3月37日，卓越商企服务召开线上业绩说明会。 他指出，卓越商企服务的资产负债表其实有一些变化，公司在积极推进账面欠款的收回，包括关联方的 应收款等。 另外据管理层透露，2024年卓越商企服务收购了约6亿元的车位资产使用权，这部分资产每年可为公司 带来约7000万元的收入，每年的净利润贡献大约在3000万至4000万元左右，每年可带来超过5000万元的 现金流，"在我们看来是质地非常不错的资产"。 根据财报数据，2024年，卓越商企服务实现收入约为42.32亿元，同比增长7.8%。其中商务物业占比 55.2%，公共及工业物业占比14%，住宅物业占比16.3%，增值服务占比13.5%，其他服务占比1%。 报告期内，公司新拓第三方项目物业合同128个，总合同额约18.82亿元，年化合同额7.05亿元。 截至2024年末，该公司拥有合约面积8332万平方米，较2023年同期增长约8.6%，在管面积约7220万平 方米，同比增长约12.7%，其中来自第三方的在管物业面积占比达61.7%。在管面积中，北京、上海、 深圳等一线和新一线城市占比达75.1%，粤港澳大湾区和长三角两大核心经济圈占比达64.2%。 董事会主席兼执 ...

2024年，商业地产行业在宏观经济波动、有效需求不足背景下分化持续加剧，即便行业整体承压，商管 服务赛道中卓越商企服务(6989.HK)仍然交出了一份表现不俗的财报。 这份财报不仅印证了其作为商企服务赛道领先玩家的护城河优势，更展现出逆周期修复的强"阿尔法"属 性。 1、业绩韧性：营收利润企稳回升，经营能力穿越周期 财报数据来看，过去的2024年，卓越商企服务实现收入42.32亿元人民币，同比增长7.8%；实现毛利 7.93亿元，同比增长6.3%；实现归母净利润3.12亿元，同比增长3.1%。 在行业整体利润率承压的背景下，公司营收的增长与利润企稳验证了其不俗的经营能力。 聚焦到业绩亮点来看。 其一，规模稳步扩张，毛利率保持稳定。 财报显示，公司合约面积约为8332万平方米，同比增长约8.6%，在管面积约7220万平方米，同比增长 约12.7%。 对应到收入层面，来自物业管理服务的收入达到36.2亿元，同比增长12.4%。板块毛利率为17.8%，在市 场竞争激烈的背景下，公司保持了毛利率的相对稳定，仅较去年同期下降0.6个百分点。 其二，第三方外拓增长，持续调结构稳增长。 过去一年，公司在管物业中来自第三方的 ...

截至2024年末，集团合约面积约为8332万平方米，较2023年同期增长约8.6%，在管面积约7220万平方 米，较2023年同期增长约12.7%，其中来自第三方的在管物业面积占比达61.7%。在管面积中，北京、 上海、深圳、广州、成都、杭州、重庆等一线和新一线城市占比达75.1%，粤港澳大湾区和长三角两大 核心经济圈占比达64.2%。 2024年，卓越商企服务新拓第三方项目物业合同128个，总合同额约18.82亿元，年化合同额7.05亿元。 2024年，公司商务物业收入占基本物业服务收入的64.6%，第三方基本物业服务占基本物业服务收入的 比重为61.4%。在公共与工业物业方面，2024年集团新拓多个政府公建项目，打牢轨道交通领域业务基 础。公共与工业物业收入与2023年同期相比增加23.9%。住宅物业方面，主要为卓越集团旗下众多城市 高端开发项目提供服务，报告期内，住宅物业业务收入与2023年同期相比增加20.4%。 在3月27日召开的公司业绩发布会上，董事会主席兼执行董事李晓平认为，房地产行业风险加速出清， 预计2025年到2026年风险集中释放，未来的房地产行业由高周转增量转向精细化存量运营，以非住物 ...

