2024年3月18日，公司发布2023年全年业绩：实现营业收入32.24 亿元，同比+29.7%；归母净利润4.87 亿元，同比+17.0%。 营收、归母净利润符合预期。随着公司商业及非商各项业务的稳 步推进，公司营收稳健增长。归母净利增速不及收入，主要由于 毛利率下滑，2023 年公司毛利率为 26.6%，同比下降 3.6 个百分 点，其中：①物业管理服务毛利率下滑0.3pct 至16.1%；②非业 主增值服务受地产下行拖累及业务结构影响，毛利率下滑 2.4pct 至 32.5%；③社区增值服务毛利率下滑 0.2pct 至 32.7%；④商业 港币(元) 成交金额(百万元) 运营及管理服务毛利率下滑0.2pct 至 29.4%；⑤市场定位咨询及 5.00 30 租户招揽服务毛利率下滑1.5pct至 42.0%。 25 管理规模稳步提升，积极践行多元化外拓。截至 2023 年末，公司 4.00 20 15 在管面积 6521 万方，同比+26.2%；合约面积 8345 万方，同比 3.00 10 +18.2%。全年公司新增第三方外拓合约面积 1064 万方，同比 5 +26.2%，其中商业及产业园、城市服务及 ...

证券研究报告·海外公司点评·地产(HS) 越秀服务（06626.HK） 2023 年业绩公告点评：管理规模稳健扩张， 2024年 03月 19日 TOD 全国化布局持续推进 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 2,487 3,224 4,020 4,962 6,091 xiaoc@dwzq.com.cn 同比 29.63% 29.66% 24.66% 23.44% 22.75% 证券分析师 白学松 归母净利润（百万元） 416.10 487.02 590.19 711.70 855.14 执业证书：S0600523050001 同比 15.73% 17.04% 21.18% 20.59% 20.15% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.27 0.32 0.39 0.47 0.56 P/E（现价&最新摊薄） 9.1 ...

交银国际研究 公司更新 内地房地产 收盘价 目标价 潜在涨幅 2024年3月19日 港元2.75 港元5.35 +94.5% 越秀服务 (6626 HK) 2023 年业绩符合预期，现金充裕支持并购及股份回购  2023 年业绩符合预期：2023 年收入同比增加 29.7%至 32.24 亿元人民币 个股评级 （下同），稍低于我们预测（33.49亿元） 约3.7%。由于外拓项目的贡献 比重增加（外拓项目的毛利率较低）以及部分非业主增值业务仍处于初期 买入 培育阶段，整体毛利率轻微下滑0.7个百分点至26.6%。净利润同比增长 17.1%至4.87亿元，大致符合我们预测（4.94亿元）。每股末期股息拟定 为人民币 7.9 分，加上中期股息，全年股息为人民币 16.0 分同比增加 1年股价表现 64.9%，派息率由35.6%提升至50.0%。 6626 HK 恒生指数 10%  在管面积稳步扩张：2023 年，在管面积/合约面积同比增长26.2%/18.2% 5% 0% 至6,521万/8,345万平方米。新增项目113个，新签合约面积为1,542万 -5% 平方米（同比+17.8%），其中约1,064万平方 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 3,223.6 million, representing a year-on-year growth of 29.7%[2] - Profit attributable to owners of the company was RMB 487.0 million, reflecting a year-on-year increase of 17.0%[2] - Operating profit for the year was RMB 584.9 million, compared to RMB 504.2 million in the previous year[4] - The company reported a net profit of RMB 499,882 thousand for the year ended December 31, 2023, compared to RMB 424,418 thousand in 2022, reflecting an increase of approximately 17.7%[21] - The group's net profit attributable to shareholders was RMB 487.0 million, reflecting a year-on-year growth of 17.0%[54] - The net financial income for the year was RMB 102,038,000, an increase from RMB 71,673,000 in 2022, representing a growth of about 42.4%[35] - The income tax expense for 2023 was RMB 187,260,000, compared to RMB 151,564,000 in 2022, indicating an increase of approximately 23.5%[36] - Basic earnings per share increased to RMB 0.32 in 2023 from RMB 0.27 in 2022, reflecting a growth of about 18.5%[40] Revenue Breakdown - Revenue from non-commercial property management and value-added services was RMB 2,630.1 million, up 35.5% year-on-year, while revenue from commercial property management and operation services was RMB 593.5 million, an increase of 8.9%[2] - Revenue from non-commercial property management and value-added services was RMB 1,029,024 thousand in 2023, up from RMB 811,692 thousand in 2022, indicating a growth of about 26.9%[22] - Revenue from commercial property management and operation services was RMB 593,514 thousand in 2023, compared to RMB 545,100 thousand in 2022, marking an increase of about 8.9%[22] - Non-commercial property management and value-added services accounted for 81.6% of total revenue, amounting to RMB 2,630.1 million in 2023, up from 78.1% and RMB 1,941.1 million in 2022[80] - The group's revenue from property management services increased to RMB 1,298.6 million, up RMB 257.0 million or 24.7% from the previous year[83] Assets and Liabilities - The total assets of the group as of December 31, 2023, amounted to RMB 6,407.1 million, an increase from RMB 5,947.8 million in the previous year[7] - The total liabilities of the group were RMB 2,786.7 million, up from RMB 2,556.6 million in the previous year[8] - The company’s liabilities totaled RMB 2,786,689 thousand as of December 31, 2023, an increase from RMB 2,556,620 thousand in 2022, representing a rise of approximately 9.0%[24] - The company reported accounts receivable of RMB 609,286,000, a decrease from RMB 634,873,000 in the previous year, with a provision for impairment of RMB 35,762,000[44] - The company’s intangible assets at the end of 2023 totaled RMB 332,921,000, down from RMB 344,253,000 in 2022[43] - The company’s goodwill remained stable at RMB 260,408,000 as of December 31, 2023[43] - The company’s total issued and paid-up capital remained unchanged at RMB 2,543,048,000 with 1,522,030,177 shares issued[47] Dividends - The board proposed a final dividend of HKD 0.087 per share (equivalent to RMB 0.079 per share), resulting in a total annual dividend of HKD 0.176 per share (equivalent to RMB 0.160 per share), with a total dividend payout ratio of 50%[2] - The proposed final dividend is HKD 0.087 per share, totaling approximately RMB 119 million, pending approval at the annual general meeting on June 12, 2024[41] - The total dividend for the year is proposed at HKD 0.176 per share, equivalent to approximately RMB 0.16 per share[98] Operational Highlights - The total area managed by the group reached 65.2 million square meters, a growth of 26.2% compared to December 31, 2022, with a contracted area of 83.4 million square meters, up 18.2% year-on-year[2] - The group signed 113 new projects in 2023, adding a total contract area of 15.4 million square meters[60] - As of December 31, 2023, the group managed 408 projects with a total managed area of 65.2 million square meters, representing a year-on-year increase of 26.2%[67] - The total contract area increased to 83.4 million square meters, up 18.2% from the previous year[67] - The group expanded its commercial projects to 91 contracts with a total contracted area of 7.8 million square meters as of December 31, 2023, compared to 60 contracts and 5.8 million square meters in 2022[77] - The number of managed commercial projects increased to 77, with a managed area of 5.9 million square meters, up from 54 projects and 4.1 million square meters in the previous year[77] Employee and Operational Costs - Employee benefits expenses increased to RMB 1,028,233,000 in 2023, up from RMB 938,048,000 in 2022, reflecting a growth of about 9.6%[32] - The group’s total sales cost increased by 31.0% to RMB 2,367.0 