Risk Management and Internal Control - The company confirmed the effectiveness and adequacy of its risk management and internal control systems as of December 31, 2023[9]. - The company implemented a comprehensive risk management framework, including 400 policies and procedures, with 105 new or revised systems in 2023[8]. - The company has established a robust internal audit function, conducting two economic responsibility audits and one operational audit in 2023[8]. - The company has a total of 772 records for risk management, with 183 new or revised records in 2023[8]. - The company has set up a comprehensive internal control system, with updates led by various functional departments[8]. - The strategic and ESG committee is responsible for overseeing the company's development strategy and ESG risk management[2]. Financial Performance - Jinmao Property Services reported a revenue of RMB 2,704,412 thousand for 2023, representing an 11.0% increase from RMB 2,436,035 thousand in 2022[82]. - The gross profit for 2023 was RMB 746,542 thousand, showing a slight increase of 1.7% compared to RMB 733,870 thousand in the previous year[82]. - The net profit margin decreased to 12.7% in 2023 from 14.0% in 2022, reflecting a decline of 1.3 percentage points[82]. - The company’s basic and diluted earnings per share for 2023 were RMB 0.37, a decrease of 2.6% from RMB 0.38 in 2022[82]. - Total asset value increased by 20.3% to RMB 3,613.79 million in 2023 from RMB 3,003.53 million in 2022[64]. - Total equity rose by 15.3% to RMB 1,568.02 million in 2023 compared to RMB 1,360.23 million in 2022[64]. - Cash resources grew by 22.9% to RMB 1,254.06 million in 2023 from RMB 1,020.61 million in 2022[64]. Shareholder Engagement and Governance - The company held its annual general meeting on June 7, 2023, where it approved the audited financial statements for the year ended December 31, 2022[11]. - The company actively responded to shareholder feedback and believes its communication policy was effective during the year[12]. - The company has maintained sufficient public float as of December 31, 2023, in compliance with listing rules[29]. - There were no significant violations or non-compliance with applicable laws and regulations that could materially impact the company's business and operations as of December 31, 2023[30]. Strategic Acquisitions and Investments - The acquisition of Runwu Jiaye is valued at RMB 323,800,000, which is subject to adjustment, and will make Runwu Jiaye an indirect wholly-owned subsidiary of the company[24]. - The company has utilized part of the net proceeds from the global offering to finance the acquisition of the property management company, with a cash payment portion of HKD 139.1 million[24]. - The company has no other significant investments or acquisitions planned as of the report date[24]. - The company established a joint venture with Xiong'an Xiongzhou Construction Investment Group to enhance urban services in Xiong'an[59]. - The company successfully acquired a rental project from China National Chemical Corporation, which will provide stable income and profit for five years[80]. Customer and Market Position - The company has a high proportion of service income from property management, which is expected to strengthen its non-cyclical business[24]. - The top five customers accounted for approximately 35.5% of total revenue, with the largest customer representing 31.5% of total revenue for the year ended December 31, 2023[29]. - The company has a robust and growing customer base, including property owners, developers, and other clients utilizing its community value-added services[29]. - Customer satisfaction reached 90% in 2023, maintaining industry leadership according to Saiwei Consulting[147]. Community and Environmental Initiatives - The company has implemented various environmental management practices, including energy-saving and waste management guidelines, to minimize its impact on the environment[30]. - The company actively promotes low-carbon living and conducts various environmental public welfare activities[30]. - The company’s community value-added services address daily life needs, including home decoration platform services and community life services, contributing to overall service quality[94]. Employee and Organizational Development - The total number of full-time employees as of December 31, 2023, was 2,098, down from 2,614 as of December 31, 2022[168]. - Employee costs for the year ended December 31, 2023, totaled approximately RMB 500 million, consistent with the previous year[194]. - The company is committed to enhancing employee training and development to ensure stable service quality output[1]. - The company aims to enhance gender diversity in hiring practices, ensuring fairness and transparency in recruitment processes[168]. Future Outlook and Strategic Plans - Looking ahead to 2024, the company plans to upgrade its strategy with a focus on investment, service, and operations to create sustainable value for customers, shareholders, and society[111]. - The company plans to implement a new "1245" strategy to achieve high-quality development goals over the next five years[2]. - The company aims to enhance its market presence by focusing on high-quality urban services and expanding its management capabilities through strategic acquisitions[1]. - The company is focused on expanding its business scale and consolidating its leading industry position through strategic investments and acquisitions[165].

