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Public company info - Country Garden Services Holdings Company Limited , 06098.HK
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Country Garden Services Holdings Company Limited, 06098.HK - Company Profile
Chairman Yang Huiyan
Share Issued (share) 2,952,000,000
Par Currency U.S. Dollar
Par Value 1.0E-4
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is principally engaged in provision of property management services, community value-added services, value-added services to non-property owners, and provision of heat supply services in the People’s Republic of China (the “PRC”). Performance for the year: The revenue of the Group for the Year increased from approximately RMB4,675.3 million for the same period in 2018 to approximately RMB9,644.9 million, representing an increase of approximately 106.3%. The gross profit of the Group for the Year increased from approximately RMB1,761.6 million for the same period in 2018 to approximately RMB3,052.2 million, representing an increase of approximately 73.3%. During the Year, the basic earnings per share increased from approximately RMB36.93 cents for the same period in 2018 to approximately RMB62.73 cents, representing an increase of approximately 69.9%. Business Review The Group is a leading service provider in comprehensive property management in China with residential property as its major focus. Due to our excellent service quality and service brands, we have earned high customer satisfaction rate as well as high recognition in the industry. During the year, we were rated top 3 in terms of overall evaluation and No. 1 in terms of operating performance among the Top 100 Property Management Companies in China, according to China Index Academy and No. 1 among Chinese Community Service Providers in 2019 according to YIHAN (億翰智庫) and ranked top 10 in “2019 Listed Property Management Service Enterprise” according to China Property Management Association. The Group covers four major business sectors: (i) property management services, (ii) community value-added services, (iii) value-added services to non-property owners, and (iv) the “Three Supplies and Property Management” businesses, which constitute part of our comprehensive services The group provide to customers that covers the full-range of value chain in property management. Property Management Services The group provide property owners, residents and property developers with a series of property management services, including security, cleaning, green landscaping, repair and maintenance, and other services. Currently, The group still focus on residential communities. Yet, with the steady growth of third-party projects, our property management portfolio has become diversified by extending community living services to an integrated portfolio of city services that serve non-residential properties, including commercial properties, office buildings, multi-purpose complexes, government buildings, hospitals and other public facilities, industrial parks, highway service stations, parks, scenic areas and schools. The group own a large-scale property management portfolio. As at 31 December 2019, apart from the property services of the “Three Supplies and Property Management” businesses, our contracted GFA recorded approximately 684.7 million sq.m., while our revenue-bearing GFA was approximately 276.1 million sq.m.. In addition, both of the revenue-bearing and contracted GFA of the property services of “Three Supplies and Property Management” businesses were 84.9 million sq.m. as at 31 December 2019. Our projects cover more than 350 cities in 31 provinces, municipalities and autonomous regions across China and overseas markets, with a focus on four key economically developed city clusters, including the Greater Bay Area, the Yangtze River Delta, the middle reaches of the Yangtze River and Beijing-Tianjin-Hebei areas in China. The group manage a total of 2,405 properties and provide property management services to approximately 3.46 million local and overseas property owners and commercial tenants. During the year, our collection rate continued to remain high and reached 95.2%. Community Value-added Services In community value-added service sector, The group are committed to becoming an “integrated whole cycle community life services operator” by focusing on mature development cycle of communities, the family growth cycle of property owners and the property value cycle to provide comprehensive community value-added services to property owners. In the past few years, the Group has vigorously promoted the community value-added services. The group started from providing the basic living needs for the property owners with butler services, and smoothly achieved a merging of sales and marketing and channel developments, which enables us to link up external business resources with the property owners’ needs. As such, The group are able to provide a wide range of community value-added services, that specifically include: 1) housekeeping services 2) turnkey furnishing and move-in services 3) community media services 4) value-added innovations services 5) real estate brokerage services 6) community area services During the year, the revenue generated from community value-added services was approximately RMB865.2 million, representing an increase of 107.4% compared to the corresponding period last year; which accounted for 9.0% of the Company’s total revenue, representing an increase of 0.1 percentage point compared to the corresponding period last year. During the year, The group intensively explored into the markets of community housekeeping services and community media services, whereby, The group experimented with pilot programmes to discover