million, primarily due to expanded managed area and business scale[89] - Administrative expenses increased by 32.4% to RMB 279.3 million, reflecting higher employee costs and consulting fees[92] Market and Customer Engagement - The overall customer satisfaction score for residential properties maintained at a high level of 91, while commercial properties achieved a score of 99.9[56] - The group has focused on enhancing community operations through various activities, leading to an increase in managed area, occupancy rates, and rental levels[58] - The group provided a range of value-added services, including community services and pre-delivery support, to enhance customer satisfaction and operational efficiency[72] Strategic Initiatives - The group established a joint venture with Otis Elevator (China) Co., Ltd. to enhance elevator management expertise and explore smart building development[55] - The group is actively expanding its value-added services, including new retail and smart services, contributing to sustained growth in its diversified business operations[57] - The group aims to enhance service quality and customer satisfaction, focusing on differentiated competition and expanding service offerings[62] - The group plans to strengthen its investment capabilities across four major sectors: residential, commercial, transportation, and urban services[64] - The group is committed to sustainable development and fulfilling corporate social responsibilities while maximizing economic, social, and environmental value[65] Financial Position - Cash and cash equivalents increased to RMB 4,695.2 million from RMB 4,360.8 million, mainly due to cash generated from operating activities[105] - The company has no bank borrowings or loans from related parties as of December 31, 2023, resulting in a debt ratio of zero[106] - The company has no significant acquisitions or disposals of subsidiaries or associates during the year[110] - There are no significant investments held by the group as of December 31, 2023[110] - The group has no contingent liabilities as of December 31, 2023[110]

Project Management and Operations - As of June 30, 2023, the company had 416 contracted projects, an increase of 7.5% from 387 projects as of December 31, 2022, with a total contracted area of 77.5 million square meters, up 9.8% from 70.6 million square meters[8]. - The company managed 346 projects as of June 30, 2023, representing a 7.1% increase from 323 projects at the end of 2022, with a total managed area of 58.8 million square meters, which is a 13.7% increase from 51.7 million square meters[8]. - The company reported 344 contracted non-commercial projects with a contracted area of 71.1 million square meters, an increase from 64.8 million square meters as of December 31, 2022[12]. - The company had 72 contracted commercial projects with a contracted area of 6.4 million square meters, up from 5.8 million square meters at the end of 2022[17]. - The number of non-commercial projects under management increased to 284, with a managed area of 54.2 million square meters[33]. Financial Performance - The company's revenue for the period reached RMB 1,511.8 million, a year-on-year increase of 38.7% from RMB 1,089.9 million[27]. - Revenue from non-commercial property management and value-added services was RMB 1,210.8 million, representing 80.1% of total revenue and a 49.4% increase from RMB 810.5 million[33]. - Revenue from commercial property management and operation services was RMB 301.1 million, showing a 7.7% increase from RMB 279.4 million[37]. - Net profit for the period was RMB 256.4 million, an 18.9% increase from RMB 215.7 million, with a net profit margin of 17.0%[47]. - Profit attributable to owners of the company was RMB 247.7 million, up 17.5% from RMB 210.8 million, with basic earnings per share of RMB 0.16[48]. Cost and Expenses - The cost of sales for the period was RMB 1,086.9 million, representing a year-on-year increase of 46.0% from RMB 744.7 million, primarily due to the expansion of managed area and business scale[39]. - Administrative expenses rose to RMB 127.2 million, a 26.1% increase from RMB 100.9 million in the previous year[43]. - Employee costs totaled RMB 520.4 million for the period, with 13,538 full-time employees as of June 30, 2023[64]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 6,438,366 thousand, up from RMB 5,947,846 thousand at the end of 2022, indicating a growth of 8.2%[74]. - Total liabilities rose to RMB 2,931,835 thousand from RMB 2,556,620 thousand, marking an increase of 14.7%[76]. - Accounts receivable increased by 31.6% from RMB 603.6 million to RMB 794.1 million, driven by continued business expansion[51]. - Accounts payable rose by 24.3% from RMB 353.1 million to RMB 438.8 million, reflecting ongoing business development[54]. Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 4,619.6 million as of June 30, 2023, up from RMB 4,360.8 million as of December 31, 2022, primarily due to cash generated from operating activities[56]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 292,518,000, a decrease of 23.5% compared to RMB 382,042,000 for the same period in 2022[80]. - The group had no bank borrowings as of June 30, 2023, resulting in a debt ratio of 0%[56]. Strategic Initiatives and Future Plans - The company plans to enhance service quality and diversify value-added business development, focusing on five key platforms: brokerage, new retail, home services, community business, and smart services[24]. - The company aims to expand its business scale through market expansion, strategic partnerships, and mergers and acquisitions[25]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[73]. Awards and Recognition - The company received multiple awards, including being ranked 14th among China's top 100 property service companies and 10th in comprehensive strength among listed property service companies[21]. Stock Options and Employee Incentives - The stock option incentive plan allows for a maximum of 152,203,017 shares to be issued, representing 10% of the shares outstanding as of the adoption date[165]. - The stock option plan was adopted on February 15, 2023, and is valid for ten years unless terminated early by shareholders[161]. - The vesting conditions for the stock options include a minimum return on equity of 12.8% for 2023, increasing to 13.0% by 2025[174]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the period[178]. - The interim financial information has been reviewed by the audit committee and external auditors according to the relevant standards[179].

