目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論與分析 | 6 | | 董事及高級管理層簡歷 | 19 | | 企業管治報告 | 25 | | 董事會報告 | 41 | | 獨立核數師報告 | 56 | | 綜合損益及其他全面收入表 | 61 | | 綜合財務狀況表 | 62 | | 綜合權益變動表 | 64 | | 綜合現金流量表 | 66 | | 綜合財務報表附註 | 67 | | 財務摘要 | 118 | 公司資料 董事會 執行董事 劉栩先生 （於2024年3月6日由非執行董事調任） 陳靜女士 非執行董事 姜孟軍先生 （主席） 武敏女士 （聯席主席） （於2024年3月6日由執行董事調任） 李巍女士 （於2024年3月6日獲委任） 張薇女士 董李先生 （於2024年3月6日辭任） 獨立非執行董事 曹麒麟先生 李正國先生 江智武先生 審核委員會 江智武先生 （主席） 李正國先生 張薇女士 （於2024年3月6日獲委任） 劉栩先生 （於2024年3月6日辭任） 薪酬委員會 曹麒麟先生 （主席） 李正國先生 武敏女士 提名委員會 姜孟軍先生 （主席） 李正國 ...

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price revised down by 4% to HK$2.67, reflecting lower earnings forecasts [1][8]. Core Insights - New Hope Services' FY24 revenue grew 17% YoY to RMB 1,480 million, exceeding CMBI estimates by 5%, driven by stable managed GFA growth and strong retail & catering services [1][8]. - Net profit increased by 5% YoY to RMB 230 million, aligning with the company's guidance, despite a decline in gross margin and a reduction in SG&A ratio [1][8]. - The company reported impressive third-party expansion, with new contract value reaching RMB 600 million, a 192% increase YoY, and expects FY25 third-party expansion to rise by 16% to RMB 700 million [1][8]. Financial Performance Summary - FY24 revenue: RMB 1,481 million, a 17.5% increase YoY [2]. - FY24 net profit: RMB 227 million, a 5% increase YoY [2]. - EPS for FY24: RMB 0.28, reflecting a 5.5% growth YoY [2]. - Average PM fee for new third-party projects rose by 51% to RMB 2.63, indicating a shift towards higher-end projects [1][8]. - The company expects a dividend yield of 9.6% in 2025E based on the current price [1][8]. Earnings Forecast - Revenue projections for FY25E: RMB 1,644 million, with a YoY growth of 11% [2][10]. - Net profit projections for FY25E: RMB 250 million, with a YoY growth of 10.4% [2][10]. - The gross margin is expected to decline to 29.5% in FY25E from 30.4% in FY24A [10][11]. Shareholder Structure - Golden Rose Developments holds a 66.9% stake in New Hope Services, indicating a strong controlling interest [4]. Market Data - Current market capitalization: HK$ 1,619.9 million [3]. - The stock is currently trading at a P/E ratio of 6.0x for FY25E [3][11]. Share Performance - The stock has shown a 1.5% decline over the past month and a 0.5% increase over the past three months [5].