the preferred service contents and feasible income sources. Also, The group initiated scale-up operations in our established communities. Both community housekeeping services and community media services recorded outstanding performance, with the revenue of RMB274.6 million and RMB93.8 million respectively, representing an increase of 207.8% and 218.0% as compared to that of the same period of 2018 respectively. The group promote the traffic flow business within the community value-added services. Along with the fact that the business model and profit model have become more evident and defined, the four major branded business segments have gradually taken shape: “Phoenix Home-furnishing”, specific branded services for one-stop turnkey home furnishing services; “Phoenix Home Services”, for safe, convenient, professional and attentive housekeeping services; community media services, a portal that reaches for the full-range of media matrix that helps promote close-tie link-up between consumers and various branded products; real estate brokerage services, a portal that serves as the property owners’ exclusive property consultant to help boost and preserve the owners’ asset value. The “Phoenix Club” App is an online portal The group developed specially for the promotion of community value-added products and services. Besides, this App helps improve the accessibility of our services, as well as to enhance customers’ satisfaction rate and loyalty. During the year, The group actively promoted the use of the “Phoenix Club” App among the property owners. As at 31 December 2019, the number of registered users has exceeded 4.28 million, and monthly active users exceeded 1.59 million. Due to our serious effort to integrate premium resources drawn from both online and offline channels, our platform products and services can precisely accommodate the consumption needs of property owners. Value-added Services for Non-property Owners During the year, the revenue from our value-added services for non-property owners was approximately RMB1,422.1 million, representing an increase of 79.8%, as compared with the corresponding period in 2018 and accounting for 14.7% of the total revenue of the Company. The value-added services The group provide to non-property owners mainly include (i) consultancy services to property developers for their pre-sale activities, as well as consultancy services for properties managed by other property management companies, and (ii) cleaning services, green landscaping, repair and maintenance services to property developers at the pre-delivery stage, and (iii) sales and leasing agency services of unsold parking spaces and properties. The “Three Supplies and Property Management” Businesses The Group established a joint venture in 2018 and began to enter the separation and transfer of property management and heat supply on “Three Supplies and Property Management” Reform. During the year, The group have completed the smooth and transitional takeover of the “Three Supplies and Property Management” reform on the property management and heat supply businesses. The group signed the commission agreements for 955 projects in 53 cities of 11 provinces across the country, and drafted and formulated service standards and service unit prices for project-based undertakings, among which, the recognised revenue-bearing GFA of the property management projects that The group took over was approximately 84.9 million sq.m., and the revenue generated amounted to RMB525.2 million. The recognised revenue-bearing GFA of heat supply projects that The group took over was approximately 40.8 million sq.m., and the revenue generated was approximately RMB990.2 million. The group follow a three-year plan, where The group set “to solidify the fundamentals in the first year; to establish the smooth development in the second year, and to consolidate the progress in the third year” as our objective. The group will continue to put our effort to promote the long-term collaboration between the parties and are committed to strengthening quality control and improving service standards; The group will continue to promote technology empowerment and construct smart community platforms; continue to explore the potential market growth for community value-added services, as well as to build the business resource platforms; The group will optimise our existing manpower structure and system, and undertake project-based talent training sessions. Fighting Novel Coronavirus (COVID-19) Pneumonia Since the epidemic outbreak of COVID-19, property service companies, being the basic unit of grid-type governance, have taken the initiative to assume social responsibilities, and have fought together with all sectors in the forefront of the epidemic. Its role has transformed from a living service provider to a guardian of customers and employees as well as a stabilizer of social operations. “The frontline treatment is in hospitals, and the frontline protection is in property management services” — property management companies have formed a government-enterprise linkage mechanism with local governments to implement work deployments and have undertaken epidemic prevention work that the residents’ committees assigned due to insufficient staff, including: personnel inspection, vehicle recording, providing access statistics to communities, temperature measurements of residents, providing advice on wearing masks, isolation and quarantine of suspected cases, publicity on epidemic prevention and control in communities, frequent sanitization and disinfection in public areas, distribution of masks to property owners, and purchasing and delivering supplies (such as vegetables) for property owners under quarantine which provides strong protection