Financial Performance - Total revenue rose by 9.0% to RMB 6,838.4 million, compared to RMB 6,274.8 million in the same period last year[2] - Gross profit increased by 14.2% to RMB 1,148.3 million, up from RMB 1,005.3 million in the previous year[2] - Net profit attributable to ordinary shareholders grew by 16.0% to RMB 737.5 million, compared to RMB 636.0 million in the same period last year[2] - Basic and diluted earnings per share were RMB 22.45 cents (approximately HK$24.51 cents), a 16.0% increase from RMB 19.35 cents (approximately HK$22.09 cents) in the previous year[2] - The company declared an interim dividend of HK$8.5 cents per share, a 54.5% increase from HK$5.5 cents per share in the same period last year[3] - Total revenue for the first half of 2024 increased by 9.0% year-over-year to RMB 6,838.4 million, driven by growth in property management services and residential value-added services[14] - Gross profit margin improved to 16.8% in 2024, up from 16.0% in 2023, with gross profit increasing by 14.2% to RMB 1,148.3 million[17] - Operating profit rose by 15.4% to RMB 995.4 million, supported by strict cost control measures and increased efficiency[17] - Revenue increased by 13.1% to RMB 252.9 million (2023: RMB 223.6 million)[19] - Net profit attributable to ordinary shareholders rose by 16.0% to RMB 737.5 million (2023: RMB 636.0 million)[19] - Revenue for the six months ended June 30, 2024, increased to RMB 6,838,434 thousand, up 9% from RMB 6,274,811 thousand in the same period in 2023[43] - Gross profit rose to RMB 1,148,288 thousand, a 14.2% increase compared to RMB 1,005,286 thousand in the previous year[43] - Net profit attributable to equity holders of the company grew to RMB 737,524 thousand, up 16% from RMB 635,961 thousand in 2023[43] - Total comprehensive income for the period reached RMB 748,882 thousand, a 15.7% increase from RMB 647,223 thousand in the prior year[44] - Basic and diluted earnings per share increased to RMB 22.45 cents, up 16% from RMB 19.35 cents in the same period in 2023[43] - The company's pre-tax profit for the six months ended June 30, 2024, was RMB 996.5 million, compared to RMB 863.6 million for the same period in 2023[52][54] - The company's pre-tax profit margin improved from 13.8% in 2023 to 14.6% in 2024[52][54] - Profit before tax for the six months ended June 30, 2024, was RMB 2,245,153 thousand, a decrease from RMB 2,653,472 thousand in the same period in 2023[59] - Income tax expense for the six months ended June 30, 2024, was RMB 252,871 thousand, with the majority coming from mainland China at RMB 238,309 thousand[60] - The company declared an interim dividend of HKD 8.5 cents per share, totaling approximately RMB 255,075 thousand, an increase from HKD 5.5 cents per share in 2023[62] - Basic earnings per share for the six months ended June 30, 2024, were RMB 737,524 thousand, up from RMB 635,961 thousand in the same period in 2023[63] Managed Area and Projects - The company's managed area increased by 21.2 million square meters or 5.3% to 422.7 million square meters as of June 30, 2024, with 46.7% of new projects coming from independent third parties, amounting to RMB 920.5 million in contract value[2] - Residential projects accounted for 65.1% of new orders, with a contract value of approximately RMB 926.5 million, while non-residential projects made up 34.9% with a contract value of RMB 708.9 million[2] - The proportion of managed area from independent third parties and non-residential projects stood at 40.8% and 30.4%, respectively, as of June 30, 2024[2] - The company's managed area increased by 21.2 million square meters or 5.3% to 422.7 million square meters as of June 30, 2024, compared to 401.5 million square meters at the end of 2023[10] - 46.7% of new projects were from independent third parties, with a contract value of approximately RMB 920.5 million[10] - Residential projects contributed 65.1% of the new area, with a contract value of RMB 926.5 million, while non-residential projects contributed 34.9%, with a contract value of RMB 708.9 