Wen/Leju Finance Fan Huiru

Profits turned into losses, veterans left one after another, and talent recruitment progressed slowly, Fangyuan Life Service Founder Fang Ming had to go to the battle in person to shoulder the responsibility of chairman of the board of directors.

On the evening of April 30, Fangyuan Life Service (09978. HK) issued a personnel change announcement. Han Shuguang was transferred from the chairman of the board of directors to the chief executive officer and no longer served as the chairman of the nomination committee of the company; Fang Ming has been appointed Chairman of the Board of Directors and Chairman of the Nomination Committee of the Company.

So far, Fangyuan Life Service has officially taken over the position of chief executive who has been vacant for 7 months. At the end of September last year, Rong Haiming, a 24 year old veteran, resigned as executive director and chief executive. At that time, there was no official successor for the chief executive, but Han Shuguang, the chairman of the board of directors, temporarily took over the relevant responsibilities.

According to the relevant provisions of the Stock Exchange, the roles of the chairman of the board of directors and the chief executive should be differentiated and should not be held by the same person. Therefore, Han Shuguang's temporary management is only a temporary measure to find suitable talents.

The new chief executive has not been settled yet. 49 days later, another 16 year old general resigned. At that time, 46 year old Yi Ruofeng resigned as an executive director. At the same time, Liao Junping has also resigned as an independent non-executive director and a member of the Nomination Committee.

Half a year later, Fangyuan Life Service reached the listing rules by coordinating the positions of internal personnel, which may be a helpless move for good generals. In this personnel change, Han Shuguang removed his original position as chairman of the Board of Directors and devoted himself to the CEO; Founder Fang Mingze took over the post of Chairman of the Board of Directors and continued to serve as a non-executive director.

Fang Ming has deeply entered the property market this time, and since this year New Hope Service 、 Landsea Green Life as well as Jiazhaoye is beautiful Later, another founder came out again to increase the weight of property management.

As far as Fang Ming is concerned, he has a heavy burden to take over the position of chairman of the board of directors. On the same day of personnel change, on April 30, Fangyuan Life Service reissued the 2023 annual performance report. After the first loss in half a year, the loss in 2023 was further expanded.

According to the latest annual report data, its total revenue in 2023 will be about 427 million yuan, down about 16.6% from 512 million yuan in the same period in 2022. Fangyuan Life Service explained that it is mainly due to housing Estate agent The decrease in revenue generated from services.

Fangyuan Life Service is mainly divided into two businesses, one is comprehensive real estate agency service, and the other is professional property management service. Among them, the revenue from comprehensive real estate agency services was about 29.4 million yuan, 73.0% less than 109 million yuan in the same period of 2022. With the downturn of the real estate industry and weak sales, the real estate agency service has naturally been impacted.

In fact, its professional property management services are also affected by the cyclical business of real estate, and the total revenue of the sector has declined. By the end of 2023, its professional property management services had recorded revenues of about 397 million yuan, down 1.4% from 403 million yuan in 2022.

From the perspective of various business segments of professional property management services, non owner value-added services are the main reason for dragging down the total revenue of the sector. In 2023, its non owner value-added service revenue will be about 18 million yuan, 57.6% less than 42.5 million yuan in 2022.

The other two business segments, property management services and owner value-added services, maintained a slight increase. The income from property management services is about 324 million yuan, 6.7% more than 304 million yuan in 2023; The community value-added service income is about 55.3 million yuan, 1.2% more than 54.6 million yuan in 2022.

The slow growth of property management services and owner value-added services is related to the weak growth of their scale. In 2023, its contracted construction area will be about 19.3 million square meters, a slight increase of 0.5% compared with about 1920 million square meters in 2022, while the construction area in the pipeline will be about 14.2 million square meters, an increase of 2.9% compared with about 13.8 million square meters in 2022, lower than the average growth rate of 13.71% of listed property enterprises, and slam on the brakes compared with its own growth rate of 26.6% in the same period.

In addition to the decline of scale growth and the decrease of total revenue, the net profit of Fangyuan Life Services also suffered losses due to the large impairment of trade receivables. The net loss in 2023 is about 57.1 million yuan, and the net profit in 2022 is about 31.7 million yuan.

The annual report data shows that the net impairment loss of its financial assets in 2023 will be 101 million yuan, a sharp increase of 986.45% over the same period in 2022.

However, even excluding the impact of impairment losses on financial assets, its related net profits still declined year-on-year. In 2023, before income tax and impairment loss of financial assets, its net profit will be about 33.6 million yuan, while in 2022, it will be about 40 million yuan.