Financial Performance - The Group achieved operating revenue of approximately RMB3,292.9 million, representing a year-on-year decrease of 7.7%[15] - Profit attributable to equity holders of the Group was RMB323.5 million, representing a year-on-year decrease of 30.8%[17] - Excluding the hard decoration services, the Group achieved revenue of RMB3,269.3 million, representing a year-on-year increase of 13.3%[17] - Profit attributable to equity holders, excluding hard decoration services, amounted to RMB325.8 million, representing a year-on-year increase of 15.1%[17] - Total revenue for the Group was approximately RMB3,292.9 million for the year ended 31 December 2024, representing a decrease of approximately 7.7% from approximately RMB3,569.3 million for the year ended 31 December 2023[107] Revenue Breakdown - Revenue from property management services was approximately RMB1,781.1 million, representing a year-on-year increase of 25.6%[16] - Revenue from community value-added and synergy services was approximately RMB760.3 million, representing a year-on-year decrease of 44.7%[16] - Revenue from property management services for Xiamen C&D Group was RMB 1,145.8 million, accounting for 64.3% of total revenue, while revenue from independent third parties was RMB 635.3 million, making up 35.7% of total revenue for the year ended December 31, 2024[82] - Revenue from community value-added and synergy services decreased by approximately 44.7% to approximately RMB760.3 million for the year ended 31 December 2024, down from approximately RMB1,374.8 million for the year ended 31 December 2023[113] Operational Metrics - The Group's property management service satisfaction score was 94 out of 100, maintaining industry benchmark levels[23] - The overall collection rate for the Year was 93.7%, ensuring steady operations and sustainable development despite industry-wide challenges[27] - As of December 31, 2024, the Group's contracted GFA of property management services was 109.1 million sq.m., a year-on-year increase of 7.2%[30] - The GFA under management of property management services reached 75.5 million sq.m., representing a year-on-year increase of 22.9%[30] - The number of contracted projects increased to 703, up approximately 6.7% from 659 projects as of December 31, 2023[67] Strategic Initiatives - The Group is actively embracing technologies such as artificial intelligence and robotics to enhance service efficiency and quality[14] - The Group plans to strengthen project expansion by actively tracking high-quality M&A opportunities, leveraging upstream and downstream resources for sustainable project reserves[43] - The Group will accelerate digital transformation and smart property construction, including piloting AI-enabled customer services for improved responsiveness[49] - The Group aims to enhance service quality and customer satisfaction by implementing "Everyday Excellence" services and developing more "beacon" service projects[179] Challenges and Market Conditions - The economic environment remains challenging, with the Chinese economy facing slow demand recovery and structural contradictions[13] - The property management sector has entered a new normal of prioritizing efficiency and service quality amid macroeconomic fluctuations[14] Management and Leadership - Mr. Huang Danghui has over 26 years of experience in the property management business, having held various positions including project manager and general manager[196] - Ms. Qiao Haixia has over 24 years of experience in the property management sector and has been the chairperson of the board of C&D Property Service since February 2018[193] - Mr. Lin Weiguo served as the financial director of C&D International Investment Group from July 2013 to January 2016, and as the chief operating officer from March 2016 to March 2019[198] Future Outlook - By 2025, the Group aims to create higher-quality living spaces through a customer-centric approach and the implementation of "Everyday Excellence" services[42] - The Group's mission for 2025 is to create a better quality of living space while adhering to the strategy of improving quality, stabilizing operations, optimizing management, and innovating[179]

在这个政策性住房上我们还是持续的进行深耕那在厦门呢我们是拿到了像合措、零收、冰礼等多个标杆性的这个保障房跟安装房项目那整体的合同金额也达到了1.5亿元那持续稳固的我们在厦门的这个政策性住房的一个领先的地位那第二块呢是我们其实在去年年初的时候也加 跟我们集团内部兄弟单位的一个内部协同我们是跟建发合成还有建发建管是有建立了一个定期的一个沟通机制他们也会把他们在市场上看到的一些比较好的项目线索推荐给我们在2024年度我们也从中转化落地了1.9亿元的一个合同金额 也拓宽了一个优质项目的来源渠道这是第二块在我们整个管理规模外拓一些进展那第三块就是在这个我们这个多元化发展增值服务这个方面那去年呢对我们最重要的一个关键词就是聚焦那我们公司主要是把这个西端的业务做深化也投入了更多的资源 那在具体的这个细分赛道上来看的话,我们在家政服务上面是取得了比较长足的一个进步,那整体家政服务的营收是达到了1亿元,那同比增数是达到了28%,那具体来看的话,我们在家政服务的这个服务的品类上进行了一个扩充,那比如说像家政维修啊, 包括食材养护等这些高课单的产品品类,我们都是在2024年新引入的。同时呢,我们还把这个家庭服务延伸和拓展到外部的一 ...

