Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 652.9 million, an increase of 7.2% compared to RMB 609.1 million in 2023[3] - The gross profit for the year ended December 31, 2024, was RMB 183.5 million, a decrease of 5.7% from RMB 194.7 million in 2023[3] - The net profit for the year ended December 31, 2024, was RMB 86.2 million, down 17.6% from RMB 104.6 million in 2023[3] - The total comprehensive income for the year ended December 31, 2024, was RMB 85.5 million, compared to RMB 104.1 million in 2023[5] - The gross profit for 2024 was approximately RMB 183.5 million, representing a decline of 5.7% year-over-year[28] - Net profit for 2024 was approximately RMB 86.2 million, a decrease of 17.6% from RMB 104.5 million in 2023[28] - The total tax expense for 2024 was RMB 18.1 million, a decrease from RMB 22.9 million in 2023[21] - The profit attributable to the company's owners for the year was approximately RMB 81.5 million, a decrease of about 19.9% compared to RMB 101.9 million in the same period last year[61] Revenue Sources - Revenue from property management services was RMB 579.7 million, up from RMB 519.8 million in 2023[11] - Revenue from non-owner value-added services decreased to RMB 22.4 million from RMB 43.3 million in 2023[11] - Revenue from community value-added services increased to RMB 50.9 million from RMB 46.0 million in 2023[11] - Property management services remained the largest revenue source, contributing RMB 579.7 million, which accounted for 88.8% of total revenue[55] - The revenue from residential properties was RMB 434.1 million, accounting for 74.9% of total property management service revenue[44] - Non-owner value-added services revenue decreased by 48.3% to approximately RMB 22.4 million, primarily due to declines in sales office management and pre-planning consulting services[49] - Community value-added services revenue grew by 10.6% to approximately RMB 50.9 million, driven by increases in community space management and retail services[51] Project and Management Overview - The company had 280 signed projects with a total signed construction area of 36.8 million square meters as of December 31, 2024[3] - The number of managed projects increased to 272 in 2024, with a total managed area of 31,565 thousand square meters, generating revenue of RMB 579.7 million[54] - The company has signed management services for 280 properties, with a total contracted building area of 36.8 million square meters, compared to 253 properties and 36.372 million square meters in the previous year[38] - As of December 31, 2024, the total contracted building area managed by the company is approximately 36.8 million square meters, an increase of 1.3% compared to the previous year[33] - The number of properties under management increased to 272, up 4.8% from 249 properties in the previous year[34] - The total managed building area reached approximately 31.6 million square meters, reflecting a growth of 4.8% year-over-year[34] - The company expanded its regional coverage to 33 cities, 9 provinces, 1 autonomous region, and 1 municipality[35] Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with 2023[3] - The company has no dividends declared or proposed for the fiscal year ending December 31, 2024[22] - The board did not recommend the payment of a final dividend for the year ended December 31, 2024[79] - The company plans to hold its annual general meeting on May 30, 2025[86] - The share register will be closed from May 27, 2025, to May 30, 2025, to determine shareholders' eligibility to attend and vote at the annual general meeting[87] Operational Efficiency and Strategy - The company is focusing on expanding its operations in Southwest China and Xinjiang, aiming for a diversified market approach[28] - The company has implemented the "Landsea 3.0" strategy to enhance its standardized system and operational efficiency[28] - The company continues to focus on acquiring a larger market share and expanding its business layout in China[31] - The company aims to further enrich community value-added services, which typically generate higher profit margins compared to other property management services[32] Financial Position and Assets - The company's total assets less current liabilities amounted to RMB 631.8 million as of December 31, 2024, compared to RMB 550.8 million in 2023[7] - Cash and bank balances amounted to approximately RMB 712.9 million as of December 31, 2024, up from RMB 602.9 million in the previous year[66] - The current ratio remained stable at approximately 2.8 as of December 31, 2024, consistent with the previous year[67] - Trade receivables increased to RMB 180.8 million in 2024 from RMB 155.6 million in 2023, with a provision for impairment of RMB 45.2 million[25] - Trade receivables increased by approximately RMB 14.6 million or 12.0% to RMB 135.6 million as of December 31, 2024, due to revenue growth from increased managed building area[62] Governance and Compliance - The audit committee has been established in accordance with Listing Rule 3.21 and the Corporate Governance Code, consisting of three independent non-executive directors[84] - The audit committee reviewed and agreed with the management on the annual performance for the year ending December 31, 2024[84] - The group's auditor, Shinewing (HK) CPA Limited, confirmed that the figures in the consolidated income statement and other comprehensive income, consolidated financial position, and related notes are consistent with the group's financial statements for the year[85] - The board of directors includes executive and non-executive members, ensuring a diverse governance structure[90] Expenses and Costs - Administrative expenses increased by approximately 7.1% to about RMB 60.6 million from RMB 56.6 million in the same period last year, primarily due to rising labor costs[59] - The sales cost for the group was approximately RMB 469.4 million, an increase of about 13.3% compared to RMB 414.4 million in 2023[56] - Income tax expenses decreased by approximately 21.3% to about RMB 18.1 million from RMB 23.0 million in the previous year, aligning with the trend of declining profits[60] - The total employee cost for the year was approximately RMB 313.1 million, an increase from RMB 269.5 million in the previous year, with a total of 5,786 employees as of December 31, 2024[75]
领悦服务集团(02165) - 2024 - 年度业绩