Financial Performance - For the year ended December 31, 2023, the company's gross profit was RMB 746,542,000, compared to RMB 733,870,000 in 2022, representing an increase of approximately 1.1%[21] - The company's profit before tax for the same period was RMB 446,794,000, up from RMB 446,311,000 in 2022, indicating a slight increase of 0.1%[22] - For the year ended December 31, 2023, the total revenue of Jinmao Property Services was approximately RMB 2,704.4 million, an increase of about RMB 268.4 million or 11.0% compared to approximately RMB 2,436.0 million for the year ended December 31, 2022[32] - The net profit for the year ended December 31, 2023, was approximately RMB 342.9 million, a slight increase of about 0.4% compared to approximately RMB 341.4 million for the year ended December 31, 2022[32] - The basic earnings per share attributable to ordinary equity holders for the year ended December 31, 2023, was RMB 0.37, down from RMB 0.38 for the year ended December 31, 2022[32] - The net profit for the year increased by approximately 0.4% to about RMB 342.9 million in 2023, while the net profit margin decreased from approximately 14.0% in 2022 to about 12.7% in 2023[131] Assets and Liabilities - The company’s non-current assets totaled RMB 615,611,000 as of December 31, 2023, compared to RMB 561,228,000 in 2022, marking an increase of approximately 9.7%[26] - Current assets increased to RMB 2,998,179,000 in 2023 from RMB 2,442,300,000 in 2022, representing a growth of about 22.8%[26] - The total net assets as of December 31, 2023, were approximately RMB 1,568.0 million, an increase from RMB 1,360.2 million as of December 31, 2022[41] - The total non-current liabilities increased to RMB 136,947 thousand in 2023 from RMB 110,710 thousand in 2022, reflecting a growth of 23.7%[66] - The company had no outstanding borrowings as of December 31, 2023, maintaining a strong financial position[142] - The company has no significant liabilities as of December 31, 2023[163] Employee and Operational Metrics - The total number of full-time employees as of December 31, 2023, was 2,098, a decrease from 2,614 employees in 2022, reflecting a reduction of approximately 19.6%[7] - The company reported total employee costs of approximately RMB 500,000,000 for the year, consistent with the previous year's costs[7] - As of December 31, 2023, the total contracted construction area was approximately 106.4 million square meters, and the managed area was approximately 84.2 million square meters, representing increases of about 31.7% and 48.0%, respectively, compared to December 31, 2022[32] Revenue Streams - Property management service revenue increased from approximately RMB 1,206.9 million in 2022 to approximately RMB 1,574.9 million in 2023, representing a growth of about 30.5%[92] - Community value-added service revenue decreased from approximately RMB 644.6 million in 2022 to approximately RMB 624.9 million in 2023, a slight decline of about 3.1%[93] - Non-owner value-added service revenue decreased from approximately RMB 584.6 million in 2022 to approximately RMB 504.6 million in 2023, a decline of about 13.7%[122] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.17 per share for the year ended December 31, 2023[32] - The proposed final dividend per share for 2023 is HKD 0.17, consistent with the previous year, amounting to RMB 139,558 thousand[77] - The board proposed a final dividend of HKD 0.17 per share for the year ended December 31, 2023, subject to approval at the annual general meeting[182] Strategic Initiatives - The company aims to enhance its brand and professional capabilities in villa property services through the acquisition of Runwu Jiaye, which aligns with its strategic positioning in high-end projects[8] - The company plans to implement a "1245" strategy for high-quality development, focusing on five core business lines including property management and energy management[86] - The company will strengthen resource collaboration with China Sinochem Holdings and China Jinmao to enhance management capabilities through quality acquisitions[87] - The company plans to utilize proceeds from its global offering for acquisitions and investments to enhance its service capabilities and market position[145] Financial Management - The company has adopted the Corporate Governance Code as per the listing rules and has complied with its provisions throughout the year ended December 31, 2023[11] - The company has not utilized any financial instruments for hedging purposes as of December 31, 2023[162] - The company will continue to monitor foreign exchange risks and take prudent measures to mitigate such risks[162] Other Financial Metrics - Other income and gains totaled RMB 30.0 million for the year ended December 31, 2023, down from RMB 46.1 million for the year ended December 31, 2022[52] - Financing costs increased to RMB 4.5 million for the year ended December 31, 2023, compared to RMB 1.6 million for the year ended December 31, 2022[53] - Selling and distribution expenses increased from approximately RMB 54.0 million in 2022 to approximately RMB 56.1 million in 2023, an increase of about 3.9%[99] - Administrative expenses rose from approximately RMB 239.5 million in 2022 to approximately RMB 253.4 million in 2023, an increase of about 5.8%[100] - Trade receivables impairment provision increased to RMB 27,975 thousand in 2023 from RMB 16,188 thousand in 2022, indicating a rise of 72.0%[59]