for residents’ livelihood and epidemic prevention and control. On the other hand, the epidemic has a certain impact on the daily operations of property companies in the short term, but in the long term, it will be an opportunity for the Company and the industry. This is mainly reflected in that: 1) the property management service industry will be respected by society and the government, and its exposure and sense of presence will be significantly improved than before; 2) high-quality property management services can provide property owners with an intuitive experience, therefore enhance owners’ trust on property management companies and demand for quality properties, which has a positive impact on the collection rate of subsequent property management fees; 3) it will facilitate the building of good service reputation and brand. The reputation and brand building of property management services usually take time, and such outbreak may help high-quality property management companies build a good service reputation and brand image faster. Property owners will be inclined to choose leading companies with reputation, ability and good services. The integration of small and medium-sized property management companies will also be strengthened, which may accelerate the improvement of industry consolidation; 4) the impact on the future development of the industry will be reflected in the further deployments of technology to replace labor. Leading companies with high-technology can empower other small and medium-sized companies and output complete set of solutions. In terms of new business, new value-added service models and businesses will be developed; 5) governments at all levels have successively introduced supportive policies applicable to property management companies to alleviate the short-term adverse effects arising from the epidemic. Prospects: Maintain high-quality scale expansion, while intensively develop the community value-added services to benefit from potential market growth The large-scale effect has been the key to facilitate our sustainable growth in business. Due to our extensive geographical coverage, and project operation scale, which is higher than industry average, The group are able to reduce our operating costs and reap the maximum values from platform operations. In the future, The group will continue to leverage project-based resource advantages brought by the steady development of affiliated companies, undertake premium projects and speed up expansion. Meanwhile, The group plan to continue to enhance marketing expansion capabilities and to promote lowcost brand development, which includes seeking new businesses from (among others) small-andmedium-sized property developers, governments, industrial parks and schools, and that The group will contribute to the “Three Supplies and Property Management” Reform of state-owned enterprises, and expand GFA from third-party developers. The group will closely follow government policies, explore market opportunities and cautiously proceed with high-quality mergers and acquisitions, so as to achieve efficient and quality scale expansion. The group will persist to build up our capabilities in channels and investment to provide a comprehensive portfolio of community value-added services, so as to explore the potential market growth for community value-added services. The group intend to achieve full-coverage of community media hub at low-tier cities through integrating and merging online and offline channel resources at community level and formulation of a community-based scenario that allows an integrated marketing and communication portal. The group will continue to build up precise and prudent investment capabilities. To this end, The group will establish professional team and set up investment funds that cater for facility management, asset management and greater community living services sectors, among others. Such development will further refine our corporate business portfolio and ecological framework, as well as to allow for a full-launch of offline channels that facilitates a close matching between the needs of property owners and services provided by commercial operators, which in turn has enabled an optimal allocation of resources among diverse needs. In addition, the high population density conjured up by large-scale projects has helped generate more value-added service needs and this becomes a natural competitive edge for us to develop community value-added services. Due to the enormous loyalty and recognition The group earned from property owners through our provision of excellent services for longstanding years, The group have laid a solid ground for developing our community value-added services. The group will leverage the core coverage advantages of population, assets, and channels to reap benefits from the potential growth in the business of community valueadded services. Urban Co-existence Programme” shows positive results; apply “Amazing Plus (美好+)” operation model in expressway service area In 2018, The group launched the city service product system “Urban Co-existence Programme” of CG Services, while in 2019, The group officially entered Kaiyuan City in Liaoning Province. The group provided integrated smart services to the aforesaid city, and have made impressive progresses in various aspects, including urban environmental improvement, and public disaster contingency support services. All along, The group have steadily developed and implemented value-added service models. In the future, The group will serve as a pioneer in providing brand new public services oriented to theme of city-governance. By taking gradual steps in applying city-based digitalised operation and maintenance platform, the Company will