Revenue Performance - Total revenue for the six months ended June 30, 2023, was RMB 1,511.8 million, representing a year-on-year increase of 38.7%[2] - Revenue from non-commercial property management and value-added services was RMB 1,210.8 million, up 49.4% year-on-year[2] - Revenue from commercial property management and operation services was RMB 301.1 million, reflecting a year-on-year growth of 7.7%[2] - The total revenue for the six months ended June 30, 2023, was RMB 1,511,846 thousand, a significant increase from RMB 1,089,938 thousand in the same period of 2022, representing a growth of approximately 38.7%[21] - Revenue from non-commercial property management and value-added services was RMB 1,210.8 million, accounting for 80.1% of total revenue, with a year-on-year growth of 49.4%[54] - Revenue from commercial property management and operational services was RMB 301.1 million, accounting for 19.9% of total revenue, with a year-on-year growth of 7.7%[57] - Revenue from non-owner value-added services increased by 105.1% to RMB 352.4 million, driven by increased demand from property developers[54] - Revenue from Guangzhou Yuexiu and related parties was RMB 701.9 million, representing 46.4% of total revenue, an increase of 44.0% from RMB 487.3 million in the previous year[51] Profitability - Gross profit margin for the six months ended June 30, 2023, was 28.1%[2] - Profit attributable to owners of the company was RMB 247.7 million, an increase of 17.5% year-on-year[2] - The net profit for the period was RMB 256.4 million, compared to RMB 215.7 million for the same period last year[5] - The company reported a net profit of RMB 256,449 thousand for the period, after accounting for other income of RMB 9,260 thousand and other losses of RMB (2,435) thousand[19] - The net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 247,691 thousand, compared to RMB 210,800 thousand in the same period of 2022, reflecting an increase of approximately 17.5%[28] - The net profit for the period was RMB 256.4 million, an 18.9% increase from RMB 215.7 million, with a net profit margin of 17.0%[65] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 6,438.4 million, compared to RMB 5,947.8 million as of December 31, 2022[8] - Total liabilities as of June 30, 2023, were RMB 2,931.8 million, an increase from RMB 2,556.6 million as of December 31, 2022[8] - The total assets of the company as of June 30, 2023, amounted to RMB 6,438,366 thousand, an increase from RMB 5,947,846 thousand as of December 31, 2022, representing a growth of approximately 8.2%[22] - The total liabilities increased to RMB 2,931,835 thousand as of June 30, 2023, from RMB 2,556,620 thousand at the end of 2022, indicating a rise of about 14.7%[22] - Accounts receivable as of June 30, 2023, totaled RMB 794.1 million, an increase of 31.5% from RMB 603.6 million as of December 31, 2022[30] - Accounts payable as of June 30, 2023, amounted to RMB 438.8 million, up 24.3% from RMB 353.1 million as of December 31, 2022[31] Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.089 per share, equivalent to RMB 0.081 per share[2] - The company plans to declare an interim dividend of HKD 0.089 per share, equivalent to RMB 0.081, compared to no interim dividend declared in 2022[9] - The company's basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 0.16, compared to RMB 0.14 in the same period of 2022, reflecting an increase of approximately 14.3%[28] Operational Metrics - The total contracted area as of June 30, 2023, was 77.5 million square meters, with managed area increasing by 9.8% and 13.7% respectively compared to December 31, 2022[2] - As of June 30, 2023, the company had 416 contracted projects, an increase of 7.5% from 387 projects as of December 31, 2022, with a total contracted area of 77.5 million square meters, up 9.8% from 70.6 million square meters[32] - The company managed 346 projects as of June 30, 2023, representing a 7.1% increase from 323 projects as of December 31, 2022, with a total managed area of 58.8 million square meters, up 13.7% from 51.7 million square meters[32] - The number of non-commercial projects under management increased to 284, with a managed area of 54.2 million square meters[54] Financial Management - The financial income net amount was RMB 49,197 thousand, contributing positively to the overall financial performance[19] - The company reported a net financial income of RMB 49,197 thousand for the six months ended June 30, 2023, compared to RMB 29,700 thousand in the previous year, marking a growth of about 65.7%[24] - The net financial income increased by 65.6% to RMB 49.2 million, up from RMB 29.7 million, due to effective management of funds[64] Strategic Initiatives - The company aims to enhance service quality and expand its management scale through market expansion, strategic partnerships, and acquisitions[48] - The company plans to focus on five value-added service platforms, including brokerage, new retail, and community business[47] - The company has successfully implemented multiple third-party projects in its smart platform, expanding hardware sales and communication engineering services[40] - The company has enhanced its new retail platform, significantly increasing per capita output value through product optimization and innovative business implementations[40] Awards and Recognition - The company received multiple awards, including being ranked 14th among the "Top 100 Property Service Companies in China" and 10th for "Comprehensive Strength of Listed Property Service Companies" in 2023[44] Accounting Policies - The company has adopted new accounting policies effective January 1, 2023, including the revised Hong Kong Accounting Standard No. 12, which impacts the recognition of deferred tax assets and liabilities[12] - The company anticipates