合景悠活(03913) - 2020 - 年度财报

Company Information and Financial Calendar Company Information This section provides core corporate governance structure information including the company's basic registration details, board members, committee compositions, company secretary, legal advisors, principal place of business, and share registrar - The Chairman of the Board is Mr. Kong Jianmin (Non-executive Director), and the CEO is Mr. Kong Jiannan (Executive Director)[5] - The chairpersons of the Audit Committee, Remuneration Committee, and Nomination Committee are all Independent Non-executive Directors, complying with corporate governance requirements[5] Financial Calendar This section lists key financial event dates for 2021, including the announcement of full-year results, the Annual General Meeting, and the final dividend payment schedule 2021 Key Financial Calendar | Event | Date | | :--- | :--- | | Full-year Results Announcement | March 22, 2021 | | Annual General Meeting | June 3, 2021 | | Final Dividend Payment | On or about August 6, 2021 | Company Profile Company Profile Kaisa Prosperity Holdings Limited, a leading integrated smart property management service operator in China listed on the Hong Kong Stock Exchange on October 30, 2020, strategically focuses its core business in the Greater Bay Area and Yangtze River Delta, serving diverse property types and leveraging technology to enhance service quality, with future plans for rapid scale growth through M&A, external expansion, and asset-light output strategies - The company was listed on the Main Board of the Hong Kong Stock Exchange on October 30, 2020, with stock code 3913[7] - Core business regions include the Greater Bay Area, Yangtze River Delta, and Central and Western China, serving diverse property types such as residential, shopping malls, office buildings, hospitals, and schools[7] - The company's future growth strategies include active mergers and acquisitions, market expansion, and asset-light output, while providing diversified value-added services based on owner needs[8] Financial Highlights Financial Highlights In FY2020, the company achieved strong growth, with total revenue increasing by 34.9% year-on-year to RMB 1.517 billion, gross profit growing by 52.1%, and profit for the year significantly increasing by 75.0%, while total assets grew by 115.5% and total liabilities decreased by 21.1%, primarily due to capital structure optimization from the listing, leading to a substantial 653.2% increase in total equity FY2020 Key Financial Data (For the year ended December 31) | Indicator | 2020 (RMB thousands) | 2019 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,517,227 | 1,124,878 | 34.9% | | Gross Profit | 638,548 | 419,828 | 52.1% | | Profit for the Year | 323,689 | 184,987 | 75.0% | | Profit attributable to owners of the parent | 323,083 | 184,887 | 74.7% | | Basic earnings per share (RMB cents) | 19 | 11 | 72.7% | FY2020 Key Balance Sheet Data (As at December 31) | Indicator | 2020 (RMB thousands) | 2019 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,228,532 | 1,962,186 | 115.5% | | Total Liabilities | 1,235,057 | 1,564,758 | -21.1% | | Total Equity | 2,993,475 | 397,428 | 653.2% | Honors and Awards Residential Property Management Service Awards In 2020, the company received multiple authoritative industry recognitions in residential property management, including "Top 17 China Property Service Top 100 Enterprises" and "Top 10 China Property Service Top 100 Service Quality Leading Enterprises" by China Index Academy, demonstrating its leading position in service quality and market-oriented operations - Awarded Top 17 China Property Service Top 100 Enterprises in 2020[14] - Awarded Top 10 China Property Service Top 100 Service Quality Leading Enterprises in 2020[14] - Ranked Top 9 among leading enterprises in the Greater Bay Area property service market[14] Non-residential Property Management and Commercial Operation Service Awards In the non-residential and commercial operation sectors, the company also received numerous accolades, including "Top 8 China Commercial Real Estate Company Brand Value 2020" and "Top 10 China Commercial Office Operator 2020", with its projects like Chengdu Youfang and Suzhou Youfang also winning multiple awards, reflecting its excellent commercial real estate operation capabilities - Awarded Top 8 China Commercial Real Estate Company Brand Value 2020[19] - Rated Top 10 China Commercial Office Operator 2020 by Guandian Index Academy[22] - Its projects, Chengdu Youfang and Suzhou Youfang, respectively won awards such as "Top 8 China Commercial Real Estate Project Brand Value 2020" and "2020–2021 China Commercial Real Estate Benchmark Project"[19][22] Chairman's Report Chairman's Report The Chairman's report highlights that despite the challenges of the COVID-19 pandemic in 2020, the company successfully listed and achieved rapid performance growth, emphasizing four core strategies: rapid expansion of GFA under management through M&A, forming a diversified full-spectrum business layout, enhancing service efficiency and customer satisfaction through digitalization, and market recognition of commercial property management and operation