Business Performance - Times Neighborhood achieved a total managed area of approximately 150 million square meters, with residential area reaching 72.19 million square meters, and added approximately 4 million square meters of new residential area throughout 2024[35]. - Revenue for 2024 is RMB 2,388,828, a decrease of 3.3% compared to RMB 2,471,305 in 2023[93]. - Gross profit for 2024 is RMB 487,784, down 5.4% from RMB 515,705 in 2023[93]. - Core net profit attributable to owners of the parent increased by 10.5% to RMB 175,240 from RMB 158,597 in 2023[93]. - Total assets as of December 31, 2024, are RMB 2,591,943, slightly down from RMB 2,604,783 in 2023[93]. - Cash and bank balances increased to RMB 1,108,888 from RMB 941,366 in 2023[93]. - Gross profit margin for 2024 is 20.4%, compared to 20.9% in 2023[93]. - Core net profit margin improved to 7.8% from 6.7% in 2023[93]. - GFA under management increased to 118.8 million sq.m. from 110.9 million sq.m. in 2023[93]. - Rental and sales orders increased by 48% year-on-year, driven by precise demand meeting through property services[85]. Awards and Recognition - Times Neighborhood was awarded the honor of "2024 Top 100 Property Management Companies in China (TOP 11)" by CIA on April 18, 2024[15]. - Times Neighborhood was ranked TOP 11 in the 2024 Top 100 Property Management Companies in China, awarded by Beijing China Index Information Technology Academy in April 2024[43]. - The company received recognition as a leading enterprise in various categories, including high-end property service and commercial property service capability, in April 2024[48]. - In May 2024, Times Neighborhood was recognized as one of the TOP 9 leading brand enterprises in terms of professional operation of property management, valued at RMB 9.5 billion[58]. - The company was awarded as a leading enterprise in the property management market in the Guangdong-Hong Kong-Macao Greater Bay Area in December 2024[63]. - Times Neighborhood achieved a significant milestone by being recognized as a top company in corporate governance and environmental responsibility in December 2024[63]. - The company has been acknowledged for its excellent ESG practices and investment value, ranking among the top in these categories in 2024[51]. Service Innovations and Initiatives - The company launched the "Flower 4 Service System" on March 29, 2024, to enhance differentiated quality residential service solutions[12]. - Times Neighborhood established the "AI Home Decoration Laboratory" during the new product launch on April 25, 2024[18]. - The "Carbon Reduction Officer in Neighborhood" initiative was recognized as "2024 China Property Annual Brand Public Welfare Excellent Case" by Leju Finance on December 20, 2024[34]. - The company successfully held the fourth "Happy Creation Festival" from September 6 to 17, 2024, receiving positive feedback from property owners[26]. - The company aims for endogenous growth through service innovation and digital technology to meet property owners' needs[82]. - The strategic "Spark Program" will be advanced to build service ecosystems in core cities and key regions[90]. Leadership and Management - Ms. Xie Rao has been appointed as executive director since August 26, 2019, responsible for quality operation management and brand promotion[104]. - Ms. Zhou Rui has been serving as executive director since August 26, 2019, focusing on financial management and internal control[109]. - Mr. Shum Chiu Hung was appointed as non-executive director and chairman on September 4, 2023, providing guidance for the overall development of the Group[114]. - The Group's financial management center has been led by Ms. Zhou since August 2019, indicating a stable leadership in financial operations[109]. - The leadership team has a diverse background in finance, property management, and strategic development, contributing to the Group's growth[112]. - The company has a strong leadership team with members holding advanced degrees in law and business administration from reputable institutions[127][134]. Market Presence and Expansion - As of December 31, 2024, the Group's contracted property management services covered 82 cities, with a total of 878 property management projects under management, and a gross floor area (GFA) under management of approximately 118.8 million sq.m[158]. - The Group strategically adjusted its portfolio of properties under management in 2024 to pursue better profitability and cash collection performance, focusing on internal expansion to diversify its business scope[159]. - The total contracted GFA increased from 117,577 thousand sq.m. in 2023 to 125,759 thousand sq.m. in 2024, representing a growth of approximately 6.5%[160]. - The GFA under management also increased from 110,933 thousand sq.m. in 2023 to 118,827 thousand sq.m. in 2024, reflecting a growth of approximately 7.5%[160]. - Approximately 49.1 million sq.m. of the GFA under management is located in the Greater Bay Area, accounting for approximately 41.3% of the total GFA under management[168]. - The Group has been deeply rooted in the Greater Bay Area for over 20 years, continuously expanding its property management scope in the region[167]. Financial Services and Revenue Streams - Revenue from residential property management for the year was approximately RMB 979.7 million, representing about 53.9% of total property management service revenue[179]. - Revenue from public space leasing and parking space management was approximately RMB 121.1 million, accounting for 39.9% of community value-added services revenue[190]. - Revenue from resident services was approximately RMB 182.6 million, accounting for 60.1% of community value-added services revenue[190]. - The overall revenue of value-added services to non-property owners declined due to the cyclical downturn of the PRC real estate industry[197]. - The company adjusted the business scale of value-added services to non-property owners to balance cash collection[197].
时代邻里(09928) - 2024 - 年度财报