Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months with expected returns exceeding 15% [7]. Core Insights - The company has established a partnership with Otis Elevator to create a smart elevator management platform, focusing on post-market services and digital innovation [1][2]. - In 2023, the company reported revenues of 15.4 billion yuan, a slight increase of 0.4% year-on-year, but experienced a significant decline in net profit, which fell by 74.9% to 460 million yuan [2][3]. - The company is positioned in the first tier of the industry in terms of management scale, with a total managed area of 590 million square meters, of which 83.3% is from third-party clients [2][3]. Summary by Sections Financial Performance - Revenue for 2023 was 15,443 million yuan, with a growth rate of 0.4% compared to the previous year [3]. - Gross profit decreased to 2,646 million yuan, down 21.8% year-on-year, resulting in a gross margin of 17.1%, a decline of 4.9 percentage points [2][3]. - The net profit attributable to shareholders was 461 million yuan, reflecting a 74.9% decrease from the previous year [3]. Business Operations - The company has a balanced management portfolio across various sectors, with residential properties accounting for 42.4%, public buildings 46.0%, and commercial properties 11.6% of the managed area [2]. - The revenue from basic property management and value-added services grew by 7.8% and 0.6% respectively, while revenue from real estate-related value-added services dropped by 46.6%, now representing only 5.9% of total revenue [2]. Future Outlook - The company has adjusted its profit forecasts for 2024-2025, projecting net profits of 790 million yuan and 898 million yuan respectively, significantly lower than previous estimates [2][3]. - The expected earnings per share (EPS) for 2024-2026 are projected to be 0.56, 0.63, and 0.83 yuan, with corresponding price-to-earnings (P/E) ratios of 5.2, 4.6, and 3.5 [2][3].

