corporate governance codes and has established a written terms of reference for the Audit Committee[194] Employee and Operational Costs - The total employee cost for the year amounted to RMB 1,120.1 million, with 10,422 full-time employees as of December 31, 2024[155] - Administrative expenses rose to RMB 296.4 million, a 6.1% increase from RMB 279.3 million in the previous year[129] Recognition and Awards - The company was recognized as one of the top 12 property service companies in China for 2024 by the China Index Academy[60] - The group received multiple recognitions, including being ranked 12th in the "2024 Top 100 Property Service Companies in China" and achieving an A rating in ESG management from MSCI[76] Dividends and Financial Management - The company proposed a final dividend of HKD 0.083 per share, totaling HKD 0.183 per share for the entire year when combined with the interim dividend[71] - The proposed final dividend for the year is HKD 0.083 per share, totaling HKD 0.183 per share for the fiscal year ending December 31, 2024, which is a decrease from HKD 0.187 per share in 2023[136] - The company plans to distribute dividends of no less than 30% of the distributable net profit attributable to shareholders annually, subject to various factors including operational performance and financial condition[191]

过去的一年房地产市场供求两端继续呈现缩量的态势，作为下游产业链，物业管理也经历着行业增量放缓、市场竞争加剧的变革。在这样的行业背景下，越 秀服务集中力量提升服务力，聚焦高质量市场拓展，取得了稳健的经营表现。 2024年全年，越秀服务（06626.HK）营业收入达38.68亿元，同比增长20%；毛利润超9亿元，同比增长5.3%；剔除商誉减值后的核心净利润为5.12亿元，同 比增长5.1%，核心盈利能力保持正向增长。 以核心盈利能力持续提升为根基，越秀服务积极践行股东回报承诺，延续一贯的分红政策，2024年全年派息总额为每股人民币0.169元，同比增加5.6%；全 年度派息比率达50%（按核心净利润计），回馈股东长期的支持。 行业调整仍在持续中。越秀服务执行董事兼行政总裁王建辉表示，未来物管行业的管理规模会逐步增加，同时行业集中度也会逐步提升，在这一发展趋势之 下，"好服务"会成为物业公司的核心竞争力。 基于此，越秀服务在2025年将"精益服务、向新图强"作为发展战略，以"精益服务"构建业主、员工和供应商的满意和信任，塑造护城河，并"向新图强"，抓 住数字转型机遇，实现变革和提效。王建辉表示，今年越秀服务会持续围 ...

2025 年 3 月 31 日 公司研究 经营业绩增长稳健，积极回购与分红 ——越秀服务（6626.HK）跟踪报告 2）毛利率有待企稳。截至 2024 年末，公司在管面积 6931 万平，合约面积 8873 万平，公司 2024 年新委聘项目在管面积 1131 万平方米，同时退出了 721 万平 方米的项目（上年退出 257 万平），规模快速扩张的同时，退出项目也进一步 增加；2024 年，公司整体毛利率同比下滑 3.3pct 至 23.3%，其中物业管理业务 毛利率为 15.0%，同比下滑 1.1pct，毛利率仍有待企稳。 3）在手现金充裕，分红慷慨，回购积极。截至 2024 年末，公司在手现金及现 金等价物和定期存款为 47 亿元，现金储备丰富，公司 2024 年全年派息总额为 每股 0.169 元，派息总额 2.6 亿元，对应 2025 年 3 月 28 日收盘价股息率为 6.4%， 股息率具备吸引力；另一方面，公司近期在二级市场积极回购股份，保障股东权 益；同时，考虑公司仍处在成长期，物管行业逐步回暖，公司手握充沛现金，下 一阶段，公司或有可能通过收并购等方式扩大规模，占据更多市场份额。 盈利预测、估 ...

[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 2025 年 03 月 25 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le4_日S收to盘ck价（In港fo元] ） | 2.87 | | --- | --- | | 周股价波动（港元） 52 | 2.48-3.94 | | 总股本（百万股） | 1509 | | 总市值（亿港元） | 43 | | 相关研究 | | [《Ta越b秀le服_R务e（p0o6r6t2In6.fHoK] ）2024 年中期业绩公 告点评：收入净利双增，市场拓展成效显著》 2024.08.25 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 1.78 4.63 11.74 | 绝对涨幅（%） | 1.78 | 4.63 | 11.74 | | --- | --- | --- | --- | | 相对涨幅（%） | -5.44 | -3.40 | 1.14 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-2318 ...

