越秀服务(06626) - 2024 - 中期业绩

Performance Highlights Performance Highlights For the six months ended June 30, 2024, total revenue increased by 29.7% to RMB 1.96 billion, with profit attributable to owners growing 12.1% to RMB 278 million, and an interim dividend of HKD 0.100 per share proposed Key Performance Indicators for 2024 Interim Results | Metric | 2024 Interim | YoY Growth | | :--- | :--- | :--- | | Total Revenue | RMB 1,960.2 Million | +29.7% | | - Non-commercial Property Management and Value-added Services Revenue | RMB 1,601.3 Million | +32.3% | | - Commercial Property Management and Operations Services Revenue | RMB 358.9 Million | +19.2% | | Gross Profit Margin | 25.9% | - | | Profit Attributable to Owners of the Company | RMB 277.7 Million | +12.1% | | Basic Earnings Per Share | RMB 0.18 | - | | Proposed Interim Dividend | HKD 0.100 per share | - | | Dividend Payout Ratio | 50% | - | - As of the period end, the company's contracted GFA reached 88.8 million sq.m., with GFA under management at 66.7 million sq.m.[2] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss During the reporting period, revenue increased by 29.7% to RMB 1.96 billion, gross profit grew 19.4% to RMB 507 million, and profit attributable to owners rose 12.1% to RMB 278 million, resulting in basic earnings per share of RMB 0.18 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Item (RMB thousands) | 2024 (Unaudited) | 2023 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,960,175 | 1,511,846 | +29.7% | | Gross Profit | 507,362 | 424,962 | +19.4% | | Profit Before Tax | 394,338 | 350,896 | +12.4% | | Profit for the Period | 287,462 | 256,449 | +12.1% | | Profit Attributable to Owners of the Company | 277,675 | 247,691 | +12.1% | | Basic Earnings Per Share (RMB) | 0.18 | 0.16 | +12.5% | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets increased to RMB 7.0 billion and total equity to RMB 3.79 billion, with cash and term deposits totaling RMB 4.87 billion, indicating a robust financial position Statement of Financial Position Key Data (RMB thousands) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,004,825 | 6,407,144 | +9.3% | | Total Liabilities | 3,216,470 | 2,786,689 | +15.4% | | Total Equity | 3,788,355 | 3,620,455 | +4.6% | | Cash and Cash Equivalents | 2,733,155 | 4,695,204 | -41.8% | | Term Deposits | 2,133,001 | 9,062 | Significant Increase | | Trade Receivables | 761,121 | 573,524 | +32.7% | | Trade Payables | 628,828 | 399,277 | +57.5% | Management Discussion and Analysis Business Review As of June 30, 2024, the Group's business expanded with contracted GFA growing 6.4% and GFA under management 2.2%, focusing on core regions like the Greater Bay Area, while residential property management fees increased and the company received multiple industry awards Business Scale Overview | Metric | June 30, 2024 | December 31, 2023 | Growth | | :--- | :--- | :--- | :--- | | Contracted Projects (Units) | 508 | 476 | +32 | | Contracted GFA (Million sq.m.) | 88.8 | 83.4 | +6.4% | | Projects Under Management (Units) | 418 | 408 | +10 | | GFA Under Management (Million sq.m.) | 66.7 | 65.2 | +2.2% | - Business development strategy adjusted to focus on regions with strong competitive advantages, such as the Greater Bay Area, where contracted GFA accounts for the highest proportion[34][35] - Average residential property management fees increased from RMB 2.7/sq.m./month in the same period last year to RMB 2.8/sq.m./month[39] - The company received multiple awards, including '2024 China Property Service Top 100 Enterprises TOP12', affirming its industry leadership[42] Future Outlook The company will focus on enhancing service quality and operational efficiency through digital innovation, with strategic priorities including upgrading basic services, developing five major value-added service platforms, and pursuing high-quality growth through prudent investment and expansion - Basic Services: Iterating high-end service systems, establishing urban benchmarks, and