苏新服务(02152) - 2024 - 中期财报

Company Locations and Offices - The company's registered office and headquarters are located at Room 3001, 30/F, SND International Commerce Tower, 28 Shishan Road, Gaoxin District, Suzhou, Jiangsu Province, PRC[3] - The principal place of business in Hong Kong is at 40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong[3] - The H Share Registrar is Computershare Hong Kong Investor Services Limited, located at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong[4] - The company's auditor is Ernst & Young, located at 27/F, One Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong[4] - The compliance advisor for the company is Dongxing Securities (Hong Kong) Company Limited, located at 7503B–7504, 75/F, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong[4] Financial and Legal Advisors - The company's principal banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Hua Xia Bank, Bank of Communications (Hong Kong) Limited, and Chiyu Banking Corporation Limited[5] - The company's legal advisors include Grandall Zimmern Law Firm for Hong Kong law and Jiangsu He & Partners Law Firm for PRC law[4] Company Information and Stock Details - The company's website is www.suxinfuwu.com[5] - The stock code for the company on the Hong Kong Stock Exchange is 2152[5] - The Group's H shares were listed on the Main Board of the Stock Exchange on 24 August 2022 by way of global offering[78] Board of Directors - The company's board of directors includes executive directors Mr. Cui Xiaodong (Chairman), Mr. Zhou Jun, and Mr. Chen Mingdong (appointed with effect from 14 June 2024), and non-executive directors Ms. Li Xin, Mr. Cao Bin, and Mr. Zhang Jun[2] Company Achievements and Rankings - The Group has been recognized as one of the Top 100 Property Management Companies of China for nine consecutive years since 2016[79] - The Group was ranked 33rd among the 2024 Top 100 Property Management Companies of China by CIA in terms of overall strength[79] - The Group was honored as one of the "Leading Smart City Services Companies in China" by CIA in 2024[79] - Shishan Cultural Square, a project under management, was accredited as "China Five-Star Property Service Project in 2024"[79] - The Group was ranked 33rd among the Top 100 Property Management Companies in China in 2024[80] - The Group's Lion Mountain Cultural Plaza project was awarded the "2024 China Five-Star Property Service Project"[80] Property Management and Services - The Group's total contracted gross floor area reached 18.0 million sq.m. as of 30 June 2024, representing a 14.6% increase compared to 30 June 2023[85][86] - The Group managed 139 projects with a total GFA of over 16.5 million sq.m. as of 30 June 2024[85][86] - The Group's basic residential property management services grew significantly, with GFA under management increasing from 7,943.7 thousand sq.m. in 2023 to 9,506.6 thousand sq.m. in 2024, a 19.7% increase[90] - The Group provided municipal infrastructure services to 32 projects as of 30 June 2024[93][96] - The Group managed public facilities with a GFA of approximately 3.8 million sq.m. as of 30 June 2024[94][97] - The Group operated three waste collection centers with a maximum daily processing capacity of 1,200 tons of household waste and 50 tons of bulky waste as of 30 June 2024[99] - The Group's basic commercial property management services expanded, with GFA under management increasing from 3,453.1 thousand sq.m. in 2023 to 3,849.4 thousand sq.m. in 2024, an 11.5% increase[90] - The Group's total number of managed projects increased from 111 in 2023 to 139 in 2024, a 25.2% growth[90] - The company operates three waste treatment centers with a maximum daily processing capacity of 1,200 tons of domestic waste and 50 tons of bulky waste as of June 30, 2024[101] - The company manages 61 commercial properties with a total GFA of approximately 9.5 million sq.m. and 31 residential properties with a total GFA of approximately 3.2 million sq.m. as of June 30, 2024[103][106] Financial Performance - Group revenue increased by 28.3% from RMB348.8 million in H1 2023 to RMB447.5 million in H1 2024, driven by growth in city services and commercial property management[118][120] - City services revenue grew 39.9% to RMB288.3 million, primarily due to expansion of municipal infrastructure services and addition of public facilities like cultural and sports complexes[118][120] - Commercial property management revenue increased 27.7% to RMB119.4 million, driven by growth in managed commercial property sales offices and industrial park projects[118][120] - Residential property management revenue decreased 16.3% to RMB32.2 million, mainly due to the closure of the Haixu Lanting project[119][120] - Property leasing revenue declined 28.9% to RMB7.6 million, primarily due to lower occupancy rates at Jinlin Apartment[119][120] - Gross profit increased 18.5% to RMB88.1 million, with a gross profit margin of 19.7%, down from 21.3% in H1 2023[127][128] - Cost of sales rose to RMB359.5 million, up from RMB274.5 million in H1 2023, primarily due to new projects[124][125] - City services gross profit margin decreased to 20.3% from 22.0%, while commercial property management margin improved to 18.3% from 17.7%[127] - Property leasing gross profit margin dropped significantly to 62.1% from 84.1% in H1 2023[127] - Residential property management gross profit margin declined to 8.5% from 9.0%[127] - Gross profit for city services increased by 29.6% from RMB45.3 million to RMB58.7 million due to expanded integrated city services and new public facilities[130] - Gross profit for commercial property management services rose by 32.4% from RMB16.5 million to RMB21.9 million, driven by increased management of sales offices and industrial parks[130] - Gross profit for residential property management services decreased by 20.8% from RMB3.5 million to RMB2.7 million due to the closure of the Haixu Lanting project[130] - Gross profit for property leasing services dropped