Financial Performance - Revenue for the first half of 2024 reached RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period of 2023[6] - Gross profit for the first half of 2024 was RMB 1,610.1 million, with a gross margin of 20.46%, slightly down from 21.17% in 2023[6] - Net profit attributable to the company's owners for the first half of 2024 was RMB 846.0 million, up 10.8% from RMB 763.5 million in 2023[6] - Total revenue for the six months ended June 30, 2024, was approximately RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period in 2023, driven by the expansion of the company's management scale[31] - Gross profit for the six months ended June 30, 2024, was approximately RMB 1,610.1 million, a 6.5% increase from RMB 1,511.5 million in 2023, with the gross profit margin decreasing from 21.17% to 20.46%[34] - Net profit for the period increased by 10.0% to RMB 854.6 million, with a net profit margin of 10.9%, consistent with 2023[37] - Revenue for the six months ended June 30, 2024, was RMB 7,871.374 million, a 10.2% increase compared to RMB 7,141.206 million in the same period in 2023[71] - Gross profit for the six months ended June 30, 2024, was RMB 1,610.134 million, a 6.5% increase compared to RMB 1,511.517 million in the same period in 2023[71] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 845.958 million, a 10.8% increase compared to RMB 763.525 million in the same period in 2023[71] - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.54, an 11.6% increase compared to RMB 1.38 in the same period in 2023[71] - Total revenue for the six months ended June 30, 2024, was RMB 7.871374 billion, up from RMB 7.141206 billion in the same period in 2023[86] - Property management services revenue increased to RMB 5.593282 billion in 2024 from RMB 4.818132 billion in 2023[86] - Community value-added services revenue slightly decreased to RMB 1.249912 billion in 2024 from RMB 1.272451 billion in 2023[86] - Non-owner value-added services revenue remained stable at RMB 856.498 million in 2024 compared to RMB 852.603 million in 2023[86] - Profit before tax for the six months ended June 30, 2024, included employee costs of RMB 1,867,163 thousand, down from RMB 2,285,446 thousand in 2023[89] - Income tax expense for the six months ended June 30, 2024, was RMB 274,978 thousand, compared to RMB 256,363 thousand in 2023[90] - Basic and diluted earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to owners of the company of RMB 845,958 thousand, up from RMB 763,525 thousand in 2023[93] - The weighted average number of ordinary shares for calculating basic earnings per share was 548,776 thousand shares for 2024, compared to 551,995 thousand shares in 2023[94] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 16,407.3 million, an increase from RMB 14,877.3 million at the end of 2023[7] - The company's asset-liability ratio increased to 43.75% as of June 30, 2024, compared to 40.33% at the end of 2023[7] - The company's cash and cash equivalents stood at RMB 10,604.6 million as of June 30, 2024, slightly down from RMB 11,011.5 million at the end of 2023[7] - Cash and cash equivalents decreased by 3.7% to RMB 10,604.6 million as of June 30, 2024, due to investments in asset operations and value-added services[38] - Trade receivables and bills increased by RMB 1,239.6 million to RMB 3,580.2 million, driven by expanded management areas and increased project numbers[42] - Trade payables increased by 24.0% to RMB 2,492.0 million, reflecting the growth in outsourced services due to expanded management areas[44] - Accrued expenses and other payables increased by 18.2% to RMB 2,554.9 million as of June 30, 2024, primarily due to unpaid dividends of RMB 552.2 million[45] - The company had no borrowings or bank loans as of June 30, 2024[46] - Net cash generated from operating activities was RMB 426.7 million for the six months ended June 30, 2024, compared to a net cash outflow of RMB 2,012.7 million for the same period in 2023[46] - The company has no significant contingent liabilities as of June 30, 2024[50] - The company has used RMB 4,043.2 million