据2024年业绩公告数据显示，建发物业2024年营收达到32.9亿元，增速为-8%，归母净利润达3.23亿元， 增速-31%。 进一步分析，建发物业2024年财务数据的下滑，主要是受公司"房屋硬装业务"的影响，该业务属于"非持 续型业务"，2025年起就不再产生收入；而资本市场则更为关注物企自身能提供持续造血能力的"持续型 业务"（如基础物管、增值服务、案场服务、商管业务等）的增长情况，因此，在分析报表的时候，应剔 除该业务的影响。 1、从营收看，2024年的硬装业务于营收中的占比快速下降：2024年，建发物业剔除硬装后的营收达32.7 亿元，增速为13%。从硬装的占比看，2023年硬装业务结转产生收入6.8亿元，占总营收比达19%；而 2024年，硬装业务仅结转了0.24亿元，占比仅1%，可见该业务对于营收的影响正在快速降低。 回顾2024年，物业行业告别了往昔的高速扩张，随着行业规模增速的持续放缓，不少企业主动收缩低效 项目，行业重心逐步转向"质价相符"。在此背景下，物企纷纷通过智慧化改造、弹性定价等策略，着力 提升服务的透明度与效率。 尽管2024年物业行业面临诸多考验，但资本市场依旧敏锐地捕捉到，物业 ...

截至2024年12月31日，公司的物业管理组合范围遍布中国16个省、直辖市及自治区的63个城市，包括北 京、上海、广州、深圳等一线城市，公司的合同建筑面积约为109.1百万平方米，其中在管建筑面积达 约75.5百万平方米。截至2024年12月31日，公司向逾455,000户家庭提供服务。 智通财经APP讯，建发物业(02156)发布截至2024年12月31日止年度业绩，集团收入人民币32.93亿元， 同比减少约7.7%;股东应占溢利3.24亿元，同比减少约30.8%;每股基本盈利0.24元;拟派末期息每股0.15港 元。 于2024年五月，公司荣获克而瑞物管及中物研协颁布的"中国物业服务力百强企业"称号并排名第16位， 较2023年提升9位。公司亦于2024年五月荣获克而瑞物管颁布的"中国物业管理上市公司20强"称号。公 司以"打造更有品质的生活空间，引领美好生活"为使命，公司期望成为"让客户放心，最值得信赖的公 司"。 建发物业(02156)发布年度业绩 股东应占溢利3.24亿 元 同比减少约30.8% 拟派末期息每股0.15港元 公司有四条主要业务线，即(i)物业管理服务;(ii)社区增值及协同服务;(i ...