that newly issued and revised standards will not have a significant impact on its financial performance in the upcoming fiscal periods[13] Employee and Operational Costs - The company's employee benefit expenses for the six months ended June 30, 2023, were RMB 520,406 thousand, up from RMB 442,316 thousand in the previous year, representing an increase of about 17.7%[23] - The group's sales cost for the period was RMB 1,086.9 million, a 46.0% increase from RMB 744.7 million in the same period last year, primarily due to the expansion of managed area and business scale[59] - Administrative expenses rose to RMB 127.2 million, a 26.1% increase from RMB 100.9 million in the previous year[62] Cash Flow and Capital Management - The company's cash and cash equivalents increased to RMB 4,619.6 million as of June 30, 2023, up from RMB 4,360.8 million as of December 31, 2022, primarily due to cash generated from operating activities[73] - The company had no bank borrowings as of June 30, 2023, resulting in a debt ratio of 0%[73] - The net proceeds from the global offering amounted to RMB 1,632.0 million, with 60% allocated for strategic acquisitions and investments[75] - As of June 30, 2023, the company had utilized RMB 62.9 million of the proceeds, with RMB 1,468.6 million remaining unutilized[76] - The company plans to use the unutilized proceeds from the global offering as per the stated purposes in the prospectus[77] Corporate Governance - The board of directors includes three executive directors, three non-executive directors, and three independent non-executive directors[87] - The company has no significant acquisitions or disposals during the period[78] - The company has maintained a robust financial position with no capital commitments as of June 30, 2023[78] - The company will suspend the handling of share transfer registration from September 6, 2023, to September 7, 2023, inclusive[84] - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website[85]

Financial Performance - Total revenue for 2022 reached RMB 2,486 million, a 29.6% increase from RMB 1,918 million in 2021[5] - Gross profit for 2022 was RMB 679 million, with a gross margin of 27.3%, down from 35.0% in 2021[5] - Net profit for 2022 was RMB 424 million, with a net profit margin of 17.1%, compared to 19.3% in 2021[5] - Revenue for 2022 reached RMB 2,486.2 million, a 29.6% increase compared to the previous year[22] - Gross margin for 2022 was 27.3%[22] - Net profit attributable to shareholders was RMB 416.1 million, a 15.7% year-on-year increase[22] - The company achieved revenue of RMB 2,486.2 million in 2022, a 29.6% increase compared to RMB 1,918.4 million in 2021[35] - Net profit attributable to the company's owners was RMB 416.1 million in 2022, up 15.7% from RMB 359.5 million in 2021[35] - Non-commercial property management and value-added services contributed 78.1% of total revenue in 2022, up from 74.3% in 2021[42] - Commercial property management and operation services accounted for 21.9% of total revenue in 2022, down from 25.7% in 2021[42] - Revenue from independent third parties increased to RMB 1,444.6 million in 2022, accounting for 58.1% of total revenue[43] - Revenue from property management services to related parties increased by 29.7% to RMB 1,041.6 million in 2022, up from RMB 802.8 million in 2021[44] - Total revenue in 2022 was RMB 2,486.2 million, with 97.0% coming from China and 3.0% from Hong Kong[45] - Non-commercial property management and value-added services revenue grew by 36.2% to RMB 1,941.1 million, driven by an increase in managed projects and area[46] - Community value-added services revenue surged by 47.1% to RMB 650.0 million, the fastest-growing segment[46] - Commercial property management and operation services revenue increased by 10.5% to RMB 545.1 million, with managed commercial projects rising from 42 to 54[48] - Sales costs rose by 44.8% to RMB 1,806.8 million, primarily due to expanded business scale and higher service quality demands[50] - Overall gross profit margin decreased from 35.0% in 2021 to 27.3% in 2022, impacted by business mix and cost pressures[51] - Administrative expenses increased by 30.6% to RMB 210.9 million, in line with business expansion[53] - Other income grew by 77.4% to RMB 24.8 million, mainly due to government employment subsidies[54] - Net other income was RMB 14.4 million, driven by foreign exchange gains from the global offering proceeds[55] - Net financial income for the year was RMB 71.7 million, an increase of RMB 51.0 million compared to the previous year, primarily due to increased revenue, proceeds from the global offering, and higher bank deposits[56] - Income tax expense for the year was RMB 151.6 million, a slight decrease of 1.9% compared to the previous year, mainly due to tax exemptions on foreign exchange gains and overseas interest income[57] - Net profit for the year was RMB 424.4 million, a year-on-year increase of 14.8%, with a net profit margin of 17.1%, down 2.3 percentage points from the previous year[58] - Profit attributable to owners of the company was RMB 416.1 million, a year-on-year increase of 15.7%[59] - Accounts receivable increased by 16.7% to RMB 603.6 million, primarily due to increased revenue[63] - Other receivables and prepayments increased by 31.2% to RMB 336.5 million, mainly due to business expansion[64] - Accounts payable increased by 112.0% to RMB 353.1 million, driven by ongoing business expansion[65] - Net current assets increased by 9.7% to RMB 3,397.1 million, primarily due to continued business expansion[67] - Cash and cash equivalents increased to RMB 4,360.8 million, mainly due to cash generated from operating activities[67] - The company has no bank borrowings or loans from related parties as of December 31, 2022[67] - The company allocated 979.2 million RMB (60% of total funds) for strategic acquisitions and investments, with 13.11 million RMB utilized in the current year and 966.09 million RMB remaining unused[70] - 244.8 million RMB (15% of total funds) was allocated for further development of value-added services, with 34.75 million RMB utilized and 210.05 million RMB remaining unused[70] - 244.8 million RMB (15% of total funds) was