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Public company info - Ever Sunshine Services Group Limited , 01995.HK
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Ever Sunshine Services Group Limited, 01995.HK - Company Profile
Chairman LIN Zhong
Share Issued (share) 1,670,000,000
Par Currency Hong Kong 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, community value-added services and value-added services to non-property owners. Performance for the year: Revenue for 2019 was approximately RMB1,877.8 million, representing an increase of 74.5% from approximately RMB1,075.8 million for 2018. The gross profit of the Group for 2019 was approximately RMB555.4 million, representing an increase of 79.7% from approximately RMB309.0 million for 2018. Gross profit margin for 2019 was 29.6%, while that of 2018 was 28.7%, representing a year-on-year increase of 0.9 percentage points. Profit for 2019 was approximately RMB249.0 million, representing an increase of 148.5%, as compared with approximately RMB100.2 million for 2018. Meanwhile, profit attributable to owners of the Company for 2019 was approximately RMB223.8 million, representing and increase of 122.7% as compared with approximately RMB100.5 million for 2018. Business Review The Group is a respected and fast-growing property management service provider in the People’s Republic of China (“China”). In May 2019, the Group was honourably elected one of the “2019 China’s Top 100 Property Management Companies (2019中國物業服務百強企業)” by the China Index Academy. Our ranking in terms of overall strength is 14th, promoted by 6 places compared with that of 2018. As at 31 December 2019, the Group provided property management services and value-added services in 78 cities in China (situations in which the Group began to have an area under management and provision of display units management services are defined as entering the city) with contracted GFA amounting to approximately 110.6 million sq.m., among which, total GFA under management amounted to approximately 65.2 million sq.m., serving more than 310,000 households. Our business covers a board spectrum of properties, including residential properties and non-residential properties (such as office buildings, shopping malls, school campus and government-owned buildings. In 2019, the Group expanded our business to cover expressway stations, rail transit, and ferry terminals) and other quality tailored services. The Group embraces the philosophy of “Build a Better Life with Heart” and are committed to providing our wide range of clients with comprehensive, attentive and professional property management services, researching and developing our services to build up our high-end service brand, namely, “Bowyer Steward” (鉑悅管家) for top-tier residential properties and “Yueze Commercial” (悅澤商辦) for commercial office buildings. These all testify our dedication to provide premium services for our customers. Our Business Model The Group operates in three major business lines, namely, (i) property management services, (ii) community value-added services, and (iii) value-added services to non-property owners. Therefore, the Group offers comprehensive service portfolio that covers an all-inclusive value chain in property management. ‧ Property management services: The Group provides property developers, property owners and residents with a wide range of services in property management, primarily covering cleaning, security, gardening and repair and maintenance services. The portfolio of properties under our management includes both residential and non-residential property segments, while our non-residential segment includes office buildings, shopping malls, exhibition centers, industrial parks, hospitals and school campus, and others. ‧ Community value-added services: The Group provide community value-added services to both property owners and residents with the aim not only to improve their living experiences, but also the upkeep and betterment of asset values. These services mainly cover (i) homeliving services; (ii) parking unit management and leasing services; (iii) property agency services; and (iv) common area value-added service. (Note: item (ii) was previously printed as “parking space management, leasing and sales services”, and later amended to “parking unit management and leasing services” to reflect certain changes in business nature. In 2019, such business segment does not include property sales of parking space, while the respective provision of parking lot brokerage services are incorporated into item (iii) “property agency services”). ‧ Value-added services to non-property owners: The Group offers a comprehensive range of valueadded services to non-property owners, which primarily include property developers, and, to a lesser extent, also include non-property developers that require additional customised services for their non-residential properties, as well as property management service providers from whom the Group accept certain sub-contract for value-added services. Our provision of value-added services to non-property owners mainly includes (i) sales assistance services; (ii) additional tailored services; (iii) housing repair services; (iv) pre-delivery inspection services; and (v) preliminary planning and design consultancy services that cover on-site inspection services for each unit, giving sufficient feedback and recommendations from the end-user’s perspective. Property Management Services Continuous Increase in Area Size The Group adhered to rapid expansions on management coverage area as one of its strategic targets, and has achieved