Core Viewpoint - Sunac Services has reported a net loss for the third consecutive year, with a revenue decline and significant impairment provisions impacting its financial performance [1][4]. Financial Performance - In the fiscal year 2024, Sunac Services achieved a revenue of approximately 6.97 billion RMB, a slight decrease of 0.57% year-on-year [1][2]. - The gross profit for the year was about 1.53 billion RMB, down 8.4% from the previous year, resulting in a gross margin of approximately 21.9%, a decline of 1.9 percentage points [1][2]. - The net loss attributable to the company's owners was around 451 million RMB, compared to losses of 435 million RMB and 482 million RMB in the previous two years [1][4]. Impairment Provisions - The company attributed its losses primarily to increased impairment provisions for receivables from related parties, totaling approximately 763 million RMB for the year, with cumulative provisions reaching about 2.695 billion RMB [1][4]. - The net impairment loss on financial assets for 2024 was approximately 1.388 billion RMB, a significant increase of about 63.29% from 850 million RMB in 2023 [4]. Revenue Composition - Revenue from third-party sources has increased, accounting for approximately 68.01 billion RMB, or 97.6% of total revenue, indicating a reduced reliance on related parties [3]. - The property management and operation services segment grew by 3.6% to about 6.38 billion RMB, representing 91.5% of total revenue [2]. Operational Metrics - The managed area increased from 270 million square meters to 290 million square meters, a year-on-year growth of about 7.4% [2]. - The number of managed households rose to approximately 1.7 million, an increase of about 8% [2]. - The project renewal rate improved by 4 percentage points to around 95% [2]. Dividend Policy - Despite ongoing losses, the board proposed a final dividend of 0.143 RMB per share, totaling approximately 437 million RMB, which is 55% of the core net profit [3]. Challenges in Cash Flow - As of the end of 2024, the company's available cash decreased to approximately 4.069 billion RMB from about 4.436 billion RMB at the end of 2023, reflecting cash flow pressures [3]. Service Quality and Cost Issues - The gross margin for property management and operation services fell from 23.8% in 2023 to 20.9% in 2024 due to increased maintenance costs [6]. - The collection rate for property fees has declined, with a reported drop of 18% over the past 2-3 years, influenced by price control policies [7].
年报解读 | 融创服务“三连亏”：对关联方依赖降低，却仍陷计提“泥潭”