行业研究丨深度报告丨房地产 [Table_Title] 红利乘风起，物管正当时 ——物业价值论系列一 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 物管基石管理规模仍稳中有增，提质增效盈利修复已在路上；持续加码应收规模管控，减值压 力逐步收敛，优质物企仍有望实现业绩的长期稳定甚至保持一定增速。多数物企可以实现从"有 利润的收入"向"有现金流的利润"平稳过渡，具备较强回款与占款能力的物企则会有更佳的 现金流表现。高度重视股东回报，分红回购比例持续上行，主流物企含分红与回购的综合回报 率均值逾 6%，轻资产现金流价值如期兑现。充裕的超额现金或意味着未来更高的分红潜力， 后续物企价值重估值得期待，优质国央企与部分民营物管标的长期投资价值逐步凸显。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title ...

Financial Performance - Total revenue for 2024 was RMB 4,585.4 million, a decrease of 7.9% from RMB 4,979.7 million in 2023[10] - Gross profit for 2024 was RMB 660.0 million, with a gross margin of 14.4%, down from a gross margin of 18.6% in 2023[10] - Net loss for 2024 was RMB 551.0 million, improving from a net loss of RMB 981.7 million in 2023, resulting in a net loss margin of 12.0%[10] - Basic loss per share for 2024 was RMB 0.98, compared to RMB 1.49 in 2023[10] - Revenue from residential services decreased by about 3.3% to RMB 3,343.0 million, with basic property services declining slightly by 0.7% to RMB 3,073.6 million[43] - The company exited approximately 145 corporate service projects, resulting in a 12.6% decrease in corporate service revenue to RMB 1,002.7 million[49] - Revenue from other services fell by approximately 36.1% to RMB 239.7 million, primarily due to macroeconomic impacts and strategic resource optimization[49] - The total revenue from managed properties was RMB 3,073.615 million in 2024, slightly down from RMB 3,096.285 million in 2023, representing a decrease of approximately 0.7%[53] - Non-owner value-added service revenue dropped to RMB 42.0 million in 2024, a decline of about 73.0% from RMB 155.4 million in 2023[58] - Corporate service revenue was RMB 1,002.7 million in 2024, down approximately 12.6% from RMB 1,146.7 million in 2023[59] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,715.4 million, down from RMB 7,657.3 million in 2023[11] - Cash and cash equivalents as of December 31, 2024, were RMB 2,406.1 million, a decrease from RMB 2,905.5 million in 2023[11] - Trade receivables and notes decreased by approximately 6.5% from RMB 2,931.4 million as of December 31, 2023, to RMB 2,740.1 million as of December 31, 2024[73] - Provision for impairment of trade receivables increased from RMB 1,385.0 million to RMB 1,614.8 million, reflecting a cautious approach towards clients with poor credit[73] - Trade payables and notes decreased by about 9.9% from RMB 1,123.6 million to RMB 1,012.8 million, primarily due to reduced payment cycles to independent third-party suppliers[75] - Other payables decreased by approximately 5.3% from RMB 928.8 million to RMB 879.3 million, mainly due to payments made for historical acquisition-related equity[76] - Contract liabilities slightly increased by about 0.9% from RMB 880.7 million to RMB 888.4 million, attributed to higher prepayments from homeowners[77] Operational Highlights - The company was recognized as one of the top 10 property service companies in China for the ninth consecutive year, ranking in the top eight overall[14] - The company signed a partnership with Jiangnan Development Group to establish the "Jiangnan Jinyue" urban service platform, focusing on comprehensive property services and smart city solutions[21] - The company achieved high customer satisfaction, leading to the addition of numerous mature communities to its service portfolio in 2024[24] - The company was listed among the top 50 private enterprises in Chongqing, highlighting its sustainable development over 24 years[17] - In 2024, the company continues to focus on high-quality, integrated IFM service solutions, gaining popularity among top clients[27] - The company has completed a national strategic layout across 163 cities in 26 provinces, targeting the vast market of existing residential properties[35] - The company launched 13 new hotels under the Jinchen Hotel Group, utilizing asset-light models such as full delegation and brand franchising[33] - The company received recognition as the Top 2 in service quality among China's property service companies, according to the China Index Academy[36] - The company emphasizes a "density + concentration" strategy during the industry adjustment period, ensuring high-quality business development by exiting low-efficiency projects[37] - The company has upgraded its "Hui Zhu Ke" service brand, introducing popular services such as "Marathon Friendly Hotels" and "Local Breakfast" to enhance customer experience[33] - The