by 47.5% from RMB9.0 million to RMB4.7 million due to lower occupancy rates at Jinlin Apartment[130] - Other income and gains decreased by 41.5% from RMB11.5 million to RMB6.7 million, primarily due to reduced exchange differences[130] - Other expenses surged by 20.9 times from RMB0.6 million to RMB13.0 million due to fair value losses on investment properties[133] - Finance costs decreased by 13.5% from RMB7.9 million to RMB6.8 million due to lower bank loan interest rates and partial loan repayments[134] - Profit for the period decreased from RMB34.5 million to RMB32.4 million, mainly due to increased other expenses[136] Financial Position and Assets - Investment properties decreased from RMB332.7 million to RMB322.2 million due to a decline in the fair value of Jinlin Apartment[145] - Equity investments designated at fair value through other comprehensive income stood at RMB4.8 million as of 30 June 2024[146] - Trade receivables increased by 31.2% from RMB295.1 million as of 31 December 2023 to RMB387.2 million as of 30 June 2024, driven by the expansion of city services and unsettled payments for integrated city services projects[154][155] - Trade payables increased by 25.4% from RMB301.3 million as of 31 December 2023 to RMB377.8 million as of 30 June 2024, primarily due to unsettled payments for integrated city services projects[154][155] - Contract liabilities decreased by 24.3% from RMB53.7 million as of 31 December 2023 to RMB40.6 million as of 30 June 2024, mainly due to a decrease in advance receipts[156][159] - Total current assets increased by 1.6% from RMB868.0 million as of 31 December 2023 to RMB881.8 million as of 30 June 2024, driven by the expansion of city services and increased trade receivables[157][160] - Total current liabilities increased by 9.9% from RMB510.9 million as of 31 December 2023 to RMB561.6 million as of 30 June 2024, primarily due to increased trade payables[157][160] - Net current assets decreased by 10.3% from RMB357.1 million as of 31 December 2023 to RMB320.3 million as of 30 June 2024[157][160] - Cash and cash equivalents amounted to RMB313.8 million as of 30 June 2024, with RMB190.6 million denominated in RMB and HK$135.0 million (equivalent to RMB123.2 million) in Hong Kong dollars[158][161] - Interest-bearing bank loans amounted to RMB114.1 million as of 30 June 2024, all denominated in RMB and carried at fixed rates[164] - The Group's total borrowings as of 30 June 2024 were RMB114.063 million, a decrease from RMB119.063 million as of 31 December 2023[165] - Capital expenditures for the six months ended 30 June 2024 were RMB13.3 million, significantly lower than the RMB49.0 million recorded as of 31 December 2023[168] - Other liabilities as of 30 June 2024 were RMB175.6 million, slightly increased from RMB174.0 million as of 31 December 2023[170] - The Group's gearing ratio for the six months ended 30 June 2024 was 35.8$176.3 million from the Global Offering, including HK$8.78 million from the partial exercise of the Over-allotment Option[189] - The company reallocated HK$52.9 million of net proceeds from "Acquisition of office building in Hong Kong for own use and leasing" to fund the "Acquisition of the land in the PRC"[190] - The company plans to utilize the net proceeds according to the plans set out in the prospectus dated 10 August 2022 and the 2024 UOP Announcement, with no other changes to the use of remaining unutilized net proceeds[191] - The company allocated HK$52.9 million for the acquisition of other property management companies and companies providing city services and property management services, with completion expected by 31 December 2024[192] - The company allocated HK$52.9 million for strategic investments in waste collection centers and companies providing operational and management services to waste collection centers, with completion expected by 31 December 2024[192] - The company allocated HK$26.4 million for the establishment of its own brand "Suxin Leju" and the launch of apartment management and operational services for housing for talents, with completion expected by 31 December 2024[193] - The company allocated HK$14.1 million for investments in companies providing elderly care, nursing, and medical services, with no specific completion date provided[193] - As of 30 June 2024, the company had unutilized net proceeds of HK$52.9 million, with expected full utilization by 31 December 2024[193] - Technological investment of HK$71 million allocated for the Group's technologies and intelligent operations, with full utilization expected by 31 December 2024[197] - HK$53 million allocated for talent training and retention, to be fully utilized by 31 December 2024[197] - HK$17.6 million allocated for working capital and other general corporate purposes, with full utilization expected by 31 December 2024[197] - Total net proceeds allocated for various purposes amounted to HK$176.30 million, with HK$108.08 million remaining unutilized as of 30 June 2024[197] - HK$17.6 million of net proceeds allocated for the establishment of the Group's own brand "Suxin Leju" and launch of apartment management services, with actual utilization delayed to 1 January 2024[198][199] - Net proceeds for the "Suxin Leju" project amounted to HK$24.11 million for the six months ended 30 June 2024[198][199] - Funds were reallocated to support the Company's acquisition of Suzhou land[198][199] Risk Management and Financial Instruments - The Group's major financial instruments include bank loans, finance leases, and other liabilities, with risks managed through credit verification and liquidity monitoring[174][175][176] - The Group does not implement any foreign currency hedging policy but closely monitors foreign exchange exposure[177] Subsequent Events and Acquisitions - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the six months ended 30 June 2024[183] - No subsequent events after 30 June 2024 have had a material impact on the Group's operating and financial performance[186]