Financial Performance - The company achieved a revenue of approximately RMB 1,353.3 million for the first half of 2023, representing a year-on-year growth of 23.4%[16]. - Gross profit for the same period was approximately RMB 357.4 million, with a gross margin of 26.4%, down from 32.5% in 2022, reflecting a decrease of 6.1 percentage points[2][16]. - Profit for the period was approximately RMB 148.5 million, a decrease of 12.9% compared to RMB 170.5 million in 2022[2][16]. - The net profit margin decreased to 11.0%, down from 15.5% in the previous year, a decline of 4.5 percentage points[2]. - The company reported a basic earnings per share of RMB 0.16, down 20.0% from RMB 0.20 in 2022[2]. - For the first half of 2023, the total revenue from property management services was approximately RMB 749.8 million, representing a year-on-year increase of about 38.7%[54]. - The total revenue for the group was approximately RMB 1,353.3 million, reflecting a year-on-year increase of about 23.4%[54]. - The company reported a total comprehensive income of RMB 143,666 thousand for the period, with a profit of RMB 145,829 thousand attributed to retained earnings[146]. - Total comprehensive income for the period was RMB 146,357 thousand, down from RMB 181,762 thousand in the previous year, reflecting a decline of approximately 19%[159]. - The profit attributable to the owners of the parent company was RMB 143,666 thousand, compared to RMB 180,390 thousand in the same period last year, indicating a decrease of about 20%[159]. Revenue Breakdown - Revenue from community value-added services reached approximately RMB 379.9 million, marking a year-on-year growth of about 54.5%[51]. - Non-owner value-added services generated revenue of approximately RMB 223.6 million, a decrease of about 28.0% compared to the previous year[49]. - The property management services segment generated RMB 593.29 million, accounting for 79.1% of total revenue, while non-owner value-added services contributed RMB 156.55 million, representing 20.9%[124]. - Community value-added services generated total revenue of RMB 379,931 thousand in the first half of 2023, up from RMB 245,846 thousand in the same period of 2022, marking a significant increase[139]. - Community value-added service revenue significantly increased to RMB 130,322,000 from RMB 62,332,000, marking a growth of approximately 109%[186]. Managed and Contracted Areas - As of June 30, 2023, the total managed building area reached 71.0 million square meters, a 56.0% increase year-on-year, while the contracted building area grew by 35.8% to 94.5 million square meters[16]. - The total contracted building area reached approximately 94.5 million square meters, covering 75 cities in China, while the managed properties totaled 443 projects with a managed building area of about 71.0 million square meters[38]. - The managed building area reached approximately 71.0 million square meters, reflecting an increase of approximately 56.0% year-over-year[65]. - The reserve building area, a key source for the managed building area, was approximately 23.5 million square meters, providing a solid foundation for future growth[65]. Strategic Focus and Growth Initiatives - The company emphasized a strategic focus on quality service, maintaining high customer satisfaction and enhancing brand reputation in the high-end property service sector[17]. - The company aims to strengthen customer research and service capabilities, focusing on high-quality service and brand reputation as core competitive advantages in the new market phase[24]. - The company plans to increase investments in customer research, quality improvement, employee training, and digital construction to drive long-term growth[24]. - The company is focusing on expanding its property management services across first-tier, new first-tier, and second-tier cities, enhancing its presence in high-end commercial and public property sectors[65]. - The company aims to continue expanding its market presence and enhancing local penetration, supported by China Jinmao and its ultimate controlling shareholder, Sinochem Holdings[115]. Cost and Expenses - Administrative expenses rose by approximately 15.7% to about RMB 135.2 million for the six months ended June 30, 2023, driven by increased employee costs due to business expansion[73]. - The cost of services provided was RMB 893,264,000, representing a 28.5% increase from RMB 695,059,000 in the prior period[173]. - Employee costs for the six months ended June 30, 2023, totaled approximately RMB 300 million, consistent with the same period in 2022[85]. Corporate Governance and Management - The company has established a remuneration and nomination committee to review and recommend remuneration policies for directors and senior management[96]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring effective governance[100]. - The company has committed to enhancing corporate governance practices to maintain transparency and accountability to shareholders[93]. - The company appointed Mr. Song Liuyi as the non-executive director and chairman of the board effective from April 28, 2023, following the resignation of Mr. Jiang Nan[94]. Assets and Liabilities - The total assets of the company as of June 30, 2023, were RMB 3,491.3 million, reflecting a 16.2% increase from RMB 3,003.5 million in 2022[7]. - Cash resources amounted to RMB 1,076.7 million, a 5.5% increase from RMB 1,020.6 million in the previous year[7]. - Trade receivables increased from approximately RMB 456.1 million as of December 31, 2022, to approximately RMB 594.8 million as of June 30, 2023, reflecting business expansion and increased procurement of security and cleaning services[75]. - Current assets increased to approximately RMB 2,931.8 million as of June 30, 2023, from approximately RMB 2,442.3 million as of December 31, 2022, representing a growth of about 20.0%[77]. - The company has no outstanding borrowings or bank loans as of June 30, 2023[77]. Market Position and Recognition - The company is recognized as the fastest-growing property service company among listed firms in China, with significant growth potential[34]. - The company actively expanded into first-tier, new first-tier, and second-tier cities, diversifying project categories to enhance growth prospects[134]. - The company completed the acquisition of 100% equity in Shouzhihua Property Services for RMB 450 million, enhancing its competitive advantage in high-end property services[123].

