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Public company info - Yincheng Life Service CO. Ltd. , 01922.HK
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Yincheng Life Service CO. Ltd., 01922.HK - Company Profile
Chairman Xie Chenguang
Share Issued (share) 267,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is an established property management service provider in the PRC with over 20 years’ industry experience, providing diversified property management services and community value-added services. Performance for the year: Revenue in 2020 was approximately RMB962.0 million, representing an increase of approximately 38.3% as compared to approximately RMB695.8 million in 2019. Gross profit in 2020 was approximately RMB162.4 million, representing an increase of approximately 45.1% as compared to approximately RMB111.9 million in 2019. Gross profit margin in 2020 was approximately 16.9%, indicating an increase of approximately 0.8 percentage points as compared to 2019. Business Review The Group is an established property management service provider in the PRC with over 20 years of industry experience that engages in the provision of diversified property management services and community value-added services. As at 31 December 2020, the Group’s property management services covered 16 PRC cities, including 11 cities in the Jiangsu Province and five cities in other provinces in the Yangtze River Delta Megalopolis, with the gross floor area (“GFA”) under management reaching approximately 39.1 million sq.m. The Group managed 369 properties, including 162 residential properties and 207 non-residential properties, serving over 300,000 households which covers over 1.2 million people as at 31 December 2020. The Group’s business covers a wide spectrum of properties, including residential properties and non-residential properties covering government facilities, financial institutions, property sales offices, hospitals, parks, highway service area, industrial parks, mixed-use properties, schools and office buildings. The Group operates its business along two main business lines, namely the provision of (i) property management services; and (ii) community value-added services. Leveraging on the Group’s business scale, operational efficiency, excellent service quality, development potential and social responsibility, the Group obtained various awards in 2020 including ranking the 24th among the China Top 100 Property Management Companies* （中國物業服務百強企業）. The Group adheres to its business motto of “Surpassing Customers’ Expectations and Creating Value with Quality Services（超越顧客期待，服務創造價值）” and service concept of “Living（生活 + +)” and “Industry（產業 + +)”, and has adopted the business model of “Service alignment, Business modularisation, Modules specialisation and Management digitalisation （服務網格化、業務模塊化、模塊專業化、管理數據化）” to serve and create value for its customers with quality property management services. Property Management Services The Group provides a wide range of property management services that comprises security services, cleaning services, car park management, repair and maintenance of specialised elevators, escalators and mechanical car park equipment, gardening and landscaping services, daily repair and maintenance of equipment and machinery and ancillary customer services. In 2020, the Group’s portfolio of managed properties includes residential properties and ten types of non-residential properties which cover, among others, government facilities, financial institutions and property sales offices. The contracted GFA and GFA under management As at 31 December 2020, the Group’s contracted GFA was approximately 42.8 million sq.m., representing an increase of approximately 39.0% as compared to its contracted GFA at approximately 30.8 million sq.m. as at 31 December 2019. The increase was mainly attributable to an increase in the number of projects undertaken by the Group from its new customers and existing customers leveraging on the Group’s solid reputation, customers’ recognition and market strength. As at 31 December 2020, the Group’s GFA under management was approximately 39.1 million sq. m., representing an increase of approximately 49.8% as compared to its GFA under management at approximately 26.1 million sq.m. as at 31 December 2019. The increase was mainly attributable to the Group’s solid and high quality services and market reputation which enables the Group to have a competitive advantage in the industry, leading to it being able to secure the engagement as the property management service provider for both residential and non-residential property projects during its preliminary stage from property developers and completed residential properties and non-residential properties from property owners’ associations and property developers by replacing the then existing property management service providers. In view of the Group’s strong market expansion capabilities, the number of new contracted projects undertaken from property owners’ associations accounted for a larger proportion as compared to those undertaken from property developers, and such contracted projects have quickly become the Group’s projects under management a few months after the Group has been engaged as the property management service provider. As such, the Group’s contracted GFA and GFA under management in 2020 were similar. The Group had 369 managed properties as at 31 December 2020, representing an increase of approximately 54.4% or 130 managed properties as compared to its 239 managed properties as at 31 December 2019. Geographic Coverage The Group has grown from a local property management service provider in Nanjing to one of the leading property management service providers in both Nanjing and the Jiangsu Province. As at 31 December 2020, the group’s property management services covered 16 PRC cities, including 11 cities in the Jiangsu Province and five cities in other provinces in the Yangtze River Delta Megalopolis. The Group has actively expanded its business to cities other than Nanjing in the