allocated for the development of information technology systems and smart communities, with 4.09 million RMB utilized and 240.71 million RMB remaining unused[70] - 163.2 million RMB (10% of total funds) was allocated for working capital and general corporate purposes, with 46.62 million RMB utilized and 114.74 million RMB remaining unused[70] - The company holds unused funds as bank deposits and manages foreign exchange risk by balancing HKD-denominated deposits, with plans to convert some deposits to RMB for higher interest income and reduced FX exposure[71] - The company's attributable profit before dividends was RMB 416.1 million, which was transferred to reserves[134] - The company proposed a final dividend of HKD 0.109 per share, equivalent to RMB 0.096 per share, to be paid on or around July 6, 2023[134] - The company's distributable reserves as of December 31, 2022, were approximately RMB 202.7 million[137] - The top five suppliers accounted for 14.4% of the company's total procurement, with the largest supplier accounting for 4.7%[138] - The top five customers generated 43.4% of the company's total revenue, with the largest customer contributing 41.9%[138] - The company had no bank loans or other borrowings as of December 31, 2022[139] - The company's financial statements for 2022 were audited and found to be in compliance with Hong Kong Financial Reporting Standards[197] Business Expansion and Operations - Contracted area reached 70.597 million square meters in 2022, up from 58.384 million square meters in 2021[7] - Managed area increased to 51.689 million square meters in 2022 from 38.872 million square meters in 2021[7] - The Greater Bay Area accounted for 64% of the total contracted area, with 44.95 million square meters as of December 31, 2022[9] - The company's total assets increased to RMB 5,948 million in 2022 from RMB 5,131 million in 2021[6] - Equity attributable to the company's owners rose to RMB 3,223 million in 2022 from RMB 2,932 million in 2021[6] - The company's total liabilities increased to RMB 2,557 million in 2022 from RMB 2,041 million in 2021[6] - Total contracted area reached 70.6 million square meters in 2022, a 20.9% increase from 58.4 million square meters in 2021[35] - Total managed area grew to 51.7 million square meters in 2022, a 33.0% increase from 38.9 million square meters in 2021[35] - The company's managed non-commercial properties reached 47.6 million square meters in 2022, a 33.7% increase from 35.6 million square meters in 2021[39] - Managed commercial properties grew to 4.1 million square meters in 2022, a 25.5% increase from 3.3 million square meters in 2021[40] - The Greater Bay Area accounted for 44.9 million square meters of contracted area in 2022, representing 63.6% of the total contracted area[38] - The company launched the "30 Years with You, A Beautiful Journey Begins" campaign, involving over 100,000 homeowners in 60 community renewal projects, 800 cultural activities, and nearly 1,000 convenience services[11] - The company secured the Fuzhou Metro Line 2 TOD project, marking a successful expansion into national TOD integrated property management[12] - The company introduced self-operated brands "Yuefu Home" and "Yuefu Gift," gradually covering the Greater Bay Area, East China, and Central China regions[12] - The company upgraded its community commercial brand "Yuehui Time" to version 3.0, focusing on life, culture, and social interaction[13] - The company successfully won bids for TOD property management services for Fuzhou Metro Line 2, Changsha Metro Line 6, Qingdao Metro Line 4, and Lijiang Metro Line 1, marking a breakthrough in expanding TOD property management services beyond Guangzhou[24] - In 2022, the company signed 84 new projects, adding a contracted building area of 13.1 million square meters, and entered new cities including Tianjin, Kunming, Fuzhou, Nanning, and Lijiang[25] - The company acquired 100% equity of Guangzhou Bingxin Property Management Co., Ltd. for a total consideration of RMB 9.5 million, adding a contracted area of approximately 790,000 square meters[25] - As of December 31, 2022, the company managed 323 projects with a total managed area of 51.7 million square meters and had 387 contracted projects covering 70.6 million square meters, spanning 37 cities and Hong Kong[25] - The company launched a stock option incentive plan, proposing to grant stock options not exceeding 10% of the issued shares, with the first grant of 1% of the issued shares to 39 senior executives and key personnel[26] - The company expects the domestic economy and consumer activity to recover faster in 2023 due to the government's optimization of pandemic control policies, with the real estate industry gradually returning to orderly development[28] - The company will focus on four major business segments: residential, commercial, transportation, and urban services, aiming for high-quality growth through internal expansion, external expansion, and mergers and acquisitions[30] - The company plans to strengthen its capabilities in investment expansion, supply chain management, digital intelligence, business management, and risk control to improve operational efficiency and quality[32] - The company will deepen its "1445" strategy, leveraging its expertise in property management to provide high-quality services and meet the diverse needs of communities[28] - The company aims to enhance its core competitiveness and brand recognition by continuously improving service quality and customer satisfaction, striving to become a trusted service enterprise[32] - The company's property leasing framework agreement with Yuexiu Property had annual caps of RMB 25.4 million, RMB 27.94 million, and RMB 30.734 million for 2021, 2022, and 2023 respectively, with actual rental payments of approximately RMB 21.235 million in 2022[162] - The Guangzhou Metro property management and related services framework agreement had annual caps of RMB 264 million and RMB 316.8 million for 2021 and 2022, with service fees of approximately RMB 253.195 million paid in 2022[163] - The 2023 Guangzhou Metro property management and related services framework agreement has annual caps of RMB 335.219 