Company Overview - The company is positioned as a high-end national integrated property management service provider, ranking second in the China Property Service Top 100 by the China Index Academy[5]. - The company aims to become a leading quality service operator in China, focusing on high-quality, full-scenario services across the entire industry chain[5]. - The company has four main business lines: property management services, owner value-added services, urban services, and external value-added services, covering all 31 provinces, municipalities, and autonomous regions in China[5]. - The company was successfully spun off from Agile Group Holdings Limited on February 9, 2018, becoming the first property management company in China to list H-shares through a red-chip spin-off[5]. - The company has established a balanced business layout covering residential, public buildings, and commercial offices[5]. Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 15,443 million, a slight increase from RMB 15,379 million in 2022[15]. - Gross profit decreased to RMB 2,646 million, resulting in a gross margin of 17.1%, down from 22.0% in the previous year[15]. - Net profit for 2023 was RMB 699 million, with a net profit margin of 4.5%, compared to RMB 1,935 million and 12.6% in 2022[15]. - Profit attributable to shareholders was RMB 461 million, significantly lower than RMB 1,840 million in 2022[15]. - Total assets increased to RMB 24,051 million from RMB 22,702 million year-over-year[16]. - Cash and cash equivalents rose to RMB 4,075 million, up from RMB 3,799 million in 2022[16]. - Return on equity decreased to 3.6% from 15.6% in the previous year[16]. Business Development and Strategy - The company is actively innovating and exploring value-added service ecosystems to enhance its service offerings[5]. - The company launched a new retail brand "Le Enjoy Hui," achieving daily sales exceeding RMB 1.6 million through innovative online and offline activities[19]. - Strategic cooperation was established with Longxin Technology Group to enhance energy management and smart city services[18]. - The company is focusing on sustainable core businesses and aims to enhance service quality and operational efficiency in the competitive property management market[27]. - The company plans to strengthen its digital operations and management by integrating financial and operational systems to improve cost control and efficiency[26]. Market Position and Recognition - The company was recognized as "TOP 2" in the 2023 China Property Service Hundred Strong Enterprises and ranked first in market expansion capability among listed companies[24]. - The brand value of the company surpassed RMB 21.2 billion[24]. - The company focuses on enhancing service quality and customer satisfaction, implementing various emergency measures during extreme weather events[24]. - The company actively participated in industry certifications to improve service standards and enhance owner satisfaction[24]. Employee and Governance - As of December 31, 2023, the group had 96,018 employees, with total employee costs amounting to RMB 6,183.9 million, an increase of 4.5% from RMB 5,917.5 million in 2022[70]. - The company has established a comprehensive training system for employees, including onboarding training and leadership training for management[84]. - The company promotes a competitive compensation system and a variety of employee benefits, including health insurance and holiday benefits[84]. - The company emphasizes its commitment to corporate governance and operational excellence through its experienced board members[93]. - The board is actively involved in strategic decision-making and risk management, ensuring robust oversight of company operations[91]. Risk Management - The company emphasizes the importance of effective risk management for sustainable development and long-term business success[139]. - The risk management committee has been established to oversee the design, implementation, and maintenance of the risk management system[140]. - A comprehensive risk management framework has been established, including risk management strategies, processes, and infrastructure[145]. - The internal control system is designed to provide reasonable assurance regarding the achievement of business objectives, rather than absolute assurance[139]. Environmental, Social, and Governance (ESG) - The company has implemented a comprehensive ESG management system, ensuring effective supervision and execution of ESG-related matters[82]. - The company is committed to enhancing its ESG performance and has published an independent ESG report in accordance with the Hong Kong Stock Exchange's disclosure regulations[87]. - The company actively participates in environmental protection activities, including tree planting and marine conservation, to fulfill its corporate social responsibility[85]. - The company has organized over 6,000 community activities by the end of 2023 to enrich cultural life and enhance community cohesion[83]. Shareholder Information - The proposed final dividend is expected to be paid on July 12, 2024, subject to shareholder approval at the 2023 Annual General Meeting[12]. - The company has established a revised dividend policy, where the payment and amount of dividends depend on operational performance, cash flow, financial condition, and other relevant factors[125]. - The company has confirmed the independence of all independent non-executive directors as per the Listing Rules[181]. - The company has a shareholder communication policy to ensure that shareholder views and concerns are properly addressed[156].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 4.20, indicating a potential upside of 28.8% from the current price of HKD 3.26 [2][6]. Core Insights - The company's 2023 performance fell short of expectations, with total revenue increasing by only 0.4% year-on-year to RMB 15.44 billion, which was 3.4% lower than Bloomberg consensus estimates. This was primarily due to a 47% decline in revenue from value-added services, impacted by the real estate market adjustment [1][5]. - The gross profit margin decreased by 4.9 percentage points to 17.1%, with all four business segments experiencing margin declines. The most significant drops were in owner/value-added services, which fell by 12.8 and 14.8 percentage points to 21.4% and 15.8%, respectively [1][5]. - Net profit plummeted by 74.9% year-on-year to RMB 460 million, significantly below market expectations, largely due to the decline in gross margins and a 107% increase in asset impairment losses [1][5]. - The company has proposed a final dividend of RMB 0.06, leading to a total annual dividend of RMB 0.085, with a payout ratio of approximately 26% [1][5]. Summary by Sections Financial Performance - Total revenue for 2023 was RMB 15.44 billion, a slight increase of 0.4% from 2022. The property management service revenue rose by 7.8% to RMB 10.81 billion, while value-added services revenue dropped by 46.6% to RMB 915 million [5][7]. - The adjusted core net profit for 2023 was RMB 1.55 billion, aligning closely with expectations despite the overall net profit decline [1][2]. - The company’s cash position at the end of 2023 was RMB 3.95 billion, approximately 0.9 times its market capitalization, suggesting limited downside risk for the stock price [2][6]. Business Outlook - The company is expected to reduce its reliance on cyclical value-added services, with projections indicating that such services will only account for 5-10% of total revenue in the future [1][2]. - The management area under third-party contracts remains robust, with a maintained proportion of approximately 83%, indicating lower dependency on related real estate companies compared to peers [1][2]. Future Projections - Revenue is projected to grow to RMB 17.44 billion in 2024, reflecting a year-on-year increase of 12.9%. The core profit is expected to rebound to RMB 1.39 billion, marking a significant recovery from the 2023 figures [3][7]. - The company anticipates a gradual improvement in profit margins, with the gross margin forecasted to stabilize around 17.3% in 2024 [7].

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的內容概不負責， 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 何部分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。 A-LIVING SMART CITY SERVICES CO., LTD. * 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3319） 截至2023年12月31日止年度全年業績公告 財務概要 | --- | --- | --- | --- | |-------------------------------------|----------------|-----------------------------|---------------| | | 截至 \n2023 年 | 12 月 31 日止年度 \n2022 年 | 變動 | | | | | | | 收入 （人民幣百萬元） | 15,443.4 | 15,378.6 | 0.4% | | 毛利 （人民幣百萬元） | 2,645.6 | 3,384.0 | -21.8% | | 毛利率 | 17.1 ...

