Core Viewpoint - The company emphasizes that cash flow is more important than profit, successfully recovering over 3 billion from related parties in the second half of 2024 [1][4]. Financial Performance - In 2024, the company reported total revenue of 36.22 billion, a year-on-year increase of 9.2%, while net profit decreased by 38.3% to 1.26 billion [1]. - Core net profit was 2.23 billion, down 4.8% year-on-year [1]. - The growth in revenue was driven by the development of circular business, which includes residential property services, property and facility management services, and BPaaS solutions, all showing over 10% growth [1]. Business Strategy - The company adopted a strategy prioritizing cash flow over gross profit, leading to the closure of non-cash flow supporting businesses, which resulted in a gross profit decline of approximately 300 million [2][3]. - The company has been actively reducing business dealings with developers since the second half of 2024 [2][3]. Accounts Receivable Management - As of mid-2024, accounts receivable from related parties reached 3.82 billion, prompting management to take swift action to mitigate risks [3]. - The company managed to recover over 3 billion in accounts receivable in the second half of 2024, including 1.8 billion in cash and 1.2 billion through asset offsets [4]. Industry Challenges - The company is facing ongoing industry challenges, including calls for reduced property management fees, prompting innovations like the "flexible pricing" mechanism introduced by competitors [5]. - The flexible pricing mechanism aims to adapt to the shift from new property services to existing property management contracts, focusing on service standards and outcomes [5][6].
万物云称现金比利润更重要，半年从万科等关联方收账超30亿