million, RMB 420.547 million, and RMB 504.657 million for 2023, 2024, and 2025 respectively[163] - The bank deposit agreement with Chong Hing Bank had daily caps of RMB 2.515 billion and RMB 2.085 billion for 2021 and 2022, with a maximum daily balance of approximately RMB 639.871 million in 2022[164] - The 2023 bank deposit agreement with Chong Hing Bank has daily caps of RMB 2.2935 billion, RMB 2.52285 billion, and RMB 2.775135 billion for 2023, 2024, and 2025 respectively[164] - The intelligent services framework agreement with Guangzhou Yuexiu and Yuexiu Property has annual caps of RMB 271.715 million, RMB 525.259 million, and RMB 691.166 million for 2022, 2023, and 2024 respectively, with service fees of approximately RMB 49.341 million paid in 2022[165] - The company signed a procurement framework agreement with Guangzhou Yuexiu, with annual caps of RMB 3.633 million for 2022, RMB 9.49 million for 2023, and RMB 17.816 million for 2024[166] - In 2022, the total amount paid by the company for procurement products under the framework agreement was approximately RMB 3.393 million[167] - The company entered into a property management and value-added services framework agreement with Guangzhou Yuexiu and Yuexiu Property, with total service fee caps of RMB 878.339 million for 2022, RMB 1.465 billion for 2023, and RMB 1.906 billion for 2024[172][173] - In 2022, the company received service fees of approximately RMB 14.144 million for property management services, RMB 48.463 million for commercial operation and management services, RMB 554.841 million for value-added services, and RMB 121.625 million for market positioning and tenant recruitment services under the framework agreement[173] - The company's indirect wholly-owned subsidiary acquired parking space usage rights from a Yuexiu Property subsidiary for RMB 10.400 million, constituting a connected transaction[176] Corporate Governance and Board Activities - The company established an ESG Committee in March 2022, chaired by the Board Chairman, to oversee ESG vision, goals, strategies, and performance[75] - The Board of Directors consists of 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, ensuring a balance of skills and independent oversight[78] - The company has appointed three independent non-executive directors, accounting for one-third of the board, with one possessing appropriate professional qualifications in accounting and financial management[80] - The board held four board meetings, two audit committee meetings, one remuneration committee meeting, one nomination committee meeting, two investment committee meetings, one ESG committee meeting, and three general meetings during the year[84] - The board has established five committees: Audit Committee, Remuneration Committee, Nomination Committee, Investment Committee, and ESG Committee to oversee specific aspects of the company's affairs[82] - The company has mechanisms in place to ensure the independence of the board, including annual assessments of the independence of independent non-executive directors[83] - Directors are provided with timely information related to the company's business and can seek independent professional advice at the company's expense[81] - The board is responsible for the overall leadership of the group, overseeing strategic decisions, and monitoring business and financial performance[82] - The company has purchased appropriate and sufficient insurance to cover directors' liabilities arising from corporate activities[81] - The board ensures that independent non-executive directors provide sufficient oversight and balance to protect the interests of the group and shareholders[80] - The board reviews the group's financial, internal, and compliance controls, risk management, corporate strategy, and operational performance during regular meetings[84] - The company's articles of association require one-third of the directors to retire by rotation at each annual general meeting[80] - The company's external independent auditor fees for audit and non-audit services were approximately RMB 1.9 million and RMB 1.0 million, respectively[92] - The company plans to declare and distribute dividends of not less than 30% of its distributable net profit attributable to shareholders annually[94] - The Board of Directors has established five committees: Audit Committee, Remuneration Committee, Nomination Committee, Investment Committee, and ESG Committee[95] - The company ensures that directors receive sufficient, complete, and reliable information in advance of board meetings, with agendas and documents provided at least three days prior[86] - Directors are required to undergo continuous professional training to update their knowledge and skills, including compliance responsibilities post-listing[89] - The company has implemented an insider information management and disclosure policy to ensure timely assessment and disclosure of material information[93] - The Chairman of the Board is responsible for drafting and approving the agenda for each board meeting and ensuring effective board operations[88] - Directors with potential conflicts of interest must abstain from voting on related matters, and independent non-executive directors handle such issues[87] - The company's financial statements are prepared in accordance with applicable accounting standards, with prudent judgments and estimates made[91] - The company provides comprehensive onboarding training for newly appointed directors to ensure they understand their responsibilities and the company's operations[89] - The audit committee reviewed the annual performance for the year ended December 31, 2021, and the interim performance for the six months ended June 30, 2022[97] - The audit committee held two meetings during the year to review financial data, audit plans, and risk management systems[97] - The nomination committee aims to increase the proportion of female directors on the board, with the current board consisting of 8 male and 1 female director[101] - The company's employee gender ratio is approximately 3:2 (male to female), aligning with the property management industry and China's population distribution[101] - The remuneration