Financial Performance - Revenue for the first half of 2024 reached RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period of 2023[6] - Gross profit for the first half of 2024 was RMB 1,610.1 million, with a gross margin of 20.46%, slightly down from 21.17% in 2023[6] - Net profit attributable to the company's owners for the first half of 2024 was RMB 846.0 million, up 10.8% from RMB 763.5 million in 2023[6] - Total revenue for the six months ended June 30, 2024, was approximately RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period in 2023, driven by the expansion of the company's management scale[31] - Gross profit for the six months ended June 30, 2024, was approximately RMB 1,610.1 million, a 6.5% increase from RMB 1,511.5 million in 2023, with the gross profit margin decreasing from 21.17% to 20.46%[34] - Net profit for the period increased by 10.0% to RMB 854.6 million, with a net profit margin of 10.9%, consistent with 2023[37] - Revenue for the six months ended June 30, 2024, was RMB 7,871.374 million, a 10.2% increase compared to RMB 7,141.206 million in the same period in 2023[71] - Gross profit for the six months ended June 30, 2024, was RMB 1,610.134 million, a 6.5% increase compared to RMB 1,511.517 million in the same period in 2023[71] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 845.958 million, a 10.8% increase compared to RMB 763.525 million in the same period in 2023[71] - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.54, an 11.6% increase compared to RMB 1.38 in the same period in 2023[71] - Total revenue for the six months ended June 30, 2024, was RMB 7.871374 billion, up from RMB 7.141206 billion in the same period in 2023[86] - Property management services revenue increased to RMB 5.593282 billion in 2024 from RMB 4.818132 billion in 2023[86] - Community value-added services revenue slightly decreased to RMB 1.249912 billion in 2024 from RMB 1.272451 billion in 2023[86] - Non-owner value-added services revenue remained stable at RMB 856.498 million in 2024 compared to RMB 852.603 million in 2023[86] - Profit before tax for the six months ended June 30, 2024, included employee costs of RMB 1,867,163 thousand, down from RMB 2,285,446 thousand in 2023[89] - Income tax expense for the six months ended June 30, 2024, was RMB 274,978 thousand, compared to RMB 256,363 thousand in 2023[90] - Basic and diluted earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to owners of the company of RMB 845,958 thousand, up from RMB 763,525 thousand in 2023[93] - The weighted average number of ordinary shares for calculating basic earnings per share was 548,776 thousand shares for 2024, compared to 551,995 thousand shares in 2023[94] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 16,407.3 million, an increase from RMB 14,877.3 million at the end of 2023[7] - The company's asset-liability ratio increased to 43.75% as of June 30, 2024, compared to 40.33% at the end of 2023[7] - The company's cash and cash equivalents stood at RMB 10,604.6 million as of June 30, 2024, slightly down from RMB 11,011.5 million at the end of 2023[7] - Cash and cash equivalents decreased by 3.7% to RMB 10,604.6 million as of June 30, 2024, due to investments in asset operations and value-added services[38] - Trade receivables and bills increased by RMB 1,239.6 million to RMB 3,580.2 million, driven by expanded management areas and increased project numbers[42] - Trade payables increased by 24.0% to RMB 2,492.0 million, reflecting the growth in outsourced services due to expanded management areas[44] - Accrued expenses and other payables increased by 18.2% to RMB 2,554.9 million as of June 30, 2024, primarily due to unpaid dividends of RMB 552.2 million[45] - The company had no borrowings or bank loans as of June 30, 2024[46] - Net cash generated from operating activities was RMB 426.7 million for the six months ended June 30, 2024, compared to a net cash outflow of RMB 2,012.7 million for the same period in 2023[46] - The company has no significant contingent liabilities as of June 30, 2024[50] - The company has used RMB 4,043.2 million of the net proceeds from its IPO, with RMB 1,175.0 million remaining unused as of June 30, 2024[48] - The company plans to use the remaining IPO proceeds for strategic investments, expanding value-added services, upgrading digital and intelligent management systems, and general corporate purposes by December 31, 2024[49] - The company has no significant post-balance sheet events after June 30, 2024[52] - The company did not declare an interim dividend for the six months ended June 30, 2024[54] - The company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2024[56] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[58] - The company implemented the first batch of restricted stock grants