enhancing customer satisfaction[43] - Value-added Services: Focusing on five major platforms—brokerage, new retail, home improvement, community commerce, and smart solutions—to incubate innovative business models[44] - Investment and Expansion: Optimizing market expansion mechanisms, focusing on high-quality targets, and pursuing high-quality scale development[45] Financial Review In H1 2024, total revenue grew 29.7% to RMB 1.96 billion, driven by non-commercial and commercial property services, while gross profit increased to RMB 507 million, though overall gross margin declined from 28.1% to 25.9%, and net profit rose 12.1% to RMB 288 million with a 14.7% net margin Revenue by Business Segment (RMB thousands) | Business Segment | 2024 Interim | Proportion | 2023 Interim | Proportion | YoY Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Non-commercial Property Management and Value-added Services | 1,601,274 | 81.7% | 1,210,790 | 80.1% | +32.3% | | Commercial Property Management and Operations Services | 358,901 | 18.3% | 301,056 | 19.9% | +19.2% | | Total | 1,960,175 | 100.0% | 1,511,846 | 100.0% | +29.7% | - Revenue from independent third parties increased from 53.6% to 60.8%, indicating effective market expansion[48] - Community value-added services revenue significantly increased by 61.2% year-on-year, becoming the primary growth driver for the non-commercial segment[52] Gross Profit and Gross Profit Margin by Business Segment | Business Segment | 2024 Interim Gross Profit Margin | 2023 Interim Gross Profit Margin | | :--- | :--- | :--- | | Non-commercial Property Management and Value-added Services | 24.4% | 27.3% | | Commercial Property Management and Operations Services | 32.4% | 31.5% | | Overall | 25.9% | 28.1% | - The overall gross profit margin decline was primarily due to the decrease in gross profit margin for non-commercial property management and value-added services, especially non-owner value-added services and community value-added services[58] Liquidity and Capital Resources As of June 30, 2024, the Group maintained a robust financial position with RMB 4.87 billion in cash and term deposits, zero bank borrowings, and a zero debt-to-asset ratio, with RMB 1.27 billion of global offering proceeds remaining for strategic acquisitions and service development - As of June 30, 2024, cash and cash equivalents and term deposits totaled RMB 4.87 billion[67] - The Group has no bank borrowings, maintaining a zero debt-to-asset ratio[67] Use of Proceeds from Global Offering (As of June 30, 2024) | Category | Unutilized Proceeds (RMB thousands) | Expected Timeline for Use | | :--- | :--- | :--- | | Strategic Acquisitions and Investments | 502,445 | By end of 2026 | | Development of Value-added Services | 217,221 | By end of 2026 | | Development of Information Technology Systems | 182,515 | By end of 2026 | | Promotion of ESG Development | 132,814 | By end of 2026 | | Replenishment of Working Capital | 231,648 | By end of 2026 | | Total | 1,266,643 | - | Other Corporate Information Interim Dividend The Board resolved to declare an interim dividend of HKD 0.100 per share (equivalent to RMB 0.091 per share) for 2024, payable on or about September 20, 2024, to shareholders on record as of September 5, 2024 2024 Interim Dividend Details | Item | Details | | :--- | :--- | | Dividend Per Share | HKD 0.100 (equivalent to RMB 0.091) | | Shareholder Record Date | September 5, 2024 | | Payment Date | On or about September 20, 2024 | Share Repurchases During the reporting period, the company repurchased 1,172,000 ordinary shares on the Stock Exchange in June 2024 for approximately HKD 3.7 million, at an average price of HKD 3.19 per share, demonstrating management's confidence in the company's value Share Repurchase Details (June 2024) | Item | Data | | :--- | :--- | | Number of Shares Repurchased | 1,172,000 Shares | | Highest Price Per Share | HKD 3.30 | | Lowest Price Per Share | HKD 3.09 | | Total Consideration Paid | HKD 3,744 thousands |