Company Overview - As of December 31, 2021, the total contracted management area was approximately 1,437.9 million square meters, with a fee-based management area of about 765.7 million square meters[6]. - The company managed a total of 6,046 property projects, covering over 370 cities in China and overseas, serving approximately 7.42 million households and businesses[6]. - The company has established a comprehensive property management and service system, certified by ISO quality, environmental, and occupational health and safety management systems[6]. - The total area under management reached approximately 1,437.9 million square meters, with a paid management area of about 765.7 million square meters as of December 31, 2021[47]. Financial Performance - The company achieved a revenue of approximately RMB 28,843.0 million for the year ended December 31, 2021, representing an increase of 84.9% compared to 2020[36]. - Gross profit for the year was approximately RMB 8,864.0 million, a year-on-year growth of 67.3%[36]. - Net profit reached approximately RMB 4,349.5 million, up 56.4% from the previous year[36]. - Profit attributable to shareholders increased by 50.2% to approximately RMB 4,033.4 million, compared to RMB 2,686.1 million in 2020[36]. - Basic earnings per share were RMB 128.42, reflecting a growth of 31.6%[36]. - The company proposed a final dividend of RMB 29.95 per share, a year-on-year increase of approximately 36.9%[36]. Revenue Breakdown - Property management service revenue was approximately RMB 13,793.9 million, with a year-on-year increase of about 60.3%, accounting for approximately 47.8% of total revenue[47]. - Community value-added service revenue was approximately RMB 3,327.6 million, achieving a year-on-year growth of about 92.2%, and its proportion of total revenue increased to approximately 11.5%[49]. - Urban services revenue was approximately RMB 4,529.0 million, covering over 150 cities[54]. - Non-owner value-added service revenue reached approximately RMB 2,675.1 million[51]. Strategic Initiatives - The company aims to become a leading urban governance public service integrator, focusing on high-quality urban development through its "City Coexistence Plan"[7]. - The company has established a complete product system with 20 sub-products across three areas: urban community governance, urban space operation, and municipal services, responding to government demands for refined urban management and digital integration[39]. - The company has launched nearly 200 new laundry service stores in 2021, expanding its community life service offerings[43]. - The company has initiated a "Happiness Workplace" program, conducting a survey covering over 80,000 employees to enhance employee satisfaction and well-being[40]. Acquisitions and Growth - The acquisition of Jiabao Services involved a total cash consideration of RMB 5,432,323,192, equivalent to HKD 6,472,059,560[102]. - The acquisition of Fullbright Global was completed with a cash payment of RMB 5 billion, with potential additional payments up to RMB 20 billion and RMB 30 billion based on future conditions[103]. - The company is actively expanding its property management services through strategic acquisitions in the market[103][104]. Corporate Governance - The company has adopted and complied with all applicable provisions of the corporate governance code effective during the year[119]. - The board consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors[122]. - The company emphasizes the importance of diversity in its board composition, considering factors such as gender, age, and professional experience[139]. - The company has established various committees including the remuneration, audit, nomination, and environmental, social, and governance committees to enhance corporate governance[134]. Risk Management - The company has established a risk management information database to improve the accuracy and applicability of risk identification[159]. - The risk management process includes risk identification, analysis, response, evaluation, and tracking, ensuring continuous monitoring and management of risks[159]. - The company conducted a comprehensive risk assessment for 2021, focusing on the impact of COVID-19 and domestic economic policy changes, updating the top ten risks accordingly[160]. Sustainability and ESG - The company has maintained an ESG rating of A from MSCI since November 2019, reflecting its commitment to sustainable practices[8]. - The Environmental, Social, and Governance (ESG) committee was established in August 2020, focusing on the group's ESG responsibilities and performance evaluation[143]. - Future guidance includes a focus on sustainability initiatives, with a commitment to reduce carbon emissions by 30% over the next five years[113]. Employee Engagement - The group organized various online and offline training sessions in 2021, with approximately 1.4 million participants and a total of 120,000 hours of training[100]. - The company has a strong focus on human resources and value-added services in driving business growth[110]. Market Position and Recognition - The company has been recognized as a leading property service provider, receiving multiple awards, including the "Top 1 Listed Service Company in China" in 2021[6]. - The company was included in the Hang Seng Index constituents on June 7, 2021, strengthening its position in the international capital market[8].
碧桂园服务(06098) - 2021 - 年度财报