Financial Performance - For the six months ended June 30, 2023, the total revenue of the group was approximately RMB 1,353.3 million, an increase of approximately RMB 256.4 million or 23.4% compared to RMB 1,096.9 million for the same period in 2022[35] - The gross profit for the same period was approximately RMB 357.4 million, a slight increase of about 0.4% from approximately RMB 356.0 million in the previous year[35] - The profit for the period was approximately RMB 148.5 million, representing a decrease of about 12.9% from approximately RMB 170.5 million for the same period in 2022[35] - The earnings per share attributable to ordinary equity holders was approximately RMB 0.16, down from approximately RMB 0.20 for the same period in 2022[35] - The customer contract revenue for the six months ended June 30, 2023, was RMB 1,347.1 million, compared to RMB 1,093.9 million for the same period in 2022, reflecting a growth of approximately 23.2%[16] - Other income and gains totaled RMB 13.2 million for the six months ended June 30, 2023, compared to RMB 8.9 million for the same period in 2022[18] - The company reported a total managed building area of approximately 71.0 million square meters across 443 property projects as of June 30, 2023[43] Assets and Liabilities - The group's current assets increased to RMB 2,931,806 thousand as of June 30, 2023, from RMB 2,442,300 thousand as of December 31, 2022, representing an increase of approximately 20%[12] - The total equity attributable to owners of the parent company was RMB 1,350,223 thousand as of June 30, 2023, compared to RMB 1,343,173 thousand as of December 31, 2022, showing a slight increase of about 0.5%[13] - The group’s total liabilities increased to RMB 2,013,987 thousand as of June 30, 2023, from RMB 1,532,592 thousand as of December 31, 2022, indicating an increase of approximately 31.3%[12] - The group’s non-current liabilities, including lease liabilities, decreased to RMB 107,301 thousand as of June 30, 2023, from RMB 110,710 thousand as of December 31, 2022, a decrease of approximately 3.5%[14] - The group has no outstanding borrowings or bank loans as of June 30, 2023, maintaining a robust financial position[97] Revenue Breakdown - Revenue from property management services was RMB 749.8 million, an increase from RMB 540.7 million in the previous year[16] - Property management services accounted for 55.4% of total revenue, amounting to RMB 749,840 thousand, up 38.7% from RMB 540,667 thousand in the previous year[56] - Community value-added services saw a significant increase of 54.5%, generating RMB 379,931 thousand, compared to RMB 245,846 thousand in the prior year[56] - Non-owner value-added service revenue decreased from approximately RMB 310.4 million for the six months ended June 30, 2022, to approximately RMB 223.6 million for the six months ended June 30, 2023, a decline of about 28.0%[57] Expenses and Costs - The group reported a cost of services provided amounting to RMB 893,264 thousand for the six months ended June 30, 2023, compared to RMB 695,059 thousand for the same period in 2022, indicating an increase of approximately 28.5%[11] - Sales costs increased from approximately RMB 740.9 million for the six months ended June 30, 2022, to approximately RMB 996.0 million for the six months ended June 30, 2023, an increase of about 34.4%[59] - Administrative expenses increased from approximately RMB 116.9 million for the six months ended June 30, 2022, to approximately RMB 135.2 million for the six months ended June 30, 2023, an increase of about 15.7%[64] - Financing costs increased by approximately 250.0% from about RMB 0.6 million for the six months ended June 30, 2022, to approximately RMB 2.1 million for the six months ended June 30, 2023[65] Taxation - The group reported a total tax expense of RMB 49,081 thousand for the six months ended June 30, 2023, compared to RMB 51,730 thousand for the same period in 2022, reflecting a decrease of approximately 5.1%[8] - The group has not recognized any deferred tax liabilities as of June 30, 2023, due to the absence of taxable profits in Hong Kong during the period[7] - Income tax expense decreased from approximately RMB 51.7 million for the six months ended June 30, 2022, to approximately RMB 49.1 million for the six months ended June 30, 2023, a decline of about 5.0%[88] Employee and Operational Metrics - Employee costs totaled approximately RMB 300 million for the six months ended June 30, 2023, consistent with the same period in 2022[105] - The company has 2,225 full-time employees as of June 30, 2023, a decrease from 2,674 full-time employees as of June 30, 2022[105] - The company plans to enhance customer experience management and service innovation to maintain its leading position in high-end property management and urban operation services[54] - The company aims to expand its market presence in core cities and improve the scope and speed of service delivery for China Sinochem Holdings[54] Future Outlook and Strategy - The company anticipates steady growth in demand for high-quality property management and integrated facility services in the second half of 2023, driven by macroeconomic policies[78] - The company plans to allocate approximately RMB 391.0 million (50% of net proceeds) for strategic investments and acquisitions in property management and urban operation services[100] - The company aims to enhance its smart management service system and develop smart community and city solutions, with an allocation of approximately RMB 172.0 million (22% of net proceeds) for this purpose[100] Compliance and Governance - The company has adopted the corporate governance code and has confirmed compliance by all directors for the six months ended June 30, 2023[109] - The company is committed to enhancing its talent management system to support innovation and transformation[134] - There are no significant events that may affect the group after June 30, 2023, up to the date of this announcement[135]

