Xian Kingfar Property (1354.HK) Q4 2024 Earnings Report

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.