services, with confidence in future development and a target of 200 million sq.m. GFA under management in 2021 2020 Annual Performance Highlights | Indicator | Amount (RMB millions) | Year-on-year Growth | | :--- | :--- | :--- | | Revenue | 1,517.2 | 34.9% | | Gross Profit Margin | 42.1% | Increased by 4.8 percentage points | | Net Profit attributable to parent (excluding listing expenses) | 350.5 | 86.4% | - After listing, through the acquisition of Guangzhou Runtong and the agreement to acquire Xuesong Zhilian, the GFA under management is expected to reach approximately 127 million sq.m., nearly double the size at the end of 2020[29] - The company has set a target of 200 million sq.m. for GFA under management in 2021, to be achieved through a dual-driven strategy of M&A and external expansion[33] - Through digital mid-platform and IoT technology, customer satisfaction increased to over 90%, and gross profit margin increased to 42.1%. Revenue from community value-added services increased by 86.6% year-on-year to RMB 290 million[37][38] - Non-residential property management and commercial operation service revenue reached RMB 455 million, with commercial operation revenue increasing by 126.9% year-on-year to RMB 96.6 million, and the successful launch of the first third-party asset-light output project[39][43] Management Discussion and Analysis Business Review The Group's business is primarily divided into two segments: residential property management services and non-residential property management and commercial operation services, both achieving steady growth in 2020 with significant expansion in total GFA under management, notably strengthening public construction service capabilities through the acquisition of Guangzhou Runtong 2020 Revenue by Business Segment | Business Segment | 2020 Revenue (RMB thousands) | 2019 Revenue (RMB thousands) | | :--- | :--- | :--- | | Residential Property Management Services | 1,062,367 | 759,234 | | Non-residential Property Management and Commercial Operation Services | 454,860 | 365,644 | | Total | 1,517,227 | 1,124,878 | Residential Property Management Services In 2020, residential property management service revenue increased by 39.9% year-on-year to RMB 1.062 billion, accounting for 70.0% of total revenue, with GFA under management growing to 29.12 million sq.m. and community value-added services showing strong potential with 86.6% revenue growth to RMB 290 million, primarily driven by the Greater Bay Area and Yangtze River Delta regions Residential Property Management Service Revenue Details | Service Line | 2020 Revenue (RMB thousands) | 2019 Revenue (RMB thousands) | | :--- | :--- | :--- | | Pre-sale Management Services | 258,921 | 221,810 | | Property Management Services | 513,573 | 382,047 | | Community Value-added Services | 289,873 | 155,377 | | Total | 1,062,367 | 759,234 | - As of the end of 2020, residential property GFA under management reached 29.121 million sq.m., a year-on-year increase of 58.7%; total contracted GFA reached 39.371 million sq.m.[60] - Community value-added service revenue increased by 86.6% year-on-year, primarily due to increased GFA under management and diversification of service types[76] Non-residential Property Management and Commercial Operation Services In 2020, non-residential segment revenue increased by 24.4% year-on-year to RMB 455 million, with GFA under management significantly growing to 12.45 million sq.m. mainly due to the acquisition of Guangzhou Runtong, expanding into public construction, while commercial operation service revenue grew rapidly by 126.9% to RMB 96.61 million, and the company began providing asset-light output services to third-party developers Non-residential Property Management and Commercial Operation Service Revenue Details | Service Line | 2020 Revenue (RMB thousands) | 2019 Revenue (RMB thousands) | | :--- | :--- | :--- | | Pre-sale Management Services | 24,794 | 21,342 | | Property Management Services | 279,740 | 259,766 | | Commercial Operation Services | 96,606 | 42,570 | | Other Value-added Services | 53,720 | 41,966 | | Total | 454,860 | 365,644 | - As of the end of 2020, non-residential property GFA under management reached 12.45 million sq.m., a year-on-year increase of 281.1%, including 5.40 million sq.m. of commercial properties and 7.10 million sq.m. of public construction[82][84] - Through the acquisition of 80% equity in Guangzhou Runtong, the company's capabilities in public construction services such as hospitals and schools have been strengthened[82] - The company has signed an asset-light output project with a third-party developer (Tangshan Cai Lifang), providing pre-opening and post-opening commercial operation and property management services[106] Financial Review In 2020, the company's overall financial performance was outstanding, with total revenue increasing by 34.9% year-on-year, gross profit by 52.1%, and gross profit margin improving from 37.3% to 42.1%, while cost of sales growth (24.6%) was lower than revenue growth, administrative expenses increased by 17.8% due to expansion and listing fees, and the company maintained a healthy financial position with a current ratio improving from 1.11 to 3.15 and