company actively promotes the "Rider-Friendly Community" initiative in collaboration with Meituan, enhancing community safety and supporting flexible employment[33] - The company aims to optimize market layout, upgrade service brands, and enhance technological empowerment to achieve sustainable high-quality development[35] - The company has been recognized as the Top 1 in IFM service excellence by the China Index Academy[36] - The company focuses on providing diversified and customized services to strengthen its leading position in the property service industry[35] Cost and Expenses - Sales costs for the year ended December 31, 2024, were approximately RMB 3,925.4 million, a decrease of about 3.1% from RMB 4,051.6 million in 2023, attributed to a strategic focus on core business and high-quality projects[61] - Gross profit decreased by approximately 28.9% to about RMB 660.0 million in 2024 from approximately RMB 928.2 million in 2023, with the overall gross margin declining by 4.2 percentage points to about 14.4%[62] - The gross profit for residential services fell by approximately 19.7% to about RMB 551.2 million in 2024, with a gross margin decrease of 3.3 percentage points to approximately 16.5%[64] - The gross profit for corporate services dropped by approximately 39.1% to about RMB 95.8 million in 2024, with a gross margin decrease of 4.1 percentage points to approximately 9.6%[64] - The gross profit for basic property services decreased by approximately 23.9% to about RMB 411.0 million in 2024, with a gross margin decline of 4.0 percentage points to approximately 13.4%[65] - Financial asset impairment losses decreased by approximately 62.2% to about RMB 556.6 million in 2024 from approximately RMB 1,470.6 million in 2023[67] - Other net losses decreased by approximately 61.1% to about RMB 64.7 million in 2024 from approximately RMB 166.4 million in 2023, mainly due to prudent impairment provisions for goodwill[68] - Administrative expenses slightly increased by 1.9% to approximately RMB 614.2 million in 2024 from approximately RMB 602.8 million in 2023, primarily due to employee incentives and increased capital expenditures[69] Employee and Management - Employee costs for the year are approximately RMB 1,858.2 million, a decrease from RMB 1,938.2 million in the previous year[98] - The company has approximately 11,550 employees as of December 31, 2024, down from 12,955 employees a year earlier[98] - The company has adopted a more cautious approach regarding capital expenditures due to macroeconomic conditions, leading to a slowdown in spending on digital upgrades and renovations[95] - The company retains HKD 1,169.3 million (17.6%) for share buybacks and incentive plans, with an expected timeline for utilization by December 2025[94] Corporate Governance - The company has adopted a code of conduct for securities trading, confirming compliance by all directors and relevant employees for the year ending December 31, 2024[126] - The company has established various committees, including the audit committee, remuneration committee, nomination committee, and environmental, social, and governance committee, to assist the board in its duties[134] - The company will continue to review and enhance its corporate governance practices to ensure compliance with applicable codes[128] - The board consists of nine directors, including one executive director, five non-executive directors, and three independent non-executive directors[132] - The company has received annual independence confirmation from independent non-executive directors, affirming their independence[137] - The board has mechanisms in place to ensure independent opinions and advice are provided to the board[138] - The company has confirmed that there were no violations of the code of conduct by any directors or relevant employees for the year ending December 31, 2024[127] - The board held 13 meetings and 4 shareholder meetings during the year ending December 31, 2024, with full attendance from all directors[142] Risk Management - The group has implemented various risk management policies and measures to identify, assess, manage, and monitor risks arising from its business operations[173] - The board reviews the effectiveness of the risk management and internal control systems at least annually, including financial, operational, and compliance controls[175] - The group has established an internal audit and risk control function to analyze and independently assess