Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 889.5 million, an increase of about 3.8% compared to the same period in 2023[1] - Gross profit for the same period was approximately RMB 187.6 million, reflecting a year-on-year increase of about 1.1%[1] - Net profit for the six months ended June 30, 2024, was approximately RMB 56.4 million, representing a year-on-year increase of about 5.2%[1] - Basic earnings per share for the period was RMB 0.059, an increase of approximately 3.5% compared to RMB 0.057 in the same period of 2023[2] - The group reported total revenue of RMB 889,462,000 for the six months ended June 30, 2024, with a significant contribution from property management services[11] - The operating profit for the group was RMB 91,488,000, indicating a solid performance across business segments[11] - The company reported a net profit before tax of RMB 78,726 thousand for the six months ended June 30, 2024[14] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 50,807 thousand, compared to RMB 48,539 thousand for the same period in 2023[24] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,106.69 million, compared to RMB 1,069.80 million as of December 31, 2023[4] - Current assets totaled RMB 1,414.31 million, an increase from RMB 1,396.16 million at the end of 2023[4] - Trade receivables increased to RMB 619.85 million from RMB 538.33 million at the end of 2023[4] - Cash and cash equivalents were RMB 489.22 million, down from RMB 531.58 million at the end of 2023[4] - As of June 30, 2024, the total equity attributable to the parent company is RMB 1,071,208,000, an increase from RMB 1,032,707,000 as of December 31, 2023, representing a growth of approximately 3.7%[5] - The total non-current liabilities decreased to RMB 35,482,000 from RMB 37,097,000, reflecting a reduction of about 4.4%[5] - Total assets as of June 30, 2024, were RMB 2,068,980 thousand, with total liabilities amounting to RMB 997,772 thousand, indicating a debt-to-asset ratio of approximately 48.2%[12] Revenue Breakdown - Revenue from property management business decreased from RMB 658.1 million to RMB 648.1 million, a decline of approximately RMB 10.1 million or 1.5%[49] - Revenue from cleaning and greening services increased from RMB 119.2 million to RMB 162.3 million, an increase of approximately RMB 43.1 million or 36.1%[49] - The property management segment generated revenue of RMB 658,128 thousand, while the cleaning and greening segment contributed RMB 119,190 thousand, and other businesses accounted for RMB 79,199 thousand[16] - Revenue from other businesses slightly decreased from RMB 79.2 million to RMB 79.1 million, a decline of approximately RMB 0.1 million or 0.1%[49] Cost and Expenses - For the same period, the cost of services provided was RMB 699,060 thousand, an increase from RMB 667,824 thousand in the previous year[20] - Total sales and service costs increased by approximately 4.6% to about RMB 701.8 million for the six months ended June 30, 2024, from approximately RMB 670.9 million for the same period in 2023, mainly due to increased subcontracting and service costs[50] - Administrative expenses increased to approximately RMB 96.6 million for the six months ended June 30, 2024, from approximately RMB 94.1 million for the same period in 2023, primarily due to foreign exchange losses[54] - The company recorded a decrease in employee benefits expenses, with salaries and other benefits totaling RMB 467,082 thousand, down from RMB 515,048 thousand in the previous year[20] Corporate Governance - The company has adopted corporate governance practices in line with the listing rules to ensure transparency and protect shareholder interests[72] - The chairman and CEO roles are held by the same individual, which constitutes a deviation from corporate governance guidelines[73] - The Audit Committee has been established and consists of three independent non-executive directors, ensuring compliance with corporate governance standards[75] Future Outlook - The board of directors expressed confidence in future growth despite the current economic environment[2] - The company aims to expand its market presence and enhance its service offerings in the property management and cleaning sectors[16] - Future outlook includes continued investment in new technologies and potential acquisitions to drive growth in the upcoming fiscal periods[16] - The company aims to maintain its competitive advantage as an independent property management company by focusing on high-quality services and operational efficiency[48] - The company plans to establish stable partnerships with leading property developers and explore potential projects for growth[48] - The group continues to focus on expanding its business in economically developed markets with higher GDP per capita[41] Employee and Operational Metrics - The group employed approximately 8,644 employees as of June 30, 2024, an increase from 8,521 employees as of December 31, 2023[67] - The group managed a total of 537 properties across 43 cities in China as of June 30, 2024[39] - As of June 30, 2024, the total delivered contract building area was approximately 596,000 square meters, a decrease of about 43,000 square meters compared to the same period in 2023[39] Dividends and Shareholder Returns - The company did not declare an interim dividend for the period[1] - The company declared a final dividend of HKD 0.025 per share for the year ended December 31, 2023, approved at the annual general meeting on May 31, 2024[23] - The board of directors does not recommend the payment of an interim dividend for the six months ended June 30, 2024[71]
中奥到家(01538) - 2024 - 中期业绩