中骏商管(00606) - 2025 - 中期业绩

Financial Highlights The company's revenue decreased to RMB 588.3 million, with a lower gross margin of 30.9% and a significant decline in profit attributable to owners of the parent | Metric | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Revenue | RMB 588.3 million | RMB 622.5 million | | Gross Margin | 30.9% | 33.6% | | Profit attributable to owners of the parent | RMB 34.1 million | RMB 80.4 million | | Total Contracted GFA | 46 million sq.m. | - | | GFA Under Management | 35 million sq.m. | - | Interim Condensed Consolidated Financial Statements This section presents the interim consolidated statements of profit or loss and other comprehensive income, and financial position, highlighting key financial performance and asset/liability changes Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue decreased to RMB 588.3 million, with profit for the period significantly reduced to RMB 40.748 million, and profit attributable to owners of the parent declining by 57.6% to RMB 34.120 million Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 588,283 | 622,507 | | Cost of sales | (406,233) | (413,360) | | Gross Profit | 182,050 | 209,147 | | Other income and gains | 30,289 | 33,193 | | Selling and marketing expenses | (4,095) | (4,303) | | Administrative expenses | (140,189) | (120,034) | | Finance costs | (96) | (140) | | Profit before tax | 68,612 | 118,516 | | Income tax expense | (27,864) | (34,705) | | Profit for the period | 40,748 | 83,811 | | Profit attributable to owners of the parent | 34,120 | 80,432 | | Non-controlling interests | 6,628 | 3,379 | | Basic and diluted earnings per share | RMB 1.76 cents | RMB 4.16 cents | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total net assets increased to RMB 2,776 million, up from RMB 2,734 million at the end of 2024, with total non-current assets at RMB 1,949 million, total current assets at RMB 1,596 million, total current liabilities at RMB 767 million, and total non-current liabilities at RMB 1.613 million Interim Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Non-current assets | | | | Property, plant and equipment | 33,127 | 36,142 | | Investment properties | 982,029 | 996,686 | | Total non-current assets | 1,949,082 | 1,844,572 | | Current assets | | | | Trade receivables | 272,585 | 264,062 | | Cash and cash equivalents | 1,196,296 | 1,299,809 | | Total current assets | 1,595,841 | 1,667,834 | | Current liabilities | | | | Trade payables | 143,417 | 135,803 | | Total current liabilities | 767,345 | 775,350 | | Non-current liabilities | | | | Total non-current liabilities | 1,613 | 3,171 | | Net assets | | | | Net assets | 2,775,965 | 2,733,885 | | Equity | | | | Equity attributable to owners of the parent | 2,747,316 | 2,711,864 | | Non-controlling interests | 28,649 | 22,021 | | Total equity | 2,775,965 | 2,733,885 | Notes This section details the basis of preparation, changes in accounting policies, operating segment information, and specific breakdowns of revenue, expenses, and financial positions 1. Basis of Preparation The Group primarily provides property management and value-added services in China, with its unaudited interim condensed consolidated financial statements prepared in RMB according to HKAS 34 and Appendix D2 of the Listing Rules - The Company was incorporated in the Cayman Islands on August 20, 2019, and listed on the Main Board of the Stock Exchange of Hong Kong on July 2, 2021[10] - The Group primarily provides property management and value-added services in mainland China during the period[11] - The financial statements are prepared in RMB in accordance with HKAS 34 and Appendix D2 of the Listing Rules[11][12] 2. Changes in Accounting Policies and Disclosures The accounting policies used for the interim financial statements are consistent with the annual consolidated financial statements, except for the initial adoption of amended HKFRSs, which had no material impact - The accounting policies adopted for the preparation of the interim financial statements are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of amended HKFRSs[13] - The application of HKAS 21 (Amendment) "Lack of Exchangeability" had no material impact on the financial statements[14] 3. Operating Segment Information The Group, primarily engaged in property management and value-added services, does not present operating segment information due to integrated resources and no separate operating segments; geographical information is also not presented as all revenue and most non-current assets are from mainland China, with no single customer accounting for over 10% of revenue - The Group is primarily engaged in providing property management and value-added services, and no operating segment information is presented[15] - All of