of the net proceeds from its IPO, with RMB 1,175.0 million remaining unused as of June 30, 2024[48] - The company plans to use the remaining IPO proceeds for strategic investments, expanding value-added services, upgrading digital and intelligent management systems, and general corporate purposes by December 31, 2024[49] - The company has no significant post-balance sheet events after June 30, 2024[52] - The company did not declare an interim dividend for the six months ended June 30, 2024[54] - The company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2024[56] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[58] - The company implemented the first batch of restricted stock grants under the Restricted Stock Incentive Plan on April 26, 2022, with the second batch approved on January 20, 2023, and the first batch unlocked on May 13, 2024[58] - As of June 30, 2024, the total number of issued shares of the company was 553,333,400, consisting of 400,000,000 domestic shares and 153,333,400 H shares[62] - Wu Lanyu and Yao Yucheng were granted 116,800 and 81,400 restricted shares respectively under the Restricted Stock Incentive Plan, with 38,544 shares vested to Wu Lanyu during the period[62] - Brown Brothers Harriman & Co. held 11,251,574 H shares, representing 7.34% of the H shares and 2.03% of the total issued shares[64] - China International Capital Corporation Limited held 8,764,200 H shares as a long position and 6,642,000 H shares as a short position, representing 5.72% and 4.33% of the H shares respectively[64] - China Poly Group Corporation held 400,000,000 domestic shares, representing 100% of the domestic shares and 72.289% of the total issued shares[64] - Poly Development Holdings held 380,000,000 domestic shares as a beneficial owner, representing 95% of the domestic shares and 68.675% of the total issued shares[64] - FIL Limited holds a 40.44% interest in Pandanus Partners L.P., which in turn holds 8,414,800 H-shares in the company[66] - Jianxin (Beijing) Investment Fund Management Co., Ltd. holds a 38.20% stake in the State-owned Enterprise Structural Adjustment Fund, which holds shares in the company[66] - Poly Development Holdings is 37.69% owned by Poly Southern Group, which is a wholly-owned subsidiary of China Poly Group, and holds shares in the company[66] - Non-current assets increased significantly to RMB 1,290,414 thousand as of June 30, 2024, compared to RMB 649,188 thousand as of December 31, 2023, driven by a substantial rise in leased assets and investment properties from RMB 226,491 thousand to RMB 867,652 thousand[72] - Current assets slightly increased to RMB 15,116,920 thousand as of June 30, 2024, from RMB 14,228,069 thousand as of December 31, 2023, with cash and cash equivalents decreasing from RMB 11,011,462 thousand to RMB 10,604,566 thousand[72] - Current liabilities rose to RMB 7,100,934 thousand as of June 30, 2024, from RMB 5,921,304 thousand as of December 31, 2023, primarily due to increases in trade payables and accrued expenses[72] - Net current assets decreased to RMB 8,015,986 thousand as of June 30, 2024, from RMB 8,306,765 thousand as of December 31, 2023[72] - Total equity increased to RMB 9,228,381 thousand as of June 30, 2024, from RMB 8,876,534 thousand as of December 31, 2023, with retained earnings growing to RMB 3,755,414 thousand from RMB 3,461,683 thousand[73] - The company's profit for the period was RMB 763,525 thousand as of June 30, 2024, compared to RMB 845,958 thousand as of December 31, 2023[75] - Non-controlling interests increased to RMB 167,697 thousand as of June 30, 2024, from RMB 156,629 thousand as of December 31, 2023, reflecting additional investments from non-controlling shareholders[73] - The company recognized dividends of RMB 552,227 thousand as of June 30, 2024, compared to RMB 278,327 thousand as of December 31, 2023[75] - The fair value reserve decreased to RMB 0 as of June 30, 2024, from RMB 10,500 thousand as of December 31, 2023, due to the sale of equity instruments[75] - The company's share premium remained stable at RMB 4,535,479 thousand as of June 30, 2024, unchanged