the adequacy and effectiveness of its risk management and internal control systems[174] - The company has adopted procedures and policies to ensure strict accountability for individual employees and conducts regular internal compliance checks and training[173] - The board considers the risk management and internal control systems to be effective and adequate for the year ending December 31, 2024[177] Shareholder Engagement - Shareholders holding more than 10% of voting shares can request a special general meeting within two months of submitting a written request[179] - Shareholders can propose temporary motions at least ten days before a general meeting if they hold at least 1% of the company's shares[183] - The company has established various communication channels with shareholders, including annual and interim results announcements[192] - The company held four shareholder meetings during the year ending December 31, 2024, with all directors present either in person or via electronic means[192]

Financial Performance - The total revenue for the year 2024 was approximately RMB 4,585.4 million, a decrease of about 7.9% compared to RMB 4,979.7 million in 2023[2] - The company reported a gross profit of approximately RMB 660.0 million, down about 28.9% from RMB 928.2 million in 2023, resulting in a gross margin of 14.4%[2] - The annual loss was approximately RMB 551.0 million, with losses attributable to owners amounting to RMB 587.3 million[2] - The basic and diluted loss per share for the year was RMB 0.98, compared to RMB 1.49 in 2023[3] - The company reported total revenue of RMB 4,585,435,000 for the year ended December 31, 2024, a decrease of approximately 7.93% from RMB 4,979,741,000 in 2023[16] - Revenue from residential services was RMB 3,340,344,000 in 2024, down from RMB 3,455,253,000 in 2023, representing a decline of about 3.33%[16] - The company reported a net loss attributable to owners of RMB 587,302 thousand in 2024, an improvement from a loss of RMB 951,038 thousand in 2023, indicating a reduction in losses by approximately 38.3%[30] - Basic and diluted loss per share improved to RMB 0.98 in 2024 from RMB 1.49 in 2023, showing a significant decrease in loss per share[30] Revenue Breakdown - Revenue from residential services was RMB 3,343,045,000, accounting for 72.9% of total revenue, compared to RMB 3,457,993,000 and 69.5% in 2023[52] - The basic property service segment generated RMB 3,073,615,000, representing 67.0% of total revenue, while value-added services from non-owners decreased significantly to RMB 42,005,000 from RMB 155,356,000 in 2023[52] - Corporate services revenue was RMB 1,002,717,000, which is a decline from RMB 1,146,743,000 in the previous year, accounting for 21.9% of total revenue[52] - Revenue from corporate services decreased by about 12.6% to RMB 1,002.7 million from RMB 1,146.7 million in 2023, as the group focused on sustainable projects, exiting approximately 145 corporate service projects[53] - Revenue from diversified operational services increased by approximately 10.2% to RMB 227.4 million, up from RMB 206.4 million in 2023, driven by targeted business development based on owner needs[53] - Revenue from non-owner value-added services dropped by approximately 73.0% to RMB 42.0 million from RMB 155.4 million in 2023, primarily due to a significant reduction in service projects for real estate developers amid liquidity crises[53] - Revenue from other services fell by approximately 36.1% to RMB 239.7 million from RMB 375.0 million in 2023, attributed to weak consumer demand due to macroeconomic factors[53] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 6,715.4 million, down from RMB 7,657.3 million in 2023[4] - The total liabilities decreased to RMB 3,333.4 million in 2024 from RMB 3,560.1 million in 2023[5] - The company’s equity attributable to owners decreased to RMB 3,351.8 million in 2024 from RMB 4,077.9 million in 2023[5] - The company’s cash and cash equivalents totaled RMB 2,406,107,000 as of December 31, 2024, down from RMB 2,905,545,000 in 2023, a decrease of 17.2%[36] - Trade receivables from third parties decreased to RMB 2,046,256 thousand in 2024 from RMB 2,235,628 thousand in 2023, a decline of about 8.5%[31] - The total provision for expected credit losses on trade receivables was RMB 1,599,390,000 as of December 31, 2024, compared to RMB 1,369,516,000 in 2023, indicating an increase of 16.7%[33] Cash Flow and Dividends - As of December 31, 2024, the