Core Viewpoint - The company reported a revenue increase of 7.8% year-on-year for 2024, reaching approximately 4.232 billion yuan, with a significant focus on diversifying its service offerings and reducing reliance on related party transactions [1][3] Financial Performance - The company's revenue for 2024 was approximately 4.232 billion yuan, a 7.8% increase compared to the previous year [1] - Gross profit was about 793 million yuan, reflecting a 6.3% year-on-year increase, with a gross margin of approximately 18.7% [1] - Net profit reached approximately 334 million yuan, up 3.6% year-on-year, while profit attributable to equity shareholders was about 312 million yuan, an increase of 3.1% [1] Service Segmentation - Business properties accounted for 55.2% of total revenue, while public and industrial properties made up 14%, residential properties 16.3%, value-added services 13.5%, and other services 1% [1] - The gross margin for basic property management services was 17.8%, down 0.6 percentage points year-on-year due to increased competition in the external market [1] - The gross margin for value-added services was 19.3%, down 1 percentage point year-on-year, primarily due to a reduction in non-owner value-added services [1] Dividend and Contractual Agreements - The board proposed a final dividend of 6.28 HK cents per share, leading to a total annual dividend of 13.94 HK cents, a decrease of 26.6% year-on-year [2] - As of the end of 2024, the group had a contracted area of approximately 83.32 million square meters, an 8.6% increase from 2023, with managed area reaching about 72.20 million square meters, a 12.7% increase [2] Market Position and Strategy - The company secured 128 new third-party project property contracts in 2024, with a total contract value of approximately 1.882 billion yuan and an annualized contract value of 705 million yuan [2] - The company is focusing on expanding its presence in non-residential properties, with a significant portion of its managed properties located in major cities and economic zones [2][3] - The chairman noted a shift in the real estate industry towards refined stock operations, with opportunities and challenges for non-residential properties as companies adapt to market conditions [3]