Financial Performance - For the year ending December 31, 2024, the group's revenue was approximately RMB 4,232.24 million, an increase of 7.8% compared to RMB 3,926.81 million in the same period of 2023[2] - The group's gross profit for the year was approximately RMB 793.46 million, up 6.3% from RMB 746.69 million in 2023[2] - The group's profit for the year was approximately RMB 334.97 million, reflecting a 3.6% increase from RMB 323.35 million in 2023[2] - The profit attributable to equity shareholders for the year was approximately RMB 312.09 million, a rise of 3.1% from RMB 302.69 million in 2023[2] - The operating profit for the year was approximately RMB 434.33 million, slightly down from RMB 438.27 million in 2023[3] - The total comprehensive income for the year was RMB 333.97 million, compared to RMB 324.46 million in 2023[4] - The company reported basic earnings per share of RMB 25.6, up from RMB 24.8 in 2023[3] - The net profit for the reporting period was RMB 334.97 million, a 3.6% increase from RMB 323.35 million in the same period last year, while profit attributable to shareholders rose by 3.1% to RMB 312.09 million from RMB 302.69 million[96] Revenue Breakdown - Revenue from property management services reached RMB 3,619,416 thousand in 2024, up from RMB 3,221,360 thousand in 2023, indicating a growth of about 12.3%[13] - The financial services income increased significantly to RMB 41,890 thousand in 2024 from RMB 18,868 thousand in 2023, marking a growth of approximately 121.5%[13] - The group reported a decrease in value-added services revenue to RMB 561,664 thousand in 2024 from RMB 679,272 thousand in 2023, reflecting a decline of about 17.3%[13] - Property management services generated revenue of RMB 4,190,346 thousand in 2024, up from RMB 3,900,632 thousand in 2023, reflecting a growth of about 7.4%[18] - Revenue from public and industrial properties increased by 23.9% compared to the same period in 2023[55] - Revenue from residential properties increased by 20.4% compared to the same period in 2023[55] - The group's revenue composition includes 55.2% from commercial properties, 14.0% from public and industrial properties, 16.3% from residential properties, 13.5% from value-added services, and 1.0% from other services[52] Dividends - The board proposed a final dividend of HKD 0.0628 per share, with total annual dividends of HKD 0.1394 per share, a decrease of 26.6% from HKD 0.1900 in 2023[2] - The company declared an interim dividend of 7.66 HKD cents per share for 2024, down from 12.18 HKD cents in 2023, totaling RMB 85,302 thousand compared to RMB 136,313 thousand in the previous year[37] - The proposed final dividend for 2024 is 6.28 HKD cents per share, equivalent to RMB 5.80, compared to 6.82 HKD cents in 2023, amounting to RMB 70,744 thousand versus RMB 75,569 thousand in the prior year[37] - The total dividends payable to equity shareholders for the year 2024 is RMB 156,046 thousand, a decrease of 26.4% from RMB 211,882 thousand in 2023[37] Assets and Liabilities - The net asset value for the year was RMB 3,797.51 million, an increase from RMB 3,652.70 million in 2023[6] - The total assets less current liabilities amounted to RMB 3,871.11 million, compared to RMB 3,746.43 million in 2023[6] - Total assets as of December 31, 2024, were RMB 5,140,193 thousand, slightly down from RMB 5,198,390 thousand in 2023, a decrease of about 1.1%[19] - Total liabilities decreased to RMB 1,342,680 thousand in 2024 from RMB 1,545,694 thousand in 2023, representing a reduction of approximately 13.1%[19] - The group's asset-liability ratio was 26.1% as of December 31, 2024, down from 29.7% as of December 31, 2023[114] - The group's cash and cash equivalents were RMB 935.43 million as of December 31, 2024, a decrease of 56.6% from RMB 2,156.70 million as of December 31, 2023[117] Operational Efficiency and Strategy - The company is focused on enhancing its operational efficiency and exploring new market opportunities to drive future growth[13] - The company is committed to ongoing investment in technology and service innovation to improve customer experience and operational capabilities[13] - The company aims to enhance business autonomy and reduce reliance on related businesses amid macroeconomic challenges, emphasizing customer-centric strategies and digital transformation[41] - The company is actively pursuing mergers and acquisitions, leveraging government resources to expand its market presence[49] - The company is focusing on digital transformation