no outstanding borrowings - Cost of sales increased by 24.6%, lower than the revenue growth rate (34.9%), mainly due to efficiency improvements and cost savings from technological means[129] - Gross profit increased by 52.1% year-on-year to RMB 639 million, with gross profit margin improving by 4.8 percentage points to 42.1%, primarily benefiting from energy-saving and efficiency-enhancing measures[130] - Administrative expenses increased by 17.8% year-on-year to RMB 194 million, mainly due to business expansion and RMB 27.4 million in listing expenses[132] - As of the end of 2020, the company had no outstanding borrowings, and the current ratio improved from 1.11 in 2019 to 3.15[134][141] Environmental, Social and Governance (ESG) Report Employee Care and Development The company highly values employee growth and well-being, strictly adhering to labor laws, prohibiting child and forced labor, and has established a comprehensive health and safety management system (ISO 45001 certified) providing commercial insurance, while also setting up multi-level training programs and an online learning platform to support continuous employee development and ensure effective communication channels - The company strictly adheres to recruitment management systems, prohibiting the use of child labor and forced labor, with no violations found during the reporting period[179] - The company holds ISO 45001 Occupational Health and Safety Management System certification, providing annual physical examinations and commercial accident and critical illness insurance for all employees[174][180] - Established "New Force," "Navigator," "Elite," and "Leader" four-level talent development programs targeting new employees, middle management, trainees, and senior management[183][184] Customer Service and Supply Chain Management The company is committed to providing high-quality services, holding ISO 9001 quality management system certification, actively promoting intelligent management through various technological systems to enhance operational efficiency and customer experience, and has established strict supplier screening, evaluation, and management systems prioritizing environmental protection and compliance, along with pandemic response plans to ensure supply chain stability - The company holds ISO 9001 Quality Management System and ISO 14001 Environmental Management System certifications[195] - Utilizes intelligent systems such as the "Yihe" APP, ERP system, facility management system, "Vehicle Management Cloud," and "Juntian Eye" to enhance operational efficiency and customer experience[198][199] - Established a supplier management system including qualification review, on-site inspection, annual evaluation, and a blacklist to ensure supply chain sustainability and compliance[212][213][214] Anti-Corruption and Integrity Building The company maintains a zero-tolerance stance on corruption, formulating internal policies like the "Supervision and Management System" and "Employee Conflict of Interest Management Regulations," establishing multiple reporting channels, and regularly conducting integrity education training to strengthen employees' awareness of integrity and self-discipline, with no corruption incidents or related lawsuits found during the reporting period - The company has zero tolerance for corruption, bribery, money laundering, and other acts, and has established a comprehensive internal supervision and reporting mechanism[223][224] - A total of 8 anti-corruption training sessions were arranged this year, covering approximately 335 participants[225] Environmental Protection and Climate Change Response The company is committed to reducing its environmental impact through waste sorting and paperless office practices, implementing various measures to conserve electricity and water resources, and has begun assessing climate change risks while deploying strategies for extreme weather events and supply chain stability - The company has standardized treatment processes for kitchen fumes, wastewater, solid waste, and hazardous waste, and encourages paperless office practices[228][232] - Implemented multiple energy and water saving measures, such as using LED lights, controlling air conditioning temperatures, installing water-saving fixtures, and utilizing rainwater harvesting systems for landscaping irrigation[234][236][240] 2020 Key Environmental Performance Indicators | Indicator | Unit | 2020 | | :--- | :--- | :--- | | Total Greenhouse Gas Emissions | tons | 18,414.00 | | Total Hazardous Waste | tons | 0.15 | | Total Non-hazardous Waste | tons | 62.25 | | Total Energy Consumption | thousand kWh | 81,601.00 | | Total Water Consumption | cubic meters | 396,166.00 | Community Contribution and Public Welfare Activities The company actively fulfills its social responsibilities, especially during the 2020 COVID-19 pandemic, by rapidly formulating epidemic prevention plans to ensure resident safety and daily necessities supply, utilizing technological means for smart epidemic control, and actively engaging in community welfare through various activities including caring for the elderly and children, environmental protection, poverty alleviation, and education