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Public company info - Binjiang Service Group Co. Ltd. , 03316.HK

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Binjiang Service Group Co. Ltd., 03316.HK - Company Profile
Chairman ZHU Lidong
Share Issued (share) 276,000,000
Par Currency U.S. Dollar
Par Value 1.0E-4
Industry Property Management & Agency
Corporate Profile Business Summary: The principal activities of the Group are the provision of property management services and related services in the People’s Republic of China (the “PRC”). Performance for the year: For the year ended December 31, 2019, the Group’s revenue increased by 37.8% to RMB701.9 million. The Group’s gross profit increased by 46.0% from RMB135.0 million in 2018 to RMB197.1 million in 2019. The Group’s gross profit margin increased by 1.6 percentage points from 26.5% in 2018 to 28.1% in 2019. The Group’s profit for the year was RMB114.9 million, representing an increase of 63.2% as compared with RMB70.4 million in 2018 . Business Review The Group is a reputable property management service provider in China with a focus on highend properties. Through our accumulation of industry experience since our establishment in 1995, the Group has grown from a local residential property management service provider in Hangzhou, Zhejiang province, to one of the leading premium property management service providers in Yangtze River Delta. The Group was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) on March 15, 2019 (the “Listing Date”). Business models of the Group The Group has three major business lines, namely property management services, value-added services to non-property owners and value-added services to property owners, together they form an entire value chain of comprehensive services covering all kinds of property management business. • Property management services. The Group provides property management services, including security, cleaning, gardening, repair, maintenance and ancillary services to common area of residential and non-residential properties, including commercial properties, office buildings, corporate headquarters buildings, public facilities, industrial parks and government buildings. • Value-added services to non-property owners. The Group provides value-added services to nonproperty owners, mainly to property developers. These services refer to pre-delivery services, consulting services and community space services. Pre-delivery services include cleaning, assisting with quality check and security services for completed properties, displaying units and providing property sales venues management services to property developers at the predelivery state of a sale of property. Consulting services include advising property developers at the early and construction stages on project planning, design management and construction management to enhance functionality, comfort and convenience. Community space services include (i) assisting advertisement companies with regards to advertisement placements in the community spaces in our managed properties, and (ii) managing community venues in our managed properties. • Value-added services to property owners. The Group also provides value-added services to property owners. These services include home living services, customized interior furnishing services, property agent services as well as car park space and store room sales. For home living services, in view of the different functions in residential and non-residential properties, the Group provided additional services that are tailored to our customers’ need. For residential properties, the Group provide personal training at our club houses in the residential areas managed by us. For non-residential properties, including commercial properties, office buildings, corporate headquarters buildings, public facilities, industrial parks and government buildings, the Group provides business center and/or parking lot management services. In addition, seeing the growth potential of high-end customized interior furnishing service market, the Group leverages our service concept “Living Home” to provide elegant, stylish, modern and customized interior furnishing services to our customers. For the year ended December 31, 2019, the Group’s revenue increased by 37.8% to RMB701.9 million, among which, revenue generated from property management services were RMB411.5 million, revenue generated from value-added services to non-property owners were RMB224.1 million, and revenue generated from value-added services to property owners were RMB66.3 million. Leveraging on our strong brand name and market position, the Group is able to demand higher property management fee to reflect our quality services. Since the Group operated independently in 2015, the property management fee is allowed for adjustment on the following conditions: (i) upward adjustment of fee is provided in property management contract; and (ii) a new or supplemental property management contract must be entered between the Group and property owner’s committee to set out the upward adjusted fee. From 2015 to 2019, the property management fee of the Group have been upward adjusted for 22 times. Approval of property owners’ meeting, being agreed by a majority of property owners holding more than 50% of the total GFA of the buildings, must be sought before entering a new or supplemental property management contract. For properties without property owner’s committee, the adjustment of property management fee is not governed by any laws and regulations in the PRC, including the Property Management Regulations, unless otherwise stipulated in certain regional or local regulations. In 2019, the average monthly property management fee of the Group was RMB4.16 per sq.m. (2018: RMB4.07 per sq.m.), calculated by dividing the property management fee income for the period by the average chargeable GFA at the beginning and the end of the period. The collection ratio of property management fee for 2019 was 96.8% (2018: 96.6%). It has been the strategic objective of the Group to expand our managed area. We seek to maintain steady increase in contracted GFA and GFA under management through various channels. Prospects: Further expansion of business scale and market share According to CIA, the property management service industry in China is highly fragmented. The Group intends to leverage on our successful experience in the high-end market in Yangtze River Delta and our existing service management system and standard to expand the business coverage in eastern China with focus on Hangzhou and Yangtze River Delta. The Group will also explore the opportunities in Guangdong, Hong Kong, Macau and the mid-west China. Once we have established a presence in a new regional market, we plan to grow our presence rate in the market with a view to enhance our economies of scale. Introduction of various new services To improve our services, the Group will further standardize the service procedures and pursue customization. The Group will tailor to the needs of property owners and residents by providing professional value-added services under our service concept “Living Home”, such as housekeeping and personal fitness classes. In particular, having witness the growing demands for high-end interior furnishing services from the owners, the Group will enrich our service concept “Living Home” by expanding our business horizon in the provision of decoration, renovation, repair and maintenance, gardening and housekeeping services. The Group expects that the business will see sustainable growth. In addition, the Group will leverage on the competitiveness of its platform to establish strategic cooperation with business partners to expand our property management service business. In 2019, the Group introduced car park space and storage room sales service under the value-added services for property owners. The service is provided for the properties of Binjiang Group and will serve as a driving factor for the Group’s sustainable development. The Group seeks to maintain and explore more cooperation with industry-renowned merchants as well as to replicate our successful cooperation model. Further improvement of management and operation systems To sustain our growth, the Group has established a talent development system covering both internal training, promotion and external recruitment. The Group’s internal training features differentiated employee cultivation, performance assessment and incentive schemes which tailor to the needs of different positions from entry-level staff to senior management. The Group also focuses on external recruitment to expand our talent pool and nurture management for the future. The Group will also seek to reduce labour cost and improve management efficiency by using technology and advanced intelligent management system.

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