million[12] - Managed area increased by 5.3% to 422.7 million square meters, with 40.8% from independent third parties and 30.4% non-residential[20] - The company has expanded its presence to 168 cities, with a total service area of approximately 422.7 million square meters and 2,118 managed properties[6] - The company has secured new contracts, including Beijing Hengyi Building, Beijing Tianyuan Xiangtai Building, and Xi'an Zhongmei Shaanxi Energy Chemical Park[6] - The company has established benchmark projects in 41 cities, with 53 projects evaluated across five property types[7] Property Management Services - Property management services under the lump-sum system accounted for 70.1% of total revenue, with a 14.9% increase to RMB 5,049.8 million[15] - Property management service revenue accounted for 75.5% of total revenue, increasing by 14.2% to RMB 5,165.9 million (2023: RMB 4,522.9 million)[23] - Revenue from fixed property management contracts under the lump-sum system accounted for 97.8% of segment revenue, with a 14.9% increase to RMB 5,049.8 million (2023: RMB 4,395.6 million)[25] - Gross profit margin for property management services under the lump-sum system increased to 13.5% (2023: 12.2%)[27] - Total gross profit for property management services rose by 20.1% to RMB 797.9 million (2023: RMB 664.4 million)[27] - Revenue from external customers for Property Management Services increased by 14.2% year-over-year, from RMB 4,522.9 million in 2023 to RMB 5,165.9 million in 2024[52][53] - Total revenue from customer contracts and other sources reached RMB 6,263,225 thousand, with property management services contributing RMB 4,522,927 thousand and non-residential services contributing RMB 1,055,992 thousand[57] Value-added Services - Non-resident value-added service revenue decreased by 13.7% to RMB 911.5 million (2023: RMB 1,056.0 million), accounting for 13.3% of total revenue[30] - Engineering services revenue under non-resident value-added services decreased by 16.5% to RMB 491.7 million (2023: RMB 588.7 million)[31] - Pre-delivery services revenue under non-resident value-added services decreased by 11.3% to RMB 299.1 million (2023: RMB 337.3 million)[31] - Non-resident value-added services segment gross margin increased to 14.1% (2023: 13.5%), with segment profit declining by 16.9% to RMB 89.0 million (2023: RMB 107.0 million)[33] - Resident value-added services segment revenue increased by 10.3% to RMB 687.4 million (2023: RMB 623.1 million), accounting for 10.1% of total revenue (2023: 9.9%)[34] - Resident value-added services segment gross margin slightly increased to 30.2% (2023: 29.3%), with segment profit rising by 12.3% to RMB 198.3 million (2023: RMB 176.5 million)[36] - Revenue from Value-added Services for non-resident customers decreased by 13.7% year-over-year, from RMB 1,055.9 million in 2023 to RMB 911.5 million in 2024[52][53] - Revenue from Value-added Services for resident customers increased by 10.3% year-over-year, from RMB 623.1 million in 2023 to RMB 687.4 million in 2024[52][53] Parking Space Sales - Parking space sales business revenue slightly increased by 1.1% to RMB 73.5 million (2023: RMB 72.7 million), with 1,254 parking spaces sold (2023: 898)[37] - For the six months ended June 30, 2024, the company reported total revenue of RMB 6,838.4 million, with Property Management Services contributing RMB 5,165.9 million, Value-added Services contributing RMB 1,598.9 million, and Parking Space Sales contributing RMB 73.5 million[52] Financial Position - Net current assets increased to RMB 4,006.7 million as of June 30, 2024 (December 31, 2023: RMB 3,565.6 million)[37] - Bank balances and cash decreased by 2.4% to RMB 5,005.3 million (December 31, 2023: RMB 5,130.7 million), with RMB accounting for 87.7% and HKD/MOP for 12.3%[37] - Short-term unsecured RMB borrowing increased to RMB 59.5 million (December 31, 2023: RMB 56.4 million), with a weighted average annual interest rate of 3.1%[37] - Total assets as of June 30, 2024, amounted to RMB 10,723,195 thousand, up 8% from RMB 