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Public company info - S-Enjoy Service Group Co. Limited , 01755.HK

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S-Enjoy Service Group Co. Limited, 01755.HK - Company Profile
Chairman Qi Xiaoming
Share Issued (share) 821,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is principally engaged in the provision of property management services and related value-added services in the People’s Republic of China (the “PRC”). Performance for the year: In 2020, the revenue of the Group amounted to approximately RMB2,866.4 million, representing an increase of approximately 41.6% as compared to approximately RMB2,024.0 million for the corresponding period in 2019. The gross profit of the Group amounted to approximately RMB880.8 million, representing an increase of approximately 46.8% over approximately RMB599.9 million for the corresponding period in 2019. Gross profit margin was approximately 30.7%, up 1.1 percentage points over approximately 29.6% in the corresponding period of 2019. The profit for the year was approximately RMB489.1 million, an increase of approximately 62.0% in comparison with approximately RMB301.9 million for the corresponding period in 2019. Net profit attributable to owners of the Company amounted to approximately RMB452.4 million, growing approximately 60.4% over that for the corresponding period in 2019. Net profit margin was approximately 17.1%, up 2.2 percentage points over approximately 14.9% for the same period of last year. Business Review In 2020, the Company continued its implementation of the “one core and two increments” strategy to achieve high-quality growth. With respect to “one core” (i.e. the “property management service”), the Company further affirmed the provision of butler services by way of grid management and improved the training, evaluation and promotion mechanism for butlers by implementing the “Butler 4.0” system. The Company completed the development of the “smart platform”, integrating business, management and financial data of all of its property management projects into one platform and achieving full-process closed-loop management of business response and management supervision. With respect to “quantitative increment”, the Company’s headquarter, and regional branches held discussions to develop strategies for each region, i.e. “one strategy for one city”, further affirmed the local expansion strategy for regional branches. On the other hand, the headquarter also set up an M&A team to identify mergers and acquisitions opportunities via various channels. In 2020, it achieved breakthroughs via acquiring Chengdu Chengyue Times Property Services Ltd (成都誠悅時代物業服務有限公司) (“Chengyue Times”) and Dalian Hua’an Property Management Co., Ltd. (大連華安物業管理有限公司) (“Dalian Hua’an”). With respect to “value increment”, after an in-depth study of the industry, the Company identified facilities and equipment management and group dining as its new business directions, laying the foundation for the growth of the Group’s value-added services in the years ahead. In terms of smart community business, the Company clarified its strategy of expanding via third-party projects and rolled out several upscale projects. The Group achieved decent results with the implementation of the aforementioned strategies and measures. In 2020, the Group’s revenue amounted to approximately RMB2,866.4 million, representing a year-on-year increase of approximately 41.6%, mainly attributable to a year-on-year increase of approximately 47.8% in revenue from property management services to approximately RMB1,255.1 million and a year-on-year increase of approximately 118.6% from community-related value-added services to approximately RMB497.7 million. In 2020, the Group’s net profit amounted to approximately RMB489.1 million, representing a year-on-year increase of approximately 62.0%. Net profit attributable to owners of the Company reached approximately RMB452.4 million, representing a year-on-year increase of approximately 60.4%. Profitability of the Group in 2020 has also been further enhanced. Its overall gross profit margin increased by 1.1 percentage points to approximately 30.7% compared with 2019, while its net profit margin increased by 2.2 percentage points to approximately 17.1% compared with 2019. With regard to property management service business, the Group’s revenue from property management services amounted to approximately RMB1,255.1 million in 2020, representing a year-on-year increase of approximately 47.8%. As of the end of 2020, gross floor area (“GFA”) under management of the Company reached approximately 101.4 million sq.m., representing a year-on-year increase of approximately 68.6%, and contracted GFA reached approximately 203.1 million sq.m., representing a year-on-year increase of approximately 33.0%. The rapid growth in the Company’s revenue from property management services was attributable to the rapid increase in GFA under management in 2019, while the further acceleration in the increase in GFA under management in 2020 will lay the foundation for the rapid growth in revenue from property management services in 2021. In 2020, the Company completed its first and second acquisitions since listing. It has acquired Chengyue Times in May 2020 and Dalian Hua’an in November 2020, adding approximately 16 million sq.m. in GFA under management. More importantly, the Company achieved a strategic layout in the office building and industrial park ecosystem by acquiring Chengyue Times and achieved a strategic layout in the Bohai