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 3,292.9 million, a decrease of about 7.7% compared to RMB 3,569.3 million for the year ended December 31, 2023[2]. - The group's gross profit for the year was approximately RMB 706.7 million, down about 29.4% from RMB 1,001.5 million in the previous year, resulting in a gross margin of 21.5%, a decline of 6.6 percentage points from 28.1%[2]. - The group's net profit for the year was approximately RMB 327.9 million, a decrease of about 40.1% from RMB 547.3 million in the previous year, with profit attributable to equity holders of the company at RMB 323.5 million, down about 30.8%[2]. - Excluding the impact of the housing hard decoration business, the group's revenue, gross profit, and profit attributable to equity holders increased by approximately 13.3%, 6.8%, and 15.1% respectively compared to the previous fiscal year[2]. - The company's equity attributable to shareholders rose to RMB 1,762,216,000 in 2024, compared to RMB 1,726,141,000 in 2023, marking an increase of approximately 2.09%[6]. - The group reported a significant increase in inventory, which rose to RMB 63,750,000 from RMB 44,992,000, representing a growth of approximately 41.67%[5]. - The company's total income tax expense for 2024 was RMB 92,937 thousand, down from RMB 180,151 thousand in 2023, a reduction of 48.5%[35]. - Basic earnings per share for 2024 is RMB 0.24, down from RMB 0.35 in 2023, with net profit attributable to shareholders of RMB 323,477,000 compared to RMB 467,347,000 in the previous year[38]. Revenue Breakdown - Revenue from property management services was RMB 1,781,077,000 for 2024, up from RMB 1,418,002,000 in 2023, indicating a growth of about 25.5%[23]. - Revenue from commercial property management services decreased slightly to RMB 69,327,000 in 2024 from RMB 80,915,000 in 2023, reflecting a decline of approximately 14.4%[23]. - The contribution from major customers, specifically from Xiamen Jianfa and its affiliates, accounted for 36.3% of total revenue in 2024, up from 33.1% in 2023[24]. - Revenue from value-added services was RMB 450,509,000 in 2024, up from RMB 405,222,000 in 2023, representing an increase of about 11.2%[23]. - The total revenue from non-main value-added services was RMB 670,602,000 in 2024, down from RMB 707,149,000 in 2023, indicating a decrease of approximately 5.2%[23]. - Revenue from community value-added and collaborative services decreased to approximately RMB 760.3 million, a decline of about 44.7% from RMB 1,374.8 million[66]. - Revenue from non-core value-added services decreased by approximately 5.2% to RMB 670.6 million from RMB 707.1 million[67]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 3,685,838,000, compared to RMB 3,605,539,000 in 2023, reflecting an increase of approximately 2.22%[5]. - Total liabilities decreased from RMB 2,020,287,000 in 2023 to RMB 1,905,329,000 in 2024, indicating a reduction of about 5.69%[5]. - Non-current liabilities, including interest-bearing loans, decreased from RMB 18,250,000 in 2023 to RMB 9,000,000 in 2024, a reduction of about 50.67%[6]. - The asset-liability ratio as of December 31, 2024, is approximately 53.3%, compared to 51.8% as of December 31, 2023[85]. - Trade and other payables increased to approximately RMB 1,394.8 million, an increase of about 8.8% from RMB 1,282.3 million for the year ended December 31, 2023, mainly due to the expansion of property management scale[81]. Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.15 per share for the year, compared to HKD 0.16 per share in 2023, along with a special dividend of HKD 0.1 per share to celebrate the company's third anniversary[2]. - Proposed final dividend of HKD 0.15 per share, subject to shareholder approval, with an estimated total payout of approximately HKD 211.24 million based on 1,408,264,016 shares issued[100]. - Annual general meeting scheduled for May 23, 2025, to approve the proposed dividends[101]. Market and Business Strategy - The company plans to expand its market presence in China, focusing on enhancing community value-added services and commercial property management[8]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service portfolio[8]. - The company aims to further expand its property management service scale and increase its market share within the industry[53]. - The company emphasizes the importance of service quality and technological innovation as key drivers for competitive advantage in the property management industry[43]. Compliance and Governance - The consolidated financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the relevant disclosure requirements of the Hong Kong Companies Ordinance[10]. - The company has maintained high standards of corporate governance throughout the year, ensuring shareholder rights and transparency[105]. - The audit committee has reviewed the group's consolidated financial statements for the year[107]. Employee and Operational Insights - As of December 31, 2024, the company employs 15,835 staff, an increase from 15,087 staff as of December 31, 2023[95]. - The company provides credit terms ranging from 5 to 60 days for its smart community services, impacting cash flow management[28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, contributing to Jianfa Property's rapid growth in its core property management business [2][4]. - Jianfa Property's revenue for H1 2024 reached 1.6 billion RMB, reflecting a year-on-year growth of 16.7%, with net profit increasing by 11.0% to 190 million RMB [2]. - The company has a high-quality and concentrated portfolio of managed projects, with 90.6% of the managed area being residential, which supports the development of value-added services [3]. - Jianfa Property is actively expanding into non-residential property management, with 8 million square meters of contracts signed, contributing 19% to its property management revenue in H1 2024 [3]. Summary by Sections Company Performance - Jianfa Property's revenue growth rates for its core property management business from 2021 to 2023 were 31.1%, 36.6%, and 36.8%, respectively, with a continued growth rate of 31.4% in H1 2024 [2]. - The company is expected to maintain strong growth due to the ongoing delivery of quality projects from its associated real estate company [4]. Financial Projections - The projected net profit for 2024 is adjusted to 419 million RMB, with further estimates of 508 million RMB for 2025 and 586 million RMB for 2026 [4][5]. - The company's revenue is expected to grow from 3.577 billion RMB in 2024 to 4.294 billion RMB in 2025, reflecting a growth rate of 20.0% [5]. Market Position - Jianfa Property holds a strong market position in Fujian and surrounding areas, benefiting from a high management density and the rapid expansion of its associated real estate company [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by over 15% in the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, with significant sales and land acquisition activities, contributing to Jianfa Property's rapid growth in its core property management business [1][2]. - Jianfa Property's revenue for the first half of 2024 reached 1.6 billion RMB, reflecting a year-on-year growth of 16.7%, with net profit increasing by 11.0% to 190 million RMB [2]. - The company has a high-quality and concentrated portfolio of managed projects, with 90.6% of the managed area being residential, which supports the development of value-added services [3]. - Jianfa Property is actively expanding its non-residential property management, with 8 million square meters of contracts signed, contributing to 19% of its property management revenue in the first half of 2024 [3]. Financial Projections and Valuation - The company is projected to achieve a net profit of 420 million RMB in 2024, with an increase to 510 million RMB in 2025, and 590 million RMB in 2026, reflecting a strong growth trajectory [4][5]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 7 for 2025, indicating an attractive valuation given the company's growth prospects [4][5].