to improve decision-making efficiency and support sustainable business development[51] - The company plans to deepen its core business and diversify value-added services, leveraging internal and external resources for collaborative effects[69] Employee and Corporate Governance - The company has a total of 17,787 full-time employees in China and 86 in India as of December 31, 2024, compared to 16,352 and 85 respectively in the previous year[122] - The audit committee, consisting of four members, has reviewed and approved the accounting principles adopted by the company for the year ending December 31, 2024[128] - The executive directors include Mr. Li Xiaoping and Mr. Yang Zhidong, while the non-executive directors include Ms. Guo Ying and Mr. Wang Yinhui[132] Compliance and Reporting - The company has maintained compliance with all applicable Hong Kong Financial Reporting Standards in preparing its financial statements[8] - The company has not established any long-term foreign exchange contracts to hedge against foreign exchange risks, as management believes there is no significant foreign exchange risk[119] - The annual performance announcement and report are available on the Hong Kong Stock Exchange website and the company's website[131]

Business Strategy and Development - The company reported a focus on long-term development strategies and stable operations despite economic downturn pressures in the first half of 2024[3]. - The company aims to reduce reliance on related businesses and enhance business independence planning[3]. - The focus on facility management and new business avenues is part of the strategy to adapt to market changes[3]. - The company is committed to creating value and ensuring independent, healthy, and sustainable development[3]. - The strategic plan aims to position the company as a leading business real estate service operator in China, emphasizing organizational, business, and capability construction[25]. - The company is pursuing long-term growth strategies, focusing on independent market development and enhancing competitive advantages in core and extended business areas[26]. - The company plans to deepen relationships with strategic clients to drive vertical business development and enhance market share in key cities[28]. Service Offerings and Market Position - The main business includes property management services, value-added services, and other related businesses, emphasizing a comprehensive service solution for clients[3]. - The service range includes consulting, marketing management, space management, asset leasing and sales, smart platform construction, and comprehensive property services[4]. - The company has over 20 years of experience in commercial property management, establishing a strong brand advantage in high-end commercial projects[4]. - Key projects include Shenzhen Excellence Century Center, Shenzhen Excellence Qianhai No. 1, and Shenzhen Excellence Hohai Financial Center[4]. - The company emphasizes customer-centric operations to continuously optimize its business structure[3]. - The company aims for long-term stable growth through its comprehensive asset maintenance and service solutions[3]. Financial Performance - The company achieved a revenue of RMB 2,082.48 million for the six months ended June 30, 2024, representing a 13.2% increase from RMB 1,839.34 million in the same period of 2023[33]. - Property management services generated revenue of RMB 1,713.98 million, up 9.5% from RMB 1,565.87 million in the previous year, accounting for 82.3% of total revenue[34]. - Value-added services revenue increased by 32.8% to RMB 349.15 million, contributing approximately 16.8% to total revenue, compared to 14.3% in the prior year[35]. - The company reported a net profit of RMB 183.80 million, a decrease of 1.9% from RMB 187.29 million in the same period last year, with a net profit margin of 8.8%[45]. - Gross profit for the period was RMB 422.17 million, a 7.3% increase from RMB 393.48 million in 2023, with a gross margin of 20.3%, down from 21.4%[39]. Revenue Breakdown - Business property services accounted for 53.3% of total revenue, while public and industrial property services contributed 13.2%, residential property services 15.8%, and value-added services 16.8%[11]. - Revenue from building electromechanical services was RMB 146.58 million, showing a year-on-year increase of 30.9%[20]. - The annualized contract value from strategic clients recorded RMB 91.24 million, reflecting a strong growth of 54.7% compared to