Financial Performance - The Group's property management business revenue increased from approximately RMB1,285.5 million in 2023 to approximately RMB1,331.4 million in 2024, representing a growth of approximately RMB45.9 million or 3.6%[15]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million in 2024[15]. - The Group's profit attributable to owners of the parent for 2024 was RMB88.9 million, an increase of 11.0% compared to RMB80.1 million in 2023[15]. - The Group's revenue for the year ended December 31, 2024, was RMB 1,778,998,000, representing a 4.1% increase from RMB 1,709,642,000 in 2023[39]. - Gross profit for 2024 was RMB 366,813,000, up 4.6% from RMB 350,558,000 in 2023, with a gross profit margin of 20.6%[39]. - The net profit margin for 2024 was 5.2%, an increase from 4.9% in 2023[39]. - The total equity of the Group reached RMB 1,097,900,000 in 2024, reflecting a steady growth trend[50]. - The Group recorded revenue of approximately RMB1,779.0 million for the year ended December 31, 2024, representing an increase of 4.1% over 2023[100]. - Revenue from the property management business increased by approximately RMB45.9 million or 3.6% to RMB1,331.4 million in 2024[102]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million or 8.6% to RMB286.0 million in 2024, primarily due to new project developments[104]. Dividends and Shareholder Returns - The Board recommended a final dividend of HKD2.50 cents per share for the year ended 31 December 2024, totaling approximately HKD21.4 million[16]. - The total dividend payment for 2024 is approximately HKD21.4 million, consistent with the previous year[19]. - A final dividend of HKD2.5 cents per share is recommended for the year ended December 31, 2024, consistent with the previous year[162]. Business Expansion and Strategy - The Group plans to expand its business scope and coverage in China through acquisitions of property management companies and other value-adding service companies[31][34]. - The Group aims to gradually extend its reach along the upstream and downstream of the industry chain, focusing on property management[32][34]. - The Group's strategic focus includes expanding its business within established cities and neighboring areas to maximize economies of scale[71][74]. - The Group aims to achieve strong organic growth by developing new business relationships from its existing customer base while also identifying acquisition targets to enhance its portfolio[70][73]. - The Group intends to accelerate its expansion in China through acquisitions and cooperation when suitable opportunities arise[91]. Awards and Recognitions - In July 2024, two subsidiaries received the AAA-level Property Service Enterprise recognition from the Zhejiang Provincial Department of Housing and Urban-Rural Development[21]. - The Group was recognized as an Excellent Exhibitor at the 2024 China International Property Management Industry Expo in August 2024[22]. - Guangdong Zhong Ao received the Green Low-Carbon Enterprise Credit Demonstration Certificate in November 2024[23]. - The Group received multiple awards in December 2024, including the Best Member of Guangdong Property Management Industry Association[24]. - The Group received multiple recognitions in 2024, including the Best Member of Guangdong Property Management Industry Association[28][59]. - Guangdong Zhongao Property Management Co., a subsidiary, received multiple awards for excellence in property management and service quality in 2024[64][63]. Operational Metrics - As of December 31, 2024, the Group managed a total of 555 properties with an aggregate delivered contracted GFA of approximately 60 million sq.m, a decrease of about 3% from approximately 62 million sq.m as of December 31, 2023[30][33]. - The average price of property management services increased to RMB 1.88 per sq.m. per month in 2024, up from RMB 1.85 in 2023[52]. - In Eastern and Central China, the Group managed 456 properties with a GFA of 44,131 thousand sq.m as of December 31, 2024, compared to 489 properties and 45,651 thousand sq.m in the previous year[81]. - In Southern China, the Group managed 85 properties with a GFA of 14,629 thousand sq.m, showing a slight increase from 83 properties and 14,469 thousand sq.m in 2023[81]. Financial Management - Other income and gains decreased by approximately RMB7.8 million or 15.8% to RMB41.5 million in 2024, mainly due to a reduction in government grants and rental income[116]. - Administrative expenses increased by approximately RMB14.1 million or 7.3% to RMB206.5 million in 2024, driven by business revenue growth[122]. - Net impairment losses on financial assets decreased by approximately RMB17.6 million to RMB41.1 million in 2024, primarily due to a reduction in trade receivables[123]. - Net finance costs decreased by approximately RMB1.0 million or 29.9% to RMB2.4 million in 2024, attributed to a decrease in bank borrowings[124]. - The Group's net working capital increased to approximately RMB 505.9 million as of December 31, 2024, up by RMB 107.2 million from RMB 398.7 million as of December 31, 2023, with a current ratio of 1.6 times[137]. - The Group maintained a net cash position of RMB 496.2 million as of December 31, 2024, compared to RMB 479.2 million in 2023, indicating a strong financial position[140]. - As of December 31, 2024, total trade receivables amounted to approximately RMB 505.9 million, representing a decrease of approximately RMB 32.4 million or 6% from approximately RMB 538.3 million as of December 31, 2023, due to improved repayment management[130]. - Prepayments and other receivables decreased to approximately RMB 248.8 million as of December 31, 2024, down by approximately RMB 68.2 million or 21.5% from RMB 317.0 million as of December 31, 2023, mainly due to reduced prepayments to utility suppliers[131]. - Other payables and accruals decreased from approximately RMB 702.7 million as of December 31, 2023, to approximately RMB 539.7 million as of December 31, 2024, a decrease of approximately RMB 163 million due to a reduction in high-risk contract liabilities[133]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive officer[199]. - The Company aims to protect and maximize the interests of its shareholders through high standards of corporate governance[197]. - The Company’s corporate governance report is presented for the year ended December 31, 2024[196]. - The Company has a commitment to maintaining formal and transparent procedures in its governance practices[197]. - The Company’s board of directors is pleased to present the corporate governance report, reflecting its commitment to governance standards[200]. Human Resources - The number of employees increased to approximately 9,351 as of December 31, 2024, up from 8,521 in 2023, reflecting the Group's growth and expansion[146]. - The Group invests in continuous education and training programs for employees to enhance their skills and knowledge[151]. - The Group's management reviews compensation policies annually to ensure alignment with industry standards and employee performance[151]. - The Group aims to retain key personnel through the Share Award Scheme, which recognizes employee contributions and provides incentives for continued service[154]. Management and Board Composition - The Company has appointed Mr. Liu Jian as both the chairman and the chief executive officer, which the Board believes enhances responsiveness and efficiency in business strategy formulation[199]. - The Board comprises four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a strong independence element in its composition[199]. - Ms. Jin Keli has been appointed as a non-executive Director since July 17, 2020, and is currently the CEO of Greentown Service Group Co. Ltd. since June 21, 2021[176]. - Mr. Liang Bing has been with the company since September 2005 and is responsible for overall operation and management, strategic planning, and business development[171]. - Mr. Long Weimin joined the company in June 2008 and has 14 years of experience in the hospitality industry, focusing on overall operation and management[172]. - Ms. Xu Yaping was appointed as a non-executive director on July 10, 2023, and has extensive experience in property service and real estate[180]. - Mr. Chan Wai Cheung, appointed as an independent non-executive Director on May 31, 2017, holds a Bachelor of Arts (Honours) in Accountancy[181]. - Mr. Chan Ka Leung Kevin has extensive experience in corporate finance and was a responsible officer of a licensed corporation until June 2023[185]. - Mr. Yin Weizhong joined the Company as an independent non-executive director on July 1, 2023, bringing extensive marketing and management experience[186].
中奥到家(01538) - 2024 - 年度财报