the Group's revenue and substantially all non-current assets are derived from mainland China, thus no geographical information is presented[16] - No single customer or group of customers under common control accounted for 10% or more of the Group's revenue during the period[17] 4. Revenue, Other Income and Gains The Group's total revenue was RMB 588.3 million, primarily from property management and value-added services, with other income and gains of RMB 30.289 million mainly comprising interest income from related parties Revenue Analysis | Service Type | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Property management services | 487,802 | 490,036 | | Value-added services | 84,878 | 117,378 | | Subtotal revenue from contracts with customers | 572,680 | 607,414 | | Operating lease rental income | 15,603 | 15,093 | | Total Revenue | 588,283 | 622,507 | Other Income and Gains Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Bank interest income | 3,645 | 5,197 | | Interest income from related parties | 24,343 | 26,832 | | Net exchange gain | 723 | 6 | | Total | 30,289 | 33,193 | 5. Finance Costs The Group's finance costs for H1 2025 decreased to RMB 96 thousand from RMB 140 thousand in H1 2024 Finance Costs | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Finance costs | 96 | 140 | 6. Profit Before Tax The Group's profit before tax significantly decreased to RMB 68.612 million from RMB 118.516 million in the prior period, mainly due to increased employee benefit expenses and impairment losses on trade receivables Items Deducted From / (Credited To) Profit Before Tax | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Cost of services provided | 406,233 | 413,360 | | Depreciation of property and equipment | 7,001 | 7,771 | | Depreciation of investment properties | 14,657 | 14,734 | | Total employee benefit expenses | 219,957 | 267,962 | | Net impairment loss on trade receivables | 45,135 | 27,440 | | Net exchange gain | (723) | (6) | 7. Income Tax Expense The Group's income tax expense was RMB 27.864 million, primarily for PRC corporate income tax, with the percentage of income tax expense to profit before tax increasing to 40.6% due to non-deductible impairment losses on trade receivables - Subsidiaries operating in mainland China are generally subject to PRC corporate income tax at a rate of 25%[23] Income Tax Expense Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | PRC corporate income tax | 25,901 | 35,058 | | Deferred tax | 1,963 | 433 | | Total income tax expense for the period | 27,864 | 34,705 | 8. Dividends The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[25] 9. Earnings Per Share Attributable to Owners of the Parent For the six months ended June 30, 2025, basic earnings per share significantly decreased to RMB 1.76 cents from RMB 4.16 cents in the prior period, with no dilutive potential ordinary shares Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent | RMB 34,120,000 | RMB 80,432,000 | | Weighted average number of ordinary shares in issue | 1,935,000,000 shares | 1,935,000,000 shares | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - There were no potential dilutive ordinary shares outstanding during the period, so the basic earnings per share amount was not adjusted for dilution[26] 10. Trade Receivables As of June 30, 2025, total trade receivables increased to RMB 272.6 million from RMB 264.1 million at the end of 2024, with receivables over 365 days accounting for the largest portion at RMB 125 million - Trade receivables primarily represent amounts due from property management and value-added services, collected quarterly or monthly, and are interest-free[27] Ageing Analysis of Trade Receivables (Net of Loss Allowance) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 59,888 | 50,974 | | 91 to 180 days | 43,828 | 45,717 | | 181 to 365 days | 43,859 | 60,108 | | Over 365 days | 125,010 | 107,263 | | Total | 272,585 | 264,062 | 11. Trade Payables As of June 30, 2025, total trade payables increased to RMB 143.4 million from RMB 135.8 million at the end of 2024, with the largest portion being current to 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 115,012 | 101,012 | | 91 to 365 days | 23,070 | 29,209 | | Over 365 days | 5,335 | 5,582 | | Total | 143,417 | 135,803 | Management Discussion and Analysis This section provides an overview of the Group's business, reviews its commercial and residential property management performance, and outlines future strategic outlook Overview SCE Commercial Management is a property management service provider operating across China's five major economic circles, with approximately 46 million square meters of total contracted GFA and 35 million square meters under management as of June 30, 2025 - The Group's business spans the