Financial Performance - The group's revenue reached RMB 1,480.8 million, an increase of 17.5% compared to RMB 1,260.7 million in the same period of 2023[2] - The group's gross profit was RMB 450.0 million, a 2.2% increase from RMB 440.2 million in 2023[3] - Profit attributable to equity shareholders for the reporting period was RMB 226.8 million, up 5.5% from RMB 215.0 million in 2023[3] - The group reported a pre-tax profit of RMB 303,573,000 for 2024, compared to RMB 283,934,000 in 2023, indicating a growth of 6.6%[22] - The group’s gross profit for 2024 was RMB 450,042,000, compared to RMB 440,214,000 in 2023, showing a slight increase of 2.0%[22] - The net profit attributable to shareholders was RMB 226.8 million, an increase of 5.5% compared to the previous year[46] - Net profit rose by approximately RMB 15.3 million or 6.4% to about RMB 255.9 million for the year ended December 31, 2024[90] Revenue Breakdown - Property management services generated revenue of RMB 837.5 million, accounting for 56.5% of total revenue, up 29.4% from RMB 647.0 million in 2023[2] - The life services segment generated revenue of RMB 355.6 million, a 22.4% increase compared to RMB 290.6 million in the prior year[59] - The community life services contributed RMB 157.8 million, accounting for 44.4% of the life services revenue, with an 8.7% growth from the previous year[59] - Revenue from independent third-party developers was RMB 31,613.9 million, accounting for 37.8% of total revenue, with a year-on-year growth of 27.0%[56] - Property management revenue from the Southwest region amounted to RMB 38,864.7 million, accounting for 46.4% of total property management revenue, with a year-on-year growth of 26.7%[50] - The East China region generated RMB 30,674.3 million in property management revenue, representing 36.6% of total revenue, with a year-on-year growth of 25.2%[50] - Revenue from new first-tier cities reached RMB 42,344.0 million, accounting for 50.5% of total revenue, with a revenue growth of 44.9%[53] Expenses and Costs - Employee costs decreased to RMB 350,764,000 in 2024 from RMB 371,933,000 in 2023, a reduction of 5.7%[26] - Sales costs rose by approximately RMB 210.2 million or 25.6% to about RMB 1,030.7 million, outpacing revenue growth due to a higher contribution from property management services[75] - Administrative expenses decreased by approximately RMB 28.3 million or 16.8% to about RMB 140.2 million, attributed to improved management efficiency[85] Assets and Liabilities - The group's cash and cash equivalents amounted to RMB 1,057.8 million, down from RMB 1,145.3 million in 2023[5] - Non-current assets increased to RMB 453.6 million from RMB 409.5 million in 2023[5] - The net asset value of the group rose to RMB 1,328.3 million, compared to RMB 1,256.7 million in 2023[6] - Trade receivables increased by approximately RMB 131.3 million or 41.3% to RMB 448.9 million, driven by business growth and an increase in managed floor area[93] - Trade payables increased by approximately RMB 18.6 million or 9.6% to RMB 213.3 million, reflecting business expansion[96] Dividends - The total dividend for the year is RMB 0.159 per share, with a dividend payout ratio of 60%[3] - The company proposed a final dividend of RMB 0.076 per share, down from RMB 0.091 per share in the previous year[39] - The board proposed a final cash dividend of RMB 0.076 per share for the year ending December 31, 2024, compared to RMB 0.091 for the year ending December 31, 2023[121] Strategic Initiatives - The company aims to enhance its "Property+" strategy, focusing on commercial operations, group catering, and life services to drive revenue growth[67] - The company plans to deepen digital operations to improve efficiency and reduce costs, leveraging advanced information technology and AI tools[69] - The company has developed a modular service combination strategy, including "Property + Catering" and "Property + Commercial," to enhance customer engagement and expand service offerings[55] Market Position and Growth - The number of signed projects increased to 256, with a signed area of 39.0 million square meters, representing a growth of approximately 2.1%[3] - The total contract amount signed for various projects reached RMB 605 million, a significant increase of 192% year-on-year[46] - The number of properties under management increased to 242 as of December 31, 2024, representing a growth rate of 5.2% compared to 230 properties in 2023[49] - The total managed floor area reached 3,512.8 million square meters, an increase of 8.9% from 3,225.8 million square meters in 2023[49] Compliance and Governance - The audit committee has reviewed and agreed on the group's financial performance for the year ending December 31, 2024[125] - The external auditor, KPMG, has confirmed the figures in the preliminary announcement for the financial statements for the year ending December 31, 2024[125] - The company plans to hold its 2024 Annual General Meeting on June 16, 2025, ensuring compliance with regulatory requirements[120]

Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately RMB 709.0 million, an increase of 18.2% compared to the same period last year[9]. - The net profit attributable to shareholders for the same period was RMB 118.1 million, reflecting a growth of 7.9% year-on-year[9]. - Total revenue increased by RMB 109.2 million or approximately 18.2% from RMB 599.8 million for the six months ended June 30, 2023, to RMB 709.0 million for the six months ended June 30, 2024[29]. - The company reported a net profit of RMB 118,135 thousand for the six months ended June 30, 2024, compared to RMB 0 in the same period of 2023[87]. - The profit attributable to equity shareholders for the six months ended June 30, 2024, was RMB 118,135,000, an increase from RMB 109,499,000 in 2023, representing a growth of approximately 7.5%[36]. Revenue Breakdown - The company achieved a contract amount of RMB 353 million in the first half of 2024, exceeding the annual target of RMB 300 million, representing a growth of 227% year-on-year[10]. - The company’s revenue from Chengdu, Kunming, and Wenzhou accounted for 62.7% of total revenue, with managed floor area from these regions making up 57.1% of the total[9]. - Revenue from independent third-party developers reached RMB 15,442.6 million, accounting for 38.1% of total revenue, with a revenue growth of 54.8%[17]. - Revenue from new first-tier cities was RMB 20,366.8 million, representing 50.2% of total revenue, with a significant revenue growth of 42.5%[15]. - The living services segment generated revenue of RMB 170.4 million for the six months ended June 30, 2024, representing a 26.1% increase compared to RMB 134.0 million in the same period last year[19]. Cost and Profitability - Sales costs increased by approximately RMB 103.1 million or 27.6% to about RMB 476.7 million, outpacing revenue growth due to a higher contribution from property management services[33]. - Gross profit increased by RMB 6.1 million or 2.7% to RMB 232.3 million, with a gross margin decrease of 4.9 percentage points compared to the previous year[34]. - The gross margin for property management services decreased by 3.2%, primarily due to an increase in lower-margin third-party property management income[36]. - Operating profit increased to RMB 143,508 thousand, compared to RMB 135,227 thousand in the previous year, reflecting a growth of 6.5%[79]. Operational Efficiency - The management expense ratio decreased by 3.8 percentage points to 9.8%, and accounts receivable turnover days decreased by 6 days compared to the previous year[9]. - The company continues to focus on enhancing service quality and customer satisfaction to support its expansion strategy[17]. - The company aims to enhance digital capabilities to improve service quality and operational efficiency, targeting a digital satisfaction score of 86[28]. Market Expansion and Strategy - The company continues to focus on regional development strategies, particularly in Southwest and East China[9]. - The company plans to continue expanding its business scale through market development, strategic partnerships, and acquisitions, with a target signed contract amount of RMB 600 million for the full year 2024[25]. - The company successfully expanded its market presence by securing key projects in Chengdu and Kunming, enhancing its competitive edge in high-potential cities[17]. Corporate Governance and Shareholder Information - The company remains committed to maintaining high standards of corporate governance and has complied with all relevant codes during the reporting period[59]. - The company proposed an interim dividend of HKD 0.090 per share for the six months ending June 30, 2024, compared to HKD 0.073 per share for the same period in 2023, reflecting a 22.1% increase[70]. - As of June 30, 2024, major shareholders include Adventure Way Pte. Ltd. and Liu Yonghao, each holding 544,800,000 shares, representing 66.92% of the total equity[67]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,608,388 thousand, compared to RMB 1,551,223 thousand at the end of 2023, indicating an increase of 3.7%[82]. - Trade receivables increased by approximately RMB 178.8 million or 56.3% to RMB 496.4 million as of June 30, 2024, compared to RMB 317.6 million as of December 31, 2023, driven by business growth and an increase in managed floor area[47]. - Trade payables increased by approximately RMB 36.5 million or 18.7% to approximately RMB 231.2 million as of June 30, 2024, compared to approximately RMB 194.7 million as of December 31, 2023, due to business growth[49]. Future Outlook - Future strategies include continued market expansion and the development of new services to meet evolving customer needs[27]. - The company plans to continue expanding its market presence in key urban areas, particularly in the Chengdu-Chongqing area and East China[57].