越秀服务 20250324 摘要 请介绍一下越秀服务 2024 年的整体业绩表现。 2024 年，越秀服务的营业收入达到 38.68 亿元，同比增长 20%。核心净利润为 5.12 亿元，同比增长 5.1%。基础物业管理业务收入为 12.36 亿元，同比增长 20.1%，客户满意度维持在 91 分的高位。公司管理规模稳步扩大，截至 2024 年 12 月 31 日，合约面积为 8,873 万平方米，同比增长 6.3%；在管面积为 6,931 万平方米，同比增长 6.3%。新增合约面积 1,295 万平方米，包括港珠澳大桥国 • 越秀服务 2024 年收入同比增长 20.1%，达 38.68 亿元，客户满意度维持 91 分高位。合约面积和在管面积均同比增长 6.3%，分别达到 8,873 万平方米 和 6,931 万平方米，显示出稳健的增长态势。 • 非商业板块收入占比 81%，同比增长 19.2%，其中基础物业管理收入增长 20%，社区增值服务增长 31%。商业板块收入占比 19%，同比增长 23%。非 业主增值服务受地产周期影响，但早期及智能化相关设计咨询业务表现突 出。 • 2024 年底，公司净资产同比 ...

公司回购持续进行，积极分红回馈股东。2024 年公司公告拟在公 开市场回购不超过 3044 万股，占回购前总股本的 2%。截至 2025 年 3 月 20 日公司合计回购 1305 万股，占回购前总股本的 0.86%， 后续仍有进一步回购的空间。同时公司维持 50%的全年派息比例， 通过回购加分红的方式提升股东回报。 盈利预测、估值与评级 业绩简评 2025 年 3 月 20 日，公司发布 2024 年全年业绩：2024 年实现收入 38.68 亿元，同比增长 20.0%；归母净利润 3.53 亿元，同比下滑 27.5%。 经营分析 增值服务带动收入保持高速增长，受商誉减值影响归母净利润有 所回落。2024 年公司收入保持高速增长，其中社区增值服务收入 12.17 亿元，同比+30.6%；商业运营及管理服务收入 6.3 亿元，同 比+29.4%。受商誉减值影响，归母净利润减少 1.59 亿元，但剔除 商誉减值的核心净利润仍保持增长，同比+5.1%。公司综合毛利率 同比下降 3.3pct 至 23.3%，主要因为：①物业管理服务毛利率下 滑 1.1pct 至 15.0%；②非业主增值服务毛利率下滑 7.5pct ...

