Executive Summary
Xian Kingfar Property Services delivered a mixed Q4 2024 performance. Revenue for Q4 stood at 244.10 million CNY, with gross profit of 36.79 million and a gross margin of 15.07%. Operating income was 18.02 million (operating margin of 7.38%), and net income reached 14.68 million (net margin 6.01%), translating to basic earnings per share of 0.22 CNY. Compared with the prior-year quarter, revenue declined by 47.17% year over year, and net income fell by 75.69% YoY, indicating a challenging macro backdrop for China’s real estate and property services cycle in 2024. Notably, the company generated strong operating cash flow of 79.98 million CNY and finished the period with a net cash position of roughly -425.6 million CNY (net debt). Cash and cash equivalents stood at 426.89 million CNY, and total debt remained minimal (1.29 million CNY), supporting flexible liquidity and potential opportunistic investments. The balance sheet shows a sizable accumulated other comprehensive income (189.33 million CNY) and equity of 256.00 million CNY, underscoring a conservatively financed, cash-rich profile despite the revenue headwinds. Valuation remains elevated on a P/E of approximately 29.4x and a P/B of about 6.7x, suggesting limited near-term upside without clearer revenue stabilization or margin expansion. Management commentary from the earnings transcript was not provided in the dataset, limiting guidance-specific insights. Investors should monitor 2025 performance signals, contract wins in municipal/property management, and any strategic actions to diversify revenue streams.
Key Performance Indicators
Key Insights
Revenue: 244,098,500 CNY (Q4 2024) | YoY: -47.17% | QoQ: 0.00%
Gross Profit: 36,787,500 CNY | Gross Margin: 15.07%
Operating Income: 18,016,000 CNY | Operating Margin: 7.38%
EBITDA: 20,003,750 CNY | EBITDA Margin: 8.19%
Net Income: 14,679,000 CNY | Net Margin: 6.01%
EPS: 0.22 CNY (Diluted: 0.22 CNY) | Shares: ~66.62 million
Cash Flow: Operating cash flow 79,977,500 CNY; Capex 8,173,500 CNY; Free Cash Flow 71,804,000 CNY
Balance Sheet Highlights: Cash & equivalents 426,892,000 CNY; Total Asse...
Financial Highlights
Revenue: 244,098,500 CNY (Q4 2024) | YoY: -47.17% | QoQ: 0.00%
Gross Profit: 36,787,500 CNY | Gross Margin: 15.07%
Operating Income: 18,016,000 CNY | Operating Margin: 7.38%
EBITDA: 20,003,750 CNY | EBITDA Margin: 8.19%
Net Income: 14,679,000 CNY | Net Margin: 6.01%
EPS: 0.22 CNY (Diluted: 0.22 CNY) | Shares: ~66.62 million
Cash Flow: Operating cash flow 79,977,500 CNY; Capex 8,173,500 CNY; Free Cash Flow 71,804,000 CNY
Balance Sheet Highlights: Cash & equivalents 426,892,000 CNY; Total Assets 806,667,000 CNY; Total Liabilities 543,624,000 CNY; Equity 256,000,000 CNY; Net Debt (cash > debt) = -425,606,000 CNY
Liquidity & Leverage: Current Ratio 1.275; Quick Ratio 1.274; Cash Ratio 0.79; Debt/Equity 0.0050; Debt Ratio 0.00159; Accumulated Other Comprehensive Income 189,333,000 CNY
Valuation: P/E 29.36x | P/B 6.73x | P/S 7.06x | EV/Revenue 64.90x | Dividend Yield 0%
Notes: Four-quarter data show consistent quarterly revenue and cost structures, but YoY comparisons reflect a meaningful revenue contraction in 2024.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
244.10M |
-47.17% |
0.00% |
| Gross Profit |
36.79M |
-39.37% |
0.00% |
| Operating Income |
18.02M |
-26.35% |
0.00% |
| Net Income |
14.68M |
-75.69% |
0.00% |
| EPS |
0.22 |
-75.71% |
0.00% |
Key Financial Ratios
operatingProfitMargin
7.38%
Management Commentary
No earnings call transcript was provided in the dataset. As a result, management quotes and thematic insights from a QQ4 2024 earnings call could not be extracted. Once the transcript is available, quotes should be organized by themes (strategy, operations, market conditions) with context and implications for investors.
Forward Guidance
No explicit forward guidance is included in the provided data. The HKEX filing for Xian Kingfar Property Services should be consulted for any formal targets or guidance. Pending clarity on management’s 2025 outlook, key factors to monitor include: (1) revenue stabilization or growth in property/municipal management contracts, (2) changes in operating expenses and cost control, (3) new contract wins in commercial or public-property management, and (4) the sustainability of the current net cash position amid potential capex or strategic investments.