Shoucheng Holdings (00697) announced its annual results for the year ended December 31, 2023. The group achieved...
According to the Zhitong Finance App, Shoucheng Holdings (00697) announced annual results for the year ended December 31, 2023. The group achieved revenue of HK$883 million during the period, a year-on-year decrease of 44.78%; profit attributable to shareholders of HK$404 million, a year-on-year decrease of 56.23%; basic loss per share of HK5.57 cents; and proposed to pay a final dividend of HK2.2 cents per share.
According to the announcement, the group's revenue mainly consists of two parts: asset operating income and asset financing income. Asset operating income includes industry-based basic operating services, as well as income from various technology, consulting, research, innovation and value-added services generated around core infrastructure asset services. Asset financing income includes comprehensive income generated based on public REITs consulting, public REITs development fund management and investment, and strategic placement fund management and investment.
Among them, asset operating income was HK$658 million, up 13% from the same period last year. Asset financing income was HK$225 million, down 78% from the same period last year. The overall gross margin for the year was 40.7%. Compared with 66.5% in the same period last year, the absolute value decreased by 25.8%. The decline in asset financing income and overall gross profit was mainly due to the aforementioned decline in the Chinese public REITs market price, and the Chinese public REITs held by the group that included profit and loss at fair value showed unrealized losses. Although the fall in the price of public REITs in China has had a certain adverse impact on the asset financing business, the Group's assets under management continued to bring stable management fee revenue and the withdrawal of mature projects and some funds, which contributed HK$378 million in revenue to the Group in 2023.