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Public company info - Dowell Service Group Co. Limited - H Share , 02352.HK
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Dowell Service Group Co. Limited - H Share, 02352.HK - Company Profile
Chairman Yi Lin
Share Issued (share) 17,000,000
Par Currency Renminbi
Par Value 1.0
Industry -
Corporate Profile Business Summary: The group is a long-established property management service provider offering comprehensive services for a wide range of property projects in the PRC with a rapid growth track record. Performance for the year: The group’s revenue increased by approximately 113.4%, from approximately RMB559.2 million in 2019 to approximately RMB1,193.4 million in 2021, with a CAGR of approximately 46.1%. the group’s gross profit for the three years ended 31 December 2021 amounted to approximately RMB132.7 million, RMB216.0 million and RMB308.9 million, respectively, which increased by approximately 132.8% between 2019 and 2021.Business Review According to CIA, in 2021, The group was ranked the 52nd and 53rd among the “2021 Top 100 Property Management Companies in China” (2021中國物業服務百強企業) in terms of total revenue generated in the PRC in 2020 and total GFA under management in the PRC in 2020, respectively.Having been providing property management services in the PRC for over 17 years, the group believe the group’s long operating history and industry experience differentiates us from many of the group’s competitors. As at 31 December 2021, the group had the group’s business presence in two major regions in the PRC, namely, Southwestern China and Eastern China. Over the years, the group adopted a growth strategy to expand the group’s business portfolio in existing cities in which the group have property projects that the group managed and to enter into new cities that the group consider to be of high growth potential. As at 31 December 2021, the group had 325 property projects under management, including residential and non-residential properties, covering 51 cities, across 16 provinces, autonomous regions and municipalities in the PRC, with total GFA under management of approximately 28.2 million sq.m.. Among which, 133 of them were residential properties and 192 of them were non-residential properties. The aggregate GFA under management of residential properties and non-residential properties were approximately 20.5 million sq.m. and 7.7 million sq.m., respectively, as at 31 December 2021. As at 31 December 2021, approximately 50.0% of the total GFA under management of the property projects that the group managed were those sourced from Dima Group and Affiliated Companies. A number of property projects that the group managed include property projects for which the group entered into relevant property management service agreements that did not specify the amount of GFA under management. For such property projects, the group mainly charged on lump sum basis per property project that the group managed based on the number of staff utilised.The group experienced a rapid growth during the Track Record Period. the group’s revenue increased by approximately 113.4%, from approximately RMB559.2 million in 2019 to approximately RMB1,193.4 million in 2021, with a CAGR of approximately 46.1%. the group’s gross profit for the three years ended 31 December 2021 amounted to approximately RMB132.7 million, RMB216.0 million and RMB308.9 million, respectively, which increased by approximately 132.8% between 2019 and 2021. During the same periods, the group recorded gross profit margin of approximately 23.7%, 28.2% and 25.9%, respectively. the group’s profit for the year was approximately RMB25.6 million, RMB84.5 million and RMB130.4 million during each of three years ended 31 December 2021, which increased by approximately 409.4% between 2019 and 2021. Furthermore, the number of property projects that the group managed, GFA under management and contracted GFA increased from 80, 11.9 million sq.m. and 19.8 million sq.m., respectively, as at 31 December 2019, to 227, 21.1 million sq.m. and 35.5 million sq.m., respectively, as at 31 December 2020, and further increased to 325, 28.2 million sq.m. and 42.9 million sq.m., respectively, as at 31 December 2021.The group was established in 2003 and started to provide property management services for residential property projects sourced from Dima Group in 2004. Dima principally engages in property development and manufacturing of vehicles with various types of use in the PRC, its shares are listed on the Shanghai Stock Exchange in the PRC. Dima’s property development business principally focuses in Central China (such as Wuhan and Changsha), Southwestern China (such as Chongqing, Mianyang and Chengdu) and Eastern China (such as Shanghai and Hangzhou). the group maintained a long-term and cooperative relationship with Dima Group, and commenced providing property management services to property projects sourced from Independent Third Parties in 2016. According to the quarter report of Dima Group for the nine months ended 30 September 2020 and 2021, Dima Group recorded (i) total revenue of approximately RMB6.4 billion and RMB11.2 billion, respectively; and (ii) net profit of approximately RMB416.5 million and RMB562.3 million, respectively. According to the annual report of Dima Group for the year ended 31 December 2020 and interim report of Dima Group for the six months ended 30 June 2021, Dima Group recorded a total contracted sales (within the scope of the consolidated statement of income) of approximately RMB22,721.1 million and RMB12,150.6 million, respectively. Dima Group had (i) land bank of approximately 4.4 million sq.m. and 3.2 million sq.m.; and (ii) total planned construction area of approximately 17.9 million sq.m. and 20.9 million sq.m. as at 31 March 2021 and 30 September 2021, respectively. the group believe the relationship with Dima Group coupled with the group’s ability to expand the group’s project portfolio through engagement with Independent Third Parties, including independent third-party property developers or property owners, attributed to the group’s fast growth in terms of revenue and net profit during the Track Record Period. Prospects: The group’s long-term objective is to expand the group’s geographical presence while expanding property portfolio that the group manage and the group’s customer base. the group intend to achieve the group’s objective by implementing the following strategies: (i) solidify the group’s market position and expand the group’s property portfolio and business scale with organic growth, strategic acquisitions and investment and synergy from Dima Group; (ii) continue to improve and enhance the group’s brand awareness, service quality and customer satisfaction and loyalty; (iii) continue to invest in technology to further enhance the group’s competitiveness and operating efficiency; (iv) continue to expand along value chain and diversify the group’s value-added service offerings; and (v) continue to strengthen the group’s corporate culture and attract, cultivate and retain talent to propel the group’s growth.

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