A-LIVING SMART CITY SERVICES CO., LTD.* 雅生活智慧城市服務股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 股份代號：3319 阿護一生 溫暖一城 2023 中期報告 l (44) lis t } ci data hi nt A *僅供識別 企業使命 呵護一生 溫暖一城 雅生活智慧城市服務股份有限公司 2023年中期報告 1 | --- | --- | --- | --- | --- | --- | |-------|----------|-------|----------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | 價值觀 | | | | | 開放多元 | | 精益求精 | | | | | 同創共贏 | | 成就價值 | | | | | | | | | | | --- | --- | --- | |-------|-------------------------|-------| | | | | | | | | | | | | | | 企業願景 成為中國卓越的 | | ...

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的內容概不負責， 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。 A-LIVING SMART CITY SERVICES CO., LTD. * 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3319） 截至2023年6月30日止六個月中期業績公告 財務概要 | --- | --- | --- | --- | |---------------------------------------------------------|----------------|------------------------------|---------------| | | 截至 \n2023 年 | 6 月 30 日止六個月 \n2022 年 | 變動 | | | | | | | 收入 （人民幣百萬元） | 7,698.5 | 7,619.9 | 1.0% | | 毛利 （人民幣百萬元） | 1,573.6 | 2,052.6 | -2 ...

呵護一生 2022 溫暖一城 僅供識別 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股份代號：3319 年報 企業願景 成為中國卓越的 品質服務運營商 企業使命 呵護一生 溫暖一城 價值觀 開放多元 精益求精 同創共贏 成就價值 公司資料 公司概覽 雅生活智慧城市服務股份有限公司（「雅生活」或「本公司」，連同其附屬公司，統稱「本集團」）是定位中高端的全國 化綜合性物業管理服務商，位列中指院中國物業服務百強企業TOP 3。本集團以「成為中國卓越的品質服務運營 商」為企業願景，以領先全國的全業態、全場景、全鏈條服務能力，致力於為每一座城、每一個人締造幸福生活。 目前，本集團擁有物業管理服務、業主增值服務、城市服務及外延增值服務四大業務線，服務範圍覆蓋全國31個 省、直轄市和自治區，建立了涵蓋住宅、公共建築和商業辦公的均衡業態佈局。截至2022年12月31日止，本集團 合約總建築面積已增至約731.5百萬平方米，在管總建築面積已達約545.8百萬平方米。 2018年2月9日，本集團從雅居樂集團控股有限公司（「雅居樂控股」，連同其附屬公司，「雅居樂集團」）成功分拆， 成為中華人 ...

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的內容概不負責， 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 何部分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。 * A-LIVING SMART CITY SERVICES CO., LTD. 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3319） 截至2022年12月31日止年度全年業績公告 財務概要 截至12月31日止年度 2022年 2021年 變動 收入（人民幣百萬元） 15,378.6 14,080.1 9.2% 毛利（人民幣百萬元） 3,384.0 3,868.7 -12.5% 毛利率 22.0% 27.5% -5.5個百分點 淨利潤（人民幣百萬元） 1,934.9 2,565.6 -24.6% 淨利潤率 12.6% 18.2% -5.6個百分點 本公司股東應佔利潤 （人民幣百萬元） 1,839.6 2,308.5 -20.3% 每股基本盈利（人民幣元） 1.30 1.67 -22.2% 現金及現金等價物（人民幣百萬元） 3,799.3 4,390.5 -1 ...

A-LIVING SMART CITY SERVICES CO., LTD.* 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 3319 呵護一生 溫暖一城 中期報告 2022 僅供識別 企業願景 呵護一生 企業使命 溫暖一城 成為中國卓越的 品質服務運營商 價值觀 開放多元 精益求精 同創共贏 成就價值 公司概覽 雅生活智慧城市服務股份有限公司（「雅生活」或「本公司」，連同其附屬公司，統稱「本集團」）是定位中高端的全國化綜合 性物業管理服務商，位列中指院中國物業服務百強企業TOP3。本集團以「成為中國卓越的品質服務運營商」為企業願景， 致力為業主提供高品質、全場景服務，業務不斷延伸覆蓋全產業鏈，積極創新和探索增值服務生態圈。目前，本集團擁 有物業管理服務、業主增值服務、城市服務及外延增值服務四大業務線，服務範圍覆蓋全國31個省、直轄市和自治區， 建立了涵蓋住宅、公共建築和商業辦公的均衡業態佈局。截至2022年6月30日止，本集團合約總建築面積及在管總建築 面積已分別達到約706.5百萬平方米及約528.6百萬平方米。 2018年2月9日，本集團從雅居樂集團控股有限公 ...