provide a wide spectrum of municipal public services that covers infrastructure, parks and scenic spots, cultural and sports centers, transportation hubs, hospitals, schools, commercial office buildings, residential communities, among others, with all such facilities in multi-faceted sectors all operated under an integrated city-based on big property management model. Moreover, The group innovatively initiate the strategic blueprint, themed “Amazing Plus” as our services provision catered for expressway areas. Our Company aims to create a “professional expressway service brand in China”, that will enable commuters to have the privilege to attentive service system, as well as to effectively utilise the assets’ values within the expressway service areas. In the future, The group will base on expressway as a hub, applying the smart operation model, “Urban Co-existence Programme” to expressway service areas. Our business operation will stretch from commercial operation services to monetizing data analysis of commuters in transit. The group also intend to initiate AI smart maintenance on facilities and environment, that will allow us to promote the betterment for cities along the same line of traffic. The group will also contribute to the high-quality environmental development for cities by making them the best suitable for living, business, tourism and healthcare. Promote the applications of smart community and lead the trend in “AI plus Community” development in the industry Applying digitalization and smart technology has become the key to enhance efficiency as well as to reduce costs in property management services industry. More importantly, with the help of technology enhancement, The group are able to standardize our service by the automation of AI technology. By doing so, The group will save labour and time cost so that our staff will have more opportunities to contact property owners directly to deliver attentive services and more user-friendly and personalised premium services. The group launched the first “AI + IoT based” artificial intelligence integrated solution product system in the industry, including all products in the CLOUD, EDGE, END structures, providing a complete solution for smart communities, to achieve an integrated solution of cloud-based data and decisionmaking with community scenarios via edge servers. Such solution has the four advantages of “all scenario, all-intelligence; full-integration, and full-chain” operation, that facilitates an overall smart city development. During the fight to contain COVID-19, The group innovatively initiated community barriers that include infrared thermographs to achieve highly efficient access control, drone disinfection and ultraviolet germicidal lamps to achieve a wider coverage of three-dimensional sanitation and termination impact. This testifies the empowerment of science and technology to promote community epidemic prevention and control. In the future, we will continue to develop smart applications, as well as to share and integrate digitalised and smart solutions and products in the industry. The group will base on technological capacities offered by AI, cloud computing, big data, and IoT, to intensify penetrative strategic collaborative efforts with Tencent and Alibaba Cloud, Baidu, Hikvision, Bright Dream Robotics (博智林機器人) and other competitive affiliated partners. Ultimately, The group aim to facilitate the implementation of “AI plus Community” initiative, that will not only benefit small and medium-sized property enterprises, but also improve the service effectiveness and efficiency in property management, and, therefore, more property owners will be offered with a more attentive and premium service system. Center on “Big Property Management”; expand service mode both vertically and horizontally to enhance service quality The group are in the grand era of property management, there is huge space for the expansion of property management companies both in the horizontal and vertical dimensions within the context of “Big Property Management. The group have completed the equity cooperation with Liyang Zhongli Elevators and Escalators (溧陽中立電梯), a professional elevator company, to further promote the elevator management and standardised services to our managed communities. Based on the business ethic of safety first, The group are poised to develop a deeper market penetration with our professional services. In the future, on the basis of providing security, cleaning, green landscaping, maintenance and repair, and butler services, The group will vertically explore more professional services, including professional maintenance services for elevators, pest control, and professional security services. The group will continue to make full use of our advantages in terms of population, assets, channels in virtue of the large scale of our property management portfolio to develop more extensive and diversified value-added services; providing high-tech and digital facilities and equipments management services on the basis of the integrated property services through intensive management and technology empowerment; realizing the full coverage of asset facilities operation and asset value management through the upgrading of professional capabilities. At the same time, The group will further promote the horizontal extension of service types to extend the services to the ends of living and assets. In the space of “Big Property Management”, The group will open up more room for development by means of cooperation, merger and acquisition, self-development to drive the Group to fulfill the corporate vision of becoming an international leading technology-based integrated services group.

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