company had cash and cash equivalents totaling approximately RMB 3,126.6 million, with a net cash inflow from operating activities of about RMB 244.6 million[2] - The company did not declare any final dividend for the year due to the recorded losses, but aims to stabilize cash dividends in the future[2] - The company did not declare any dividends for the year ending December 31, 2024, consistent with the previous year[44] Strategic Initiatives - The company is focusing on high-quality, sustainable development in residential services, particularly through the "Beautiful Home" initiative, targeting core cities in the Southwest and the Yangtze River Economic Belt[49] - The company is implementing a "density + concentration" strategy during the industry adjustment period, ensuring high-quality business development by exiting low-efficiency projects[47] - The property management industry is experiencing a slowdown in growth, prompting the company to optimize its project portfolio and focus on cost reduction and efficiency improvement[48] - The company aims to achieve independent and market-oriented development by optimizing market layout, upgrading service brands, and strengthening technological empowerment[48] Employee and Operational Metrics - As of December 31, 2024, the group had approximately 11,550 employees, a decrease from 12,955 employees as of December 31, 2023[98] - Employee benefits expenses decreased to RMB 1,858,197 thousand in 2024 from RMB 1,938,155 thousand in 2023, a reduction of approximately 4.1%[23] - The total service costs, sales and marketing expenses, and administrative expenses amounted to RMB 4,569,185 thousand in 2024, down from RMB 4,656,477 thousand in 2023, reflecting a decrease of about 1.9%[23] Governance and Compliance - The company has adopted corporate governance codes and confirmed compliance with applicable provisions during the year[100][101] - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and reached an agreement with management on the financial results[108]

Company Performance and Recognition - Jinke Smart Services Group ranked in the top 10 of China's property service companies for the 9th consecutive year, achieving a position in the top 8 and leading in customer satisfaction and service quality categories [27]. - Jinke Smart Services Group received multiple accolades, including being ranked 1st in IFM service excellence and 3rd in technology empowerment among property service companies [27]. - Jinke Smart Services Group's commitment to high-quality development is reflected in its continuous recognition as a leading enterprise in the property service industry [27]. - The company has maintained a top 10 position in comprehensive strength and service scale in the property service industry for nine consecutive years, and has been awarded top 3 in customer satisfaction and service quality in 2024 [33]. Service Offerings and Innovations - The company launched a new corporate service brand "Jin Yue Future" on January 24, 2024, aimed at providing integrated service experiences for high-quality clients [22]. - Jinke Smart Services Group's new service upgrades aim to deliver a comprehensive, all-scenario service experience to clients [22]. - The company has expanded its service offerings to include specialized property management for hospitals and educational institutions, ranking highly in these sectors [27]. - The company emphasizes a "service + technology, service + ecology" development strategy, focusing on enhancing service quality and operational efficiency [32]. Community Engagement and Social Responsibility - The company initiated the "8th Year 'YI' Together" community volunteer program, engaging nearly 10,000 participants across over 100 cities in various social responsibility activities [24]. - The 2024 Jinke Community Neighborhood Sports Season attracted participation from tens of thousands of residents across multiple cities, promoting community fitness and engagement [29]. - The company held a national service competition to enhance service quality, focusing on customer experience and professional skills across various service scenarios [25]. Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 2,410.2 million, a slight decrease of about 2.2% compared to the same period in 2023 [39]. - Revenue from space property services increased by approximately 0.9% to about RMB 2,048.1 million, with property management services rising to approximately RMB 2,011.0 million, a growth of about 3.4% year-on-year [40]. - Non-owner value-added services revenue significantly decreased by approximately 56.5% to about RMB 37.0 million, primarily due to the liquidity crisis in the real estate sector [40]. - The company plans to increase the dividend payout ratio to no less than 60% to enhance shareholder returns [38]. Challenges and Market Conditions - The company is transitioning from an incremental market to a stock market, facing challenges such as reduced new home sales and increased competition [30]. - The property management industry is experiencing a shift towards independent transformation, focusing on service quality rather than management area [34]. - The long-term outlook for the property management industry remains positive, with continued demand for high-quality services and a focus on value-added services [34]. Operational Efficiency and Cost Management - The company is committed to improving cash flow and operational quality while pursuing sustainable and high-quality development [34]. - The company has implemented digital upgrades to enhance property management efficiency and service effectiveness [30]. - Total service costs increased by approximately 4.9% to about RMB 2,260.6 million for the first half of 2024, up from approximately RMB 2,154.8 million in the same period of 2023 [61]. - Gross profit decreased by approximately 17.6% to about RMB 464.2 million, with a gross margin of 19.3%, down from 22.9% in the same period of 2023 [63]. Shareholder and Corporate Governance - The company has adopted and applied the corporate governance code, ensuring compliance with all applicable provisions during the reporting period [85]. - The Audit Committee was established to review and supervise the financial reporting process, internal control systems, and risk management [87]. - The company repurchased a total of 6,261,000 H-shares at a total cost of approximately HKD 54,126,007 during the six months ending June 30, 2024 [99]. - The company’s financial data for the six months ending June 30, 2024, is subject to review and compliance with relevant accounting standards [105]. Related Party Transactions - Revenue from related party transactions with Jinke Group for the six months ended June 30, 2024, was RMB 28,060 thousand, a decrease of 61.0% compared to RMB 71,934 thousand for the same period in 2023 [190]. - Interest income from loans to Jinke Group was RMB 10,128 thousand, down 83.0% from RMB 59,627 thousand year-on-year [190]. - The company continues to engage in related party transactions as part of its normal business operations, adhering to agreed terms [190].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Views - The company reported a revenue of 2.41 billion yuan for the first half of 2024, a year-on-year decrease of 2.22%. It also recorded a net loss attributable to shareholders of 194 million yuan, compared to a net profit of 189 million yuan in the same period of 2023 [2][3]. - The decline in revenue is attributed to a significant drop in various service revenues, including a 56.5% decrease in non-owner value-added services and a 43.9% decrease in smart technology services [3]. - The company is focusing on improving operational efficiency and optimizing its property management portfolio, resulting in a 6.69% decrease in managed area and a 9.92% decrease in contracted area year-on-year [3]. - The company has been actively repurchasing shares, spending 180 million HKD to buy back 25.96 million H shares, which represents 4.1% of the total share capital at the beginning of the period [3]. Financial Performance - The company expects to turn a profit in the full year 2024, with projected net profits of 540 million yuan, 580 million yuan, and 620 million yuan for 2024-2026, reflecting year-on-year growth rates of 7.5% and 6.6% for 2025 and 2026, respectively [4]. - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 7.7x, 7.2x, and 6.7x, respectively, indicating a potentially undervalued stock [4]. Key Financial Metrics - The company reported a revenue of 4.98 billion yuan in 2023, with a slight decline from 5.00 billion yuan in 2022. The expected revenue for 2024 is 5.29 billion yuan, with a growth rate of 6.27% [5]. - The net profit attributable to shareholders is projected to recover from a loss of 951 million yuan in 2023 to a profit of 537 million yuan in 2024 [5]. - The diluted earnings per share (EPS) is expected to improve from -1.54 yuan in 2023 to 0.87 yuan in 2024 [5].