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price of HK$2.79, indicating a potential upside of 60.1% from the current price of HK$1.74 [1][2]. Core Insights - The company's 1H24 earnings met expectations, with revenue and net profit increasing by 18% and 8% year-over-year, respectively. The gross profit margin (GPM) contracted to 32.8%, still above the industry average of over 20% [1]. - New contract value surged by 227% year-over-year in 1H24, driven by strategic resource leverage, with expectations for full-year new contract value to exceed RMB600 million [1]. - Catering services demonstrated cyclical resilience, contributing significantly to the profit of the owner value-added services (VAS) segment, which is expected to expand further [1]. Financial Performance - Revenue for 1H24 reached RMB709 million, driven by a 22% increase in managed gross floor area (GFA). Basic property management and owner VAS rose by 28% and 26% year-over-year, respectively [1][4]. - The GPM for the four segments declined due to intensified competition, but the net profit margin only declined by 1.6 percentage points to 16.7%, reflecting an 8% year-over-year increase in net profit [1][4]. - The company expects managed GFA to grow by 20% in FY24E, supported by the strong new contract value [1]. Segment Analysis - Catering services revenue grew by 45% year-over-year to RMB74 million, significantly boosting overall VAS revenue by 26% year-over-year [1][4]. - The number of catering projects increased to 25, contributing a record-high of 43% to owner-VAS revenue [1]. - Accounts receivable increased to RMB496 million, primarily due to seasonal factors and new contracts, but management indicated a return to normal levels [1][4]. Valuation Metrics - The company is currently trading at a P/E ratio of 5.5x for 2024E, compared to a target P/E of 8x, indicating potential for valuation expansion [1][5]. - The projected net profit for FY24E is RMB235.3 million, with an EPS of RMB0.29, reflecting a 9.4% year-over-year growth [3][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.79, unchanged from the previous target [1][3][4]. Core Insights - The company reported a revenue growth of 18% year-on-year for 1H24, with net profit increasing by 8%. Despite a contraction in gross margin to 32.8%, it remains significantly above the industry average of over 20% [1][2]. - The value of new contracts surged by 227% year-on-year, reaching RMB 353 million, attributed to strategic resource utilization and partnerships with state-owned enterprises [1][2]. - The resilience of the catering service segment was highlighted, with a 45% increase in revenue, contributing to a rise in the gross margin of value-added services (VAS) by 2.8 percentage points to 27.5% [2][3]. Summary by Sections Financial Performance - Revenue for 1H24 reached RMB 709 million, driven by a 22% year-on-year increase in managed gross floor area (GFA). Property management and owner VAS grew by 28% and 26% respectively, while commercial operations saw a 10% decline due to lost contracts [2][5]. - The gross margin decreased by 4.9 percentage points, but the net profit margin only fell by 1.6 percentage points to 16.7%, indicating effective cost management [2][6]. Business Segments - The catering service segment showed strong performance with a revenue increase of 45%, now accounting for 43% of the owner VAS, up from 37.2% in 2023 [2][6]. - The company expects the gross margin contribution from owner VAS to expand to approximately 30% by the end of 2024, despite challenging economic conditions [1][2]. Valuation - The company is currently valued at a P/E ratio of 5.5x for 2024E, with a target price based on an 8x P/E multiple, indicating potential upside [3][4][9]. - The report emphasizes the company's strong expansion pace and the cyclical resilience of its VAS, reinforcing the positive outlook [3][4].

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之任何損失承擔任何責任。 New Hope Service Holdings Limited 新希望服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3658） 截至2024年6月30日止六個月的中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------| | | | | | 中期業績摘要 | | 截至 | 2024 年 6 月 30 日止六個月，本集團業績如下： | | 1. | 本集團收入達人民幣 709.0 百萬元，較 2023 年同期收入人民幣 599.8 百萬元增加 | | | 18.2% 。 | | 2. | 本集團業務分佈收入如下： | | | 1) 物業管理服務實現收入人 ...

新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED : 3658 ( 於開曼群島註冊成立的有限公司 ) 股份代號 2023 新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code : 3658 2023 ANNUAL REPORT NEW HOPE SERVICE HOLDINGS LIMITED 新希望服務控股有限公 司 ANNUAL REPORT 2023 年報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論與分析 | 6 | | 董事及高級管理層簡歷 | 22 | | 企業管治報告 | 28 | | 董事會報告 | 45 | | 獨立核數師報告 | 61 | | 綜合損益及其他全面收入表 | 66 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 69 | | 綜合現金流量表 | 71 | | 綜合財務報表附註 | 72 | ...

28 Mar 2024 CMB International Global Markets | Equity Research | Company Update New Hope Services (3658 HK) 12% dividend yield with cash balance > mkt cap; Maintain BUY New Hope Services reported industry-average-level earnings with NP up 6% YoY in FY23. The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement. We like the company for its clear strategy, high business concentration, high dividend yie ...