from December 31, 2023[75] - Operating cash flow for the six months ended June 30, 2024, was RMB 426.713 million, a significant improvement from a negative RMB 2.012682 billion in the same period in 2023[77] - Cash and cash equivalents at the end of June 2024 were RMB 10.604566 billion, up from RMB 6.895924 billion at the end of June 2023[77] - Investment activities used RMB 803.378 million in cash in 2024, a significant increase from RMB 8.135 million in 2023[77] - Financing activities used RMB 30.435 million in cash in 2024, down from RMB 43.259 million in 2023[77] - The company's total assets are located in China, with all revenue generated domestically[84] - The company applied revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on financial performance[82] - Other income and other gains/losses net amount for the six months ended June 30, 2024, was RMB 13,864 thousand, compared to RMB 47,419 thousand for the same period in 2023[87] - Government subsidies and tax incentives for the six months ended June 30, 2024, were RMB 12,301 thousand, a significant decrease from RMB 39,658 thousand in 2023[87] - The company declared and paid a dividend of RMB 552,226,733 for the year 2023, which was paid in July 2024[92] - Total cost of property, plant, and equipment acquired during the six months ended June 30, 2024, was RMB 16,820 thousand, down from RMB 40,649 thousand in 2023[97] - Right-of-use assets recognized during the six months ended June 30, 2024, amounted to RMB 25,240 thousand, compared to RMB 17,328 thousand in 2023[97] - The net book value of lease assets and investment properties as of June 30, 2024, was RMB 867,652 thousand, up from RMB 226,491 thousand as of December 31, 2023[98] - Intangible assets decreased to RMB 148,993 thousand as of June 30, 2024, from RMB 152,897 thousand at the beginning of 2023, primarily due to the sale of a subsidiary[99] - Inventory decreased to RMB 27,839 thousand as of June 30, 2024, from RMB 31,365 thousand at the end of 2023, with a significant reduction in parking spaces inventory[100] - Trade receivables increased to RMB 3,580,226 thousand as of June 30, 2024, from RMB 2,340,608 thousand at the end of 2023, driven by growth in property management and value-added services[101][103] - Cash and cash equivalents decreased to RMB 10,604,566 thousand as of June 30, 2024, from RMB 11,011,462 thousand at the end of 2023, with a significant portion held in licensed financial institutions[107][108] - Trade payables increased to RMB 2,492,001 thousand as of June 30, 2024, from RMB 2,009,076 thousand at the end of 2023, reflecting higher obligations to third parties[109][110] - Total liabilities increased to RMB 2,554,884 thousand as of June 30, 2024, compared to RMB 2,161,181 thousand as of December 31, 2023[111] - Contract liabilities for property management services increased to RMB 1,636,570 thousand as of June 30, 2024, up from RMB 1,422,361 thousand as of December 31, 2023[113] - Lease liabilities increased to RMB 119,174 thousand as of June 30, 2024, compared to RMB 111,703 thousand as of December 31, 2023[114] - The company's total share capital remained unchanged at RMB 553,333 thousand as of June 30, 2024[115] - Restricted stock incentive plan: 1,363,098 H shares were vested to 159 grantees during the six months ended June 30, 2024[116] - The weighted average fair value of restricted shares granted during the period was HKD 26.44 per share as of June 30, 2024[117] - The trustee held 3,509,702 restricted shares with a total value of RMB 117,734 thousand as of June 30, 2024[119] - Capital commitments for property, plant, and equipment decreased to RMB 4,033 thousand as of June 30, 2024, from RMB 5,606 thousand as of December 31, 2023[120] - Property management services revenue from Poly Development Holding Group decreased slightly to RMB 58.917 million in H1 2024 from RMB 59.230 million in H1 2023[122] - Non-owner value-added services (excluding rental income) revenue from Poly Development Holding Group increased to RMB 713.898 million in H1 2024 from RMB 661.307 million in H1 2023[122] - Community value-added