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Yuexiu Services’ revenue in 2023 will increase by 29.7% year-on-year to 3.224 billion yuan, with outstanding performance in community value-added services

Yuexiu Services’ revenue in 2023 will increase by 29.7% year-on-year to 3.224 billion yuan, with outstanding performance in community value-added services


On March 18, Yuexiu Service Group Co., Ltd. (06626.HK, hereinafter referred to as “Yuexiu Service”) released its 2023 annual results. Annual report data shows that Yuexiu Services will achieve operating income of RMB 3.224 billion in 2023, a year-on-year increase of 29.7%; profit attributable to shareholders is RMB 487 million, a year-on-year increase of 17.0%; basic earnings per share are RMB 0.32, and final dividend is RMB 0.079/ shares, together with the interim dividend, the full-year dividend will be RMB 0.160 per share, and the full-year dividend payout rate will be 50%.

Judging from various performance indicators and operating results in the performance report, Yuexiu Services will continue to expand its management scale in multiple dimensions and deepen its value-added service platform in 2023. Indicators such as revenue and profit attributable to shareholders have maintained a good growth trend, with endogenous momentum Continuously strengthen.

  Operations showed high-quality development, and the full-year dividend payout rate increased to50%

In recent years, with the continuous improvement of people’s living standards, property service scenarios have continued to expand, and people have also put forward higher requirements for property services. Property companies have taken the initiative to adjust and seek changes and explore diversified services. In 2023, Yuexiu Services will be based on customer needs and implement its original intention of quality. Its overall operations will show high-quality development and its financial status will continue to remain stable. During the reporting period, Yuexiu Services achieved operating income of RMB 3.224 billion, a year-on-year increase of 29.7%; profit attributable to shareholders was RMB 487 million, a year-on-year increase of 17.0%; net operating cash inflow was RMB 695 million, and cash and fixed deposits increased by 7.9% year-on-year. % to RMB 4.704 billion. In order to give back to shareholders, Yuexiu Services paid a final dividend of RMB 0.079 per share, bringing the full-year dividend payout ratio to 50%, an increase of 15 percentage points.

In terms of revenue composition, the revenue and profitability of each business segment of Yuexiu Services have continued to increase, and the optimization of the revenue structure has further enhanced its ability to resist risks. Annual report data shows that Yuexiu Services’ revenue from non-commercial property management and value-added services in 2023 was RMB 2.63 billion, a year-on-year increase of 35.5%. Among them, the revenue from basic property management services, community value-added services and non-owner value-added services respectively accounted for the proportion of total revenue. are 31.9%, 28.9%, and 20.8%. In addition, revenue from commercial property management and operation services was RMB 594 million, a year-on-year increase of 8.9%, accounting for 18.4% of total revenue.

As an important engine for performance growth, Yuexiu Service’s basic property management services have maintained steady and high-quality growth. In addition to revenue growth, customer satisfaction has reached the 95th percentile in the industry for two consecutive years, and service professionalism continues to improve. At the same time, the revenue from Yuexiu Services’ community value-added services business has further increased, and the service penetration rate has continued to increase. Among community value-added businesses, Mercure’s business revenue was 345 million yuan, a year-on-year increase of 62.1%, and its performance was outstanding. In addition, Yuexiu Services’ commercial operation and management business has also achieved steady improvement, with the commercial management contract area and under management area reaching 7.79 million square meters and 5.94 million square meters respectively, an increase of 1.99 million square meters and 1.84 million square meters respectively compared with 2022.

In 2023, Yuexiu Service will focus on quality improvement, continue to improve service quality amid the upgrading of customer needs, and maintain customer satisfaction at a high level. During the reporting period, the high-end service system “Zhenyue System” created by Yuexiu Service was launched in its first benchmark project – Panyu and Yuefu, and the results of high-end services were evident. At the same time, Yuexiu Services is committed to building high value-added professional capabilities, piloting self-operated greening operations, and integrating management of highly professional greening businesses; establishing a joint venture with Otis to improve the professional level of elevator management; and collaborating with the Guangzhou Institute of Energy, Chinese Academy of Sciences Collaborate to develop solutions applied to low-carbon spaces and environmental governance. According to survey data from a third-party research agency, the overall customer satisfaction score of Yuexiu’s service residential properties remains at a high level of 91 points; the overall customer satisfaction score of commercial properties is 99.9 points.

