Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [9]. Core Insights - Chinese pharmaceutical companies are increasingly enhancing their original research capabilities, leading to a surge in high-quality innovative products gaining international recognition. This trend is facilitating the acceleration of domestic innovative drugs entering global markets through two primary pathways: "building ships" and "borrowing ships" [2][6]. - The total value of license-out transactions from China reached over $43 billion in 2024, accounting for nearly 20% of the global total, indicating a significant shift in the global pharmaceutical landscape as Chinese innovative drugs gain traction [6][17]. Summary by Sections Innovative Drug Globalization - Chinese innovative drug companies are transitioning from "following overseas" to "independent innovation," with a notable increase in original research capabilities. The number of Chinese companies participating in major international conferences like AACR and ASCO has reached historical highs, with 126 companies presenting nearly 300 new drug research results at the 2025 AACR conference [17][18]. - The number of original innovative drugs approved in China has increased from 11 in 2015 to 92 in 2024, with the proportion of globally developed first-in-class (FIC) drugs rising from 9% to 24% during the same period [21][22]. "Building Ships" and "Borrowing Ships" Models - "Building ships" refers to domestic companies independently conducting overseas clinical trials and obtaining market approvals. Notable examples include BeiGene's BTK inhibitor, which achieved over $2.6 billion in global sales, and Legend Biotech's CAR-T therapy, which reached $963 million in global sales in 2024 [25][26]. - "Borrowing ships" involves leveraging partnerships for international development and commercialization. The total value of license-out transactions in the Chinese innovative drug sector reached $51.9 billion in 2024, with over 50 transactions reported in the first half of 2025, totaling $48.4 billion [27][28]. Investment Perspective - The report emphasizes that the ongoing transformation in the healthcare sector, driven by innovative drug globalization, presents significant investment opportunities. Companies with strong cash flow, innovative capabilities, and established research platforms are particularly well-positioned for growth [43].

Group 1 - Recent leadership changes at Yuexiu Services and Yuexiu Real Estate Fund, with Jiang Guoxiong appointed as the new president and chairman for both companies [1][2] - Jiang Guoxiong has a strong background in the company, having served in various leadership roles since 2020, contributing to significant sales growth in the central and western regions [2][3] - The appointment of Jiang Guoxiong signals a strategic move to consolidate leadership and address performance challenges faced by both entities [1][4] Group 2 - Yuexiu Services reported total revenue of 3.868 billion yuan in 2024, a 20% increase year-on-year, but net profit decreased by 27.5% to 353 million yuan due to a 237 million yuan goodwill impairment [4][5] - Yuexiu Real Estate Fund experienced a total revenue of 2.032 billion yuan in 2024, a decline of 2.7%, with a significant after-tax loss of approximately 340 million yuan, worsening from a loss of 3.955 million yuan in 2023 [5] - Jiang Guoxiong faces the challenge of reversing the declining net profit of Yuexiu Services and helping Yuexiu Real Estate Fund return to profitability amid current market conditions [5]

Core Viewpoint - The new management team at Yuexiu Property faces the challenge of revitalizing the commercial sector, which has been underperforming due to market downturns [1][6]. Management Changes - Yuexiu Property announced the appointment of Jiang Guoxiong as the new chairman for both Yuexiu Services and Yuexiu REIT, replacing Lin Deliang and Zhu Hu Song respectively [2][4]. - Jiang Guoxiong has a rapid career progression within Yuexiu, having held various leadership roles since November 2020, including positions in the Central and Southwest regions [2][3]. Performance Overview - Yuexiu REIT reported a total revenue of 2.032 billion yuan in 2024, a decrease of 2.7% year-on-year, primarily due to a decline in office property income [5]. - The office income for Yuexiu REIT was 1.15 billion yuan, accounting for 56.6% of total revenue, and saw a year-on-year decline of 4.5% [5]. - Yuexiu Services experienced a total revenue of 3.868 billion yuan, reflecting a 20% increase year-on-year, but net profit fell by 27.5% to 353 million yuan due to a significant goodwill impairment [5]. Future Challenges - The overall real estate market remains under pressure, and the commercial and property sectors have not yet shown signs of recovery, presenting a significant challenge for Jiang Guoxiong in leading Yuexiu's commercial segment out of its current low performance [6].