services revenue from Poly Development Holding Group decreased to RMB 157.241 million in H1 2024 from RMB 220.463 million in H1 2023[122] - Trade receivables from Poly Development Holding Group increased significantly to RMB 700.293 million as of June 30, 2024, compared to RMB 422.405 million as of December 31, 2023[123] - Trade payables to Poly Development Holding Group increased to RMB 52.260 million as of June 30, 2024, from RMB 42.459 million as of December 31, 2023[123] - The fair value of the liability arising from the acquisition of Huachang Property was RMB 16.917 million as of December 31, 2023, using the discounted cash flow method for Level 3 fair value measurement[127] - The acquisition agreement for an additional 16.7% equity stake in Huachang Property was settled in January 2024[128] - The fair value of financial assets recognized in other comprehensive income as of January 1, 2023, was RMB 12,000 thousand, with a fair value change of RMB 1,111 thousand and a disposal of RMB (13,111) thousand[129] - The fair value of financial liabilities measured at fair value through profit or loss as of January 1, 2023, was RMB 16,917 thousand, with a payment of RMB (16,917) thousand by January 1, 2024[129] - No transfers between Level 1 and Level 2, or transfers into or out of Level 3, were recorded for the six months ended June 30, 2024, and the year ended December 31, 2023[129] - The carrying amount of financial assets and liabilities measured at amortized cost in the interim condensed consolidated financial statements is considered to approximate their fair value[130] Property Management Services - The company's contracted management area reached 949.9 million square meters, with an in-service management area of 756.8 million square meters as of June 30, 2024[3] - Revenue from property management services accounted for 71.0% of total revenue, reaching RMB 5,593.3 million, a 16.1% increase year-over-year[11] - Total contracted management area reached 949.9 million square meters in 2024, with third-party projects accounting for 63.2% (

2024 年 8 月 22 日 公司研究 业绩保持稳健增长，非住宅外拓力度强劲 ——保利物业（6049.HK）2024 年中期业绩点评 要点 事件：保利物业 2024H1 营收同比+10%，归母净利润同比+11%。 保利物业发布 2024 年半年度业绩公告，实现收入 78.7 亿元，同比增长 10.2%； 毛利 16.1 亿元，同比增长 6.5%；毛利率 20.5%（上年同期 21.2%）；归母净 利润 8.5 亿元，同比增长 10.8%；期末现金及现金等价物约 106 亿元，较 2023 年末减少约 4 亿元。 点评：收入增长符合预期，非住宅外拓力度强劲，贸易应收款增长较快。 1) 收入增长符合预期，业务结构优化。2024 年上半年，公司整体收入同比增长 10.2%，基本符合我们预期（我们在前期报告预测公司 2024 年全年收入同比增 速 12.5%），基础物管/社区增值/非业主增值业务收入 55.9 亿/12.5 亿/10.3 亿 元，同比+16.1%/-1.8%/-2.1%，基础物管收入占比同比提升 3.5pct 至 71.0%， 毛利占比提升 4.0pct 至 58.3%，抗周期波动能力进一步增强；社 ...

港股公司报告 | 公司点评 业绩平稳增长，践行"高质拓展"——保利物业 2024 年中报点评 事件：公司发布 2024 年中期业绩公告，公司 24 年上半年实现营业收入 78.71 亿元，同 比+10.2%；实现归母净利润 8.46 亿元，同比+10.8%；实现基本每股收益 1.54 元/股， 同比+ 11.4%。 业绩双位数增长，毛利率稳步提升 收入端，公司 24H1 年实现 78.71 亿元，同比+10.2%；其中，物业管理、非业主增值、 社区增值服务收入分别为 55.93、10.28、12.50 亿元，分别同比+16.1%、-2.1%、-1.8%。 利润端，公司 24H1 实现归母净利润 8.46 亿元，同比+10.8%。管理规模扩大支撑业绩稳 步增长。公司 24H1 整体毛利率 20.46%，较 23 年同期下降 0.71pct；物管、非业主、社 区增值服务毛利率分别为 16.79%、18.05%、38.85%，较 23 年同期分别-0.24、-1.53、 +0.73pct。公司 24H1 净利率 10.86%，较 23 年同期下降 0.02pct。费用管控方面，公司 24H1 销管费率较 23 年同 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5][11] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan for the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][5] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added services contributing 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2][3] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] Future Projections - The report projects net profits for 2024 and 2025 to be 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5]

[Table_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：25.25 港元 保利物业（6049.HK）房地产 目标价：——港元 业绩稳健增长，外拓量质同步提升 [Table_Summary 业绩稳健增长，盈利能力保持稳定。 ] 2024上半年保利物业实现收入 78.7亿元， 同比增长 10.2%；归母净利润 8.5 亿元，同比增长 10.8%。毛利率约 20.5%， 同比下降 0.71pp，其中物业管理服务毛利率 16.8%，同比下降 0.24pp；非业主 增值服务毛利率 18.1%，同比下降 1.53pp；社区增值服务毛利率 38.9%，同比 上升 0.73pp；净利率 10.9%与去年同期持平。 业务布局优化，外拓量质同步提升。2024上半年公司物业管理服务板块实现收 入 55.9亿元，同比增长 16.1%；其中来自第三方收入约 23.2亿元，占比 41.4%， 同比增加 0.5pp。公司合同管理面积与在管面积分别为 9.5亿平与 7.6亿平，其 中第三方项目占比分别为 63.2%和 64.9%。期内新拓展第三方项目的单年合同 金额约 ...