committee reviewed and approved the stock option plan and granted stock options to directors and senior management[102] - The board consists of 6 directors aged 40-49 and 3 directors aged 50-59, with diverse professional backgrounds including real estate, property management, and finance[100] - The audit committee met with external auditors without management present to discuss audit-related matters[98] - The nomination committee held one meeting during the year to review board structure, composition, and diversity[101] - The remuneration committee held one meeting during the year to review executive compensation and stock option plans[102] - The company maintains a diverse board with members from different geographic locations, including Mainland China and Hong Kong[100] - The Investment Committee was established on June 2, 2021, to evaluate past investment performance and propose future investment projects to the Board[104] - The ESG Committee was established on March 3, 2022, and is responsible for reviewing and

Financial Performance - The company achieved a revenue of RMB 1,089.9 million for the six months ended June 30, 2022, representing a 13.8% increase from RMB 958.2 million for the same period in 2021[8]. - The profit attributable to the company's owners for the same period was RMB 210.8 million, an 18.6% increase compared to RMB 177.7 million in the previous year[8]. - Total revenue for the first half of 2022 reached RMB 1,089.9 million, a 13.7% increase from RMB 958.2 million in the same period of 2021[19]. - Net profit for the period was RMB 215.7 million, a year-on-year increase of 16.9%, with a net profit margin of 19.8%[38]. - The company reported a net profit of RMB 215,673 thousand for the six months ended June 30, 2022, compared to RMB 184,506 thousand in the previous year, reflecting a year-on-year increase of about 16.9%[59]. - The company reported a net profit of RMB 210,800,000 for the period, compared to RMB 177,691,000 in the previous year, reflecting a growth of 18.6%[65]. - Total comprehensive income for the six months ended June 30, 2022, was RMB 218,902,000, an increase of 20.5% compared to RMB 181,634,000 in the same period of 2021[61]. Project Management - The total managed projects increased to 286, with a total managed area of 43.5 million square meters, up 24.3% from 35.0 million square meters a year earlier[8]. - The total contracted projects reached 344, with a total contracted area of 62.6 million square meters, reflecting an 18.8% increase from 52.7 million square meters in the previous year[8]. - The company managed 50 commercial projects with a total managed area of 3.8 million square meters, a 26.7% increase from 3.0 million square meters in the previous year[12]. - The number of non-commercial projects under management increased from 184 to 236, with managed area growing from 32.1 million square meters to 39.8 million square meters[25]. Revenue Breakdown - Revenue from non-commercial property management and value-added services was RMB 810.5 million, representing a 19.5% year-on-year growth from RMB 678.1 million[25]. - Revenue from commercial property management and operation services slightly decreased by 0.2% to RMB 279.4 million[27]. - Community value-added services revenue increased by 32.2% to RMB 243.9 million, driven by an increase in managed area and diversified service offerings[25]. - Revenue from property management services under non-commercial property management and value-added services was RMB 394,779 thousand, an increase from RMB 297,021 thousand in the previous year[85]. Cost and Expenses - Sales costs increased by 21.0% to RMB 744.7 million, primarily due to expanded managed area and higher service quality expectations[30]. - Employee costs under sales costs rose by 22.6% to RMB 361.9 million, aligning with business development efforts[30]. - Administrative expenses rose by 14.2% from RMB 88.3 million to RMB 100.9 million during the period[33]. - Gross profit for non-commercial property management and value-added services was RMB 251.1 million, with a gross margin of 31.0%, down from 36.2% in the previous year[31]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 5,597,178,000, up from RMB 5,131,448,000 at the end of 2021, representing a growth of 9.1%[62]. - Accounts receivable increased by 18.6% from RMB 517.0 million to RMB 613.4 million, attributed to higher revenue during the period[42]. - Accounts payable rose by 29.3% from RMB 166.6 million to RMB 215.4 million, reflecting ongoing business development[44]. - Non-current liabilities increased to RMB 573,452,000 from RMB 497,904,000, marking a rise of 15.2%[64]. Cash Flow - Cash and cash equivalents increased from RMB 3,803.4 million to RMB 4,149.6 million, primarily due to cash generated from operating activities[46]. - Operating cash flow for the six months ended June 30, 2022, was RMB 382,042 thousand, a decrease of 18.0% from RMB 466,073 thousand in 2021[67]. - Cash generated from operating activities was RMB 443,605 thousand, down from RMB 560,260 thousand, reflecting a decline of 20.8% year-on-year[67]. - The company did not receive any funds from shareholders during the current period, contrasting with RMB 330,000 thousand received in the previous year[67]. Strategic Plans - The company plans to enhance service quality through refined management and standardized services, aiming to improve customer satisfaction[15]. - The company aims to expand its management scale by focusing on residential, commercial, transportation, and urban services through internal growth and acquisitions[16]. - The company plans to continue expanding its services and enhancing quality to meet market demands[30]. - The company plans to further develop value-added services with an allocation of RMB 244,800 thousand (15% of total funds) by the end of 2023[49]. Governance and Compliance - The company has adhered to all provisions of the Corporate Governance Code during the reporting period[143]. - The audit committee has reviewed the group's performance in accordance with Hong Kong accounting standards[144]. - No purchases, sales, or redemptions of the company's listed securities were made during the reporting period[146].