Western Taiwan Straits Economic Zone, Yangtze River Delta Economic Zone, Bohai Rim Economic Zone, Greater Bay Area, and central and western regions[30] Contracted and GFA Under Management | Property Type | Total Contracted GFA (million sq.m.) | Total GFA Under Management (million sq.m.) | | :--- | :--- | :--- | | Commercial properties | 3.9 | 1.7 | | Residential properties | 42.1 | 33.3 | | Total | 46.0 | 35.0 | Business Review During the period, the Group's business comprised commercial property management and operation services, with revenue decreasing by 23.8% year-over-year, and residential property management services, with revenue increasing by 4.6% year-over-year Commercial Property Management and Operation Services Commercial property management and operation services revenue decreased by 23.8% year-over-year to RMB 169.1 million, with GFA under management slightly increasing by 2.9% to 1.7 million square meters; the company maintained its "one store, one strategy" approach, enhancing foot traffic and efficiency through brand adjustments and marketing, while strengthening its "digital empowerment" strategy Key Metrics for Commercial Property Management and Operation Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 169.1 million | RMB 221.8 million | | Year-over-year change | -23.8% | - | | GFA under management | 1.7 million sq.m. | 1.681 million sq.m. | | Year-over-year change | +2.9% | - | | Projects under management | 14 units | 17 units | | Year-over-year change | -3 units | - | | Contracted GFA | 3.9 million sq.m. | 4.605 million sq.m. | | Year-over-year change | -15.1% | - | - The company adheres to a "one store, one strategy" operating approach, closely following market trends and regional demands to continuously stimulate commercial vitality through proactive adjustments[35] - In H1 2025, the national mall tenant adjustment rate exceeded 10%, significantly boosting foot traffic and sales efficiency, with innovative marketing activities leading to substantial increases in foot traffic and sales[36][37] Residential Property Management Services Residential property management services revenue increased by 4.6% year-over-year to RMB 419.2 million, with GFA under management growing by 8.0% to 33.3 million square meters; the company enhanced service quality and efficiency through service model optimization and smart system upgrades, while expanding value-added services like housekeeping and cleaning Key Metrics for Residential Property Management Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 419.2 million | RMB 400.7 million | | Year-over-year change | +4.6% | - | | GFA under management | 33.3 million sq.m. | 30.785 million sq.m. | | Year-over-year change | +8.0% | - | | Projects under management | 203 units | 186 units | | Year-over-year change | +17 units | - | | Contracted GFA | 42.1 million sq.m. | 43.087 million sq.m. | | Year-over-year change | -2.3% | - | - The Group continuously enhances service quality and efficiency through optimizing service models, refining service details, improving organizational effectiveness, and upgrading smart systems[39] - Beyond basic property management, the Group continues to expand value-added services such as housekeeping, cleaning, home beautification, asset leasing, and community energy/health solutions to diversify profit sources[39] Outlook Facing evolving business environments and the rise of "Generation Z" consumers, SCE Commercial Management will deepen its "Three-Year Enhancement" plan, adapting strategies to local conditions to boost differentiated competitiveness, focusing on digital technology, high-quality commercial content, refined operations, and a "one store, one strategy" approach - 2025 marks a crucial year for SCE Commercial Management's "Three-Year Enhancement" plan, with a steady start and deepening implementation[41] - Operating strategies include continuous focus on local consumption trends, improving pre-leasing planning, deep operations with precise marketing, and cost reduction for efficiency gains[41] - For the second half of the year, the company will strengthen digital technology, maintain high-quality commercial content, persist in deep operations with increased investment, and advance its "one store, one strategy" differentiated operating approach[42] Financial Review This section reviews the Group's financial performance, including revenue, gross profit, other income, administrative expenses, income tax, and profit attributable to owners of the parent Revenue The Group's total revenue decreased by 5.5% from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period, primarily due to significant reductions in commercial property management and non-owner value-added services revenue, partially offset by growth in basic residential