speedy growth in contracted GFA and GFA under management through its multi-wheel driven roadmap. As of 31 December 2019, our contracted GFA amounted to approximately 110.6 million sq.m., and the number of contracted projects totaled 609, representing an increase of approximately 68.6% and 60.3%, respectively, compared with those as of 31 December 2018. As of 31 December 2019, the GFA under our management reached approximately 65.2 million sq.m., and the number of projects under management totaled 403, representing an increase of approximately 62.2% and 56.2%, respectively, compared with those as of 31 December 2018. Our Geographic Footprint Since our inception up to 31 December 2019, the Group has expanded our geographic footprint from Shanghai to 78 cities in China. Multi-wheel Driven Market Development Strategies As a long-term service partner of CIFI Holdings (Group) Co. Ltd. and its subsidiaries (the “CIFI Group”), our services are overwhelmingly recognized by the latter. As such, while a consolidated collaborative partnership is established, the Group is duly benefited by the rapid growth in the property development business of CIFI Group. In 2019, CIFI Group recorded a contracted sales (including contracted sales by joint ventures and associated companies) amounted to RMB200.6 billion and a contracted GFA 12.0 million sq.m., representing a yearon-year increase of 32.0% and 25.8%, respectively. Meanwhile, apart from the substantial support the Group received from CIFI Group, the Group actively explore into public markets via diversified channels. Therefore, the Group enters into various independent markets to source for capital resources, along with expanding our market share. Our principle targets regarding market expansion include independent regional property developers. To seek their management rights for the first-hand projects, the Group participated in the tender bidding of their development projects. For instance, the Group secured premium projects such as Chongqing Jinyu Dacheng New Metropolis (重慶金隅大成新都會), Guiyuefu (貴悅府) and Shenlong Waitan Shoufu (神龍外灘首府) in 2019; to acquire management rights for second-hand projects the Group joined in the tender bidding offered by the property owners’ committees in replacement of the previous property management companies. For instance, in 2019, the Group acquired premium projects such as Guotai Jiulongwan (國泰九龍灣), Yitai Anbang (藝泰安邦) and Tianchen Meiya (天成美雅) through open tender bidding. The Group also actively seek for opportunities to enter into strategic partnership with various property developers and strike to acquire contracts on property management services by setting up joint venture companies. The Group successfully achieved strategic cooperation with several property development companies or investment groups, including Liaoning Guangna Property Development Company Limited (遼寧廣納房地產有限公司) (“Liaoning Guangna”), Guangxi Zhucheng Times Property Development Co., Ltd. (廣西築成時代地產開發有限公司） (“Guangxi Zhucheng”), SND Group (蘇高新集團), Dezhou Jiaotou Development Group (德州市交通運輸投資發展集團), and on account of such, the Group will enjoy priorities to acquire the property management rights of properties developed by these strategic partners. For instance, in 2019, the Group signed contracts for premium projects such as Donggang City Mansion 88 (東港市88公 館) developed by Liaoning Guangna, and Shidai Chunxiao (時代春曉) developed by Guangxi Zhucheng. Due to our quality services, professional marketing team, multi-channels for sourcing and our renowned reputation, the Group achieved rapid growth in terms of GFA developed by third party property developers. In 2019, the Group entered into the acquisition of 55% equity interests in 青島雅園物業管理有限公 司 (Qingdao Yayuan Property Management Company Limited*) (“Qingdao Yayuan”) with a consideration of RMB462 million. In September 2019, the acquisition completed, and from then onwards, Qingdao Yayuan has officially became one of our subsidiaries and the financial results of Qingdao Yayuan had been consolidated into the Group’s financial statements, which gave us a powerful complementary to high-end commercial and official sectors. Qingdao Yayuan is a property management company under the arm of the renowned property developer, Sunny World (新地集團). Since 2004, Qingdao Yayuan has commenced its localized expansion plan across the country, setting up branches in Suzhou, Nanjing, Nanchang, Shenyang and Shanghai. The Company is dedicated to providing property management services and property asset services to high-end commercial complex in core cities. Its management portfolio targets mainly consists of Grade A office buildings, toptier apartments, commercial buildings and star-rated hotels. Through this acquisition, the Group obtained premium projects with GFA exceeding 2.0 million sq.m. in the core regions of core cities, including Shanghai Hongqiao Xindi Center (上海虹橋新地中心), Shanghai Hongqiao International Exhibition (上海虹橋國際展匯), Shanghai Jiading Xindi International Plaza (上海嘉定新地國際廣場), Nanjing Xindi Center (南京新地中心), Shenyang Xindi Center (瀋陽新地中心), No. 9 Donghai Road, Qingdao (青島東海路9號). Meanwhile, the term on “four-years profit guarantee” has, to a large extent, safeguarded the shareholders’ interests in relation to this acquisition. It was guaranteed that Qingdao Yayuan’s net profits would not be less than RMB60.0 million, RMB70.0 million, RMB73.0 million and RMB76.0 million for the year 2019, 2020, 2021 and 2022, respectively. Continuous Increase in Average Property Management Fee The Group keeps up with quality development requirement along with our pursuit for rapid business growth. Through