Financial Performance - Total revenue for 2021 reached RMB 1,918 million, a 64% increase from RMB 1,168 million in 2020[8] - Gross profit for 2021 was RMB 671 million, with a gross margin of 35.0%, compared to 34.5% in 2020[8] - Net profit for 2021 was RMB 370 million, resulting in a net profit margin of 19.3%, up from 17.4% in 2020[8] - The company achieved a revenue of RMB 1,918.4 million for the year ended December 31, 2021, representing a growth of 64.2% compared to the previous year[43] - The gross profit margin for the year was 35.0%, an increase of 0.5 percentage points from the previous year[43] - The net profit attributable to shareholders was RMB 359.5 million, reflecting an 80.6% year-on-year increase[43] - The profit attributable to the company's owners for the year was RMB 359.5 million, an increase of 80.6% compared to RMB 199.1 million in the previous year[59] - The net profit for the year was RMB 369.7 million, representing an 81.5% year-on-year growth, with a net profit margin of 19.3%[93] Assets and Equity - The company’s total assets increased to RMB 5,131 million in 2021, compared to RMB 2,411 million in 2020[8] - The total equity attributable to owners of the company rose to RMB 2,932 million in 2021, significantly up from RMB 615 million in 2020[8] - Net current assets improved significantly from RMB 319.9 million as of December 31, 2020, to RMB 3,098.0 million as of December 31, 2021[101] - Cash and cash equivalents rose to RMB 3,803.4 million as of December 31, 2021, up from RMB 994.6 million as of December 31, 2020, primarily due to proceeds from the IPO and investments[101] Business Expansion - The company expanded its contracted area to 58,384 thousand square meters in 2021, up from 49,909 thousand square meters in 2020[10] - The company signed 71 new projects in 2021, adding a total contracted area of 10.2 million square meters[46] - As of December 31, 2021, the company managed 251 projects with a total managed area of 38.9 million square meters[46] - The company has expanded its project coverage to 26 cities in China and Hong Kong, indicating a strategic market expansion[62] - The company aims to expand its business into new cities and sectors, including schools and highway service areas[46] Service Quality and Customer Satisfaction - Customer satisfaction for residential properties scored 88.2 points according to third-party research, showing a stable increase[44] - The company launched a "Strong Service" initiative to enhance property service quality across over 100 projects nationwide[27] - The company plans to enhance service quality by upgrading service standards and modernizing service tools[49] - The company plans to expand its service offerings by developing personalized and diversified value-added service products to enhance community service revenue[50] Revenue Sources - Revenue from non-commercial property management and value-added services was RMB 1,425.1 million, up 75.7% from RMB 811.2 million in the previous year[77] - The revenue from commercial property management and operational services was RMB 493.2 million, a year-on-year increase of 38.2% from RMB 356.9 million[79] - Revenue from community value-added services surged by 228.8%, increasing from RMB 134.4 million to RMB 442.0 million[77] - Revenue from market positioning consulting and tenant recruitment services rose by 106.3%, from RMB 53.6 million to RMB 110.6 million[81] Governance and Management - The company has adopted the Corporate Governance Code and complied with all mandatory disclosure requirements during the reporting period[119] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balance of skills and experience[121] - The company has appointed three independent non-executive directors, meeting the requirement of one-third representation on the board[125] - The board has established five committees, including the newly formed ESG Committee, to oversee specific aspects of the company's affairs[129] - The company is committed to board diversity, considering various factors such as professional experience, gender, and age to enhance performance[154] Sustainability and ESG - The company is focusing on sustainable development management and enhancing its governance structure in environmental, social, and governance matters[52] - The company has established an effective sustainability management mechanism and strengthened its oversight of ESG matters[117] - The ESG Committee was formed in March 2022, chaired by the board chairman, with the CEO and independent non-executive directors as members[117] - The main responsibilities of the ESG Committee include reviewing and approving the group's vision, goals, strategies, and management policies related to environmental, social, and governance matters[160] IPO and Financial Strategy - The company successfully listed on the Hong Kong Stock Exchange on June 28, 2021[32] - The net proceeds from the IPO amounted to RMB 1,632.0 million, with 60% allocated for strategic acquisitions and investments[104] - The company plans to utilize the unallocated IPO proceeds for strategic acquisitions, development of value-added services, and IT system upgrades by the end of 2023[104][105][106] Employee and Management Changes - Employee costs totaled RMB 698.3 million for the year, with a workforce of 11,212 full-time employees as of December 31, 2021[115] - The CEO resigned on February 23, 2022, and Zhang Jianguo was appointed as the new CEO on the same day[124] - Zhang Jianguo appointed as Executive Director and CEO, responsible for overall management and business strategy, including acquisition plans[172] - Mao Liangmin appointed as Executive Director and Executive Vice President, overseeing overall management and property management business[174] - Yao Xiaosheng appointed as Non-Executive Director, providing guidance on overall development and business strategy[179] - Yang Zhaoxuan appointed as Non-Executive Director, responsible for strategic planning and financial management[180] - Xu Lijun appointed as Independent Non-Executive Director, providing independent opinions and judgments to the board[183]