the same period in 2023[17]. - New contracts in emerging sectors totaled RMB 206.61 million, representing a year-on-year growth of 12.9%[18]. Operational Efficiency and Technology - The company is leveraging advanced technologies such as IoT, big data, and AI to enhance operational efficiency and create comprehensive lifecycle solutions for asset management[5]. - The company is focused on digital transformation, enhancing decision-making efficiency and operational management through data collection and BI analysis tools[24]. - Digital capability construction is a key focus, aiming to improve management efficiency and resource allocation through integrated internal systems[31]. Talent Management and Training - In 2024, the company trained over 2,000 key position talents through a comprehensive talent management system, integrating online and offline training methods[23]. - A strategic recruitment initiative aims to allocate 18.00% of net proceeds, approximately RMB 496.9 million, for hiring and training professional talent to enhance service quality[66]. Financial Position and Assets - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 1,079.14 million, a decrease of 50.0% from RMB 2,156.70 million as of December 31, 2023, primarily due to reduced customer repayments and asset purchases[61]. - The company's total equity increased to RMB 3,750.53 million as of June 30, 2024, reflecting a growth of 2.7% from RMB 3,652.70 million as of December 31, 2023, mainly driven by profit contributions during the year[61]. - Trade and other receivables net amount rose to approximately RMB 1,829.00 million, an increase of RMB 242.97 million from RMB 1,586.03 million as of December 31, 2023[52]. - The company's debt-to-asset ratio increased to 31.0% from 29.7% as of December 31, 2023[58]. Shareholder Returns and Dividends - The company declared an interim dividend of HKD 0.0766 per share, to be distributed on November 29, 2024, to shareholders listed on the register as of November 15, 2024[88]. - The interim dividend per ordinary share is 7.66 HK cents, equivalent to RMB 6.99, compared to 12.18 HK cents (RMB 11.17) in 2023, representing a decrease of approximately 36.5%[150]. - The approved final dividend per ordinary share for the previous fiscal year is 6.82 HK cents (RMB 6.19), up from 6.09 HK cents (RMB 5.31) in 2023, indicating an increase of about 11.9%[151]. Compliance and Governance - The company has adopted the Corporate Governance Code and has complied with all applicable provisions during the reporting period[90]. - The board of directors confirmed compliance with the standard code for securities transactions during the six months ending June 30, 2024[91]. - The audit committee consists of four members, including one non-executive director and three independent non-executive directors, overseeing financial reporting and risk management[93].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's revenue growth is driven by an increase in managed area, with property management service revenue reaching HKD 1,713.98 million in the first half of 2024, accounting for 82.3% of total revenue, representing a year-on-year increase of 9.5% [3] - The company has a strong presence in high-value cities, with 75.4% of its managed area located in first-tier and new first-tier cities, and 62.9% in the core economic regions of the Greater Bay Area and Yangtze River Delta [3] - The company has proposed an interim dividend of HKD 0.0766 per share, yielding a dividend rate of 5.63% [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of HKD 2,082.48 million, a year-on-year increase of 13.2%, with net profit attributable to shareholders at HKD 170.5 million, remaining stable compared to the same period in 2023 [6] - The gross profit margin slightly decreased from 21.4% in 2023 to 20.3% in 2024, primarily due to a decline in the gross margin of commercial services [6] - The company expects EPS for 2024 and 2025 to be HKD 0.27 and HKD 0.30, respectively, with a target valuation range of HKD 2.36 to HKD 2.95 [6] Revenue Breakdown - The company's value-added services revenue increased by 32.8% year-on-year to approximately HKD 349.15 million, accounting for 16.8% of total revenue [4] - Other business revenue surged by 82.2% year-on-year to HKD 19.36 million, representing 0.9% of total revenue [4] Market Position - The company is well-positioned in the property management sector, with a focus on high-quality growth in the Greater Bay Area and Yangtze River Delta [3] - The company’s managed area