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]

Core Viewpoint - The real estate market has experienced a slowdown in both supply and demand, leading to increased competition in the property management sector. In this context, Yuexiu Services has focused on enhancing service quality and achieving steady operational performance, with a revenue increase of 20% year-on-year in 2024 [1] Financial Performance - In 2024, Yuexiu Services reported total revenue of 3.868 billion yuan, a 20% increase year-on-year; gross profit exceeded 900 million yuan, up 5.3%; and core net profit, excluding goodwill impairment, was 512 million yuan, reflecting a 5.1% growth [1] - The total dividend for 2024 was 0.169 yuan per share, a 5.6% increase year-on-year, with a dividend payout ratio of 50% based on core net profit [1] Strategic Development - For 2025, Yuexiu Services has set a development strategy of "Lean Services, Striving for New Heights," focusing on digital transformation and enhancing service quality to build a competitive edge [2] - The company aims to deepen service quality across all business segments in 2024, with a strong emphasis on customer needs [7] Business Segments - The non-commercial property management and value-added services segment generated revenue of 3.134 billion yuan, a 19.2% increase, accounting for 81% of total revenue. This segment includes basic property management, non-owner value-added services, and community value-added services [7] - Basic property management services, a cornerstone of Yuexiu Services, achieved revenue of 1.236 billion yuan, up 20.1% [7] - Community value-added services generated revenue of 1.217 billion yuan, with a growth rate exceeding 30%, becoming a key driver of performance [8] Market Expansion - As of the end of 2024, Yuexiu Services' contracted area reached 88.73 million square meters, a 6.3% increase, while the managed area grew to 69.31 million square meters, also up 6.3% [12] - The company has strategically focused on high-quality management projects, with significant new contracts including major national projects, enhancing brand influence and securing government public service channels [13] Regional Focus - Yuexiu Services is concentrating on strategic core cities, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, where approximately 60% of the managed area is located [14] - The company plans to expand its footprint in economically vibrant cities, targeting a revenue goal of 400 million yuan from external expansion in 2025 [14] New Business Initiatives - Yuexiu Services is exploring new business opportunities in areas such as energy management, environmental governance, and high-end housekeeping, with a focus on light asset operations [11] - The Integrated Facility Management (IFM) service system has been established to cater to B-end clients, enhancing the value of non-residential projects [9][10] Acquisition Strategy - The company is actively looking for acquisition opportunities, particularly in value-added service sectors such as smart home solutions and energy management, with 5 billion yuan of raised funds earmarked for acquisitions [15]

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company reported a revenue increase of 20% year-on-year for 2024, reaching 3.868 billion yuan, while the net profit attributable to shareholders decreased by 27.5% to 353 million yuan due to goodwill impairment [7][8] - Excluding the impact of goodwill impairment, the core net profit increased by 5.1% year-on-year to 512 million yuan [8] - The overall gross margin decreased from 26.6% in 2023 to 23.3% in 2024, primarily due to a decline in the gross margin of value-added services [7][8] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023: Revenue of 3.224 billion yuan, net profit of 487 million yuan - 2024: Revenue of 3.868 billion yuan (+20% YoY), net profit of 353 million yuan (-27.5% YoY) - 2025E: Revenue of 4.656 billion yuan (+20.4% YoY), net profit of 480 million yuan (+35.9% YoY) [6][13] - **Earnings Per Share (EPS)**: - 2024: EPS of 0.23 yuan, down 28.1% from 0.32 yuan in 2023 - 2025E: EPS expected to recover to 0.32 yuan [6][13] - **Gross Margin and Return on Equity (ROE)**: - Gross margin for 2024 is 23.3%, down from 26.6% in 2023 - ROE for 2024 is projected at 10.1%, down from 14.1% in 2023 [15] Market Expansion and Management - The company has expanded its management scale, focusing on high-quality market development, signing 85 new projects with a total contract area of 12.95 million square meters [11] - As of December 31, 2024, the company managed projects across 48 cities, with a total contract area of 88.73 million square meters, a year-on-year increase of 6.3% [11] Shareholder Returns - The board proposed a final dividend of 0.078 yuan per share for 2024, leading to a total annual dividend of 0.169 yuan per share, an increase of 5.6% year-on-year [12] - The dividend payout ratio for 2024 is 50% based on core net profit [12]

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 ...