9,930,865 thousand at the end of 2023[45] - Total equity attributable to equity holders of the company increased to RMB 4,596,217 thousand, up 11.5% from RMB 4,121,365 thousand at the end of 2023[46] - The company's cash and bank balances stood at RMB 5,005,287 thousand as of June 30, 2024, slightly down from RMB 5,130,660 thousand at the end of 2023[45] - Trade receivables and other contract assets increased significantly to RMB 3,311,220 thousand, up 33.4% from RMB 2,481,456 thousand at the end of 2023[45] - The company's total liabilities rose to RMB 6,813,407 thousand, up 6.6% from RMB 6,433,806 thousand at the end of 2023[45][46] - Trade receivables and other contract assets as of June 30, 2024, amounted to RMB 3,311,220 thousand, an increase from RMB 2,481,456 thousand as of December 31, 2023[65] - The aging analysis of trade receivables showed that 27.5% (RMB 960,496 thousand) were within one month, and 22.1% (RMB 771,313 thousand) were between one to three months[67] - Receivables from related parties totaled RMB 757,770 thousand as of June 30, 2024, with trade-related receivables from subsidiaries amounting to RMB 557,383 thousand[68] - Accounts receivable from direct holding companies increased to RMB 2,064,000 as of June 30, 2024, compared to RMB 1,941,000 as of December 31, 2023[69] - Accounts receivable from other related companies rose to RMB 109,496,000 as of June 30, 2024, up from RMB 90,682,000 as of December 31, 2023[70] - Accounts receivable from related parties (continued) increased to RMB 557,383,000 as of June 30, 2024, compared to RMB 458,139,000 as of December 31, 2023[71] - Trade payables grew to RMB 2,304,697,000 as of June 30, 2024, up from RMB 1,993,794,000 as of December 31, 2023[72] - Payables to related parties increased to RMB 61,902,000 as of June 30, 2024, compared to RMB 49,167,000 as of December 31, 2023[74] - Bank loans (unsecured) rose to RMB 59,538,000 as of June 30, 2024, up from RMB 56,359,000 as of December 31, 2023, with a weighted average interest rate of 3.1% per annum[75] Capital Expenditure and Commitments - Capital expenditure for the six months ended June 30, 2024, was RMB 103.6 million, primarily for renovations, vehicles, machinery, and software systems[39] - Capital commitments as of June 30, 2024, amounted to RMB 9.8 million, mainly related to joint venture equity investments and software system acquisitions[40] Employee and Operational Costs - The company employs approximately 40,178 staff and manages 403 retail property projects[6] - Total employee costs for the six months ended June 30, 2024, were approximately RMB 2,245.2 million (2023: RMB 2,653.5 million), with 40,178 employees (December 31, 2023: 43,012)[42] Share Repurchases and Dividends - The company repurchased and canceled 2,900,000 shares at a total cost of RMB 11,482,000 during the six months ended June 30, 2024[77] - An interim dividend of HK$0.085 per share was declared for the six months ended June 30, 2024, compared to HK$0.055 per share for the same period in 2023[79] - The company repurchased 2,900,000 shares on the Stock Exchange at a total cost of HK$12,362,100 (excluding fees) during the six months ended June 30, 2024[84] - The company repurchased a total of 2,900,000 shares at a total cost of HKD 12,362,100 (excluding fees) between March 27, 2024, and April 5, 2024[85] - The highest price per share during the repurchase period was HKD 4.47, while the lowest price was HKD 4.12[85] Corporate Governance and Reporting - The company's interim results for the six months ended June 30, 2024, are available on its website and the HKEX designated website[86] - The interim report will be sent to shareholders upon request[86] - The Board of Directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[87] ESG and Industry Recognition - The company has been recognized as the top-ranked enterprise in multiple industry rankings, including "2024 Property Management Listed Companies High-Quality Development Leading Enterprise TOP1"[8] - The company has been included in the MSCI Global Small Cap Index (China