Financial Performance - Property management service revenue for 2022 was approximately RMB 1,206.9 million, a 46.6% increase from RMB 823.2 million in 2021[4] - Non-owner value-added service revenue increased by 15.4% to approximately RMB 584.6 million in 2022 from RMB 506.7 million in 2021[4] - Community value-added service revenue surged by 247.3% to approximately RMB 644.6 million in 2022, up from RMB 185.6 million in 2021[5] - The company's revenue for 2022 reached RMB 2,436,035 thousand, a significant increase from RMB 1,515,525 thousand in 2021, representing a growth of 60.7%[89] - Gross profit for 2022 was RMB 733,870 thousand, up from RMB 470,034 thousand in 2021, with a gross margin of 30.1% compared to 31.0% in the previous year[89] - The net profit for the year was RMB 341,421 thousand, which is an increase from RMB 179,011 thousand in 2021, resulting in a net profit margin of 14.0% compared to 11.8%[89] - Total assets increased by 121.0% to RMB 3,003,528 thousand in 2022 from RMB 1,359,052 thousand in 2021[89] - Total equity rose significantly by 566.8% to RMB 1,360,226 thousand in 2022, compared to RMB 203,981 thousand in 2021[89] - Cash resources increased by 83.9% to RMB 1,020,607 thousand in 2022 from RMB 554,897 thousand in 2021[89] - The company reported a basic and diluted earnings per share of RMB 0.38 for 2022, up from RMB 0.22 in 2021[89] Cost and Profitability - The cost of sales rose by 62.8% to approximately RMB 1,702.2 million in 2022 from RMB 1,045.5 million in 2021, aligning with the revenue growth trend[7] - Gross profit margin for property management services decreased to approximately 16.8% in 2022 from 18.2% in 2021, primarily due to increased pandemic-related expenditures[10] - Community value-added service gross profit margin fell to approximately 40.4% in 2022 from 48.9% in 2021, attributed to increased personnel and resource allocation expenses[10] Strategic Initiatives - The company aims to expand its management scale and enhance customer-oriented value-added services to drive stable revenue growth[2] - The company plans to strengthen brand building and optimize its product brand system to enhance its competitive advantage in high-quality services[2] - The company will implement a human resources ecosystem to enhance talent cultivation and improve employee efficiency[2] - The company plans to allocate approximately RMB 391.0 million (50% of net proceeds) for strategic investments and acquisitions in property management and urban operation services[18] - The company acquired 100% equity of First Property Services for RMB 450 million in June 2022, further expanding its business scale and managed property portfolio[30] Cash Flow and Receivables - Cash and cash equivalents increased to approximately RMB 1,019.0 million as of December 31, 2022, from RMB 553.6 million as of December 31, 2021, mainly due to proceeds from the global offering[14] - Net cash flow from operating activities decreased from approximately RMB 347.4 million for the year ended December 31, 2021, to approximately RMB 154.1 million for the year ended December 31, 2022[14] - Accounts receivable from related parties increased from approximately RMB 281.1 million as of December 31, 2021, to approximately RMB 401.6 million as of December 31, 2022, driven by growth in non-owner value-added service revenue[12] - Accounts receivable from third parties rose from approximately RMB 139.2 million as of December 31, 2021, to approximately RMB 393.2 million as of December 31, 2022, primarily due to business expansion and increased managed building area[12] Employee and Training - Total employee costs increased to approximately RMB 500 million for the year ended December 31, 2022, compared to approximately RMB 400 million for the year ended December 31, 2021[20] - In 2022, the company trained 2,614 employees, achieving a training coverage rate of 100%[42] - The company focuses on recruiting and developing talent to support its innovative transformation[42] - The company has established a multi-dimensional training system to encourage employee development across various business areas[42] Governance and Compliance - The company is focused on enhancing corporate governance and internal controls to boost shareholder confidence and ensure sustainable growth[85] - The board is committed to fostering a corporate culture based on integrity and accountability, which is essential for achieving the company's long-term vision[86] - The company has established a Remuneration and Nomination Committee to evaluate executive directors' performance and recommend senior management candidates[120] - The company has implemented a financial services framework agreement with Sinochem Finance to enhance its financial governance[109] - The company has adopted a policy for the nomination of directors and executive compensation, ensuring transparency in governance practices[164] Risk Management - The company has implemented a comprehensive risk management framework, which includes 370 management systems and 738 record lists, with 123 new or revised documents and 243 new or revised records in 2022[171] - The board conducts an annual review of the risk management and internal control systems, including financial, operational, and compliance controls[148] - The company emphasizes the importance of compliance evaluation and has established strict confidentiality measures for insider information[148] Market Presence and