Financial Performance - For the year ended December 31, 2024, the total revenue of Jinmao Property Services was approximately RMB 2,966.0 million, an increase of about RMB 261.6 million or 9.7% compared to RMB 2,704.4 million for the year ended December 31, 2023[4] - The gross profit for the year ended December 31, 2024, was approximately RMB 706.4 million, a decrease of about 5.4% from RMB 746.5 million for the year ended December 31, 2023[4] - The profit for the year ended December 31, 2024, was approximately RMB 384.0 million, an increase of about 12.0% compared to RMB 342.9 million for the year ended December 31, 2023[4] - The basic and diluted earnings per share attributable to ordinary equity holders of the parent for the year ended December 31, 2024, was RMB 0.41, up from RMB 0.37 for the year ended December 31, 2023[4] - The total comprehensive income for the year ended December 31, 2024, was RMB 377.5 million, compared to RMB 340.9 million for the year ended December 31, 2023[7] - Total revenue for 2024 reached RMB 2,965,973,000, an increase of 9.6% from RMB 2,704,412,000 in 2023[20] - Customer contract revenue grew to RMB 2,935,342,000, up 9.1% from RMB 2,690,744,000 in the previous year[20] - Property management services revenue increased significantly to RMB 2,058,567,000, a rise of 30.6% compared to RMB 1,574,891,000 in 2023[20] - Other income and gains totaled RMB 65,078,000, compared to RMB 30,032,000 in 2023, marking a 116.5% increase[20] - The pre-tax profit for 2024 was RMB 372,456,000, up from RMB 337,315,000 in 2023, reflecting a growth of 10.4%[26] Assets and Liabilities - The total non-current assets as of December 31, 2024, amounted to RMB 941.7 million, an increase from RMB 615.6 million as of December 31, 2023[10] - The total current assets as of December 31, 2024, were RMB 3,388.7 million, compared to RMB 2,998.2 million as of December 31, 2023[9] - The net asset value attributable to equity holders of the parent as of December 31, 2024, was RMB 1,704.8 million, up from RMB 1,541.8 million as of December 31, 2023[10] - Trade receivables amounted to RMB 1,048,773,000, an increase from RMB 928,279,000 in 2023, with a net value of RMB 982,682,000 after provisions[27] - Trade receivables from third parties increased from approximately RMB 566.9 million as of December 31, 2023, to approximately RMB 821.7 million as of December 31, 2024, mainly due to business expansion and increased managed building area[53] - Trade payables and notes payable increased from approximately RMB 597.3 million as of December 31, 2023, to approximately RMB 678.1 million as of December 31, 2024, primarily due to business expansion leading to increased procurement of services and maintenance[57] - As of December 31, 2024, the company's other payables and accrued expenses amounted to approximately RMB 926.7 million, an increase from approximately RMB 756.5 million as of December 31, 2023, representing a growth of about 22.5%[58] - The company's cash and cash equivalents as of December 31, 2024, were approximately RMB 1,399.5 million, up from RMB 1,252.0 million as of December 31, 2023, indicating an increase of about 11.8%[63] - The current ratio as of December 31, 2024, was approximately 1.43, a decrease from 1.57 as of December 31, 2023[64] - The company had no outstanding borrowings as of December 31, 2024, consistent with the previous year[63] Dividends - The board proposed a final dividend of HKD 0.096 per share for the year ended December 31, 2024[4] - The company plans to distribute a mid-term dividend of HKD 0.084 per share, totaling RMB 69,136,000, and a proposed final dividend of HKD 0.096 per share, totaling RMB 80,144,000[24] - The board proposed a final dividend of HKD 0.096 per share for the year ending December 31, 2024, subject to shareholder approval at the 2024 annual general meeting[69] Operational Highlights - The total contracted construction area as of December 31, 2024, was approximately 134.3 million square meters, and the managed construction area was approximately 100.9 million square meters, representing increases of about 26.2% and 19.8%, respectively, compared to December 31, 2023[4] - The company is recognized as a leading provider in the high-end property management sector in China, ranking among the top 15 in various industry assessments[28] - Property management service revenue increased by approximately 30.7% from RMB 1,574.891 million in 2023 to RMB 2,058.567 million in 2024, driven by an increase in managed building area from approximately 84.2 million square meters to 100.9 million square meters[37] - Non-owner value-added service revenue decreased by approximately 35.7% from RMB 504.636 million in 2023 to RMB 324.670 million in 2024, primarily due to a reduction in the number of new business projects acquired[37] - Community value-added service revenue declined by approximately 6.7% from RMB 624.885 million in 2023 to RMB 582.736 million in 2024, influenced by renovation commencement rates and consumer spending power[37] Cost Management - Sales costs increased by approximately 15.4% from RMB 1,957.9 million in 2023 to RMB 2,259.6 million in 2024, aligning with revenue growth trends[38] - Gross profit decreased by approximately 5.4% from RMB 746.542 million in 2023 to RMB 706.407 million in 2024, with a gross margin decline from 27.6% to 23.8%[39] - The gross margin for property management services was approximately 15.1% in 2024, down from 15.8% in 2023, due to increased investments in quality improvement[40] - Selling and distribution expenses decreased by approximately 37.8% from approximately RMB 56.1 million for the year ended December 31, 2023, to approximately RMB 34.9 million for the year ending December 31, 2024, mainly due to a reduction in labor costs and advertising expenses[43] - Administrative expenses decreased by approximately 26.8% from approximately RMB 253.4 million for the year ended December 31, 2023, to approximately RMB 185.4 million for the year ending December 31, 2024, primarily due to organizational optimization and improved efficiency[44] - Financing costs increased by approximately 151.1% from approximately RMB 4.5 million for the year ended December 31, 2023, to approximately RMB 11.3 million for the year ended December 31, 2024, mainly due to an increase in lease liabilities[45] Strategic Initiatives - The company plans to focus on high-tier cities and enhance service quality, operational efficiency, and marketing capabilities as part of its 2025 strategic goals[32] - The company aims to implement a "1245" strategy to prioritize customer needs and drive product and service upgrades for high-quality development[32] - ESG management is a key long-term strategy for the company, emphasizing sustainable value creation for stakeholders[34] - The company plans to upgrade its smart management service system and develop smart community and city solutions, with an allocation of approximately HKD 72.0 million, representing 9.2% of the net proceeds[67] Employee and Governance - As of December 31, 2024, the group had 2,670 full-time employees, an increase from 2,098 employees as of December 31, 2023, with a female employee ratio of 37.0%[75] - Total employee costs for the year were approximately RMB 550 million, compared to RMB 530 million in 2023[75] - The board confirmed compliance with the corporate governance code throughout the year ending December 31, 2024[85] - The company has adopted the "Standard Code" for securities trading by directors as per Appendix C3 of the Listing Rules[86] - All directors have confirmed compliance with the Standard Code for the fiscal year ending December 31, 2024[86] Acquisitions - The company completed the acquisition of Runwu Jiaye for a total cash consideration of RMB 323.8 million on January 18, 2024, enhancing its property management capabilities[80] - The acquired company primarily operates in property management and hotel operations, aligning with the group's strategic positioning in high-end projects[81] - The acquisition is expected to strengthen the company's non-cyclical business, with a high proportion of revenue from property management services[81] - The company has not made any other significant investments or acquisitions as of the announcement date[83]
金茂服务(00816) - 2024 - 年度业绩