Region) and continues to be listed in the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs[8] - The company has achieved significant ESG recognition, including "2024 China Property ESG Sustainable Development Leading Enterprise NO.1"[8] - The company serves over 100 Fortune 500 companies and is a trusted partner for state-owned, central, and private enterprises[8] Strategic Focus and Market Expansion - The company is focusing on high-quality development and market-oriented strategies, aiming to integrate various service capabilities and enhance urban space operations[4] - The company has introduced intelligent cleaning robots and patrol robots in Hong Kong public housing projects, covering over 60% of hospitals under the Hospital Authority[6] - The company provides comprehensive property consulting services throughout the real estate development lifecycle, including product positioning and delivery support[7] - The company changed its presentation currency from HKD to RMB starting from the fiscal year ending December 31, 2023, with comparative figures restated as if RMB had always been the presentation currency[48] - The company adopted revised Hong Kong Financial Reporting Standards (HKFRS) during the period, including amendments to HKFRS 16, HKAS 1, and HKAS 7, with no significant impact on the financial position or performance[49] - The company operates in three main segments: Property Management Services, Value-added Services (including non-resident and resident sub-segments), and Parking Space Sales[50]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - China Overseas Property Management (中海物业) is a leading state-owned enterprise in property management, showing steady growth and expansion in scale [4][5]. - The company has demonstrated strong revenue and profit growth, with a compound annual growth rate (CAGR) of 25.4% in revenue and 38.7% in net profit from 2015 to 2023 [4][25]. - The company has a diversified business model focusing on property management services, with significant contributions from value-added services [19][20]. Summary by Sections Company Overview - China Overseas Property Management, established in Hong Kong in 1986 and listed in Hong Kong in 2015, is a top property management company in China, operating in 154 major cities [12][13]. - The company is controlled by China Overseas Group, which holds 61.18% of the shares [4][15]. Business Performance - In 2023, the company achieved a revenue of 130.5 billion yuan and a net profit of 13.4 billion yuan, with a stable gross profit margin of 15.9% [5][25]. - The management area increased to 400 million square meters in 2023, positioning the company among the top players in the industry [25][27]. Growth Strategy - The company is focusing on internal growth and external expansion, with a significant increase in third-party managed areas, which accounted for 40.5% of total managed areas by the end of 2023 [4][35]. - In 2023, the company added 1.1 billion square meters of new external contracts, marking a 32.8% year-on-year growth [35]. Financial Health - The company maintains a strong cash flow position, with a year-end cash and bank balance of 5.13 billion yuan, reflecting a 24.3% increase year-on-year [4][5]. - The operating cash flow has shown continuous improvement, indicating effective cost control and operational efficiency [4][5]. Future Projections - The report forecasts earnings per share (EPS) of 0.47 yuan, 0.55 yuan, and 0.63 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 10.1, 8.7, and 7.5 [6][5].

B 中海物業集團有限公司 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 〔 於 開 疊 群 島 註 冊 成 立 的 有 限 公 司 〕 股份代號：2669 ((+)) 我們 脂 ((e)) 3 x f 雷雷 I l 單 밥 ff un l احم NO i in t d (S FINIT t PPOST I Print i E Li A HIMT umm - P SP 1007 r n and the state of the state of the state of the state of the state of the states of the states of the states of the station of the states of the states of the state of the l -88 i (S l woman r 6 R 10 2 公司資料 管治 52 企業管治報告 85 董事及高級管理層 91 董事會報告 134 綜合損益表 135 綜合全面收益表 136 綜合財務狀況表 138 綜合權益變動表 140 綜合現金流量表 1 ...

