Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 644.5 million, representing a growth of about 1.5% compared to RMB 635.0 million for the year ended December 31, 2023[3]. - The profit attributable to the owners of the company for the year ended December 31, 2024, was approximately RMB 154.5 million, a decrease of about 9.7% from RMB 171.1 million for the year ended December 31, 2023[3]. - The gross profit for the year ended December 31, 2024, was RMB 297.9 million, down from RMB 333.6 million in the previous year, indicating a decline in gross margin[5]. - The company's basic earnings per share for the year ended December 31, 2024, was RMB 15.25, compared to RMB 16.84 for the previous year[5]. - The annual profit for the year ending December 31, 2024, was approximately RMB 148.4 million, a decrease of about 8.6% compared to approximately RMB 162.3 million for the year ending December 31, 2023[84]. Dividends - The board proposed a final dividend of HKD 0.083 per share, with a total expected dividend distribution of HKD 0.131 per share for the year, resulting in a payout ratio of approximately 80.0%[3]. - The company declared an interim dividend of 4.8 HKD cents per share for 2024, compared to no interim dividend in 2023, totaling approximately RMB 44,520,000[28]. - The proposed final dividend for the year ending December 31, 2024, is 8.3 HKD cents per share, amounting to approximately 84,205,000 HKD, pending shareholder approval[29]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,918.8 million as of December 31, 2024, compared to RMB 1,956.8 million as of December 31, 2023[7]. - The company’s total equity attributable to owners decreased to RMB 1,246.9 million as of December 31, 2024, from RMB 1,256.8 million in the previous year[7]. - The company's cash and cash equivalents increased to RMB 710.6 million as of December 31, 2024, from RMB 546.9 million in the previous year[6]. - The company's cash and cash equivalents as of December 31, 2024, were approximately RMB 1,366.5 million, a decrease of about 3.1% from RMB 1,410.4 million as of December 31, 2023[90]. - The debt-to-asset ratio is approximately 44.9%, relatively stable compared to 45.3% on December 31, 2023[92]. Revenue Breakdown - Total revenue from commercial property operation services for 2024 was RMB 644,541,000, a slight increase of 1.3% from RMB 635,006,000 in 2023[16]. - Customer contract revenue for 2024 was RMB 588,581,000, down 0.1% from RMB 592,270,000 in 2023[18]. - Rental income increased to RMB 55,960,000 in 2024 from RMB 42,736,000 in 2023, representing a growth of 30.8%[16]. - The revenue from entrusted management services was RMB 426,497,000 in 2024, up 4.8% from RMB 406,372,000 in 2023[16]. - The income from brand and management output services decreased significantly to RMB 95,713,000 in 2024 from RMB 145,026,000 in 2023, a decline of 34.1%[16]. Operational Metrics - The average occupancy rate for retail properties was 92.4% in 2024, down from 92.8% in 2023, with COCO Park at 93.8% and COCO City at 90.7%[54]. - The total number of commercial property projects under contract is 53, covering 21 cities in China, with a total contracted building area of approximately 2.7 million square meters[35]. - The company operates 27 retail commercial properties, with a total operational building area of about 1.6 million square meters[35]. - The total number of operational retail properties increased, indicating a strategic push for market expansion and diversification of revenue streams[55]. Employee and Cost Management - The total employee costs, including director remuneration, rose to RMB 229,383,000 in 2024 from RMB 208,642,000 in 2023, an increase of 9.9%[25]. - Service costs for the year ending December 31, 2024, were approximately RMB 346.6 million, an increase of about 15.0% year-on-year, primarily due to the increase in the number of newly opened leasing projects[73]. Strategic Initiatives - The company is focusing on cost reduction and resource optimization, implementing energy-saving measures such as upgrading air conditioning systems and replacing old lighting fixtures[58]. - The "Star Butler" mini-program has been launched to optimize management processes and improve service efficiency, contributing to cost reduction and increased revenue[59]. - The company is focusing on brand and management output services for new developments, enhancing operational efficiency and tenant attraction[56]. - A diversified招商策略 is being adopted to improve brand attractiveness and reduce vacancy rates, ensuring stable revenue growth[62]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adhered to the principles outlined in the Corporate Governance Code for the fiscal year ending December 31, 2024[109]. - The annual performance for the fiscal year ending December 31, 2024, was reviewed by the audit committee in conjunction with management and auditors[110].
星盛商业(06668) - 2024 - 年度业绩