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9666） 截至2024年6月30日止六個月的 未經審核中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 4,979.7 million, a slight decrease from RMB 5,005.1 million in 2022[11]. - Gross profit for 2023 was RMB 928.2 million, with a gross margin of 18.6%, compared to RMB 943.2 million and 18.8% in 2022[11]. - The net loss for 2023 was RMB 981.7 million, improving from a net loss of RMB 1,839.9 million in 2022, resulting in a net loss margin of (19.7%) compared to (36.8%) in the previous year[11]. - Basic loss per share for 2023 was RMB (1.49), an improvement from RMB (2.80) in 2022[11]. - Total revenue for 2023 remained stable at approximately RMB 4,979.7 million, a slight decrease of 0.5% compared to RMB 5,005.1 million in 2022[46]. - Revenue from property management services increased by approximately 7.1% to RMB 3,936.7 million, driven by the addition of approximately 48.8 million square meters of managed area, totaling about 267.6 million square meters[46][50]. - Revenue from non-owner value-added services decreased by approximately 63.5% to RMB 155.4 million, primarily due to a significant reduction in service projects provided to real estate developers amid liquidity crises in the industry[46]. - Local living services revenue grew by approximately 5.3% to RMB 513.9 million, with meal service revenue increasing by approximately 73.8% to RMB 344.4 million[46]. - Community value-added services revenue decreased by approximately 4.7% to RMB 317.1 million, influenced by a shift to sustainable and cash flow-secured business models[48]. - Smart technology services revenue declined by approximately 31.6% to RMB 56.8 million, as the company reduced services provided to certain developers[48]. Assets and Equity - Total assets as of December 31, 2023, were RMB 7,657.3 million, down from RMB 8,356.8 million in 2022[12]. - Cash and cash equivalents at the end of 2023 were RMB 2,905.5 million, compared to RMB 3,069.8 million in 2022[12]. - Total equity decreased to RMB 4,097.2 million in 2023 from RMB 5,400.4 million in 2022[12]. Strategic Initiatives - The company aims to enhance its market expansion strategies and product development in the upcoming fiscal year[4]. - Future guidance indicates a focus on reducing net losses and improving profitability metrics[4]. - The company aims to transition to a "service + technology, service + ecology" development strategy, emphasizing high-quality and sustainable growth amidst industry challenges[39]. - The company plans to expand its service offerings by integrating hotel, catering, and tourism services to enhance consumer engagement and project acquisition[39]. - The company is committed to enhancing management efficiency and reducing costs through digital upgrades and intelligent automation[38]. Community and Social Responsibility - Jin Ke Service ranked in the top 10 of the "2023 China Property Service Hundred Enterprises" for the eighth consecutive year, also achieving second place in both "Satisfaction Leading Enterprises" and "Service Quality Leading" categories[21]. - The company provided comprehensive services for the 31st Summer Universiade in Chengdu, involving 500 employees over 137 days[28]. - In 2023, the company hosted nearly 10,000 community events, enhancing community harmony and engagement[38]. Human Resources - The company has approximately 12,955 employees as of December 31, 2023, an increase from 12,227 employees in the previous year[102]. - Employee costs recognized for the year amount to approximately RMB 1,938.2 million, compared to RMB 2,038.3 million for the previous year[102]. Governance and Compliance - The company has established an audit committee, a remuneration committee, a nomination committee, and an environmental, social, and governance committee to assist the board in fulfilling its duties[125]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors and relevant employees for the year ending December 31, 2023[117]. - The company recognizes the importance of good corporate governance elements in its management structure and internal control procedures to achieve effective accountability[118]. - The board consists of nine members, including one executive director, five non-executive directors, and three independent non-executive directors[123]. Risk Management - The group has implemented various risk management policies to identify, assess, manage, and monitor risks associated with its operations[163]. - The board reviews the effectiveness of the risk management and internal control systems at least annually, including financial, operational, and compliance controls[165]. - The company ensures strict accountability for individual employees to foster a strong compliance culture[163]. Shareholder Information - The company plans to distribute no cash dividends for the fiscal year 2023 due to negative distributable profits[180]. - The company held three shareholder meetings during the fiscal year, with all directors present either in person or via electronic means[175]. - The company’s articles of association were amended and approved by shareholders on October 13, 2023, reflecting compliance with new regulations[174].

