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深业运营的梦想与现实
3 6 Ke· 2025-09-19 03:08
Core Viewpoint - The article discusses the challenges faced by Shenzhen Holdings' property management subsidiary, Deep Industry Operations Group, in its pursuit of an IPO, highlighting its operational history, market conditions, and financial performance [1][2][3]. Company Overview - Deep Industry Operations Group was established in 1992 and has undergone several transformations and mergers, including a significant integration in 2017 with other property management companies [2][3]. - The company aimed to prepare for an IPO by restructuring its shareholder base and integrating various property management businesses [3]. IPO Attempts - Deep Industry Operations Group submitted its IPO application to the Hong Kong Stock Exchange on February 24, 2023, but faced multiple failures in subsequent submissions, leading to speculation that the company has abandoned its IPO ambitions [5][9]. - The company was considered to have missed the optimal window for IPOs, as the property management sector saw a decline in successful listings after a peak period from 2019 to 2021 [5][6]. Market Conditions - The property management industry has seen a significant drop in average price-to-earnings ratios, from 59 times in 2020 to just 9 times by the end of 2023, indicating unfavorable market conditions for new listings [6]. - As of 2024, only five other companies are in the IPO queue, reflecting a broader trend of reduced market activity in the sector [6]. Financial Performance - Deep Industry Operations Group reported revenues of 2.112 billion yuan in 2021, 2.348 billion yuan in 2022, and 2.712 billion yuan in 2023, with a projected revenue of around 1.41 billion yuan for the first half of 2024 [10]. - The company has a total managed area of approximately 8.05 million square meters, significantly higher than its peers, but its profitability remains a concern, with overall gross margins reported at 15.7% [8][11]. Profitability Challenges - The company’s gross margins are lower than those of its competitors, with a notable disparity between margins from related party services and independent third-party services [8]. - Despite a larger managed area, the company faces challenges in translating revenue growth into profitability, indicating a potential industry-wide issue of increasing revenue without corresponding profit growth [11].