property management services revenue Revenue by Service Category | Service Category | H1 2025 (RMB in thousands) | % of Total | H1 2024 (RMB in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Subtotal commercial property management and operation services | 169,115 | 28.7 | 221,842 | 35.6 | | Subtotal residential property management services | 419,168 | 71.3 | 400,665 | 64.4 | | Total | 588,283 | 100.0 | 622,507 | 100.0 | - Total revenue decreased by approximately 5.5% from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period[43] Basic Commercial Property Management Services Revenue from basic commercial property management services decreased by 26.3% to RMB 99.1 million, primarily due to the termination of certain project contracts Revenue from Basic Commercial Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 99.1 | 134.4 | | Year-over-year change | -26.3% | - | | Percentage of total revenue | 16.8% | 21.6% | - The decrease in revenue was primarily due to the termination of property management contracts for certain projects during the period[45] Other Value-Added Services and Rental Income Other value-added services and rental income decreased by 19.9% to RMB 70.0 million, primarily impacted by the unfavorable economic environment Other Value-Added Services and Rental Income | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 70.0 | 87.4 | | Year-over-year change | -19.9% | - | | Percentage of total revenue | 11.9% | 14.0% | - The decrease in revenue was primarily due to reduced demand for other value-added services from tenants amidst an unfavorable economic environment[46] Basic Residential Property Management Services Revenue from basic residential property management services increased by 9.3% to RMB 388.7 million, primarily benefiting from an increase in GFA under management Revenue from Basic Residential Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 388.7 | 355.6 | | Year-over-year change | +9.3% | - | | Percentage of total revenue | 66.1% | 57.1% | - The increase in revenue was primarily due to an increase in GFA under management[47] Non-Owner Value-Added Services Revenue from non-owner value-added services significantly decreased by 91.8% to RMB 0.7 million, mainly due to substantial reductions in sales office management and pre-delivery inspection services revenue Revenue from Non-Owner Value-Added Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 0.7 | 9.0 | | Year-over-year change | -91.8% | - | | Percentage of total revenue | 0.1% | 1.5% | - The significant decrease in revenue was primarily due to substantial reductions in sales office management and pre-delivery inspection services revenue[48] Gross Profit Gross profit decreased by 13.0% from approximately RMB 209.1 million in H1 2024 to approximately RMB 182.1 million in the current period, with the overall gross margin declining from 33.6% to 30.9%, mainly due to reduced revenue from higher-margin value-added services Gross Profit and Gross Margin | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Gross Profit | 182.1 | 209.1 | | Year-over-year change | -13.0% | - | | Gross Margin | 30.9% | 33.6% | - The decrease in gross margin was primarily due to reduced revenue from value-added services, which typically have higher gross margins[49] Other Income and Gains Other income and gains decreased by 8.7% from approximately RMB 33.2 million in H1 2024 to approximately RMB 30.3 million in the current period, mainly due to reduced interest income Other Income and Gains | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Other income and gains | 30.3 | 33.2 | | Year-over-year change | -8.7% | - | - The decrease in other income and gains was primarily due to reduced interest income[50] Administrative Expenses Administrative expenses increased by 16.8% from approximately RMB 120.0 million in H1 2024 to approximately RMB 140.2 million in the current period, primarily due to increased impairment losses on trade receivables Administrative Expenses | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Administrative expenses | 140.2 | 120.0 | | Year-over-year change | +16.8% | - | - The increase in administrative expenses was primarily attributable to impairment losses on trade receivables[51] Income Tax Expense Income tax expense decreased by 19.7% from approximately RMB 34.7 million in H1 2024 to approximately RMB 27.9 million in the current period, with the percentage of income tax expense to profit before tax rising from 29.3% to 40.6% due to non-deductible impairment losses on trade receivables Income Tax Expense | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Income tax expense | 27.9 | 34.7 | | Year-over-year change | -19.7% | - | | Percentage of profit before tax | 40.6% | 29.3% | - The increase in the percentage of