Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,868 million, representing a year-on-year growth of 20.0%[2] - Revenue from non-commercial property management and value-added services was RMB 3,134 million, up 19.2% year-on-year, while revenue from commercial property management and operation services was RMB 734 million, an increase of 23.7%[2] - Profit attributable to the owners of the company was RMB 353 million, down 27.5% year-on-year, primarily due to goodwill impairment during the year[2] - Core net profit, excluding the impact of goodwill impairment, was RMB 512 million, representing a year-on-year increase of 5.1%[2] - The net profit for the year ending December 31, 2024, was RMB 285,770 thousand, compared to RMB 499,882 thousand in 2023, indicating a decrease of approximately 43%[29] - The pre-tax profit for 2024 was RMB 462,499 thousand, down from RMB 687,142 thousand in 2023, indicating a decline of about 32.7%[54] - The net profit for the year was RMB 285.8 million, a decrease of 42.8% from RMB 499.9 million in the previous year, with a net profit margin of 7.4%[150] - The profit attributable to the company's owners was RMB 352.9 million, down 27.5% from RMB 487.0 million, while core net profit increased by 5.1% to RMB 512 million[151] Assets and Liabilities - Total non-current assets increased significantly to RMB 2,617 million from RMB 533 million year-on-year[7] - Cash and cash equivalents decreased to RMB 2,004 million from RMB 4,695 million year-on-year[7] - Total equity as of December 31, 2024, was RMB 3,587 million, slightly down from RMB 3,620 million in the previous year[8] - The total assets as of December 31, 2024, amounted to RMB 6,616,335 thousand, an increase from RMB 6,407,144 thousand in 2023, reflecting a growth of about 3%[34] - The total liabilities as of December 31, 2024, were RMB 3,028,656 thousand, compared to RMB 2,786,689 thousand in 2023, which is an increase of approximately 9%[34] - The total amount of other receivables, prepayments, and deposits increased to RMB 619,046 thousand in 2024 from RMB 453,432 thousand in 2023, marking a significant growth[78] - The total accounts payable and notes payable rose to RMB 651,499 thousand in 2024, up from RMB 399,277 thousand in 2023, indicating increased operational activity[77] Dividends - The board proposed a final dividend of HKD 0.083 per share, equivalent to RMB 0.078 per share, bringing the total dividend for the year to HKD 0.183 per share, or RMB 0.169 per share[2] - The proposed final dividend for 2024 is HKD 0.083 per share, totaling approximately RMB 115 million, pending shareholder approval[60] - The company proposed a final dividend of HKD 0.083 per share, equivalent to approximately RMB 0.078 per share, down from RMB 0.079 per share in the previous year[154] Operational Highlights - The total managed area as of December 31, 2024, was 69.31 million square meters, reflecting a year-on-year growth of 6.3%[2] - The company signed 85 new projects in 2024, with a total contracted area of 13 million square meters[91] - As of December 31, 2024, the company managed 437 projects, covering a total area of 69 million square meters, representing a year-on-year increase of 6.3%[102] - The total number of contracted projects increased to 508, with a total contracted area of 88.7 million square meters, reflecting a year-on-year growth of 6.3%[102] - The company expanded its Integrated Facility Management (IFM) product system, achieving contract amounts exceeding RMB 60 million, indicating successful market expansion efforts[89] - The company maintained a high occupancy rate in community commercial properties while exploring innovative business models, such as self-operated coffee services[89] - The company achieved a customer satisfaction response rate of 99.4%, reflecting its commitment to service quality improvement[87] Financial Reporting and Governance - The company submitted its financial statements for the year ending December 31, 2023, in accordance with the Companies Ordinance[13] - The auditor's report on the group's financial statements for the two years was unqualified, with no emphasis of matter or statements made under sections 406(2), 407(2), or (3) of the Companies Ordinance[14] - The group adopted revised Hong Kong Financial Reporting Standards for the first time this year, with no significant financial impact on the consolidated financial statements[17] - The audit committee has reviewed the group's financial statements and found no disagreements with the external auditors regarding accounting principles and policies[183] - The company has complied with all provisions of the Corporate Governance Code as per the listing rules during the year[176] Market and Strategic Focus - The company plans to focus on strategic cities and high-quality sectors such as corporate headquarters and universities to optimize project quality and expand market presence[97] - The company will strengthen self-operated businesses, creating a community service platform to connect supply and demand effectively[99] - The company emphasizes sustainable development and corporate social responsibility while striving to become a trusted leader in smart services[99] - The company aims to enhance service quality through digital applications and AI tools, improving customer experience and operational efficiency[96] Employee and Shareholder Information - The group has a total of 10,422 full-time employees in China and Hong Kong as of December 31, 2024, with total employee costs amounting to RMB 1,120.1 million[175] - The company repurchased a total of 11,558,500 ordinary shares during the year, at a total cost of approximately HKD 37 million[179] - Of the repurchased shares, 10,757,500 ordinary shares were cancelled during the year, with the remaining 801,000 shares to be cancelled in January 2025[180] Impairments and Costs - The company recognized a goodwill impairment of RMB 236,866 thousand in 2024, which was not present in 2023[49] - Intangible assets decreased significantly from RMB 332.9 million to RMB 85.4 million, primarily due to goodwill impairment of approximately RMB 236.9 million[155] - The cost of subcontractors for renovation and other services increased from RMB 399,693 thousand in 2023 to RMB 555,203 thousand in 2024, an increase of approximately 38.9%[49] - Administrative expenses rose by 6.1% to RMB 296.4 million, attributed to business expansion and new investments in smart and health-related initiatives[146]
越秀服务(06626) - 2024 - 年度业绩