2024年4月26日 公司研究 减值计提较为充分，现金流进一步改善 ——金科服务（9666.HK）跟踪报告 要点 增持（维持） 事件：公司在二级市场积极回购股份，2023年度归母净利润同比减亏。 当 前价：9.09港元 2023年，公司累计在资本市场回购2882.62万股股份，回购金额约2.66亿元； 截至4月25日，公司在2024年内合计回购54.5万股，回购金额约449万元。 作者 2023年公司实现收入49.8亿元，同比持平；毛利9.3亿元，同比减少 1.6%， 分析师：何缅南 毛利率18.6%，同比下降0.2pct；归母净利润为亏损9.5亿元，同比减亏。 执业证书编号：S0930518060006 021-52523801 点评：聚焦核心业务，优化在管项目组合，现金流改善，静待盈利企稳。 hemiannan@ebscn.com 1)聚焦核心业务，提升发展质量。经历外部经济环境变化、关联地产业务冲击和 股权结构调整，公司从过去高速增长转向高质量发展，聚焦核心业务。2023年， 联系人：韦勇强 021-52523810 物业管理/非业主增值/本地生活/社区增值/数智科技分别实现收入 weiyongqian ...

2024 年 3月 27日，公司发布 2023 年业绩：实现营收49.8 亿元， 同比-0.51%；实现归母净亏损 9.51 亿元，而 2022 年同期为归母 净亏损18.19 亿元。 23年业绩不及预期，24年卸下包袱轻装上阵。公司2023年营收 略低于预期，主要由于公司退出部分低效项目，在管面积增速下 降，导致物管服务收入增速放缓。归母净利润仍处于亏损状态， 主要由于公司考虑金科集团最新经营情况，再次对其未偿的应收 账款计提减值拨备。截至 2023 年末，金融资产减值亏损净额约 14.71 亿元。本次计提后，公司应收款项主要为第三方小业主的物 业费，因此2024 年公司业绩有望轻装上阵。 港币(元) 成交金额(百万元) 物业管理服务提质增效，收缴率提升。截至2023 年末，公司在管 14.00 70 面积2.68亿方，同比+5.14%；合约面积 3.51亿方，同比-2.49%。 13.00 60 12.00 50 2023 年公司为提升经营效率，优化物业组合，终止在管面积0.36 11.00 40 亿方，终止合约面积0.43 亿方，均较2022 年有所提升。2023 年 10.00 30 9.00 20 ...