support, with its "Yijia Chuangsheng Volunteer Service Team" providing continuous convenient services - During the pandemic, ensured residents' material supply through community group purchases and online platforms, serving over 70,000 times throughout the year, benefiting over 20,000 households[249] - Utilized technological means such as drone patrols, robot meal delivery, and smart access control for epidemic prevention, with approximately 93.6 million temperature checks at gates and 37,000 park disinfections throughout the year[249] - Actively carried out community welfare activities, including caring for autistic children and lonely elderly, participating in "Earth Hour" environmental activities, and establishing a volunteer service team for poverty alleviation, education support, and convenient community services[262][263][265][266] Corporate Governance Report Board and Committees The company is committed to high standards of corporate governance, with a 7-member Board of Directors comprising 3 executive, 1 non-executive, and 3 independent non-executive directors, complying with listing rules, where the Chairman and CEO roles are separated, and the Board's Remuneration, Nomination, and Audit committees meet independence requirements to oversee specific matters - The company has adopted and complied with the code provisions of the HKEX Corporate Governance Code from its listing date to the end of 2020[311] - The Board of Directors consists of 7 members, of whom 3 are independent non-executive directors, exceeding one-third, complying with listing rule requirements[314][319] - The roles of Chairman (Mr. Kong Jianmin) and CEO (Mr. Kong Jiannan) are clearly separated, ensuring a balance of power[326] Risk Management and Internal Control The Board is responsible for maintaining a sound and effective risk management and internal control system, adopting a "three lines of defense" model where operational units manage daily risks, functional departments provide support for cross-domain risks, and the risk control center conducts independent evaluations and monitoring, with the Board having reviewed and deemed the system fully effective as of the end of 2020 - The company adopts a "three lines of defense" model as the basic framework for its risk management and internal control system[348] - The Board has reviewed and assessed the risk management and internal control system for the year ended December 31, 2020, and considers it to be adequate and effective[352] Directors' Report Business Review, Risks and Dividends This report reviews the principal business activities in 2020, confirming the company's main business as investment holding with subsidiaries engaged in property management and commercial operations, outlining major risks such as government regulation, macroeconomic conditions, and industry competition, and recommending a final dividend of RMB 6 cents per share for the year ended December 31, 2020 - The Board recommends a final dividend of RMB 6 cents per share for the year ended December 31, 2020[368] - The report lists major risks faced by the company, including policy changes, macroeconomic uncertainties, intense industry competition, and talent shortage[366][367] Significant Acquisitions and Post-Reporting Period Events During the reporting period, the Group acquired 80% equity in Guangzhou Runtong, a property management company, for RMB 214.4 million in cash, completed in December 2020, and subsequent to the reporting period, the company entered into an agreement in January 2021 to acquire 80% equity in Xuesong Zhilian for RMB 1.316 billion, expected to increase GFA under management to 127 million sq.m. - In December 2020, the Group acquired 80% equity in Guangzhou Runtong for RMB 214.4 million in cash, with the seller committing to revenue and net profit for the next three years[371] - Post-reporting period event: On January 17, 2021, the company entered into an agreement to acquire 80% equity in Xuesong Zhilian for RMB 1.316 billion, which is expected to increase GFA under management to 127 million sq.m.[420] Major Customers, Suppliers and Use of Listing Proceeds In 2020, transactions with the Group's largest customer (Hopson Development Holdings Limited and its associates) accounted for 49.9% of total revenue, while purchases from the top five suppliers accounted for 8.0% of total purchases, indicating low concentration, and the company's October 2020 listing raised net proceeds of approximately RMB 2.526 billion, primarily for strategic acquisitions and investments, upgrading smart service systems, and diversifying value-added services - The largest customer was Hopson Development Holdings Limited and its associates, accounting for 49.9% of total revenue in 2020[382] - The top five suppliers accounted for 8.0% of total purchases, with the single largest supplier accounting for 2.5%, indicating low supplier concentration[382] Use of Net Proceeds from Listing (As at December 31, 2020) | Intended Use | Percentage | Net Proceeds (RMB thousands) | Amount Utilized (RMB thousands) | | :--- | :--- | :--- | :--- | | Strategic acquisitions and investments | 60.0% | 1,515,800 | 80,000 | | Upgrading smart service systems | 25.0% | 631,600 | — | | Diversified value-added services | 10.0% | 252,600 | — | | General corporate purposes | 5.0% | 126,300 | — | | Total | 100.0% | 2,526,300 | 80,000 | Biographies of Directors and Senior Management Biographies of Directors and Senior Management This section provides detailed personal biographies of the company's executive directors, non-executive directors, independent non-executive directors, and senior management members, including their age, position, responsibilities, industry experience, educational background, and appointments in other companies - Mr. Kong Jiannan, Executive Director and CEO, has over 20 years of experience in the real estate industry, responsible for the Group's overall management and operations[429] - Mr. Kong Jianmin, Non-executive Director and Chairman of the Board, is the founder of Hopson Development Holdings Limited, with over 25 years of experience in property development and investment[439] - Ms. Liu Xiaolan, Mr. Feng Zhiwei, and Ms. Wu Qiqin, Independent Non-executive Directors, all possess extensive experience in real estate, accounting and finance, and corporate governance[444][451][457] Independent Auditor's Report Independent Auditor's Report Ernst & Young, the auditor, issued an unqualified opinion on the company's consolidated financial statements for the year 2020, stating that the statements fairly and truly reflect the Group's financial position and performance and have been properly prepared in accordance with relevant accounting standards and regulations, specifically highlighting two key audit matters: impairment assessment of goodwill and other intangible assets, and impairment assessment of trade receivables - Auditor Ernst & Young issued an unqualified opinion on the consolidated financial statements for the year ended December 31, 2020[473] - Key audit matters include: * Impairment assessment of goodwill and other intangible assets[475][478] * Impairment assessment of trade receivables[483] Consolidated Financial Statements Consolidated Statement of Profit or Loss For the year 2020, the Group's revenue was RMB 1.517 billion, gross profit was RMB 639 million, profit for the year was RMB 324 million after expenses and taxes, with RMB 323 million attributable to owners of the parent, and basic and diluted earnings per share were RMB 19 cents 2020 Consolidated Statement of Profit or Loss Summary | Item | Amount (RMB thousands) | | :--- | :--- | | Revenue | 1,517,227 | | Gross Profit | 638,548 | | Profit before tax | 445,626 | | Profit for the year | 323,689 | | Profit attributable to owners of the parent | 323,083 | Consolidated Statement of Financial Position As of December 31, 2020, the Group's total assets were RMB 4.229 billion, total liabilities were RMB 1.235 billion, and net assets were RMB 2.993 billion, with non-current assets at RMB 456 million, current assets at RMB 3.772 billion, and cash and cash equivalents reaching RMB 2.960 billion, demonstrating healthy liquidity and a robust capital structure 2020 Consolidated Statement of Financial Position Summary | Item | Amount (RMB thousands) | | :--- | :--- | | Assets | | | Total Non-current Assets | 456,113 | | Total Current Assets | 3,772,419 | | Total Assets | 4,228,532 | | Liabilities and Equity | | | Total Current Liabilities | 1,198,006 | | Total Non-current Liabilities | 37,051 | | Total Liabilities | 1,235,057 | | Total Equity | 2,993,475 | Consolidated Statement of Cash Flows For the year 2020, net cash generated from operating activities was RMB 274 million, net cash used in investing activities was an outflow of RMB 142 million primarily for subsidiary acquisitions, and net cash generated from financing activities was an inflow of RMB 2.485 billion mainly from share issuance proceeds, resulting in a significant increase in year-end cash and cash equivalents to RMB 2.960 billion 2020 Consolidated Statement of Cash Flows Summary | Item | Amount (RMB thousands) | | :--- | :--- | | Net cash generated from operating activities | 273,549 | | Net cash used in investing activities | (142,417) | | Net cash generated from financing activities | 2,485,376 | | Net increase in cash and cash equivalents | 2,616,508 | | Cash and cash equivalents at end of year | 2,959,619 | Four-Year Financial Summary Four-Year Financial Summary This section provides a summary of the Group's key performance and financial position data for the four fiscal years from 2017 to 2020, showing consistent high growth in revenue, gross profit, and profit for the year, along with significant expansion in asset scale and total equity, reflecting the company's strong development momentum 2017-2020 Performance Trends (RMB thousands) | Indicator | 2020 | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,517,227 | 1,124,878 | 659,136 | 463,381 | | Gross Profit | 638,548 | 419,828 | 182,961 | 104,270 | | Profit for the Year | 323,689 | 184,987 | 79,682 | 44,148 | 2017-2020 Assets, Liabilities and Equity Trends (RMB thousands) | Indicator | 2020 | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,228,532 | 1,962,186 | 1,216,350 | 1,197,802 | | Total Liabilities | 1,235,057 | 1,564,758 | 1,016,531 | 1,077,665 | | Total Equity | 2,993,475 | 397,428 | 199,819 | 120,137 |