continuous endeavours to optimize management service projects, increasing the pricing standard of newly signed management service projects and raising the fee of certain projects under management, our average property management fee has reached for a steady increment. For the year ended 31 December 2019 and 2018, our overall average property management fee were RMB3.12/sq.m/month, and RMB2.46/sq.m/month, respectively. Diversified Property Management Portfolio The Group manages a large variety of properties, including residential and non-residential properties. The Group has accumulated massive experience in managing non-residential properties, including office buildings, shopping malls, industrial parks, hospitals and school campus. Meanwhile, with the opening up of plenty of non-residential markets, the Group is offered to more opportunities to join in tender bidding in the market and expand market shares. In 2019, the Group seized the emerging market opportunities and entered the sub-sectors in the non-residential market, including highway services stations, subway rail transit, and tourist scenic spots. We, Ever Sunshine, will regard the acquired projects as a stepping stone, and continue to achieve penetrative development in the local districts. As such, the Group expects to expand the area of size under our management, as well as to increase the concentration ratio within the local region under our management. In 2019, non-residential properties accounted for approximately 19.9% in the newly acquired GFA under management. Despite the fact that revenues from residential property has contributed and will continue to contribute a larger proportion of our revenues, the Group strike to diversify our service portfolio so that a vast categories of other types of properties will be accommodated. To-date, the Group has initially achieved full-industry chained coverage and eventually developed into a comprehensive service provider in property management. The Group is distinguished by benchmarking service projects in sectors the Group operated, including Qingdao University, Chongqing Rail Transit Line 1, Dalian Metro Seventeenth Section, Hangzhou Hanggang Hospital, Shanghai Henderson CIFI Center (上海恒基旭輝中心), Beijing CIFI International Airport Centre (北京旭輝空港中心), Wuhan CIFI Building(武漢旭輝大廈), Shanghai LCM CIFI Mall (上海洋涇LCM 置匯旭輝廣場), Tiandu Commercial Building (天都商業大廈), Shaoyang Sports Center(邵陽體育中心), Xinyuexi Commercial Plaza (昕月溪商業廣場). Lump Sum Basis and Commission Basis The Group generally price our services by taking into account, among others, factors such as the characteristics and locations of the residential communities, our budget, targeted profit margins, property owner and resident profiles and the scope and quality of our services. The Group charges property management fees primarily on a lump sum basis, with a small portion of which charged on a commission basis. Community Value-Added Services The Group provides the following community value-added services to property owners and residents: home-living services, parking unit management and leasing services, property agency services and common area value-added services. In 2019, revenue from community value-added services increased significantly by 143.5% from approximately RMB198.4 million in 2018 to approximately RMB483.2 million, mainly due to the size expansion of our management area, the substantial increase in the number of service users, and the continuous market penetration due to our diversified products. Based on the research on community conditions and targeted service groups, the Group built the comprehensive Ever Sunshine UP Life Value-added Services System (永升UP生活增值服務體系) through years of exploration, including sub-brands such as the “Ever Sunshine Community” (旭惠團), “Ever Sunshine Tours” (鄰聚遊), “Ever Sunshine Home Décor” (旭惠美家) and “Sales and Leasing Assistance” (租售中心). Meanwhile, the Group continue to deepen the community value-added service system, and proceed in an orderly manner from multiple dimensions such as demand identification, product and product design, channel supplier selection, and marketing plan formulation, and adhere to the principle of “do the right thing and not the bad thing (有所為、有所不為)” and developed value-added service products suitable for owners within the communities, so as to boost the revenue generated from our value-added services. In 2019, the revenue generated from community value-added services accounted for 25.7% of our total revenue. The Group is innovative in expanding our service porfolio. At the end of 2018, the Group established Shanghai Shengkuang Construction and Engineering Company Limited, which is responsible for large-scale repairing and facility maintenance services for communities. It has earned market recognition with its professionalism and problem solving capabilities, and started to contribute to our revenue since 2019. Value-Added Services to Non-Property Owners The Group provides value-added services to non-property owners, which comprise sales assistance services that primarily includes display units management services (the scope of services mainly covers security, cleaning, greening, and reception etiquette, and other services for display units), additional tailored services, preliminary planning and design consultancy services, housing repair services, and pre-delivery inspection services. The Group extends the professional services of property management to the front end of real estate development. Most of these non-property owners are property developers. In 2019, revenue from value-added services to non-property owners increased