Core Viewpoint - 2025 is expected to be a pivotal year for property services in Hangzhou and other major cities in China, as price controls are lifted and property prices rise, leading to increased consumer expectations for property services [1] Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of 3.595 billion RMB, representing a year-on-year growth of 28.0% [2] - Property management service revenue reached 1.932 billion RMB, accounting for 53.8% of total revenue, with a year-on-year increase of 24.7% [2][3] - Gross profit was 835 million RMB, up 20.0% year-on-year, with a gross margin of 23.2%, slightly down from 24.8% in 2023 [2][3] - Operating profit increased by 22.1% to 705 million RMB, while net profit attributable to equity shareholders rose by 11.0% to 547 million RMB [2] Service Segmentation - The "5S value-added services" revenue grew by 61.7%, increasing its revenue share from 24.2% in 2023 to 30.5% in 2024 [3] - Non-owner value-added services saw a slight decline of 2.7%, with a revenue share of 15.7%, down 5 percentage points from the previous year [3] Market Expansion and Strategy - As of December 31, 2024, the managed area reached 67.945 million square meters, a year-on-year increase of 23.9%, with contracted area growing by 13% to 92.866 million square meters [4] - The company is focusing on expanding into high-capacity cities, particularly in Hangzhou, while gradually exiting projects in lower-capacity areas that do not meet profitability standards [5][6] - The company aims to enhance service quality and customer satisfaction, which is expected to positively impact second-hand property prices [3][6] Organizational Optimization - In 2024, the company implemented organizational optimizations, including reducing management layers and establishing a centralized engineering center to improve service efficiency and reduce costs [5][6] - The management emphasized the importance of maintaining high-quality service projects to ensure healthy financial metrics [6]
直击业绩会｜滨江服务管理层：主动淘汰总评分较低的项目，未来会增加更需要高端物业服务的城市占比