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| High Quality Revenue Growth at 17.1% Dividend Payout Ratio Up to 50% |
HONG KONG, Aug 29, 2023 - (ACN Newswire) - New Hope Service Holdings Limited ("New Hope Service" or "the Company", stock code: 3658.HK), a rare comprehensive service enterprise with property management services, lifestyle services and commercial operational services, announced its interim results for the six months ended 30 June 2023 (the "Reporting Period").
In the first half of 2023, New Hope Service adhered to the strategy of regional cultivation and achieved quality growth in results. During the Reporting Period, the Company recorded revenue of approximately RMB600 million, 17.1% more than in the same period of 2022. Gross profit was approximately RMB226 million, and gross profit margin was 37.7%. Net profit margin attributable to the parent Company was 18.3%, remaining at mid-to-high level. During the period, the Company has strengthened operations and lean management, yielding profit attributable to equity shareholders of the Company amounted to approximately RMB109 million, 9.6% more year-on-year. Basic earnings per share were RMB0.13. The Board recommended payment of an Interim dividend of HKD$0.073 per share, equivalent to a dividend payout ratio of 50%. As at the end of the Reporting Period, the Company's net cash flow from operating activities climbed by 209.1% against the same period last year to approximately RMB51 million, reflective of the healthy operation and ample cash flow of the Company.
Insisted on intensively cultivating business in different regions with focus on higher-tier cities
As at 30 June 2023, the Group had 205 projects under management involving GFA of 29.08 million sq.m., up by 31.6% against the corresponding period of 2022. It secured 245 property management projects with contracted GFA of 37.93 million sq.m, 22.5% more year-on-year. In particular, the steady development of New Hope Wuxin Industrial provided solid support for the Company's growth in scale. During the Reporting Period, New Hope Wuxin Industrial delivered 22 projects in 11 cities across the country, involving 16,641 units in all, of which more than 4,000 were delivered earlier than scheduled.
In addition, the Company stepped up cultivating business in Southwestern China and Eastern China, enabling it to grow its revenue and in scale. Operating revenue from the two regions increased year-on-year by 17.5% and 21.5%, respectively. Total revenue from the two regions accounted for 84.7% of the Company's total revenue. As for GFA under management in Southwestern China and Eastern China, it has been increased to 15.986 million sq.m. and 9.278 million sq.m., respectively, were added. It is clear that the Company has obvious advantage in terms of regional cultivation, plus with the model helpful for reducing management costs, it has been able to improve operational efficiency. In addition, of 91.5% of the Company's property management projects in first-tier, new first-tier and second-tier cities in China, and accounting for 95.9% of revenue from property management, which further verified the Company's strategy of cultivation in high-tier cities.
Strengthened market expansion capabilities and strategic cooperation
In the Reporting Period, the Company continued its expansion strategy with "quality" and "scale" as emphases and via such channels as bidding, establishing joint ventures and strategic partnership. Regarding strategic cooperation, the Company established cooperative relationship with state-owned platforms such as Chengdu Economic and Technological Development Zone Yuanqu Investment , Wuhou SDIC, Chengdu Renju Commercial Management, and set up two joint ventures under strategic cooperation framework and signed 15 project agreements in the first half year.
At the same time, the Company's ability to expand its external market was proven. Of the newly obtained area under management, more than 4.166 million sq.m. were from independent third parties, accounting for approximately 59.7% of the total. Of the new contracted area, more than 6.275 million sq.m. were from independent third parties, making up approximately 90.0% of the total. The new projects secured including high-end residential projects such as Wuxi Jiazhou Garden and Chengdu Lingyu, medical property projects such as Wenzhou Ruian Fifth People's Hospital and Kunming Orthopedic Hospital, as well as the Chengdu C8 Digital Economic Industrial Park, Chengdu Chabaidao Industrial Park, Chengdu Zhongbao BMW 4S Store and Nanning Vipshop Logistics Park, have opened a new chapter for the Company's specialized industrial park service.
Expanded Commercial Light Asset Operation Stable Growth of Life service
In the first half year, adhering to the strategic direction of bolstering and maintaining asset value, the Group stepped up efforts to enhance business with existing customers. During the Reporting Period, the Company landed new commercial operation projects, three more than in the corresponding period last year, including such as Mingyu Financial Plaza and Mingyu Building, and the revenue and gross profit from commercial operation services increased by 26.9% and 25.2%, respectively against the same period last year. The combined occupancy rate and rent per unit also increased.
At the same time, on the back of the strong industrial chain resources of New Hope Group, a Fortune Global 500 company, plus its own customer access attributes, New Hope Service has been able to, link up with various of New Hope Group's business segments, giving it an all-round life service system that covers "Property management + Group meal, Property management + Retail, Property management + Group purchasing". The company maintained a relatively high project renewal rate, building on its efforts to continuously improve customer satisfaction. Its lifestyle service segment achieved first-half revenue of RMB135.2 million, representing a 17.3% increase year-on-year. In particular, Group meal and retail businesses brought in revenue totaling RMB50.94 million, up by 19.0% against the same period last year.
Priding stable growth, industry-leading and comprehensive capability and brand influence, the Company placed 22nd among the "2023 China Property Management List of China Listed Companies " ranking published by EH Consulting and 25th among China Index Academy's "TOP 100 Property Management Companies in China", and also for the first time obtained "EH Consulting Property Management ESG A Rating".
Looking forward, New Hope Service will continue to follow the strategy of "For Better People's Livelihood, New Hope Service Start from Hustle and Bustle of Chengdu" and deploy intensively in first-tier, new first-tier and second-tier cities with industrial support and people inflow, with the aim of fortifying its advantages in regional cultivation and brand influence. The Company will continue to push to expand through bidding, joint ventures and strategic partnerships, strengthen more in-depth connection with New Hope Group's industrial chain, so as to offer integrated lifestyle service solutions that can create value for customers in the aspects of "asset appreciation and preservation" and "peace of mind for better living life", as well as bring greater longer-term returns to shareholders.
New Hope Service Holdings Limited (stock code: 3658.HK)
New Hope Service Holdings Limited, as a livelihood service operator providing integrated property management, is deeply engaged in China's metropolitan areas and city clusters, and is the representative of Chengdu property management enterprises and a leading enterprise in the western property services market. Backed by New Hope Group, a Fortune 500 company, New Hope Service has unique branding advantages and supply chain advantages in the livelihood industry. With "asset appreciation and preservation" and "peace of mind for better living life" at its core, New Hope Service provides logistics management services, lifestyle services and commercial operation services to various properties, and has achieved sustained, high-quality growth. It was ranked 22nd in the "2023 China Property Management List of China Listed Companies" by EH Consulting and 25th in the "2023 TOP 100 Property Management Companies in China" by China Index Academy, and was also awarded the " EH Consulting Property Management ESG A Rating" for the first time by EH Consulting.
Press Contacts
Strategic Financial Relations Limited
Yan Li / Grace Liu
Tel: (852) 2114 4320 / (852) 2864 4170
Email: yan.li@sprg.com.hk / grace.liu@sprg.com.hk
Website: www.sprg.com.hk
Topic: Press release summary
Source: New Hope Service Holdings Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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