significantly by 54.2% from RMB210.5 million in 2018 to approximately RMB324.6 million, mainly due to the substantial increase in the number of projects developed by CIFI Group and the partner property developers, which in turn attributable to a surge in demand for services such as sales assistance and pre-delivery inspection. In 2019, the revenue from value-added services to nonproperty owners accounted for 17.3% of the total revenue. Under the guidance of the “Vertical Industry Chain Expansion Strategy”, the Group has enhanced our sales assistance services provided to property developers in terms of professional capabilities and service quality. Along with providing services to CIFI Group, more thirdparty developers have commissioned us with sales assistance services. As of 31 December 2019, the Group has provided on-site services to 161 display units. Prospects: The outbreak of the coronavirus pandemic in 2020 has brought great challenges to society and disrupted economic activities. As a responsible property management company, Ever Sunshine is ever on the front line, actively participating in community work to help fight the disease while always putting the safety of its employees as its first priority. Ever Sunshine has also been cooperating with the government in its neighbourhood governance work in order to safeguard the health and safety of property owners and provide them with daily necessities. The additional labour cost and expense for pandemic-related supplies incurred during the current period have increased our costs. The continuation of the pandemic has even affected the commencement of some of our businesses during the current period. However, in the long run, the trust and relationship built up between us and property owners, as well as the brand the Group has established through all this, will be a growth driver for us and pave the way for the long-term development of the Company. In the face of the new challenges in 2020, the management of the Company will lead our staff to overcome obstacles and march forward according to our schedule. Step-up increase our business size and market share The Group plans to increase both the number and GFA of properties under management. The Group will further expand and optimize our professional marketing team to prepare for strategical evaluation and participation in biddings. The Group strikes to acquire more property management appointments through tendering and bidding, and achieve quality growth. The Group intends to strengthen our business in strategic locations with high population density and consumption capacity. To take advantage of our well-established market presence, the Group aims to consolidate our market position and further expand market share in the cities where the Group operates. In addition to solidify our presence in the existing markets, the Group will seek new business opportunities brought by CIFI Group’s extensive business coverage. The Group will penetrate into new markets feature with growth potential by entering into strategic agreement with property developers. The Group will take advantage of our brand image to undertake penetrative and strategic cooperation with property development companies, along with providing property management services for their projects. Moreover, the Group aims to leverage on the overwhelming trend of service socialization to diversify the portfolio of properties under management via managing more non-residential properties, such as hospitals, exhibition centers and industrial parks. With these strategies, the Group aims to expand our geographic footprint to cover at least 100 cities in the next five years. Continuous endeavour to diversify our services The Group plans to further diversify our value-added services to non-property owners by enhancing our capabilities in planning and design services, project quality monitoring, home inspection, sales assistance services and house repair services. The Group will enhance full industrial chain coverage for property development, sales and management, to achieve vertical industry extension. The Group aims to acquire more opportunities to secure property management projects while providing value-added services to property developers. The Group also plan to provide consultancy services to local property management companies to expand our business and enhance our brand awareness. Further investment in technologies and intelligent operations The Group will make further investments in technologies and intelligent operations to improve our service quality and operational efficiency. The Group plans to invest further in the upgrade of our internal management system. The Group expects to optimize our internal ERP information system, OA office system, financial system, human resources system and contract management system. The Group will build a big data information sharing platform, comprised management tools such as CRM cloud, property management cloud, bill management cloud and parking cloud to enable the interconnection of information among property owners, our employees, and business partners. The Group plans to establish a centralized command center to enable remote control of our operation, conduct data analysis, reduce intermediate logistics and improve management accuracy and efficiency. The Group will continue to press forward our progress towards standardization, centralization, digitalization and automation to ensure the consistent delivery of quality services with minimal human errors and to exercise effective control on operational costs.

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