其中，基础物业管理服务作为越秀服务的支柱业务，2024年收入达12.36亿元，同比增收20.1%，占总收 入的32%，为公司整体营收提供了有力支撑。与此同时，越秀服务不断提高服务力，完善服务处理机制 和流程标准，2024年度响应及时率达99.4%，客户满意度进一步提升。 而社区增值服务2024年收入为12.17亿元，同比增长30.6%。社区增值服务的增长反映了越秀服务聚焦社 区场景，发挥"生活服务、商业配套、资产服务、科技服务"增值服务业务间的协同效应，对社区经济的 深度挖掘和运营能力的提升。 越秀服务（股票代码：6626.HK）发布了2024年业绩公告，营收连续三年保持双位数增长，展现出稳健 的发展态势。 公告显示，越秀服务2024年全年营业收入达 38.68 亿元，同比增长 20.0%，核心净利润 5.12 亿元，同比 增长 5.1%。 从营收结构来看，在非商收入方面，主要包括基础物业管理服务、社区增值服务、非业主增值服务。非 商收入仍是越秀服务收入的核心来源，全年收入达31.34亿元，同比增长19.2%，占总收入的81%。 一位券商分析师表示："物企通过整合资源、优化服务流程和引入创新模式，能够满足业主 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,868 million, representing a year-on-year growth of 20.0%[2] - Revenue from non-commercial property management and value-added services was RMB 3,134 million, up 19.2% year-on-year, while revenue from commercial property management and operation services was RMB 734 million, an increase of 23.7%[2] - Profit attributable to the owners of the company was RMB 353 million, down 27.5% year-on-year, primarily due to goodwill impairment during the year[2] - Core net profit, excluding the impact of goodwill impairment, was RMB 512 million, representing a year-on-year increase of 5.1%[2] - The net profit for the year ending December 31, 2024, was RMB 285,770 thousand, compared to RMB 499,882 thousand in 2023, indicating a decrease of approximately 43%[29] - The pre-tax profit for 2024 was RMB 462,499 thousand, down from RMB 687,142 thousand in 2023, indicating a decline of about 32.7%[54] - The net profit for the year was RMB 285.8 million, a decrease of 42.8% from RMB 499.9 million in the previous year, with a net profit margin of 7.4%[150] - The profit attributable to the company's owners was RMB 352.9 million, down 27.5% from RMB 487.0 million, while core net profit increased by 5.1% to RMB 512 million[151] Assets and Liabilities - Total non-current assets increased significantly to RMB 2,617 million from RMB 533 million year-on-year[7] - Cash and cash equivalents decreased to RMB 2,004 million from RMB 4,695 million year-on-year[7] - Total equity as of December 31, 2024, was RMB 3,587 million, slightly down from RMB 3,620 million in the previous year[8] - The total assets as of December 31, 2024, amounted to RMB 6,616,335 thousand, an increase from RMB 6,407,144 thousand in 2023, reflecting a growth of about 3%[34] - The total liabilities as of December 31, 2024, were RMB 3,028,656 thousand, compared to RMB 2,786,689 thousand in 2023, which is an increase of approximately 9%[34] - The total amount of other receivables, prepayments, and deposits increased to RMB 619,046 thousand in 2024 from RMB 453,432 thousand in 2023, marking a significant growth[78] - The total accounts payable and notes payable rose to RMB 651,499 thousand in 2024, up from RMB 399,277 thousand in 2023, indicating increased operational activity[77] Dividends - The board proposed a final dividend of HKD 0.083 per share, equivalent to RMB 0.078 per share, bringing the total dividend for the year to HKD 0.183 per share, or RMB 0.169 per share[2] - The proposed final dividend for 2024 is HKD 0.083 per share, totaling approximately RMB 115 million, pending shareholder approval[60] - The company proposed a final dividend of HKD 0.083 per share, equivalent to approximately RMB 0.078 per share, down from RMB 0.079 per share in the previous year[154] Operational Highlights - The total managed area as of December 31, 2024, was 69.31 million square meters, reflecting a year-on-year growth of 6.3%[2] - The company signed 85 new projects in 2024, with a total contracted area of 13 million square meters[91] - As of December 31, 2024, the company managed 437 projects, covering a total area of 69 million square meters, representing a year-on-year increase of 6.3%[102] - The total number of contracted projects increased to 508, with a total contracted area of 88.7 million square meters, reflecting a year-on-year growth of 6.3%[102] - The company expanded its Integrated Facility Management (IFM) product system, achieving contract amounts exceeding RMB 60 million, indicating successful market expansion efforts[89] - The company maintained a high occupancy rate in community commercial properties while exploring innovative business models, such as self-operated coffee services[89] - The company achieved a customer satisfaction response rate of 99.4%, reflecting its commitment to service quality improvement[87] Financial Reporting and Governance - The company submitted its financial statements for the year ending December 31, 2023, in accordance with the Companies Ordinance[13] - The auditor's report on the group's financial statements for the two years was unqualified, with no emphasis of matter or statements made under sections 406(2), 407(2), or (3) of the Companies Ordinance[14] - The group adopted revised Hong Kong Financial Reporting Standards for the first time this year, with no significant financial impact on the consolidated financial statements[17] - The audit committee has reviewed the group's financial statements and found no disagreements with the external auditors regarding accounting principles and policies[183] - The company has complied with all provisions of the Corporate Governance Code as per the listing rules during the year[176] Market and Strategic Focus - The company plans to focus on strategic cities and high-quality sectors such as corporate headquarters and universities to optimize project quality and expand market presence[97] - The company will strengthen self-operated businesses, creating a community service platform to connect supply and demand effectively[99] - The company emphasizes sustainable development and corporate social responsibility while striving to become a trusted leader in smart services[99] - The company aims to enhance service quality through digital applications and AI tools, improving customer experience and operational efficiency[96] Employee and Shareholder Information - The group has a total of 10,422 full-time employees in China and Hong Kong as of December 31, 2024, with total employee costs amounting to RMB 1,120.1 million[175] - The company repurchased a total of 11,558,500 ordinary shares during the year, at a total cost of approximately HKD 37 million[179] - Of the repurchased shares, 10,757,500 ordinary shares were cancelled during the year, with the remaining 801,000 shares to be cancelled in January 2025[180] Impairments and Costs - The company recognized a goodwill impairment of RMB 236,866 thousand in 2024, which was not present in 2023[49] - Intangible assets decreased significantly from RMB 332.9 million to RMB 85.4 million, primarily due to goodwill impairment of approximately RMB 236.9 million[155] - The cost of subcontractors for renovation and other services increased from RMB 399,693 thousand in 2023 to RMB 555,203 thousand in 2024, an increase of approximately 38.9%[49] - Administrative expenses rose by 6.1% to RMB 296.4 million, attributed to business expansion and new investments in smart and health-related initiatives[146]