According to Zhitong Finance App, Country Garden Services (06098) announced the annual results for the year ended December 31, 2023, with revenue of 42,612 billion yuan (RMB, same below), up 3% year on year; net profit of 517 million yuan; profit attributable to shareholders of 292 million yuan; core net profit attributable to shareholders of 3.94 billion yuan; basic profit of 8.69 points per share; proposed final dividend of 2.19 points per share and special dividend of 27.27 points per share.

The Group's revenue mainly comes from property management services, community value-added services, value-added services for non-owners, “three for one industry” business, urban services and commercial operation services. For the year ended December 31, 2023, total revenue increased by about 3% year-on-year to approximately $42,612 billion. Among them, revenue from third parties increased by about 6% year over year to about 41,283 billion yuan.

During the year, due to the principle of prudence, after the Group provided services to a number of customers with significant increases in credit risk, the consideration received was recognized as revenue only when the Group completed its performance obligations and had already received consideration from such customers; excluding this effect, revenue from third parties increased by about 6.3% year-on-year to about 41,397 billion yuan.

During the year, revenue from property management services increased by about 8.1% year on year to about 24.699 billion yuan, accounting for about 58% of total revenue (about 55.3% in the same period in 2022).

During the year, revenue from community value-added services decreased by about 6.6% year on year to about 3.753 billion yuan, accounting for about 8.8% of total revenue (about 9.7% in the same period of 2022).

During the year, revenue from value-added services for non-owners decreased by about 41.7% year on year to about 1,553 billion yuan, accounting for about 3.6% of total revenue (about 6.4% in the same period of 2022).

During the year, revenue from the “three for one industry” business currently includes revenue from property management and other related services and heating services. Among them, revenue from property management and other related services increased by about 21.2% year on year to about 4.992 billion yuan, accounting for about 11.7% of total revenue (about 10% for the same period in 2022). Revenue from heating services increased 6.5% year-on-year to about 1,528 billion yuan, accounting for about 3.6% of total revenue (about 3.5% in the same period in 2022). The increase in revenue from the “three for one industry” business is mainly due to an increase in takeover projects and active development of productive service businesses.

During the year, urban service revenue increased 1% year-on-year to about 4.884 billion yuan, accounting for about 11.5% of total revenue (about 11.7% for the same period in 2022).

During the year, revenue from commercial operation services decreased by about 21.2% year on year to about 1,012 billion yuan, accounting for about 2.4% of total revenue (about 3.1% in the same period of 2022).