under the Restricted Stock Incentive Plan on April 26, 2022, with the second batch approved on January 20, 2023, and the first batch unlocked on May 13, 2024[58] - As of June 30, 2024, the total number of issued shares of the company was 553,333,400, consisting of 400,000,000 domestic shares and 153,333,400 H shares[62] - Wu Lanyu and Yao Yucheng were granted 116,800 and 81,400 restricted shares respectively under the Restricted Stock Incentive Plan, with 38,544 shares vested to Wu Lanyu during the period[62] - Brown Brothers Harriman & Co. held 11,251,574 H shares, representing 7.34% of the H shares and 2.03% of the total issued shares[64] - China International Capital Corporation Limited held 8,764,200 H shares as a long position and 6,642,000 H shares as a short position, representing 5.72% and 4.33% of the H shares respectively[64] - China Poly Group Corporation held 400,000,000 domestic shares, representing 100% of the domestic shares and 72.289% of the total issued shares[64] - Poly Development Holdings held 380,000,000 domestic shares as a beneficial owner, representing 95% of the domestic shares and 68.675% of the total issued shares[64] - FIL Limited holds a 40.44% interest in Pandanus Partners L.P., which in turn holds 8,414,800 H-shares in the company[66] - Jianxin (Beijing) Investment Fund Management Co., Ltd. holds a 38.20% stake in the State-owned Enterprise Structural Adjustment Fund, which holds shares in the company[66] - Poly Development Holdings is 37.69% owned by Poly Southern Group, which is a wholly-owned subsidiary of China Poly Group, and holds shares in the company[66] - Non-current assets increased significantly to RMB 1,290,414 thousand as of June 30, 2024, compared to RMB 649,188 thousand as of December 31, 2023, driven by a substantial rise in leased assets and investment properties from RMB 226,491 thousand to RMB 867,652 thousand[72] - Current assets slightly increased to RMB 15,116,920 thousand as of June 30, 2024, from RMB 14,228,069 thousand as of December 31, 2023, with cash and cash equivalents decreasing from RMB 11,011,462 thousand to RMB 10,604,566 thousand[72] - Current liabilities rose to RMB 7,100,934 thousand as of June 30, 2024, from RMB 5,921,304 thousand as of December 31, 2023, primarily due to increases in trade payables and accrued expenses[72] - Net current assets decreased to RMB 8,015,986 thousand as of June 30, 2024, from RMB 8,306,765 thousand as of December 31, 2023[72] - Total equity increased to RMB 9,228,381 thousand as of June 30, 2024, from RMB 8,876,534 thousand as of December 31, 2023, with retained earnings growing to RMB 3,755,414 thousand from RMB 3,461,683 thousand[73] - The company's profit for the period was RMB 763,525 thousand as of June 30, 2024, compared to RMB 845,958 thousand as of December 31, 2023[75] - Non-controlling interests increased to RMB 167,697 thousand as of June 30, 2024, from RMB 156,629 thousand as of December 31, 2023, reflecting additional investments from non-controlling shareholders[73] - The company recognized dividends of RMB 552,227 thousand as of June 30, 2024, compared to RMB 278,327 thousand as of December 31, 2023[75] - The fair value reserve decreased to RMB 0 as of June 30, 2024, from RMB 10,500 thousand as of December 31, 2023, due to the sale of equity instruments[75] - The company's share premium remained stable at RMB 4,535,479 thousand as of June 30, 2024, unchanged from December 31, 2023[75] - Operating cash flow for the six months ended June 30, 2024, was RMB 426.713 million, a significant improvement from a negative RMB 2.012682 billion in the same period in 2023[77] - Cash and cash equivalents at the end of June 2024 were RMB 10.604566 billion, up from RMB 6.895924 billion at the end of June 2023[77] - Investment activities used RMB 803.378 million in cash in 2024, a significant increase from RMB 8.135 million in 2023[77] - Financing activities used RMB 30.435 million in cash in 2024, down from RMB 43.259 million in 2023[77] - The company's total assets are located in China, with all revenue generated domestically[84] - The company applied revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on financial performance[82] - Other income and other gains/losses net amount for the six months ended June 30, 2024, was RMB 13,864 thousand, compared to RMB 47,419 thousand for the same period in 2023[87] - Government subsidies and tax incentives for the six months ended June 30, 2024, were RMB 12,301 thousand, a significant decrease from RMB 39,658 thousand in 2023[87] - The company declared and paid a dividend of RMB 552,226,733 for the year 2023, which was paid in July 2024[92] - Total cost of property, plant, and equipment acquired during the six months ended June 30, 2024, was RMB 16,820 thousand, down from RMB 40,649 thousand in 