77.55亿平方米不足二三年的总体规模的三成所以我们看到各家的这个物企占比还是比较低的市场剩余的空间是足够大的物企仍然可以通过竞争啊并购啊等等方式去做大规模那我们看到基本上今年的这个市场上面啊所有的物企都反馈啊说在试拓环节有这个内卷竞争啊卷服务卷价格成为新常态 来介绍一下公司的情况第一块我会简单的带大家回顾一下我们2023年的一个我们电发物业一个基本的一个财务表现第二块我会介绍一下截至到11月末我们电发物业在整体管理规模以及我们Wirenetwork上的一些最新的进展首先是这个2023年的财务回顾2023年我们电发物业是实现了35.7亿元的一个营收 我们建发物业的合约面积是达到了1.08亿平方米贷款面积是7235万方我们目前在手头上还有接近3500万方的一个储备面积从物管费的整体情况来看的话截至到11月末我们的整体公司的平均物管费是达到了2块6毛7 在今年年初管理层在全年的这个拓展策略的改变是息息相关的那我们可能从今年开始包括未来的几年在拓展这一个方面呢我们会更加注重非住在非住当中呢我们会侧重于是产业园写字楼还有一些政府的办公楼这三大业态我们会持续的在这个非住领域进行深耕那从我们整个 相关的关系呢还是说是住宅 ...

房地产/房地产服务 公 司 研 究 建发物业（02156.HK） 2024 年 08 月 27 日 收入利润同比增长，业务多元结构合理 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/26 | | 当前股价 ( 港元 ) | 2.620 | | 一年最高最低 ( 港元 ) | 4.190/2.580 | | 总市值 ( 亿港元 ) | 36.90 | | 流通市值 ( 亿港元 ) | 36.90 | | 总股本 ( 亿股 ) | 14.08 | | 流通港股 ( 亿股 ) | 14.08 | | 近 3 个月换手率 (%) | 5.42 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 建发物业 恒生指数 数据来源：聚源 相关研究报告 《全年业绩实现同比高增，业务多元 化硕果累累—港股公司信息更新报 告》-2024.3.25 《资源优渥，品质先行，未来业绩增 长可期 —港股公司首次覆盖报告》 -2024. ...

业绩简评 2024 年 8 月 22 日，公司发布 2024 年上半年业绩：实现营业收入 16.02 亿元，同比+16.7%；归母净利润 1.91 亿元，同比+11.0%。 经营分析 营收、归母净利润稳定增长。公司营收、归母净利润高增基本 符合预期，但较高利润的房屋硬装业务存量较去年同期减少， 带来收入仅 1968 万元，降低营收与利润增速。公司 2024 年 H1 毛利率 25.2%，同比-0.4pct。 稳定型业务比重增加，收入结构优化。24H1 公司社区增值服务、 非业主增值服务、基础物管服务、商业运营管理四大业务的收入占 比分别为 22.5%、21.5%、53.6%、2.4%，较 23H1 分别-3.4pct、- 2.6pct、+6.0pct、+0.1pct。社区增值服务及非业主增值服务收入 占比有所下降，收入预期稳定的基础物管占比上升，营收结构进一 步改善。 管理面积规模扩大，浓度提升。截至 2024 年中期，公司合约面积 10530 万方，同比+12.0%，其中合约面积百万方城市达 20 个。在 管面积 6754 万方，同比+33.5%，其中一二线占比 66%，同比提升 4pct。 满意度及收缴率 ...