Investment Rating - The report maintains an "Outperform" rating for Poly Property Services (06049 HK) [1][3] Core Views - Poly Property Services achieved steady growth in H1 2024 with a 10% YoY increase in revenue to RMB 7 87 billion and an 11% YoY increase in net profit attributable to shareholders to RMB 850 million [1][4] - The company optimized its expansion structure focusing on core cities and non-residential sectors with new contract amounts reaching RMB 1 2 billion and RMB 1 07 billion respectively [1][6] - Community value-added services revenue stabilized at RMB 1 25 billion despite a 1 8% YoY decline with growth in specific segments such as community services (14 3% YoY) and property hosting services (100 2% YoY) [1][7] Financial Performance - In H1 2024 the company's gross margin was 20 5% down 0 7pct YoY while the net margin remained stable at 10 9% and the management expense ratio decreased by 1 0pct to 6 2% [1][4] - The company's revenue from property management services grew 16 1% YoY to RMB 5 59 billion while community value-added services revenue declined 1 8% YoY to RMB 1 25 billion [1][4] Expansion and Market Focus - As of H1 2024 Poly Property Services operated in 205 cities with 2 667 managed projects and 3 168 contracted projects covering a total contracted area of 950 million square meters [1][6] - The company focused on four core economic zones with new contract amounts in other cities declining by 40 5% YoY and their share decreasing by 10 5pct [1][6] - The commercial office sector accounted for 36% of new contract amounts up 12pct YoY while public service key segments accounted for 45 4% up 4 5pct YoY [1][6] Financial Forecasts - Revenue forecasts for 2024 and 2025 were revised down to RMB 17 billion and RMB 19 billion respectively due to a slowdown in the property management sector [1][8] - Net profit attributable to shareholders for 2024 and 2025 is expected to be RMB 1 57 billion and RMB 1 75 billion respectively with EPS of RMB 2 83 and RMB 3 17 [1][8] - The company's PE ratio is projected to be 7 4X and 6 6X for 2024 and 2025 respectively [1][8] Business Segments - Property management services remained the largest revenue contributor at RMB 5 59 billion in H1 2024 accounting for 71% of total revenue [1][4] - Community value-added services contributed RMB 1 25 billion in H1 2024 with growth in specific segments such as property hosting services (100 2% YoY) and home improvement services (3 2% YoY) [1][7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Views - The company, Poly Property (6049.HK), reported a revenue of 7.87 billion yuan for H1 2024, reflecting a year-on-year growth of 10.2%, and a net profit of 850 million yuan, up 10.8% year-on-year [4][7]. - Despite challenges in the upstream real estate sector and tightening public fiscal spending, the company demonstrated resilience with double-digit growth in revenue and profit [4][7]. - The company continues to strengthen its scale advantages, with managed and contracted areas reaching 9.5 billion and 7.6 billion square meters, respectively [4][7]. - The company is actively optimizing its service offerings, with a focus on community value-added services and non-owner value-added services, which have shown initial positive results [5][7]. Financial Summary - For H1 2024, the company maintained a stable net profit margin despite slight declines in gross margins for property management and non-owner value-added services [4][5]. - The projected revenue growth rates for the upcoming years are 10.0% for 2024, 14.5% for 2025, and 11.5% for 2026 [6][9]. - The net profit is expected to grow from 1.38 billion yuan in 2024 to 1.92 billion yuan by 2026, with corresponding EPS estimates of 2.84 yuan, 3.15 yuan, and 3.47 yuan for the same years [6][9]. - The company’s financial ratios indicate a stable gross margin of 19.6% and a net margin of 9.3% for 2024, with a projected ROE of 15.8% [9].