Future Outlook - User data showed a growth of 15% year-over-year, indicating strong customer engagement and retention[68] - The company provided a positive outlook for the next quarter, projecting a revenue increase of 20%[69] - New product launches are expected to contribute an additional 5 million in revenue over the next year[70] - The company is expanding its market presence, targeting a 10% increase in market share by entering new regions[71] - The company is preparing for its annual general meeting scheduled for June 5, 2023[180] Shareholder Engagement - The company continues to enhance communication with investors to increase recognition, confidence, and loyalty among shareholders[153] - The company has reviewed its shareholder communication policy, believing it effectively provides multiple channels for investors to understand its business and operations[153] - The board encourages shareholder participation in annual general meetings to maintain ongoing dialogue[197]

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 2,436,035,000, an increase of 60.7% from RMB 1,515,525,000 in 2021[7] - The company reported a total comprehensive income of RMB 381,001,000 for the year, compared to RMB 179,265,000 in the previous year, reflecting a growth of 112.5%[21] - The revenue from the ultimate holding company and its subsidiaries was RMB 710,824,000 for the year ended December 31, 2022, compared to RMB 525,971,000 in 2021, representing a 35% increase[5] - The gross profit for the year ended December 31, 2022, was approximately RMB 733.9 million, up 56.1% from approximately RMB 470.0 million for the year ended December 31, 2021[42] - The net profit for the year ended December 31, 2022, was approximately RMB 341.4 million, representing an increase of about 90.7% compared to approximately RMB 179.0 million for the year ended December 31, 2021[42] - The adjusted net profit (excluding listing expenses and foreign exchange losses) for the year ended December 31, 2022, was approximately RMB 380.4 million, a 95.0% increase from approximately RMB 195.1 million for the year ended December 31, 2021[42] Revenue Breakdown - Property management service revenue reached RMB 1,206,859,000, up 46.5% from RMB 823,229,000 in 2021[7] - Non-owner value-added services generated RMB 584,619,000, a rise of 15.3% compared to RMB 506,724,000 in 2021[7] - Community value-added services saw significant growth, with revenue increasing to RMB 637,812,000 from RMB 179,793,000, marking a 254.5% increase[7] - Non-owner value-added service revenue increased from approximately RMB 506.7 million in 2021 to approximately RMB 584.6 million in 2022, representing a growth of about 15.4%[76] - Community value-added service revenue surged from approximately RMB 185.6 million in 2021 to approximately RMB 644.6 million in 2022, a remarkable increase of about 247.3%[99] Assets and Liabilities - The group reported a net asset value of RMB 1,360.2 million as of December 31, 2022, compared to RMB 203.9 million as of December 31, 2021[28] - The total non-current assets amounted to RMB 561.2 million as of December 31, 2022, significantly up from RMB 110.3 million as of December 31, 2021[22] - The total current assets reached RMB 2,442.3 million as of December 31, 2022, compared to RMB 1,248.7 million as of December 31, 2021[22] - The total liabilities increased to RMB 1,532.6 million as of December 31, 2022, from RMB 1,128.0 million as of December 31, 2021[22] Cash Flow and Expenses - The net cash flow from operating activities decreased from approximately RMB 347.4 million for the year ended December 31, 2021, to approximately RMB 154.1 million for the year ended December 31, 2022[140] - Sales costs rose from approximately RMB 1,045.5 million in 2021 to approximately RMB 1,702.2 million in 2022, an increase of about 62.8%[78] - Administrative expenses increased from approximately RMB 209.4 million for the year ended December 31, 2021, to approximately RMB 239.5 million for the year ended December 31, 2022, representing a growth of about 14.4% due to business expansion leading to increased employee costs[105] - The total tax expense for the year was RMB 104,890,000, compared to RMB 69,124,000 in 2021, marking an increase of about 51.8%[64] Strategic Plans and Investments - The company plans to enhance its service quality and expand its market presence in core cities, focusing on differentiated competitive advantages[72] - The company aims to increase its project density and scale of services in urban and commercial sectors through strategic acquisitions and resource collaboration with China Sinochem Group and China Jinmao[72] - The company intends to build a value-added service ecosystem to provide more efficient solutions for upstream real estate companies, commercial enterprises, and government departments[72] - The company plans to utilize the proceeds from its global offering to expand its business scale and strengthen its market position[117] - The company plans to utilize the net proceeds from the global offering for strategic investments and acquisitions of complementary property management companies[142] Employee and Training - A total of 2,614 employees received training in 2022, achieving a training coverage rate of 100%, which supports the operational capabilities of frontline staff[170] - The total employee cost for the reporting period was approximately RMB 500 million, compared to about RMB 400 million in 2021[150] Compliance and Governance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[10] - The company has adopted the Corporate Governance Code and the Standard Code for Securities Transactions by Directors, ensuring compliance since its listing[174]