  Management scale has been steadily improved, and market expansion has achieved remarkable results.

As of December 31, 2023, Yuexiu Services had 476 contract projects with a contract area of ​​83.45 million square meters, a year-on-year increase of 18.2%; and 408 projects under management, with an area under management of 65.21 million square meters, a year-on-year increase of 26.2%. Steady improvement in management scale. During the reporting period, Yuexiu served 113 newly signed projects, with an additional contract area of ​​15.42 million square meters, further solidifying its development foundation.

From the perspective of regional layout, Yuexiu Services continues to focus on core areas. Among the areas under management, the five regions of Greater Bay Area, East China, Central China, North and West account for 55%, 13%, 14%, 12% and 6% respectively, and nearly 90% of the area under management is located in economically developed first- and second-tier cities. , the core area expansion capabilities have been further enhanced.

In terms of market expansion, Yuexiu Services’ market expansion area in 2023 will reach 10.64 million square meters, a year-on-year increase of 26.2%. The main projects are commercial and industrial parks, urban services (and public buildings), TOD and residential buildings, following the “residential + commercial + The main strategic principles for the promotion of the four tracks of “Grand Transportation + Urban Services (and Public Construction)”. In 2023, Yuexiu Services won a number of high-quality projects, including BASF (Guangdong) one-stop base project, 2 TOD projects (Fuzhou Line 4, Zhengzhou Line 12), Foshan Guangdong Rural Credit Data Center, Guangzhou Grand Marshal Sun Yat-sen Government Memorial Hall, Ezhou International Convention and Exhibition Center projects, etc.

In the north, Yuexiu Real Estate’s northern region is located in five major cities: Beijing, Qingdao, Jinan, Shenyang, and Yantai. As of November 30, 2023, the total service area of ​​Yuexiu Services Shandong Company has reached nearly 7 million. The total number of managed households is 19,533, with a contract area of ​​3.71 million m², and 30 projects under management, including 19 delivered projects (including 4 outsourcing projects) and 11 cases.

  Value-added business growth potential explodes, and five major platforms develop efficiently

In recent years, based on its own resource endowment and corporate advantages, Yuexiu Services has focused on community value-added service products and created five major business platforms: new retail, brokerage, Mercure, community commerce and intelligence. In 2023, Yuexiu Service Community’s value-added service product structure was further optimized, and revenue during the reporting period was RMB 932 million, a year-on-year increase of 43.3%.

In 2023, the value-added services of Yuexiu Services’ five major business platforms will achieve efficient development. Among them, the average sales per household of the new retail business increased significantly to 246 yuan/household, a year-on-year increase of 117%; the store coverage and community penetration rate of the brokerage business further improved; the self-operated bag business segment of the Mercure business increased in the new delivery project The business coverage rate has exceeded 76%; the existing property management area, occupancy rate and rental level of the community commercial business have improved against the market trend; in terms of intelligent business, it has successfully built benchmark smart projects such as smart campuses, smart hospitals, and smart commercial complexes. , achieving breakthroughs in multiple business formats.

Yuexiu Services’ revenue and profits will show a steady growth trend in 2023, profitability will remain at a high level, return on assets will increase year-on-year, and its stable operations and development potential have been recognized by the market. In the future, in terms of core strategy, Yuexiu Service will adhere to the overall strategy of “1+4+4+5” and continue to improve service quality; through a strong customer-centered service strategy, it will create a comprehensive business including residential property, TOD property management, commercial property management, and commercial property management. Professional property management services in the four major business segments of property management, urban management and public construction, integrating the supply chain to create core products, and continuously improving the company’s ability to resist risks.



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