Financial Performance - For the six months ended June 30, 2024, the revenue was RMB 313.3 million, an increase of 6.3% compared to RMB 294.7 million in the same period of 2023[1]. - The gross profit for the same period was RMB 99.6 million, a decrease of 0.8% from RMB 100.4 million in 2023[2]. - The net profit for the six months ended June 30, 2024, was RMB 60.3 million, reflecting a growth of 2.8% from RMB 58.7 million in 2023[2]. - The basic and diluted earnings per share for the period were RMB 0.20, compared to RMB 0.19 in the same period of 2023[2]. - Total revenue for the six months ended June 30, 2024, was RMB 313,294 thousand, an increase from RMB 294,658 thousand for the same period in 2023, representing a growth of approximately 6.0%[13]. - The group reported a decrease in other income and gains to RMB 3.3 million from RMB 4.2 million in the previous year[2]. - The administrative expenses increased to RMB 27.5 million from RMB 24.5 million in the same period of 2023[2]. - The group reported a pre-tax profit after accounting for various costs, including a goodwill impairment of RMB 4,302 thousand in the prior year, which was not present in the current period[16]. - The income tax expense decreased by approximately 14.8% to RMB 11.2 million, primarily due to contributions from companies benefiting from preferential tax rates[51]. - The profit attributable to the owners of the company was approximately RMB 58.0 million, an increase of about 7.6% compared to RMB 53.9 million in the same period of 2023[52]. Project Management and Operations - As of June 30, 2024, the group had 272 signed projects with a total signed construction area of 35.7 million square meters, and 267 projects under management with a total managed area of 31.7 million square meters[1]. - The total number of properties under management was 267, an increase from 228 properties in the same period of 2023, reflecting a growth of 17.1%[27]. - The total contracted gross floor area managed by the company as of June 30, 2024, was approximately 31.68 million square meters, which is a 21.7% increase from 26.03 million square meters in the same period of 2023[27]. - The total contracted management projects increased to 272 as of June 30, 2024, compared to 257 in the same period of 2023, marking a growth of 5.8%[27]. - The company signed 272 new projects in 2024, covering a construction area of 35,665 thousand square meters, with 3,985 thousand square meters remaining uncompleted as of June 30, 2024[37]. - The company managed a total of 267 projects with a construction area of 31,680 thousand square meters, generating revenue of RMB 276,291 thousand for the six months ending June 2024, representing a 10.1% increase from RMB 250,848 thousand in the same period of 2023[36]. - Revenue from projects managed for Landsea Holdings accounted for 66.4% of total revenue, with 94 projects and a construction area of 16,431 thousand square meters[36]. Revenue Breakdown - Property management service revenue reached RMB 276,291 thousand for the six months ended June 30, 2024, compared to RMB 250,848 thousand in the prior year, reflecting an increase of about 10.1%[14]. - Non-owner value-added services revenue decreased to RMB 9,910 thousand from RMB 20,603 thousand, a decline of approximately 51.9%[13]. - Community value-added services revenue increased to RMB 27,093 thousand from RMB 23,207 thousand, marking a growth of around 16.4%[13]. - Property management services generated revenue of approximately RMB 276.3 million, accounting for 88.2% of total revenue, driven by an increase in managed building area[46]. - The company's revenue from joint ventures with Landsea Holdings Group was RMB 14,722 thousand, accounting for 5.3% of total revenue[36]. - The company's revenue from property management services in Guangdong Province was RMB 13,325 thousand, representing 4.8% of total revenue[29]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 611.0 million as of June 30, 2024, compared to RMB 550.8 million as of December 31, 2023[5]. - The total equity as of June 30, 2024, was RMB 609.9 million, an increase from RMB 549.7 million as of December 31, 2023[5]. - The company's trade receivables as of June 30, 2024, amounted to RMB 154,456,000, up from RMB 121,032,000 as of December 31, 2023, indicating a significant increase of 27.5%[21]. - The total trade payables as of June 30, 2024, were RMB 28,564,000, a decrease from RMB 31,404,000 as of December 31, 2023, reflecting a reduction of 9.3%[22]. - As of June 30, 2024, the company's prepaid expenses, deposits, and other receivables amounted to RMB 416 million, a decrease of approximately 14.4% from RMB 486 million as of December 31, 2023[54]. - As of June 30, 2024, the company's trade payables were approximately RMB 286 million, down about 9% from RMB 314 million as of December 31, 2023, primarily due to a reduction in outsourced expenditures[55]. - The company had no interest-bearing borrowings as of June 30, 2024, resulting in an asset-to-liability ratio of zero, indicating no significant debt[59]. Strategic Focus and Future Plans - The company plans to continue expanding its service boundaries and focus on customer value creation in the second half of 2024, amidst industry opportunities and challenges[24]. - The company aims to enhance its community value-added services, which typically yield higher profit margins compared to other property management services[25]. - The company has expanded its regional coverage to 36 cities, 9 provinces, 1 autonomous region, and 1 municipality as of June 30, 2024[28]. Other Information - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[19]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[59]. - The company has not engaged in any foreign currency hedging activities and has no foreign currency-denominated cash as of June 30, 2024[58]. - The company is committed to prudent financial management and closely monitors its liquidity to meet future funding needs[56]. - There were no significant post-reporting events affecting the company from June 30, 2024, to the announcement date[61]. - The company has adopted a compensation policy similar to industry peers, with performance bonuses awarded based on employee contributions[60].
领悦服务集团(02165) - 2024 - 中期业绩