Company Overview - For the year ended December 31, 2024, Kangqiao Service served millions of property owners and won over 300 awards, ranking 25th among the 2024 Top 100 Property Management Companies in China[4]. - The Group's listing on the Main Board of The Stock Exchange of Hong Kong occurred on July 16, 2021, under stock code 2205[3]. - The Group was incorporated in the Cayman Islands on October 8, 2020, and its shares were listed on the Main Board of the Stock Exchange on July 16, 2021[180]. - The Group is principally engaged in property management services and related value-added services in the PRC[180]. Financial Performance - In 2024, the Group achieved total revenue of approximately RMB 960.8 million, representing a year-on-year increase of 2.9%[31]. - The Group's total revenue for the year was approximately RMB 960.8 million, reflecting a 2.9% increase from approximately RMB 934.0 million in 2023[75][77]. - Revenue from property management services was approximately RMB 681.3 million, accounting for 70.9% of total revenue, and increased by 14.7% compared to the previous year[61]. - Revenue from city services was approximately RMB 79.7 million, representing an increase of 22.7% compared to approximately RMB 64.9 million in 2023[70][72][83][87]. - Revenue from value-added services to non-property owners decreased by 37.6% to approximately RMB 86.4 million from approximately RMB 138.4 million in 2023[81][85]. - Revenue from community value-added services was approximately RMB 113.4 million, down 16.9% from approximately RMB 136.6 million in 2023[82][86]. - The Group's cost of sales was approximately RMB 744.6 million, an increase of 4.4% from approximately RMB 713.3 million in 2023[90][91]. - Profit for the year increased by approximately 30.8% to RMB 68.8 million from RMB 52.6 million in 2023, driven by lower expenses[109]. Market and Industry Trends - In 2024, the property service industry experienced a slowdown due to global economic adjustments, but the Group remains optimistic about the recovery potential of the real estate industry and property service sector[21]. - The Group's strategic direction is anchored in industry trends, believing in stable cash flow and the long-tail value chain of customers as key growth drivers[22]. - The Group's commitment to sustainable growth with quality has allowed it to navigate market cycles effectively, demonstrating strong business resilience[21]. Strategic Focus and Development - The Group emphasizes "Joyful Service" and "Intelligent Technology" as its core values, focusing on all business forms and service scenarios throughout the property development lifecycle[5]. - Kangqiao Service aims to redefine urban life by leveraging smart technology and enhancing community services, positioning itself as a smart city service provider[7]. - The Group's future plans include deepening participation in urban services and injecting vitality into new neighborhoods through innovative service offerings[9]. - The Group is shifting from rapid "scale expansion" to sustained "value growth" by optimizing service quality and improving operational efficiency[39]. - The Group aims to enhance operational efficiency and customer satisfaction while ensuring sustainable development and brand influence[55]. Customer and Community Engagement - The Group has launched community activities such as "Four Seasons and One Hall" and "Five Clubs" to address community needs and foster emotional connections among residents[6]. - Customer satisfaction regarding comprehensive services increased by 5.0 percentage points, reaching a higher level of service quality[25]. - The Group aims to achieve intelligent and refined management of services, further enhancing customer experience and service efficiency[43]. Technological Innovations - The Group's digital knowledge assets include 72 copyrights, 29 systems, 16 self-owned source codes, and 131 code projects as of December 31, 2024[30]. - Technological innovations include the development of energy consumption control systems and quality inspection software to improve service efficiency[29]. - The Group will continue to increase technology investment to promote the upgrade of the "business-finance integration" digital technology system, enhancing service management through IoT, big data, and AI[40]. Human Resources and Management - The annual internal training ratio for employees was up to 65.8%, with employee satisfaction increasing by 2.7% year-on-year in 2024[46]. - The Group emphasizes a competitive salary, bonuses, benefits, and systematic training opportunities to attract talented employees[145]. - The Group has implemented a comprehensive recruitment system that includes online recruitment, job fairs, campus recruitment, and referrals[145]. - The Group is committed to promoting diversity and providing equal opportunities for all employees in recruitment, training, and professional development[145]. - The Group aims to create a happy culture in the workplace while promoting work-life balance for all employees[145]. Governance and Risk Management - The Board is committed to maintaining high standards of corporate governance and financial transparency[178]. - The independent non-executive directors provide oversight and independent advice to enhance corporate governance[158]. - The Group's risk management practices aim to mitigate operational risks, including customer loss and senior management turnover[183]. - The Group's financial risk management objectives and policies include managing interest rate risk, credit risk, and liquidity risk[192]. Operational Metrics - The Group managed 328 projects across 35 cities in China, with a contracted gross floor area (GFA) of approximately 70.3 million sq.m., representing a 4.7% increase from 67.1 million sq.m. in 2023[56]. - The GFA under management increased by 12.5% to approximately 46.2 million sq.m. from 41.0 million sq.m. in 2023, with 78.6% from third-party property developers[58]. - Non-residential properties under management reached approximately 7.4 million sq.m., an increase of 11.1% from 6.6 million sq.m. in 2023, with 99.2% from third-party developers[58]. Management Team - The company has a strong management team with diverse backgrounds in finance, engineering, and corporate governance[158]. - The management team has extensive experience in the real estate sector, which is crucial for the company's growth strategy[156]. - The Group's management team includes professionals with significant experience in finance and administration, enhancing its operational capabilities[171][172].
康桥悦生活(02205) - 2024 - 年度财报