Financial Performance - The total revenue for 2023 was approximately RMB 4,979.7 million, remaining stable compared to RMB 5,005.1 million in 2022[1] - The annual gross profit was approximately RMB 928.2 million, a slight decrease of about 1.6% from RMB 943.2 million in 2022, maintaining a gross margin of 18.6%[1] - The annual loss was approximately RMB 981.7 million, with a loss attributable to owners of approximately RMB 951.0 million[1] - The company reported a basic and diluted loss per share of RMB 1.49, compared to RMB 2.80 in 2022[2] - For the year ended December 31, 2023, total revenue reached RMB 4,979,741,000, a slight decrease from RMB 5,005,059,000 in 2022, representing a year-over-year decline of approximately 0.51%[16] - The company reported a loss attributable to owners of RMB 951,038,000 for the year ended December 31, 2023, compared to a loss of RMB 1,818,545,000 for the previous year, representing a 47.7% improvement[30] - Basic and diluted loss per share for the year ended December 31, 2023, was RMB 1.49, an improvement from RMB 2.80 in 2022, indicating a 46.8% reduction in losses per share[30] Revenue Breakdown - Revenue from property management services was approximately RMB 4,092.0 million, slightly down from RMB 4,101.2 million in 2022, with core property management services revenue increasing by about 7.1% to RMB 3,936.7 million[1] - Revenue from space property services was RMB 4,092,028,000, showing a marginal increase from RMB 4,088,782,000 in the previous year[16] - Local life services revenue increased significantly to RMB 64,879,000 from RMB 30,191,000, marking a growth of approximately 115.5%[16] - Community value-added services revenue rose to RMB 253,540,000, up from RMB 160,842,000, reflecting an increase of about 57.4%[16] - Revenue from local life services rose by approximately 5.3% to about RMB 513.9 million, primarily due to a 73.8% increase in meal service revenue to about RMB 344.4 million, while external meal supply chain services decreased by approximately 86.2% to about RMB 20.6 million[60] - Revenue from community value-added services decreased by approximately 4.7% to about RMB 317.1 million, attributed to a focus on sustainable and cash flow-secured businesses, leading to a decline in certain self-operated services[60] - Revenue from smart technology services decreased to RMB 44,980,000 from RMB 52,782,000, a decline of approximately 14.8%[16] Cash and Liquidity - As of December 31, 2023, the company had cash and cash equivalents of approximately RMB 2,905.5 million, with a net cash inflow from operating activities of approximately RMB 451.1 million during the year[1] - Cash and cash equivalents decreased to RMB 2,905,545,000 as of December 31, 2023, from RMB 3,069,784,000 in 2022, representing a decline of 5.3%[40] - The company had no borrowings as of December 31, 2023, maintaining a capital debt ratio of zero[97] Assets and Liabilities - The total assets decreased from RMB 8,356.8 million in 2022 to RMB 7,657.3 million in 2023[5] - The total liabilities increased from RMB 2,956.4 million in 2022 to RMB 3,560.1 million in 2023[7] - Trade receivables from third parties increased to RMB 2,235,628,000 as of December 31, 2023, up from RMB 1,916,515,000 in 2022, reflecting a growth of 16.7%[33] - The company recognized an impairment provision of RMB 1,369,516,000 against trade receivables as of December 31, 2023, compared to RMB 1,029,509,000 in 2022, marking a 33.1% increase in provisions[37] - The total current portion of trade receivables and other receivables was RMB 2,093,827,000 as of December 31, 2023, down from RMB 2,388,742,000 in 2022, reflecting a decrease of 12.3%[34] Shareholder Information - The board is unable to declare any final dividend for the year ended December 31, 2023, but aims to stabilize cash dividends in the future[2] - The company did not declare any dividends for the year ending December 31, 2023[52] - The company emphasizes the importance of shareholder returns and aims to balance performance with shareholder satisfaction[57] Strategic Focus and Future Outlook - The company aims to focus on high-quality development and sustainable growth amidst challenges in the real estate market, emphasizing a strategy of "service + ecology, service + technology"[54] - The company plans to enhance its business collection capabilities and aims for sustainable and healthy development in the property management sector[54] - The company is transitioning to an independent professional service provider, focusing on core business areas and high-quality service delivery[53] - The forecasted revenue growth rate for the company’s services is projected at 0.2% for the upcoming period, with a long-term growth rate of 2.2%[49] - The company plans to seek selective strategic investments and acquisitions, with approximately 56.3% of the net proceeds allocated for this purpose[101] Operational Efficiency - The company aims to enhance operational efficiency and reduce costs through digital technology and AI integration[57] - The company is exploring new growth models in community services and asset management to enhance customer engagement[56] - The company has shifted to a development model focusing on independent third-party growth, supplemented by Kincai Group, in response to market changes[65] Employee Information - The company has approximately 12,955 employees as of December 31, 2023, an increase from 12,227 employees in the previous year[105] - The total employee costs recognized for the year amount to approximately RMB 1,938.2 million, compared to RMB 2,038.3 million in the previous year[105]