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Public company info - Sino-Ocean Service Holding Limited , 06677.HK
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Sino-Ocean Service Holding Limited, 06677.HK - Company Profile
Chairman YANG Deyong,CUI Hongjie
Share Issued (share) 1,184,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is primarily engaged in the provision of property management services, community valueadded services and value-added services to non-property owners in the People’s Republic of China (the PRC). Performance for the year: Revenue increased by 11% to RMB2,023.3 million as compared to that of 2019. Profit attributable to owners of the Company increased by 25% to RMB257.6 million as compared to 2019. Basic earnings per share increased by 26% to RMB0.29 as compared to 2019. Business Review Property management services The Group provide a range of property management services to property owners and residents, as well as property developers, including, among others, security, cleaning, greening, gardening and repair and maintenance services. The Group’s property management portfolio covers both residential and non-residential properties including commercial properties (such as office buildings, shopping malls and hotels) and public and other properties (such as hospitals, public service facilities, government buildings and schools). During the year ended 31 December 2020, the Group charged property management fees for property management services substantially on a lump sum basis, with a small portion charged on a commission basis. As of 31 December 2020, the Group’s contracted GFA was approximately 71.1 million sq.m., and GFA under management was approximately 45.5 million sq.m., representing an increase of approximately 19.7% and 12.1% respectively as compared to 31 December 2019. The Group’s reserved GFA, as the main source of the GFA under management, reached a new high of 25.6 million sq.m., representing an increase of 35.4% compared with 18.9 million sq.m. as of 31 December 2019, or a net increase of 6.7 million sq.m., laying a solid foundation for the stable growth of the Group. The Group manage a variety of properties, including residential and non-residential properties. The Group have accumulated profound experience in managing non-residential properties, including office buildings, commercial buildings, urban complexes, public properties, office towers, industrial parks, etc., with mature cross-business service capabilities. In particular, the Group have gained rich property management experience in the field of high-end commercial and office buildings, such as the service experience in benchmark projects including Ocean International Center (Beijing), INDIGO (Beijing), Sino-Ocean Taikoo Li Chengdu (Chengdu), Grand Canal Place (Hangzhou), etc. In 2020, the average property management fees of the Group’s commercial properties reached RMB17.6/sq.m./month, far higher than the industry average. At the same time, the Group’s commercial properties are mainly located in first-and second-tier cities such as Beijing, Tianjin, Hangzhou and Chengdu, covering the Beijing-Tianjin-Hebei region, Bohai Rim region and other regions in China, which provided a good foundation for us to demonstrate the Group’s economies of scale and optimize the Group’s service quality. In 2020, the Group have utilized resources of shareholders in gaining the Beijing headquarters of Dajia Insurance project, and at the same time seized market opportunities to obtain more businesses in the non-residential market, such as expressway service stations and scenic tourist spots. Community value-added services In 2020, the Group continued to provide community value-added services to property owners and residents of the Group’s managed properties to address their lifestyle and daily needs which mainly include: i) community asset value-added services; ii) community living services; and iii) property brokerage services. The Group’s revenue from community value-added services for the year ended 31 December 2020 was approximately RMB316.2 million, an increase of 33.2% year-on-year, accounting for 15.6% of the Group’s total revenue, which increased by 2.6 percentage points as compared to the previous year. Value-added services to non-property owners The Group provide value-added services to non-property owners, including: i) pre-delivery services to property developers; ii) consultancy services; and iii) property engineering services. The Group’s revenue from value-added services to non-property owners for the year ended 31 December 2020 was approximately RMB367.9 million, a decrease of 1.3% as compared to last year, accounting for 18.2% of the Group’s total revenue. Prospects: Driven by increasing spending on services, transformation of the industry and urbanization, property management business in the Group’s opinion is in prime time. The industry is hitting a high point in terms of talents and strategic attention. Trust between property owners and service providers is becoming stronger and demand for services becomes more eager. Technology empowerment is also more visible. Owners have an appetite for value-added services and are more willing to pay for them. Ten ministries including the Ministry of Housing and Urban-Rural Development released the ‘Notice on strengthening and improving the management of residential property’. This policy facilitates outsourcing to third-party, expands the market, assures the significance of the industry among the fundamentals and the market-oriented direction. It also provides support for pricing mechanism, multi-faceted operations, technology augmentation and application of maintenance funds. There is a high certainty for rapid growth in the medium term and enormous potential for long term expansion. A new window is forthcoming as the industry is rapidly consolidating and a higher degree of concentration is foreseeable. Looking ahead, as the business scope of property management companies continues to expand, market expansion capabilities and channels enlarge, and industry consolidates with the help of capital, branded enterprises’ competitive edge will be even more apparent. Excellent service and leading brands will win owners’ recognition and satisfaction and subsequently wider scope for development. In the past year there was a wave of property services listings. In view of the industry’s light asset nature, high probability of growth and backing by policies, the capital market is showing considerable recognition. Property management companies will take advantage of the capital market to widen financing channels, drive exponential growth and lay a solid base for the billion level market.

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