Financial Performance - Revenue for 2024 was approximately RMB 6,841.1 million, an increase of 4.6% compared to RMB 6,537.4 million in 2023[2] - Gross profit for 2024 was approximately RMB 1,348.7 million, up 7.6% from RMB 1,253.0 million in 2023[2] - Profit for 2024 was approximately RMB 591.3 million, representing an increase of about 11.6% from RMB 530.0 million in 2023[2] - The profit attributable to owners of the company for 2024 was approximately RMB 478.0 million, a 10.0% increase from RMB 434.5 million in 2023[2] - Basic and diluted earnings per share for 2024 were RMB 0.2758, compared to RMB 0.2484 in 2023[6] - The company reported a profit attributable to equity holders of RMB 477,996,000 for the year ended December 31, 2024, an increase of 10% from RMB 434,472,000 in 2023[32] - The gross margin for 2024 was 19.7%, up 0.5 percentage points from 19.2% in 2023, mainly due to improved property management service margins[71] - The gross margin for community value-added services improved to 34.7% in 2024 from 31.3% in 2023, due to the exit from low-profit businesses[71] Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.0839 per share for the first half of 2024, compared to HKD 0.045 per share in 2023, and a special dividend of HKD 0.0336 per share[2] - The total dividend declared for the year ended December 31, 2024, is HKD 0.0668 per share, totaling HKD 115,467,000, down from HKD 159,879,000 in 2023[31] - The board has proposed a final dividend of HKD 0.0668 per share for the year ending December 31, 2024, which, if approved, will result in a total annual dividend of HKD 0.1843 per share, maintaining a payout ratio of no less than 50% over the next two years[115] - The company repurchased a total of 15,324,000 shares on the stock exchange, all of which were cancelled by December 31, 2024[2] - The company repurchased a total of 15,324,000 shares at a total cost of approximately HKD 22,665,910, representing 10% of the issued share capital as authorized by shareholders[120] - The share repurchase included transactions at various prices, with the highest price being HKD 1.86 and the lowest price being HKD 1.07 per share[121][122] - The company completed the buyback of shares on July 19, 2024, with all repurchased shares canceled[123] - The board believes that the share trading price does not reflect the company's fundamental value, indicating confidence in long-term business prospects[123] Revenue Breakdown - Revenue from property management services was RMB 5,091,428,000 in 2024, up from RMB 4,463,188,000 in 2023, indicating a growth of about 14.1%[23] - Revenue from community value-added services decreased slightly to RMB 862,395,000 in 2024 from RMB 890,282,000 in 2023, a decline of about 3.1%[23] - Revenue from urban services was RMB 286,114,000 in 2024, down from RMB 405,953,000 in 2023, indicating a decrease of approximately 29.5%[23] - Revenue from residential properties in 2024 was RMB 3,018,694,000, representing 59.3% of total property management revenue[51] - Revenue from value-added services to non-owners fell by about 23.0% to RMB 599,108,000 in 2024, compared to RMB 777,557,000 in 2023[56] Assets and Liabilities - Total assets less current liabilities amounted to RMB 5,464.1 million as of December 31, 2024, compared to RMB 5,317.5 million in 2023[9] - Current assets net value was RMB 2,222.4 million, an increase from RMB 1,945.8 million in 2023[9] - The company’s total equity as of December 31, 2024, was RMB 5,386.0 million, compared to RMB 5,213.6 million in 2023[9] - Trade receivables from third parties increased to RMB 1,907,086,000 in 2024, up from RMB 1,535,600,000 in 2023, reflecting a growth of 24.3%[33] - The company reported total trade payables of RMB 1,307,537,000 as of December 31, 2024, compared to RMB 1,150,291,000 in 2023, indicating a rise of 13.7%[35] - Trade receivables increased to approximately RMB 2,445.0 million in 2024 from RMB 2,181.5 million in 2023, attributed to slower collection speeds in a declining real estate market[84] - Trade payables as of December 31, 2024, were approximately RMB 1,307.5 million, up from RMB 1,150.3 million as of December 31, 2023, mainly due to business expansion and increased subcontracting costs[88] - Contract liabilities increased to RMB 940,075,000 in 2024 from RMB 870,338,000 in 2023, reflecting a growth of approximately 8%[25] - Contract liabilities increased to approximately RMB 940.1 million as of December 31, 2024, from RMB 870.3 million as of December 31, 2023, attributed to a growing customer base[90] Strategic Initiatives and Market Position - The company continues to focus on quality expansion as a strategic goal, optimizing its management portfolio[39] - The company aims to diversify its service offerings in the non-residential sector, focusing on specialized developments[51] - The company has established a "Commercial Division" to promote specialized development in corporate services, securing multiple projects in logistics and office parks in 2024[46] - The company has maintained a stable market cooperation relationship with Xuhui Group, adapting strategies to mitigate negative impacts from the challenging real estate market environment[44] - The company aims to expand its business scope into urban services, capturing opportunities in the evolving market landscape[59] - The company has established strategic alliances with real estate developers and urban construction investment companies to deepen its presence in strategic regions[59] - The company continues to enhance its independent third-party market development capabilities, targeting regional property developers and local governments to increase market share[45] - The company has accumulated urban service experience through strategic partnerships with regional urban investment platforms since 2020[57] Operational Efficiency and Cost Management - Administrative and selling expenses decreased by approximately 8.8% to about RMB 516.7 million in 2024 from RMB 566.5 million in 2023, reflecting effective cost control measures[75] - Other income and gains decreased by approximately 70.2% to about RMB 16.2 million in 2024 from RMB 54.3 million in 2023, mainly due to reduced government subsidies[74] - The company will continue to invest in technology and smart operations to improve service quality and operational efficiency, including upgrading internal management systems and utilizing AI[63] - The company aims to maintain a disciplined approach to strategic acquisitions, ensuring all past acquisitions have met performance targets and are expected to contribute positively to future operations[49] Corporate Governance and Future Outlook - The company has adhered to good corporate governance principles and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules[116] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2024, along with the audit report from the external auditor[118] - The company expresses gratitude to customers, suppliers, and shareholders for their continued support[128] - No significant events occurred after December 31, 2024, that could impact the group's operations and financial performance[124] - The annual general meeting is scheduled for May 22, 2025, with notifications to be published in accordance with the company's articles of association and listing rules[125]
永升服务(01995) - 2024 - 年度业绩