Core Viewpoint - Binhai Service reported a revenue of approximately 3.594 billion yuan for 2024, representing a year-on-year increase of 28% [3] Financial Performance - Total revenue for 2024 was approximately 3.594 billion yuan, with property management service revenue at about 1.932 billion yuan, up 24.7%, accounting for 53.8% of total revenue [3] - Gross profit reached approximately 835 million yuan, a 20% increase year-on-year, with a gross margin of 23.2% [3] - Operating profit was approximately 705 million yuan, reflecting a 22.1% increase year-on-year [3] - Net profit attributable to equity shareholders was approximately 546 million yuan, an 11% increase year-on-year, with a net profit margin of 15.4% [3] Revenue Breakdown - Revenue from property management services provided to Binhai Group or its joint ventures was 947 million yuan, accounting for 49% of property management service revenue [3] - Revenue from independent property developers was 978 million yuan, a 26.1% increase from 2023 [3] - Revenue from property services outside Hangzhou was 570 million yuan, a 27.3% increase from 2023 [3] - Non-owner value-added services decreased by 2.7% to approximately 565 million yuan, while 5S value-added services increased by 61.7% to approximately 1.097 billion yuan [3] Operational Metrics - Average property management fee was approximately 4.1 yuan per square meter per month [4] - Managed area reached approximately 67.945 million square meters, a 23.9% increase year-on-year, with contracted area at approximately 92.866 million square meters, a 13% increase [5] - The management area in Hangzhou exceeded 43 million square meters, accounting for about 63.7% of total managed area [4] Strategic Focus - The company aims to expand primarily in the Yangtze River Delta region, leveraging its experience in high-end markets to increase market share [5] - Management emphasized the importance of quality in project selection and the need to respond to owner demands for service quality in relation to property fees [6] - Future expansion may focus on major cities such as Beijing, Shanghai, Hangzhou, Guangzhou, Chengdu, and Shenzhen [6]
滨江服务去年收入约35.9亿元，管理层：物业费收取应该质价相符