2023[97] - Right-of-use assets recognized during the six months ended June 30, 2024, amounted to RMB 25,240 thousand, compared to RMB 17,328 thousand in 2023[97] - The net book value of lease assets and investment properties as of June 30, 2024, was RMB 867,652 thousand, up from RMB 226,491 thousand as of December 31, 2023[98] - Intangible assets decreased to RMB 148,993 thousand as of June 30, 2024, from RMB 152,897 thousand at the beginning of 2023, primarily due to the sale of a subsidiary[99] - Inventory decreased to RMB 27,839 thousand as of June 30, 2024, from RMB 31,365 thousand at the end of 2023, with a significant reduction in parking spaces inventory[100] - Trade receivables increased to RMB 3,580,226 thousand as of June 30, 2024, from RMB 2,340,608 thousand at the end of 2023, driven by growth in property management and value-added services[101][103] - Cash and cash equivalents decreased to RMB 10,604,566 thousand as of June 30, 2024, from RMB 11,011,462 thousand at the end of 2023, with a significant portion held in licensed financial institutions[107][108] - Trade payables increased to RMB 2,492,001 thousand as of June 30, 2024, from RMB 2,009,076 thousand at the end of 2023, reflecting higher obligations to third parties[109][110] - Total liabilities increased to RMB 2,554,884 thousand as of June 30, 2024, compared to RMB 2,161,181 thousand as of December 31, 2023[111] - Contract liabilities for property management services increased to RMB 1,636,570 thousand as of June 30, 2024, up from RMB 1,422,361 thousand as of December 31, 2023[113] - Lease liabilities increased to RMB 119,174 thousand as of June 30, 2024, compared to RMB 111,703 thousand as of December 31, 2023[114] - The company's total share capital remained unchanged at RMB 553,333 thousand as of June 30, 2024[115] - Restricted stock incentive plan: 1,363,098 H shares were vested to 159 grantees during the six months ended June 30, 2024[116] - The weighted average fair value of restricted shares granted during the period was HKD 26.44 per share as of June 30, 2024[117] - The trustee held 3,509,702 restricted shares with a total value of RMB 117,734 thousand as of June 30, 2024[119] - Capital commitments for property, plant, and equipment decreased to RMB 4,033 thousand as of June 30, 2024, from RMB 5,606 thousand as of December 31, 2023[120] - Property management services revenue from Poly Development Holding Group decreased slightly to RMB 58.917 million in H1 2024 from RMB 59.230 million in H1 2023[122] - Non-owner value-added services (excluding rental income) revenue from Poly Development Holding Group increased to RMB 713.898 million in H1 2024 from RMB 661.307 million in H1 2023[122] - Community value-added services revenue from Poly Development Holding Group decreased to RMB 157.241 million in H1 2024 from RMB 220.463 million in H1 2023[122] - Trade receivables from Poly Development Holding Group increased significantly to RMB 700.293 million as of June 30, 2024, compared to RMB 422.405 million as of December 31, 2023[123] - Trade payables to Poly Development Holding Group increased to RMB 52.260 million as of June 30, 2024, from RMB 42.459 million as of December 31, 2023[123] - The fair value of the liability arising from the acquisition of Huachang Property was RMB 16.917 million as of December 31, 2023, using the discounted cash flow method for Level 3 fair value measurement[127] - The acquisition agreement for an additional 16.7% equity stake in Huachang Property was settled in January 2024[128] - The fair value of financial assets recognized in other comprehensive income as of January 1, 2023, was RMB 12,000 thousand, with a fair value change of RMB 1,111 thousand and a disposal of RMB (13,111) thousand[129] - The fair value of financial liabilities measured at fair value through profit or loss as of January 1, 2023, was RMB 16,917 thousand, with a payment of RMB (16,917) thousand by January 1, 2024[129] - No transfers between Level 1 and Level 2, or transfers into or out of Level 3, were recorded for the six months ended June 30, 2024, and the year ended December 31, 2023[129] - The carrying amount of financial assets and liabilities measured at amortized cost in the interim condensed consolidated financial statements is considered to approximate their fair value[130] Property Management Services - The company's contracted management area reached 949.9 million square meters, with an in-service management area of 756.8 million square meters as of June 30, 2024[3] - Revenue from property management services accounted for 71.0% of total revenue, reaching RMB 5,593.3 million, a 16.1% increase year-over-year[11] - Total contracted management area reached 949.9 million square meters in 2024, with third-party projects accounting for 63.2% (
保利物业(06049) - 2024 - 中期财报