Rim by taking over Dalian Hua’an. In 2020, the Group stepped up efforts to push ahead with the strategy of expanding via third-party projects, majority of which are new housing development projects. the Group completed project expansion of approximately 19 million sq.m. (including contracted GFA signed by the joint ventures set up in 2019 or 2020), which is nearly twice of the figure in 2019. In 2020, gross profit margin of the Group’s property management services increased significantly by 2.8 percentage points to approximately 31.3%. It was mainly attributable to the Company’s enhanced management efficiency as a result of management model reform and application of technologies. With regard to community-related value-added services, the Group’s revenue from community value-added services amounted to approximately RMB497.7 million in 2020, representing a year-on-year increase of approximately 118.6%, accounting for approximately 17.4% of the total revenue of the Group. Gross profit for this sector reached approximately RMB214.0 million, accounting for approximately 24.3% of the total gross profit of the Group, which made it the second largest source of profit. The rapid increase in both revenue and gross profit from community-related value-added services was mainly attributable to the fast growth in the Company’s mature ready-to-move-in business sector and the following two factors: 1) the Company entered the group dining sector by acquiring Chengyue Times. The catering services contributed approximately RMB49.0 million to the Company’s revenue in 2020; 2) the Company offered various types of facility and equipment services to advanced communities, such as elevator maintenance and repairs, renovation and maintenance of facilities and equipment in public areas and construction projects, and household facilities repair services for property owners. Such business sectors contributed approximately RMB74.2 million to the Company’s revenue in 2020. With regard to other value-added services, revenue from smart community services amounted to approximately RMB388.9 million in 2020, representing a year-on-year increase of approximately 29.8%. Revenue from developer-related value-added services reached approximately RMB724.7 million, representing a year-on-year increase of approximately 11.9%. The smart community service sector started to undertake third-party projects in 2020. It undertook a total of eight projects in the year, with an aggregate contractual value of approximately RMB74.9 million. These 8 projects include an upscale shopping center in a core area of Shanghai and an international fivestar hotel in Shenzhen. At the beginning of 2021, the Group received another encouraging news: Jiangsu Ruohong Intelligent Technology Co., Ltd., (江蘇若鴻智能科技有限公司) a subsidiary of the Group, had completed the filling as a “High and New Technology Enterprise”. In the future, smart community services of the Group could enjoy a more favorable tax rate, which is conducive to improve the profit margin of the corresponding sector. Prospects: At the end of 2020, several central government ministries including the Ministry of Housing and Urban-Rural Development and the Communist Party’s Central Committee jointly issued the Circular on Strengthening and Improving Residential Property Management Work. This policy is set to have a profound impact on the industry. It puts forward systematic solutions to dilemmas faced by the residential property management industry in terms of integrating property companies into the grass-roots social governing system, improving governance structure of the property owners association, enhancing property management capability, promoting the development of the life service industry, regulating the use and management of the maintenance fund, and strengthening property management service supervision and management. This policy shall facilitate a healthier development of the industry and will be beneficial for property management companies with mature management systems and certified service quality to enjoy better development opportunities. the Group will fully utilize favorable policies to continually improve service quality, contribute to the governance of the grass-roots society, and achieve high-quality growth in the scale of the Company. In 2021, the Group will continue to implement the “one core and two increments” strategy to achieve high-quality growth. With regard to third-party project expansion, the Group will continue to focus on expanding projects, mainly new projects, while carrying out high-quality M&As aimed at introducing new business sectors and increasing regional density. the Group will strive to introduce one new property management business sector and ramp up efforts to expand projects of office buildings and industrial parks. With regard to community-related value-added services, the Group will promote the rapid and healthy development of emerging businesses such as facilities and equipment management, group dining, and real estate agency by designing appropriate systems. In terms of management system, in 2021, he Group’s “project partner” mechanism will cover all the projects of the Company, so as to fully incentivize front-line management teams and allow them to share their achievements. The Company’s management team is confident, capable and competent to help the Company maintain its high-quality growth, create more professional development opportunities for its employees, and continue to create value for its shareholders.

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