reached approximately 68.12 million square meters, a year-on-year increase of 12.7% [3]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was approximately RMB 2,082.48 million, an increase of 13.2% compared to RMB 1,839.34 million for the same period in 2023[1]. - The group's gross profit for the same period was approximately RMB 422.17 million, reflecting a growth of 7.3% from RMB 393.48 million in the previous year[1]. - The group's profit for the period was approximately RMB 183.80 million, a decrease of 1.9% from RMB 187.29 million in the same period last year[1]. - The profit attributable to equity shareholders of the company was approximately RMB 170.50 million, remaining relatively stable compared to RMB 170.34 million in the previous year[1]. - The operating profit for the six months ended June 30, 2024, was approximately RMB 220.12 million, compared to RMB 259.69 million in the previous year[2]. - Total comprehensive income for the period was RMB 184.22 million, slightly down from RMB 186.10 million in the same period last year[3]. - The company reported a basic earnings per share of RMB 0.139 for the six months ended June 30, 2024, slightly up from RMB 0.139 in the same period of 2023[19]. - Net profit for the reporting period was RMB 183.80 million, a decrease of 1.9% from RMB 187.29 million in the same period last year, with a net profit margin of 8.8% compared to 10.2% last year[87]. Revenue Breakdown - For the six months ended June 30, 2024, total revenue reached RMB 2,050,313,000, representing a 14% increase from RMB 1,801,949,000 in the same period of 2023[14]. - Revenue from property management services was RMB 1,713.98 million, up 9.5% from RMB 1,565.87 million in the previous year[73]. - Value-added services revenue increased by 32.8% to RMB 349.15 million, accounting for approximately 16.8% of total revenue, compared to 14.3% in the same period last year[74]. - Revenue from commercial properties accounted for 64.8% of the basic property service revenue, with third-party basic property services contributing 59.8%[52]. - Revenue from public and industrial properties increased by 11.8% compared to the same period in 2023[52]. - Revenue from residential properties grew by 22.4% year-on-year during the reporting period[53]. Dividends - The board proposed an interim dividend of HKD 0.0766 per share for the six months ended June 30, 2024, down from HKD 0.1218 for the same period in 2023[1]. - The company declared an interim dividend of HKD 0.0766 per share (equivalent to RMB 0.0699), totaling RMB 85,302 thousand, down 37.5% from RMB 136,313 thousand in the same period of 2023[35]. - The company approved a final dividend of HKD 0.0682 per share (equivalent to RMB 0.0619) for the previous fiscal year, amounting to RMB 75,569 thousand, an increase of 16.5% from RMB 64,740 thousand in the previous year[36]. Assets and Liabilities - As of June 30, 2024, total assets less current liabilities amounted to RMB 3,841.56 million, an increase from RMB 3,746.43 million as of December 31, 2023[5]. - The net asset value of the company as of June 30, 2024, was RMB 3,750.53 million, compared to RMB 3,652.70 million at the end of 2023[5]. - Total assets as of June 30, 2024, amounted to RMB 5,437,752,000, an increase from RMB 5,198,390,000 as of December 31, 2023[15]. - Total liabilities as of June 30, 2024, were RMB 1,687,227,000, compared to RMB 1,545,694,000 as of December 31, 2023[15]. - The asset-liability ratio as of June 30, 2024, was 31.0%, compared to 29.7% on December 31, 2023[102]. Cash Flow and Financial Position - The company reported cash and cash equivalents of RMB 4,025.33 million as of June 30, 2024, down from RMB 4,271.89 million at the end of 2023[4]. - Cash and cash equivalents as of June 30, 2024, were RMB 1,079.14 million, a decrease of 50.0% from RMB 2,156.70 million on December 31, 2023[105]. - The company’s income tax expense for the six months ended June 30, 2024, was RMB 41,396,000, down from RMB 70,806,000 in 2023[17]. - Income tax expenses decreased by 41.5% to RMB 41.40 million from RMB 70.81 million in the same period last year, mainly due to tax incentives from the Western Development policy and recognition of deferred tax assets from unused tax losses[86]. Operational Highlights - The company is focusing on providing comprehensive property management services across various sectors, including commercial, public, industrial, and residential properties[39]. - The company aims to enhance its service offerings by integrating advanced