Vanke Cloud: Revenue in the first half of the year was RMB 17.56 billion, dividend per share was RMB 1.022
2024-08-24
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Wanwu Cloud Visual China data map
On August 22, Vanke Cloud Technology Service Co., Ltd. (02602.HK) released its performance report for the first half of 2024. The report shows that in the first half of the year, Vanke Cloud achieved operating income of 17.56 billion yuan, a year-on-year increase of 9.6%; core net profit was 1.2 billion yuan.
As a leading property management company, Vanke Cloud is mainly divided into three business segments, including community space residential consumption services; business and urban space comprehensive services; AIoT and BPaaS solution services. Among them, community space residential consumption services account for the largest share of revenue, with revenue of 10.102 billion yuan in the first half of the year, a year-on-year increase of 11.8%; business and urban space comprehensive services revenue of 6.065 billion yuan, a year-on-year increase of 7%; AIoT and BPaaS solution service revenue increased by 5.7% year-on-year.
From the perspective of revenue structure, non-developer main circular businesses, including residential property services, property and facility management services, and BPaaS solutions, have grown significantly, with revenue of 14.9 billion yuan, a year-on-year increase of 16.7%, accounting for 84.9% of revenue; circular businesses brought in gross profit of 1.94 billion yuan, a year-on-year increase of 16.8%. Among them, circular business refers to businesses with long contract duration, high renewal rate, and annual growth based on the previous year.
According to another announcement, due to the downward trend in the real estate development market, Vanke Cloud's developer-related business fell to 10.1%, resulting in a year-on-year decrease in gross profit of 240 million yuan.
Specifically, during the reporting period, the revenue of Wanwu Cloud's residential property services was 9.316 billion yuan, a year-on-year increase of 14.2%, accounting for 53.1% of the total revenue; this business generated a gross profit of 1.246 billion yuan during the reporting period, a year-on-year increase of 21.4%, accounting for 52% of the total gross profit. Wanwu Cloud said that this was due to the smooth progress of the process transformation work within Diecheng.
During the reporting period, the number of Vanke Cloud's Butterfly City chassis increased to 642, including 202 standard Butterfly City, 180 focus Butterfly City, and 260 target Butterfly City. During the reporting period, Vanke Cloud acquired 221 new residential market contracts with a total saturation income of RMB 1.276 billion. In addition, Vanke Cloud has committed to invest RMB 91.6 million in smart community transformation funds in 52 projects to help communities update and upgrade to intelligence.
It is worth mentioning that Vanke Cloud has improved the competitiveness of the residential property market by building the ability to renovate old communities. Taking Nanjing Binjiang Aocheng as an example, after the renovation of the community, the residents' satisfaction increased from 64% at the end of 2022 to 80.9% in June 2024; at the same time, it also helped to maintain and increase the value of the community's housing prices.
In terms of property and facility management services, the announcement shows that despite the continued decline in developers' payment ability and pressure from the external environment, Vanke Cloud acquired three super-high-rise projects during the reporting period, continued to expand in high-quality tracks, and actively adjusted its customer structure.
As of June 30, 2024, the external expansion of Vanke Cloud's enterprise BPaaS business has achieved good results, with new customers including leading AI companies, large pharmaceutical companies, well-known communications companies, etc.; the spatial BPaaS business has been implemented in 29 city projects.
As of June 30, 2024, Vanke Cloud has cash and cash equivalents of approximately RMB 12.2 billion. As of June 30, Vanke Cloud has no bank loans or borrowings, so it is in a net cash position.
In addition, the announcement showed that the board of directors recommended a dividend of RMB 1.022 per share (tax included), of which 55% of the core net profit was distributed as an interim dividend and 45% of the core net profit was distributed as a special dividend to celebrate the company's inclusion in the Hang Seng Index. Calculated based on the closing price on August 22, the dividend yield in the first half of the year was approximately 6%.
As of the close of August 22, Vanke Cloud was trading at HK$18.6 per share, down 1.17%.
The Paper reporter Ji Simin
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