房地产 2024 年 08 月 20 日 라用》/ 笔記用> 报告原因：有业绩公布需要点评 市场数据：2024 年 08 月 19 日 收盘价 (港币)27.20 恒生中国企业指数6225.86 52 周最高/最低（港币）41.80/23.30 H 股市值（亿港币）150.51 流通Ｈ股（百万股）153.33 汇率 (人民币/港币)1.0914 -年内股价与基准指致对比走势 : 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 双力 (8621)23297818× dengli@swsresearch.com 申万宏源研究微信服务 -业绩稳增，费用改善、单价提升 投资要点： o 24H1 营收同比+10%，归母净利润同比+11%、符合市场预期，行政开支改善。2024H1， 公司实现营收 78.7 亿元，同比+10.2%；毛利润 16.1 亿元，同比+6.5%；归母净利润 8.5 亿元，同比+10.8%，符合市场预期；基本每股收益 1.54 元，同 ...

Investment Rating - The investment rating for Poly Property (06049.HK) is maintained at "Buy" [2][8] Core Insights - The company has demonstrated robust revenue and profit growth, with a double-digit increase in both metrics for the first half of 2024. The structure of value-added services is continuously optimizing, leading to improved profitability [2] - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 1.56 billion, 1.76 billion, and 1.98 billion yuan, respectively, with corresponding EPS of 2.82, 3.18, and 3.58 yuan. The current stock price corresponds to P/E ratios of 8.8, 7.8, and 7.0 times [2] Revenue and Profit Growth - In H1 2024, the company achieved revenue of 7.871 billion yuan, a year-on-year increase of 10.2%, and a net profit of 846 million yuan, up 10.8% year-on-year. The operating cash flow was 427 million yuan, with a gross margin of 20.46% [2] - The decline in gross margin is attributed to decreases in property management and non-owner value-added service margins [2] Property Management Performance - The property management revenue reached 5.593 billion yuan in H1 2024, reflecting a 16.1% year-on-year growth, with the revenue share increasing by 3.5 percentage points to 71.0% [2] - The total managed area and contracted area grew by 12.8% and 16.4% year-on-year, respectively, with third-party projects' share increasing to 63.2% and 64.9% [2] Value-Added Services - Non-owner value-added service revenue decreased by 2.1% year-on-year to 1.028 billion yuan, with a gross margin of 18.05%. However, engineering and other business revenues increased by 17.4% [2] - Community value-added income was 1.250 billion yuan, down 1.8% year-on-year, but the gross margin improved by 0.73 percentage points to 38.85% [2]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 7,871.4 million, an increase of 10.2% compared to RMB 7,141.2 million in the same period of 2023[4]. - Gross profit for the same period was RMB 1,610.1 million, up 6.5% year-on-year, with a gross margin of 20.46%, down 0.71 percentage points from 21.17% in 2023[4]. - Profit for the period was RMB 854.6 million, reflecting a 10.0% increase from RMB 776.8 million in the previous year, maintaining a net profit margin of 10.9%[4]. - The profit attributable to the company's owners was RMB 846.0 million, an increase of 10.8% compared to RMB 763.5 million in 2023[4]. - Basic earnings per share for the period were RMB 1.5415, representing an increase of 11.4% from RMB 1.3832 in the same period last year[4]. - The company reported a total comprehensive income of RMB 854.6 million for the period, compared to RMB 777.9 million in the same period last year[8]. - The company’s profit attributable to shareholders for the six months ended June 30, 2024, was RMB 845,958,000, representing an increase of 10.8% compared to RMB 763,525,000 for the same period in 2023[25]. - The company declared and paid an annual dividend of RMB 552,226,733 (including tax) for the year 2023, compared to RMB 278,326,700 (including tax) for 2022[24]. Revenue Breakdown - Revenue from property management services increased by 16.1% to approximately RMB 5,593.3 million, while non-owner value-added services and community value-added services saw decreases of 2.1% and 1.8%, respectively[4]. - Property management services generated revenue of RMB 5,593,282, up from RMB 4,818,132, reflecting a growth of 16.1% year-on-year[17]. - Non-owner value-added services, including project co-marketing services, contributed RMB 856,498, slightly up from RMB 852,603, indicating a marginal increase[17]. - Community value-added services revenue was RMB 1,249,912, down from RMB 1,272,451, showing a decrease of 1.7%[17]. - Revenue from third-party property management services was approximately RMB 2,317.8 million for the six months ended June 30, 2024, reflecting a year-on-year increase of about 17.7%, contributing 41.4% to total property management service revenue[48]. - Revenue from public and other properties was approximately RMB 1,435.4 