2024年4月14日 公司研究 新签订单快速增长，人均效能持续提升 ——中海物业（2669.HK）动态跟踪 要点 买入（维持） 当 前价：4.19港元 事件：公司2023年营收同比+20%，归母净利润同比+23%。 中海物业发布2023年度业绩公告，实现营业收入130.5亿元，同比+19.7%（2022 年财务数据经追溯调整）；毛利20.7亿元，同比增长19.3%；实现归母净利润 作者 13.4亿元，同比增长22.8%；末期股息每股8.5港仙（2022年为8.0港仙）。 分析师：何缅南 执业证书编号：S0930518060006 点评：外拓积极，新签订单快速增长，优化人员结构，提升人均效能和经营效率。 021-52523801 hemiannan@ebscn.com 1)外拓积极，新签订单金额快速增长。公司凭借品牌优势和较好的服务口碑，在 第三方拓展市场积极发力，扩大经营规模，截至2023年末公司在管面积约4亿 联系人：韦勇强 平（第三方占比40.5%，同比提升7.7pct），年内新增在管面积8120万平方米， 021-52523810 合同金额约 70亿元（对比上年为 52 亿元），其中新增项目 70.6% ...

证券研究报告 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃02669.HK ＃中dy海Com物pa业ny＃ 港股通（沪、深） 买入 (维持） 市拓稳健增长，核＃心title＃业务盈利能力提升 ＃createTime1＃ 2024 年04月03 日 投资要点 ＃市场ma数rk据etData＃ ＃ sum公ma司ry＃ 2023年归母净利润表现略低于预期：2023年，公司实现收入130.5亿 日期 2024.04.02 元，同比增长19.7%；毛利率为15.9%，同比持平；归母净利润13.4亿元， 收盘价（港元） 4.60 同比增长22.8%，略低于我们的预期；全年每股派息14港仙，对应派息率为 总股本（亿股） 32.87 31%，派息维持稳定。 总市值（亿港元） 151  物业管理服务盈利能力持续提升：2023年，公司物业管理服务收入同比增长 净资产（亿元） 41.21 16.0%至94.1亿元，增速放缓主要因香港社区隔离设施停用令额外管理收益 总资产（亿元） 106.11 减少；若剔除该因素的影响，核心物业管理服务收入同比增长25.7%。公司 持续优化运营，提升人效，通过 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中海物业（2669）公司年报点评 2024年04月02日 [Table_InvestInfo] 投资评级 优于大市 维持 业务发展稳中向好，业态拓展量增质升 股票数据 [Table_Summary] 0[4Ta月b0le1_日S收to盘ck价I（nf港o]元） 4.33 投资要点： 52周股价波动（港元） 4.14-9.79 总股本（百万股） 3287 总市值（亿港元） 142  公司业绩积极向好，盈利能力稳中求进。2023年，公司整体收益同比上升 相关研究 19.7%至130.51亿元；整体毛利同比上升19.3%至20.70亿元；毛利率为 [《Ta协b同le发_R展e全p流or程tI能nf力o]，长期成长仍具空间》 15.9%，与2022年持平；公司股东应占溢利同比上升22.8%达13.43亿元。 每股基本及摊薄后盈利为40.84仙，同比增长22.8%；股东权益平均回报率 2023.10.26 《利润高质量增长，独立性不断增强》 为36.8%，较2022年下降2.2个百分点。 2023.08.28 《中海物业2022年年报点评：营收 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][6]. Core Insights - The company reported a 2023 revenue of 13.051 billion, reflecting a year-on-year growth of 19.7%, with a net profit of 1.343 billion, up 22.9% year-on-year [2][3]. - The revenue growth is attributed to an increase in managed area under the fixed-price model and growth in both residential and non-residential value-added services [3]. - The overall profitability remains stable, with a gross profit margin of 15.86% and a net profit margin of 10.22%, showing slight improvements from the previous year [3]. - The company has expanded its managed area by 8.12 million square meters, with a total managed area of 402 million square meters, marking a 25.4% increase year-on-year [3]. - The report highlights a shift in the structure of value-added services, with a slight pressure on profit margins due to changes in business composition [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 15.662 billion, 18.011 billion, and 20.352 billion respectively, with growth rates of 18.5%, 15.0%, and 13.0% [1][4]. - Net profit is projected to reach 1.608 billion, 1.861 billion, and 2.125 billion for the same years, with corresponding growth rates of 19.8%, 15.7%, and 14.1% [1][4]. - Earnings per share (EPS) are forecasted to be 0.49, 0.57, and 0.65 for 2024, 2025, and 2026 respectively [1][4]. Market Position - The company has increased its proportion of third-party projects, with independent third-party managed area rising to 40.5% from 32.8% in the previous year [3]. - The report notes that the company’s non-residential projects now account for 30.1% of its managed area, up from 24.5% [3]. - The company’s stock is currently priced at 4.33 HKD, with a market capitalization of 14.232 billion HKD [1][2].