Financial Performance - Revenue for the first half of 2022 reached RMB 1,096,888 thousand, representing a 60.0% increase compared to RMB 685,766 thousand in the same period of 2021[16] - Gross profit for the same period was RMB 356,036 thousand, up 58.5% from RMB 224,614 thousand year-on-year[16] - Net profit for the first half of 2022 was RMB 170,525 thousand, a significant increase of 93.9% compared to RMB 87,944 thousand in the previous year[16] - Total revenue for the six months ended June 30, 2022, was approximately RMB 1,096.9 million, representing a 60.0% increase from RMB 685.8 million for the same period in 2021[74] - Profit for the period increased from approximately RMB 87.9 million for the six months ended June 30, 2021, to approximately RMB 170.5 million for the six months ended June 30, 2022, reflecting an increase of approximately 94.0%[87] - The company reported a pre-tax profit of RMB 169,153 thousand for the six months ended June 30, 2022, compared to RMB 87,258 thousand for the same period in 2021, reflecting a growth of 93.8%[188] Assets and Liabilities - The total assets as of June 30, 2022, amounted to RMB 2,605,667 thousand, reflecting a 91.7% increase from RMB 1,359,052 thousand at the end of 2021[16] - Trade receivables from property management services increased from approximately RMB 139.2 million as of December 31, 2021, to approximately RMB 308.5 million as of June 30, 2022, driven by business expansion and increased managed building area[92] - As of June 30, 2022, the company's cash and cash equivalents amounted to approximately RMB 1,043.8 million, an increase of about 88.5% compared to RMB 553.6 million as of December 31, 2021[98] - The company's net current assets increased significantly to RMB 764,891,000 compared to RMB 120,661,000 as of December 31, 2021, reflecting a growth of 533.5%[155] - Trade payables increased from approximately RMB 170.9 million as of December 31, 2021, to approximately RMB 327.4 million as of June 30, 2022, primarily due to business expansion[94] Customer and Market Expansion - The company managed 238 properties with a total managed area of approximately 45.5 million square meters, including 142 residential communities and 96 non-residential properties[9] - The total contracted gross floor area as of June 30, 2022, was approximately 69.6 million square meters, covering 56 cities across 22 provinces, municipalities, and autonomous regions in China[9] - The company plans to enhance its service quality and expand its market presence in high-tier cities, focusing on high-end property services and innovative management practices[33] - The company has established partnerships with local governments in Jiaxing, Zhoushan, Nanjing, and Wenzhou, providing urban operation services over an area of approximately 81.3 square kilometers[51] - The company signed contracts worth over RMB 230 million during the period, with a conversion area exceeding 1.6 million square meters, both showing significant year-on-year growth[30] Service Quality and Customer Satisfaction - The company implemented a customer feedback program to enhance service quality and customer experience during the first half of 2022[20] - Customer satisfaction score remained stable at 91 points, reflecting a focus on user experience and service quality[29] - Customer satisfaction improved to 91% in the first half of 2022, up from 89% in 2021, exceeding the industry average[58] - The average property management fee was approximately RMB 4.45 per square meter per month, reflecting a focus on quality service and customer satisfaction[58] Strategic Acquisitions and Investments - The company completed the acquisition of First Property Services Limited, adding 2.8 million square meters to its managed area, with a total contracted area of 7.11 million square meters[30] - The company acquired 100% equity of Shou Zhi Service for RMB 450 million, adding 53 contracts and locked projects, enhancing its competitive advantage in high-end property services[50] - The total consideration for the acquisition includes RMB 315 million funded by proceeds from a global offering, with the remaining amount paid from the company's own funds[127] Operational Efficiency and Cost Management - Cost of sales increased by approximately 60.6% to RMB 740.9 million, consistent with revenue growth and an increase in the number of managed properties[77] - Administrative expenses rose from approximately RMB 97.5 million for the six months ended June 30, 2021, to approximately RMB 116.9 million for the six months ended June 30, 2022, an increase of approximately 19.9%[87] - The company reported a significant increase in cash and cash equivalents from RMB 553,619 thousand at the beginning of the period to RMB 1,043,754 thousand at the end[168] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has been compliant since its listing until June 30, 2022[109] - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with the relevant listing rules[111] - The company emphasizes the importance of effective risk management and internal control systems for long-term sustainable development[118]