million for the six months ended June 30, 2024, an increase of about 17.2% compared to the same period in 2023, accounting for 25.7% of total property management service revenue[51]. - Non-owner value-added services accounted for approximately 13.1% of total revenue, with the total revenue from these services amounting to RMB 1,028.2 million for the six months ended June 30, 2024[54]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 15,116.9 million, compared to RMB 14,228.1 million as of December 31, 2023[10]. - Current liabilities increased to RMB 7,100.9 million from RMB 5,921.3 million at the end of 2023[10]. - The company's net assets attributable to owners increased to RMB 9,060.7 million from RMB 8,719.9 million at the end of 2023[11]. - The total trade receivables as of June 30, 2024, amounted to RMB 3,580,226,000, an increase from RMB 2,340,608,000 as of December 31, 2023[30]. - The company's trade receivables from third parties increased to RMB 2,892,176,000 as of June 30, 2024, compared to RMB 1,923,291,000 as of December 31, 2023, reflecting a growth of 50.4%[30]. - The total amount of prepayments, deposits, and other receivables as of June 30, 2024, was RMB 908,933,000, up from RMB 848,964,000 as of December 31, 2023[33]. - The company's trade payables increased to RMB 2,492,001,000 as of June 30, 2024, from RMB 2,009,076,000 as of December 31, 2023, reflecting a growth of 24.0%[36]. - Cash and cash equivalents were approximately RMB 10,604.6 million, a decrease of about 3.7% from approximately RMB 11,011.5 million as of December 31, 2023[70]. Employee and Operational Costs - Employee costs, including salaries and bonuses, amounted to RMB 1,565,935, down from RMB 1,950,404, reflecting a decrease of 19.7%[21]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 1,867.2 million, with a workforce of 31,840 employees[83]. - Administrative expenses totaled approximately RMB 489.9 million, a decrease of about 5.1% from approximately RMB 516.3 million in the same period last year, representing about 6.2% of total revenue[68]. Strategic Focus and Future Plans - The company continues to focus on property management and community value-added services as its primary business segments, with all revenue generated from operations in China[16]. - The company plans to enhance service efficiency and maintain competitive advantages through a focus on product strength, service capability, organizational strength, and cost efficiency[57]. - The company aims to deepen market penetration in core cities and improve service capabilities in key sectors such as urban scenic areas and commercial properties[58]. - The company is committed to optimizing service quality through a three-dimensional standardization approach, enhancing customer satisfaction and operational efficiency[60]. - The company will implement lean management innovations focusing on cost control, organizational transformation, and technology efficiency improvements[61]. Tax and Compliance - The company did not make any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong for the six months ended June 30, 2024[22]. - The audit committee has reviewed the financial statements for the six months ended June 30, 2024, ensuring compliance with accounting principles and internal controls[86]. Investments and Proceeds - The company has approximately HKD 1,175.0 million of unutilized net proceeds, which will be allocated according to the announced purposes and proportions[81]. - 18.5% of the net proceeds (approximately HKD 965.4 million) is planned for strategic investment opportunities, including acquisitions and expanding property management and value-added services[81]. - 62.5% of the net proceeds (approximately HKD 3,261.4 million) is allocated for further developing value-added services related to community, commercial, and urban management[81]. - 9.0% of the net proceeds (approximately HKD 469.6 million) is designated for upgrading the company's digital and intelligent management systems[82]. Governance and Management - The company has adopted a restrictive stock incentive plan aimed at improving governance and retaining core employees[89]. - The company has no significant contingent liabilities as of June 30, 2024[82]. - The company continues to monitor foreign exchange risks, primarily related to its operations in RMB[82]. - The board of directors includes executive director Ms. Wu Lanyu and non-executive directors Mr. Liu Ping and Mr. Huang Hai[91].