Financial Performance - Total revenue for the year ended December 31, 2024, decreased by approximately 3.3% to approximately RMB 1,735.4 million from RMB 1,794.3 million for the year ended December 31, 2023[3] - Gross profit for the year ended December 31, 2024, decreased by approximately 7.7% to approximately RMB 444.5 million from RMB 481.3 million for the year ended December 31, 2023[3] - The company reported a profit of approximately RMB 25.6 million for the year ended December 31, 2024, compared to a loss of approximately RMB 437.6 million for the year ended December 31, 2023[3] - The company’s basic and diluted earnings per share for the year ended December 31, 2024, were RMB 0.09, compared to a loss per share of RMB 2.92 for the year ended December 31, 2023[5] - The group reported a total of 11% of its revenue derived from Kaisa Group Holdings and its affiliates for the fiscal year ending December 31, 2024, down from 15% in 2023[22] - The company did not declare or recommend any dividends for the years ended December 31, 2024, and 2023[40] - The annual profit for the group was approximately RMB 25.6 million for the year ended December 31, 2024, a recovery from a loss of approximately RMB 437.6 million in 2023[110] Assets and Liabilities - The company’s net assets increased to RMB 127.0 million as of December 31, 2024, compared to RMB 35.3 million as of December 31, 2023[7] - The company’s cash and cash equivalents decreased to RMB 243.3 million as of December 31, 2024, from RMB 286.8 million as of December 31, 2023[7] - The company’s total liabilities decreased slightly to RMB 862.3 million as of December 31, 2024, from RMB 866.4 million as of December 31, 2023[7] - Non-current liabilities decreased from RMB 22,793,000 to RMB 14,533,000, a reduction of approximately 36%[8] - The total liabilities include deferred tax liabilities of RMB 9,020,000, down from RMB 10,492,000, a decrease of about 14%[8] - The company’s total equity attributable to non-controlling interests increased from RMB 70,611,000 to RMB 81,095,000, a rise of approximately 15%[8] Revenue Breakdown - Revenue from property management services amounted to RMB 1,389,375,000 in 2024, up 3.8% from RMB 1,338,099,000 in 2023[26] - The group’s revenue from non-owner value-added services decreased significantly to RMB 183,913,000 in 2024 from RMB 280,103,000 in 2023, representing a decline of 34.3%[26] - Property management service revenue was RMB 1,389.4 million, while value-added services for owners generated RMB 162.1 million, and non-owner value-added services brought in RMB 183.9 million[63] - The owner value-added services revenue for 2024 was approximately RMB 162.1 million, reflecting a year-on-year decrease of about 7.9% due to sluggish consumer spending and increased industry competition[90] Operational Metrics - The total contracted construction area and total area under management as of December 31, 2024, were approximately 129.1 million square meters and 102.7 million square meters, respectively, representing a decrease of approximately 2.3% and an increase of approximately 0.4% compared to December 31, 2023[3] - As of December 31, 2024, the group managed approximately 102.7 million square meters across 728 projects, entering 20 provinces and 77 cities, including its first entry into Jiangxi Province[63] - The total managed building area in the Guangdong-Hong Kong-Macao Greater Bay Area reached 22.8 million square meters, with 138 projects under management[79] Cost Management - The company’s administrative expenses decreased to RMB 171.3 million for the year ended December 31, 2024, from RMB 189.9 million for the year ended December 31, 2023[5] - Employee costs decreased to RMB 791,162 thousand in 2024 from RMB 805,972 thousand in 2023, reflecting a reduction of approximately 1.5%[1] - Direct operating expenses slightly decreased to RMB 1,290,941 thousand in 2024 from RMB 1,312,920 thousand in 2023, indicating a reduction of about 1.7%[1] - Selling and marketing expenses decreased from approximately RMB 12.6 million in 2023 to approximately RMB 10.9 million in 2024, a decline of about 13.5%[104] Impairment and Taxation - The company’s financial asset impairment losses decreased significantly to RMB 116.6 million for the year ended December 31, 2024, from RMB 698.6 million for the year ended December 31, 2023[5] - The income tax expense for 2024 was RMB 15,192 thousand, compared to a tax benefit of RMB 144,312 thousand in 2023, indicating a turnaround in tax position[31] - The group recorded income tax expenses of approximately RMB 15.2 million in 2024, a significant increase from an income tax credit of approximately RMB 144.3 million in 2023 due to an increase in pre-tax profit[109] Market and Industry Trends - The GDP for 2024 is projected to be RMB 13,490.84 billion, with a year-on-year growth of 5.0%[56] - The real estate sector is expected to undergo significant changes due to favorable policies, with a focus on stabilizing the market and reducing inventory[57] - The property management industry is facing challenges as real estate development investment continues to decline, impacting growth potential[58] - New policies encourage collaboration between property service companies and sectors like elderly care and catering, aiming to create new growth points in service consumption[59] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring high standards of corporate governance to protect shareholder rights and enhance corporate value[128] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting process and internal controls for the fiscal year ending December 31, 2024[129]
佳兆业美好(02168) - 2024 - 年度业绩