technologies such as IoT, big data, and AI into its facility management solutions[41]. - The company is actively pursuing joint ventures and acquisitions to leverage government resources and enhance market development, collaborating with entities like Huang Jin Property and Beijing Global Wealth Property Management[47]. - The company is implementing a "green and smart electromechanical" service model, integrating hardware, software, platforms, and services to drive performance growth[46]. - The company is enhancing its core operational capabilities through digital transformation, improving decision-making efficiency and fostering organic business growth[49]. Employee and Governance - The group employed a total of 17,163 full-time employees as of June 30, 2024, an increase from 16,437 on December 31, 2023[108]. - The company adheres to high standards of corporate governance to protect shareholder interests and enhance corporate value[113]. - The audit committee, consisting of four members, is responsible for reviewing and supervising the company's financial reporting system and risk management[115]. Strategic Initiatives - The company is focusing on high-quality growth in the Greater Bay Area and Yangtze River Delta regions, with these areas accounting for 62.9% of the total managed area[50]. - The company aims to enhance customer satisfaction and establish long-term strategic partnerships to drive sustainable business growth[56]. - The company is committed to optimizing its value-added service platform to provide more precise and efficient service experiences for customers[69]. - The company is focusing on digital transformation to enhance business decision-making efficiency and strengthen its competitive edge in digital platforms[62].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company's revenue for 2023 reached 3,926.81 million, representing a year-on-year increase of 11.3%. However, the profit attributable to shareholders decreased by 25% to 302.69 million [4][6] - The management area has increased, driving steady growth in property management revenue, which amounted to 3,221.36 million, accounting for 82.0% of total revenue, with a year-on-year increase of 14.4% [1][4] - The company expects EPS for 2024 and 2025 to be 0.27 and 0.31 respectively, with a target valuation range of 2.16 to 2.70 RMB (2.38 to 2.98 HKD) based on a dynamic PE of 8-10X for 2024 [5] Summary by Sections Market Performance - The company managed an area of approximately 64.07 million square meters by the end of 2023, a year-on-year increase of 19.2%. The contract area was about 76.7 million square meters, up by 9.5% [1] - Business property accounted for 40% of the managed area, while residential and public/industrial properties accounted for 38.7% and 21.3% respectively [1] Financial Performance - The gross profit margin decreased from 23.9% in 2022 to 19.0% in 2023, primarily due to increased competition in the market [16] - The company's operating income is projected to grow steadily, with estimates of 4,378.76 million for 2024 and 4,925.04 million for 2025, reflecting growth rates of 11.5% and 12.5% respectively [6][9] Value-Added Services - Revenue from value-added services was approximately 679.27 million, a year-on-year increase of 1.6%, with owner value-added services seeing a significant rise of 105.4% [3][4] - Other business revenue decreased by 40.4% to 26.18 million, mainly due to a reduction in financial services revenue [3]

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而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 截 至2023年12月31日止年度的全年業績公告 1. 2023年本集團收入約為人民幣3,926.81百 萬 元，較2022年約人民幣3,527.40百 萬元增長11.3%。 3. 2023年本公司擁有人應佔利潤約為人民幣302.69百 萬 元，較2022年約人民 幣403.49百萬元下降25.0%。 業 績 基 本 24.8 33.1 綜合損益表 截 至2023年12月31日止年度 （以 人 民 幣 呈 列） 綜合損益及其他全面收益表 截 至2023年12月31日止年度 （以人民幣呈列） 綜合財務狀況表 於2023年12月31日 （以 人 民 幣 呈 列） – 4 – 總資產減流動負債 3,746,431 3,787,626 EXCELLENCE COMMERCIAL PROPERTY & FACILITIES MANAGEMENT GROUP ...

Revenue Performance - As of December 31, 2022, Beijing Global Wealth's property management projects generated revenue of approximately RMB 65.37 million, exceeding the guaranteed revenue of RMB 58.63 million for the same period[5] - The guaranteed revenue remains effective until December 31, 2025, with a 10% fee increase not implemented before December 31, 2021[2] - If actual revenue from property management projects falls below the guaranteed revenue during the specified period, Beijing Global Wealth will compensate the difference to the sellers and shareholders[4]