income tax expense was primarily due to impairment losses on trade receivables being non-deductible for tax purposes[52] Profit Attributable to Owners of the Parent Profit attributable to owners of the parent significantly decreased by 57.6% from approximately RMB 80.4 million in H1 2024 to approximately RMB 34.1 million in the current period, primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables Profit Attributable to Owners of the Parent | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Profit | 34.1 | 80.4 | | Year-over-year change | -57.6% | - | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - The decrease in profit was primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables[53] Amounts Due from Related Parties The Group's amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from 7.0% to 5.5% and the maturity date extended by two years to December 31, 2026 - Amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from 7.0% to 5.5%[54] - The loan maturity date has been extended by two years from December 31, 2024, to December 31, 2026[54] Liquidity, Financial and Capital Resources As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB, with no borrowings and a zero gearing ratio during the period Cash Position As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB Cash and Bank Balances | Currency | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | RMB | 1,195,574 | 1,254,600 | | HKD | 681 | 635 | | USD | 41 | 44,574 | | Total | 1,196,296 | 1,299,809 | Borrowings As of June 30, 2025, the Group had not incurred any borrowings - As of June 30, 2025, the Group had not incurred any borrowings (December 31, 2024: nil)[55] Gearing Ratio As of June 30, 2025, the Group's gearing ratio was nil - As of June 30, 2025, the gearing ratio was nil (December 31, 2024: nil)[56] Corporate Governance This section outlines the Group's adherence to corporate governance codes, including exchange rate risk monitoring, audit committee review, and director securities trading standards Exchange Rate Fluctuation Risk The Group's operations are primarily denominated in RMB, with no significant adverse impact from exchange rate fluctuations on operating results; no foreign currency hedging arrangements were made during the period, and exchange rate risk will continue to be closely monitored - The Group's operations are primarily denominated in RMB, and exchange rate fluctuations have no material adverse impact on operating results[57] - As of June 30, 2025, the Group had not entered into any foreign currency hedging arrangements and will continue to closely monitor foreign currency exchange rate fluctuation risks[57] Corporate Governance During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[58] Audit Committee and Review of Interim Results The Company's Audit Committee, comprising three independent non-executive directors, with Mr. Pang Hon Chung as Chairman possessing expertise in accounting and financial management, has reviewed the Group's accounting policies, interim financial statements, and interim results announcement - The Audit Committee comprises three independent non-executive directors: Mr. Pang Hon Chung (Chairman), Mr. Wong Wing Ping, and Mr. Ding Zuyu[59] - Mr. Pang Hon Chung, the Chairman of the Audit Committee, possesses considerable expertise in accounting and financial management[59] - The Audit Committee has reviewed the accounting policies adopted by the Group, the interim financial statements, and this interim results announcement[60] Standard Code for Securities Transactions by Directors The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, with all directors confirming strict compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[61] - All directors confirmed strict compliance with the standards set out in the Model Code throughout the period[61] Purchase, Redemption or Sale of the Company's Listed Securities During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[62] Interim Dividends The Board resolved not to declare any interim dividends for the period, consistent with the prior period - The Board resolved not to declare any interim dividends for the period (for the six months ended June 30, 2024: nil)[63] Publication of Interim Results and Interim Report This interim results announcement has been published on the Company's website and the Stock Exchange's website, with the interim report to be published in due course - This interim results announcement is published on the Company's website (www.sce-icm.com) and the Stock Exchange's website (www.hkexnews.hk)[64](index=64&type=chunk) - The Group's 2025 interim report, containing relevant information as required by the Listing Rules, will be published on the Company's and the Stock Exchange's websites in due course[64]