金茂服务(00816) - 2025 - 中期财报

Company Overview Company Profile and Business Scope Grandjoy Services is a leading high-end property management and urban operation service provider in China, managing 623 projects across 70 cities with 108.5 million square meters GFA under management - Grandjoy Services is a rapidly growing high-end property management and urban operation service provider in China, ranking 13th among the top 100 property management enterprises and consistently topping China's high-end property service capability list for several years[6] - The company's business covers 70 cities across 24 provinces, municipalities, and autonomous regions in China, managing 623 property projects with a total GFA under management of approximately 108.5 million square meters[7][9] - Service types include residential communities, commercial properties (office buildings, shopping malls), and public properties (schools, government facilities), along with value-added services to non-property owners (sales assistance, consulting, smart park solutions, unit repair) and community value-added services (home beautification platform, community living, community space operation, real estate brokerage)[8] Company Information Basic Information and Board Composition This section outlines Grandjoy Services' fundamental company details and the composition of its Board of Directors and key committees Company Basic Information | Metric | Content | | :--- | :--- | | Company Legal Name | Grandjoy Property Services Development Co., Ltd. | | Stock Code | 00816 | | Listing Date | March 10, 2022 | | Principal Place of Business in China | 6/F, You'an International Building, No. 2 Xitieying Middle Road, Fengtai District, Beijing, China | | Registered Office | Units 4702-03, 47/F, Convention Plaza Office Tower, 1 Harbour Road, Wanchai, Hong Kong | - The Board of Directors includes Executive Directors Song Liuyi (Chairman), Li Yulong (CEO), Zhao Jinlong (CFO), Non-executive Directors Qiao Xiaojie, Gan Yong, and Independent Non-executive Directors Chen Jieping, Han Jian, Huang Chengs[10] - The company has established an Audit Committee, a Remuneration and Nomination Committee, and a Strategy and ESG Committee to ensure a sound corporate governance structure[10] Financial Highlights Consolidated Performance Overview Revenue grew 19.6% to RMB1,783.4 million for H1 2025, but margins declined, with profit attributable to owners up 3.1% Consolidated Results for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,783,388 | 1,491,371 | 19.6% | | Gross Profit | 401,592 | 366,447 | 9.6% | | Gross Profit Margin (%) | 22.5% | 24.6% | -2.1 percentage points | | Profit for the Period | 184,414 | 180,958 | 1.9% | | Net Profit Margin (%) | 10.3% | 12.1% | -1.8 percentage points | | Profit Attributable to Owners of the Parent | 178,759 | 173,436 | 3.1% | | Basic and Diluted Earnings Per Share (RMB) | 0.20 | 0.19 | 5.3% | Consolidated Financial Position Overview Total assets grew 5.0% to RMB4,809.9 million by June 30, 2025, with cash up 18.4%, but total equity and current ratio decreased Consolidated Financial Position as of June 30, 2025 | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,809,940 | 4,581,922 | 5.0% | | Total Equity | 1,618,661 | 1,771,424 | -8.6% | | Equity Attributable to Owners of the Parent | 1,555,968 | 1,714,386 | -9.2% | | Cash Resources | 1,662,606 | 1,403,692 | 18.4% | | Current Ratio (times) | 1.29 | 1.39 | -0.10 | Chairman's Report H1 2025 Review In H1 2025, the domestic real estate market continued structural adjustments, and the property management industry faced dual challenges of policy price caps and rising demand for high-quality services, leading Grandjoy Services to upgrade services with "MOCO Service System 2.0" and maintain industry-leading satisfaction - The domestic real estate market continued its structural adjustment, with policies continuously optimizing supply and promoting demand release, though overall confidence recovery still requires time[18] - The property management industry faces challenges from property fee price caps and increased owner expectations for high-quality, diversified, and smart services, accelerating industry consolidation[18] - Grandjoy Services' H1 revenue was approximately RMB1,783.4 million, a year-on-year increase of 19.6%; GFA under management was approximately 108.5 million square meters, up 10.6% year-on-year, with third-party managed area increasing to 55.5%[19] - The company adheres to a high-quality development strategy of 'balancing quality and prioritizing quality over quantity', with market expansion contract value of RMB160 million, over 95% located in first and second-tier cities, and successful expansion into high-end commercial and office projects[20] - By optimizing organizational structure, deepening lean management, and strengthening digital empowerment, the company enhances management effectiveness and operational efficiency[20] Outlook For the second half, Grandjoy Services will focus on financial health, quality improvement, sustainable development, and organizational efficiency upgrades, implementing measures like accelerated collections, cost reduction, service digitalization, and market expansion - In the second half, the focus will be on financial health, ensuring cash flow security through accelerated collections, addressing inefficient projects, and implementing extreme cost reductions[21] - Strengthen the quality foundation, enhance basic service quality, stabilize existing business performance, and accelerate digital efficiency improvements to deepen customer satisfaction[21] - Expand growth space, tap into community value-added businesses, and improve market expansion capabilities and contract conversion efficiency[21] - Promote organizational efficiency upgrades by streamlining and optimizing the organization, strengthening performance incentives, and accelerating talent development to enhance strategic execution[21] - Prioritize strengthening risk control, ensuring full achievement of annual targets, and promoting stable and sustainable company development[22] Geographical Coverage Geographical Distribution of Properties Under Management This section presents Grandjoy Services' geographical coverage by GFA under management and contracted GFA as of June 30, 2025, detailing its presence across various Chinese provinces and cities, primarily in East, North, South, Central, and Southwest China - The company's business covers multiple regions in China, including East China, North China, South China, Central China, and Southwest China, encompassing first-tier cities like Shanghai, Beijing, Guangzhou, and Shenzhen, as well as numerous new first-tier and second-tier cities[24] Management Discussion and Analysis Business Review This section reviews Grandjoy Services' three core business lines: property management services, value-added services to non-property owners, and community value-added services, noting rapid growth in managed area, a decline in non-owner services revenue, and modest growth in community services, with community space operation and interior decoration platform services performing strongly - The company operates three business segments: property management services, value-added services to non-property owners, and community value-added services, also providing urban operation services[27] - As of June 30, 2025, GFA under management was approximately 108.5 million square meters, an increase of approximately 10.6% compared to June 30, 2024[35] Property Management Service Revenue by Property Type | Property Type | 2025 Revenue (RMB thousand) | 2025 Share (%) | 2024 Revenue (RMB thousand) | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Residential Properties | 974,264 | 73.7 | 690,659 | 68.5 | | Non-residential Properties | 347,573 | 26.3 | 318,293 | 31.5 | | Total | 1,321,837 | 100 | 1,008,952 | 100 | GFA Under Management by Project Source | Project Source | June 30, 2025 Share (%) | June 30, 2024 Share (%) | | :--- | :--- | :--- | | Properties developed by China Jinmao Group and Sinochem Group and their subsidiaries | 44.5 | 49.5 | | Properties developed by independent third parties |