Company Overview - Jinmao Property Services ranked 17th among China's top 100 property service companies in 2021, according to the China Index Academy[5]. - The company manages 175 properties with a total managed area of approximately 36.4 million square meters as of December 31, 2021[8]. - The total contracted construction area reached approximately 57.6 million square meters, covering 48 cities across 22 provinces, municipalities, and autonomous regions in China[8]. - Jinmao Property Services has established strategic cooperation agreements with various entities to enhance urban operation services and industry upgrades throughout 2021[12][13][17][19]. - The company launched a new brand slogan "With Perseverance, Achieve Long-term" in September 2021, emphasizing long-term value growth[13]. - Jinmao Property Services was recognized as a leading enterprise in property technology empowerment and smart city services in China[5]. - The company aims to deepen its urban property strategy and enhance urban management efficiency through strategic partnerships[17]. Financial Performance - Total revenue for 2021 reached RMB 1,515,525 thousand, representing a 60.5% increase from 2020[22]. - Gross profit for 2021 was RMB 470,034 thousand, a 100.2% increase compared to the previous year[22]. - Net profit margin improved to 11.8% in 2021, up from 8.2% in 2020, an increase of 3.6 percentage points[22]. - The net profit for the year was approximately RMB 179.0 million, an increase of about 132.2% year-on-year[35]. - The cash flow from operating activities increased from approximately RMB 136.2 million in 2020 to approximately RMB 347.4 million in 2021[33]. - The company achieved a pre-tax profit of RMB 248,135 thousand in 2021, up from RMB 107,525 thousand in 2020, indicating strong operational performance[198]. Growth and Expansion - The company has been actively expanding its service offerings, including community value-added services and consulting for property developers[9]. - The company aims to enhance service quality and management levels while focusing on customer-centric strategies for future growth[27]. - The company plans to leverage smart technology to create intelligent communities and improve operational efficiency[29]. - The company aims to expand its urban operation services and has formed a joint venture to provide services in a 60 square kilometer economic development zone[37]. - The company aims to penetrate local markets further to expand its managed scale and increase urban density[59]. - The company plans to continue its strategic growth through customer-centric value propositions and by leveraging its strong parent company support[41]. Service Offerings - Revenue from residential properties amounted to RMB 482.54 million, accounting for 58.6% of total revenue, while non-residential properties generated RMB 340.69 million, making up 41.4%[59]. - The total revenue for property management services was RMB 823.23 million, compared to RMB 567.48 million in the previous year, indicating significant growth[59]. - Non-owner value-added services generated revenue of approximately RMB 539.3 million in 2021, representing an 83.2% increase year-over-year and accounting for about 35.6% of total revenue[73]. - The company’s revenue from consulting and other value-added services to non-owners was RMB 304,842 thousand in 2021, up from RMB 65,955 thousand in 2020, indicating a shift towards more diversified revenue streams[72]. Technology and Innovation - The company is focusing on digital transformation to enhance customer satisfaction and operational efficiency through advanced technologies such as IoT, AI, big data, and cloud computing[38]. - The company plans to enhance its technology capabilities to improve service quality and operational efficiency, including the use of big data for customer preference analysis[84]. - New product development initiatives are underway, with an investment of 50 million HKD allocated for the development of smart community technologies[110]. Corporate Governance - The company has adopted the corporate governance code as its own governance framework, focusing on enhancing internal control measures and transparency to shareholders[120]. - The board of directors is responsible for managing the overall business and overseeing the performance of professional committees, including financial and operational performance[121]. - The company has established clear operating policies and procedures, reporting levels, and delegation of authority to manage daily operations effectively[121]. - The company emphasizes the importance of risk management by reviewing reports from the risk management and audit departments to identify and manage risks[121]. Employee and Management - Employee costs for the year ended December 31, 2021, totaled approximately RMB 400 million, an increase from RMB 300 million in 2020[96]. - The company had 2,658 full-time employees as of December 31, 2021, compared to 1,897 full-time employees as of December 31, 2020[96]. - The management team emphasizes the importance of independent opinions in operational and management decisions to ensure transparency[107]. - Continuous improvement of talent training and incentive mechanisms is planned to support rapid business growth and maintain a high-quality talent pool[84]. Sustainability and Social Responsibility - The company is committed to sustainable development and social responsibility through various community engagement initiatives[30]. - The company emphasized its commitment to sustainability, aiming to reduce operational carbon emissions by 25% over the next three years[110]. - The company has implemented extensive resource recycling and energy-saving measures across its offices and branches to minimize environmental impact[169]. Market Position and Strategy - The company is focused on high-end property management and urban operation services, positioning itself as a leader in the industry[5]. - The company aims to diversify its property portfolio through various channels to achieve economies of scale, leveraging the rich land and project reserves held by the Jinmao Group[77]. - The company seeks to deepen cooperation with local governments and large corporations in areas such as space management and public resource operations to further develop new value-added services[78].