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年业绩公告点评 当前价： 4.23港元 中海物业（2669.HK） 房地产 目标价： ——港元 管理规模稳步增长，增值业务多元化拓展 投资要点 西南证券研究发展中心 [T ab业le绩_S稳u步mm增a长ry，]高 收入与低成本推动毛利回升。2023年公司整体营收上升19.7% [分Ta析bl师e_：Au池th天or惠] 至 130.5亿元；毛利20.7亿元，同比增长19.3%；经营溢利上升24.4%至18.0 执业证号：S1250522100001 亿元，股东应占溢利增加22.8%至13.4亿元；销售及行政费用在业务量增长下 电话：13003109597 微跌 3.3%，主要由于公司加大分包力度并优化人员结构；期内公司管理规模持 邮箱：cth@swsc.com.cn 续提升，各业务不断增长，毛利率回升至 15.9%，其中物业管理、非住户增值 分析师：刘洋 及住户增值服务毛利率分别为15.0%/13.1%/26.1%。 执业证号：S1250523070005 电话：18019200867  物业管理服务稳 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 业绩增速略有放缓，但扩张仍保持积极 2024年03月27日 中海物业 (02669.HK) 买入 23年营收同比+20%，归母净利润同比+23%、低于市场预期。2023年，公司实现营业收入130.5 维持 亿元，同比+19.7%；毛利润20.7亿元，同比+19.3%；归母净利润13.4亿元，同比+22.8%，低 于市场预期；基本每股收益 0.41元，同比+22.8%；毛利率和归母净利率为 15.9%和10.4%，同 比分别持平和+0.3pct；ROE为36.8%，同比-2.2pct。公司业绩稳步增长，主要源于：1）公司在 市场数据：2024年03月26日 管项目及在管面积的稳定增长；2）毛利率保持稳定；3）非住户及住户增值服务的持续增长。此外， 收盘价（港币） 4.50 公司拟每股派发末期股息8.5港仙，全年合计派息14港仙，对应分红比例31%。 恒生中国企业指数 5,825 23年在管面积同比+25%，新增外拓同比+33%。2023年末，公司在管面积达 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中 海 物 業 集 團 有 限 公 司 ( 在開曼群島註冊成立的有限公司 ) (股份代號: 2669) 截至二零二三年十二月三十一日止年度 之全年業績公佈 財務摘要 自公佈二 零 二 三 年 全 年 業績開始，本集團財務報表之呈列貨幣 由港幣 改為人民幣。 * 因採納人民幣作為本集團財務報表之呈列貨幣而重新表述 1. 截至二零二三年十二月三十一日止年度，本集團所管理的建築面積（「在管面積」） 上升25.4%或81.2百萬平方米至401.5百萬平方米，其中，新增項目之70.6%來自獨 立第三方，相關合約額為人民幣4,002.2百萬元。而住宅項目及非住宅項目的 新增在管面積分別佔47.8%及52.2%，相關合約額分別約達人民幣4,023.1百萬元及 人民幣2,998.6百萬元。於二零二三年十二月三十一日，來自獨立第三方及非住宅 ...