Core Viewpoint - Poly Property achieved a revenue of 16.34 billion RMB in 2024, representing a year-on-year growth of 8.5%, with a net profit of 1.47 billion RMB, up 6.8% year-on-year [2]. Group 1: Business Performance - The company adjusted its business structure, leading to improved operational efficiency. Revenue from property management, non-owner value-added, and community value-added services reached 11.67 billion, 1.96 billion, and 2.71 billion RMB respectively, with growth rates of +15.0%, -6.4%, and -3.9% [3]. - The basic property management business maintained steady growth due to continuous expansion in managed scale, while non-owner value-added and community services slowed down due to the contraction in the real estate sector [3]. - Management expenses decreased by 8.5% year-on-year, with the management expense ratio down by 1.2 percentage points, indicating effective cost structure optimization [3]. Group 2: Market Expansion and Cash Flow - As of the end of 2024, the company managed an area of 800 million square meters, with 65.4% from third parties, and a total of 2,821 projects under management [4]. - The company achieved a record high in new third-party project contract amounts, reaching 3 billion RMB, with significant contributions from major cities like Beijing, Guangzhou, and Shanghai [4]. - The company improved cash flow management, with a net operating cash flow of 2.3 billion RMB, covering net profit by 1.55 times, and declared a dividend of 1.332 RMB per share, a 33.5% increase year-on-year, with a payout ratio of 50% [4].

Core Viewpoint - Greentown Service (02869.HK) reported a revenue of 18.528 billion yuan for 2024, reflecting a year-on-year increase of 6.5%, with various segments showing mixed performance in revenue growth and profitability [1][3][4]. Revenue Summary - Total revenue for 2024 reached 18.528 billion yuan, up 6.5% year-on-year - Property service revenue was 12.401 billion yuan, a growth of 11.7%, accounting for 66.9% of total revenue - Park service revenue declined to 3.373 billion yuan, down 5.5%, representing 18.2% of total revenue - Consulting service revenue increased to 2.412 billion yuan, up 5.1%, making up 13.0% of total revenue - Technology service revenue fell to 341 million yuan, down 20.3%, contributing 1.9% to total revenue [3][4]. Profitability Summary - Gross profit for 2024 was 3.197 billion yuan, a 9.7% increase year-on-year, with a gross margin of 17.3%, up 0.5 percentage points - Property service gross margin was 13.7%, up 0.7 percentage points - Park service gross margin was 22.6%, up 1.1 percentage points - Consulting service gross margin was 24.9%, up 1.5 percentage points - Technology service gross margin was 39.3%, up 0.6 percentage points - Net profit reached 867 million yuan, a 21.1% increase year-on-year, with a net profit margin of 4.7%, up 0.6 percentage points [4]. Pricing and Project Management - The company achieved a price increase completion rate of 126% for the year 2024 - The company has raised the entry threshold for expansion, allowing entry into only 58 cities among national prefecture-level cities - In existing projects, the company has implemented a policy of not accepting projects below the original price, achieving premium acceptance in multiple existing projects [4]. Accounts Receivable - As of the end of 2024, trade and other receivables amounted to 5.577 billion yuan, a 9.1% increase from 5.114 billion yuan in the same period of 2023 - The growth in receivables is attributed to the increase in business scale, with the company enhancing the assessment and control of collections to accelerate the collection speed - Trade receivables grew by 13.6% year-on-year, while other receivables decreased [5].