Jiangsu Province during the year and had a huge increase in its GFA under management by approximately 79.3%. In 2020, the proportion of GFA under management from the Yangtze River Delta Megalopolis excluding Nanjing exceeded 30% of the Group’s total GFA under management, reaching approximately 32.9%. Types of Property Management Services The Group provides property management services in respect of both residential and nonresidential properties. As at 31 December 2020, the non-residential properties managed by the Group comprised ten types of properties, namely government facilities, financial institutions, property sales offices, hospitals, parks, highway service area, industrial parks, mixed-use properties, schools and office buildings. While the provision of property management services in respect of residential properties is the foundation of the Group’s revenue generation and scale expansion, the Group is actively seeking to improve its brand awareness in the non-residential sector by diversifying its services offerings to include other types of non-residential properties, optimising its project portfolio and adjusting its business structure. The Group’s provision of property management services in respect of non-residential properties has grown rapidly during the year and recorded an increase of 84 projects, representing an increase of approximately 68.3% as compared to 207 projects in 2019. Prospects: In early January 2021, ten governmental authorities, including the Ministry of Housing and Urban-Rural Development of the People’s Republic of China, the Committee of Political and Legal Affairs of the CPC Central Committee and the Central Civilisation Office jointly issued “the Circular on Strengthening and Improving the Administration of Residential Property” (the “Circular”), stipulating requirements of enhancing the standard and effectiveness of residential property management in six aspects, such as the integration into the grassroots social governance system, the improvement of governance structure of property owners’ associations and the enhancement of quality of property management services. The implementation of the Circular serves to guarantee the sound and sustainable development of the industry whereas the promotion of establishment of property owners’ associations will bring about massive market demand. With the group’s extensive experience in the operation of Second-hand Projects, the Group is confident in securing more projects. The Circular also encourages property service enterprises to diversify into sectors like elderly care, nursery, home economics, culture, health, housing agency as well as collection and delivery of express parcels, so as to explore the model of “property service + living service”, and it is obvious that the development portfolio and direction of the Group in respect of community value-added services coincide with the above policies. In March 2021, the Group has established a joint venture company to provide healthcare and comprehensive ancillary services to the elderly in the PRC. Building on the group’s current community value-added services, the Group will be able to improve customers’ experience and enhance operation efficiency in the future. In February 2021, the National Development and Reform Commission of the PRC issued “The Reply Letter of Consent to the Development Planning of Nanjing Metropolitan Circle” (the “Reply Letter”) which agreed in principle to the “Development Planning of Nanjing Metropolitan Circle”, aiming at developing the Nanjing Metropolitan Circle to a modernised metropolitan circle with nationwide influence so as to facilitate the development of worldclass clusters in the Yangtze River Delta Megalopolis and serve the national modernisation plan in a better way. The Nanjing Metropolitan Circle comprises Nanjing as the centre and is closely connected with the surrounding cities, including Zhenjiang, Yangzhou, Huaian, Wuhu, Maanshan, Chuzhou and Xuancheng etc., with a usual resident population of approximately 35 million as of the end of 2019. Given the approval of this planning, the construction and quality development of the metropolitan circle will be significantly impacted and the Nanjing Metropolitan Circle will witness rapid development. The Group has established its presence in such regions for many years, and is enjoying remarkable regional effect at the moment. As an enterprise growing in Nanjing, although the Group is at the leading position in terms of market share, there is still plenty room for further development. The Group will take an active role to capture the opportunities brought by favourable policies and to enlarge its coverage in the Nanjing Metropolitan Circle so as to further expand its market share. Looking ahead, the Group will focus on the positioning of its own more clearly by upholding the principles of “direction, goals, persistence and thankfulness” developed over the years. The business operation of the Group is built around three regional centres, namely Nanjing, southern part of the Jiangsu Province and Huaihai, and the group adhere to the policy of developing businesses in the region to enhance the group’s city concentration. The Group will further enlarge its business presence by expansion, mergers and acquisitions as well as joint ventures of projects, enrich the product mix of its non-residential property segment, explore diversified community value-added services and enhance its informatisation level, thus upgrading its business model. At the same time, the Group will also maintain a good word-of-mouth effect and pay close attention to the customer satisfaction of property owners. In order to improve the quality of the group’s refined management, the group will retain talents by various channels, including internal training and equity incentive plans. The Group will make every effort to achieve continuous breakthroughs in terms of operating scales and performance targets so as to bring sustainable returns to the Shareholders.

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