申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 商场零售高增，高比例分红 2024年03月26日 华润万象生活 (01209.HK) 买入 23年归母净利润同比+33%、核心同比+31%，略超市场预期，利润率高位提升。据公告，23年 维持 公司实现营业收入147.7亿元，同比+22.9%；其中，住宅物管收入占比65%，同比+23%，商业 运营及物管收入占比 35%，同比+23%。毛利润 46.9 亿元，同比+30.0%，其中商管占比 65%、 同比+5pct；归母净利润29.3亿元，同比+32.8%；核心净利润29.2亿元，同比+31.2%；基本每 市场数据：2023年03月25日 股收益1.28元，同比+32.7%。报告期内，毛利率和归母净利率为31.8%和19.8%，分别同比+1.7pct 收盘价（港币） 24.35 和+1.5pct；三费费率9.2%，同比-1.6pct，其中销售、管理和财务费率分别为1.9%、6.4%和0.8%， 恒生中国企业指数 5,755 同比分别+0.7pct、-2.3pc ...

Financial Performance - For the fiscal year ending December 31, 2023, total revenue reached RMB 14,766.95 million, representing a year-on-year growth of 22.9%[2] - Gross profit for the same period was RMB 4,694.28 million, with a gross margin increase from 30.1% in 2022 to 31.8% in 2023[2] - The profit attributable to shareholders was RMB 2,929.30 million, reflecting a year-on-year increase of 32.8%[2] - Core profit attributable to shareholders, excluding revaluation gains from investment properties, reached RMB 2,920.00 million, up 31.2% year-on-year[2] - The profit before tax for the year was RMB 3,912,124,000, compared to RMB 2,906,153,000 in 2022, reflecting an increase of around 34.5%[13] - The company reported a net gain of RMB 3,559,000 from the sale of property, plant, and equipment, compared to RMB 452,000 in the previous year[18] - The total income tax expense for the year ended December 31, 2023, was RMB 969,484,000, an increase of 40% from RMB 692,905,000 in 2022[5] - Basic earnings per share for the year ended December 31, 2023, were RMB 2,928,749,000, compared to RMB 2,206,126,000 in 2022, reflecting a growth of 32.7%[21] - The company's net profit for the year was RMB 2,942.6 million, reflecting a growth of 33.0% compared to the previous year[71] Revenue Breakdown - Revenue from residential property management services amounted to RMB 9,570,834,000, up from RMB 7,779,223,000 in the previous year, reflecting a growth of about 23.0%[16] - The segment profit for residential property management services was RMB 1,729,125,000, while commercial operations and property management services generated a profit of RMB 2,950,541,000, leading to a total segment profit of RMB 4,679,666,000[13] - The residential property management services segment generated revenue of RMB 9.60 billion, accounting for 65.0% of total revenue, with a year-on-year increase of 23.0%[45] - The commercial operations and property management services segment reported revenue of RMB 5.17 billion, representing 35.0% of total revenue, with a year-on-year increase of 22.6%[45] - Revenue from value-added services to property developers was RMB 828.9 million, a decrease of 14.8% year-on-year, accounting for 5.6% of total revenue[49] - Revenue from community value-added services reached RMB 1,526.4 million, an increase of 21.5% year-on-year, contributing 10.3% to total revenue[50] - Revenue from commercial operations and property management services for shopping centers was RMB 3,238.3 million, up 30.5% year-on-year, accounting for 21.9% of total revenue[51] - Revenue from office commercial operations and property management services was RMB 1,928.0 million, an increase of 11.3% year-on-year, accounting for 13.1% of total revenue[54] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.542 per share, an increase of 54.2% compared to the previous year[2] - The company declared a special dividend of RMB 853,230,000 (equivalent to HKD 928,749,000) for the fiscal year ending December 31, 2022[36] - For the fiscal year 2023, the interim dividend per share was RMB 0.223 (equivalent to HKD 0.243), a 75.6% increase from RMB 0.127 in 2022[37] - The company proposed a final dividend of RMB 0.481 per share for the year ended December 31, 2023, compared to RMB 0.312 per share for the previous year, representing a 54.3% increase[86] Assets and Liabilities - The total assets less current liabilities amounted to RMB 19,443.78 million, compared to RMB 17,798.28 million in the previous year[4] - Non-current liabilities totaled RMB 3,407.73 million, a slight decrease from RMB 3,472.55 million in 2022[6] - The net asset value increased to RMB 16,036.05 million from RMB 14,325.73 million year-on-year[6] - Trade receivables increased to RMB 2,073,544,000 in 2023 from RMB 1,589,850,000 in 2022, representing a rise of 30.4%[23] - The provision for impairment losses on trade receivables increased to RMB 82,488,000 in 2023 from RMB 48,061,000 in 2022, indicating a significant rise in credit risk[25] - The total amount of prepayments and other receivables rose to RMB 1,649,573,000 in 2023, up from RMB 1,430,407,000 in 2022, marking an increase of 15.3%[27] - The company's trade payables increased to RMB 1,546,118,000 in 2023 from RMB 1,339,345,000 in 2022, reflecting a growth of 15.5%[31] - The company reported a deferred tax expense of RMB 131,727,000 for 2023, compared to RMB 51,151,000 in 2022, indicating a significant increase in deferred tax liabilities[5] Operational Highlights - The total managed property area as of December 31, 2023, was 3.702 billion square meters, with 98 shopping centers and 26 office buildings in operation[2] - The total retail sales for the company's shopping centers reached RMB 181.2 billion, representing a year-on-year growth of 43.3%[39] - The company managed a total construction area of 370 million square meters and a contracted area of 425 million square meters, covering 171 cities by the end of 2023[39] - The customer satisfaction score for shopping centers reached 99.2, maintaining a high level of service quality[40] - The company achieved a rental income of RMB 22 billion from operating shopping centers, a year-on-year increase of 38.8%[40] - The number of "Vanguard Star" members exceeded 46.25 million, with an annual increase of approximately 12.25 million members[39] - The company’s operating cash ratio improved by 4.9 percentage points to 20.6% year-on-year[40] - The company completed the integration of acquisition projects, achieving effective empowerment and collaborative value addition[40] Strategic Initiatives - The company plans to enhance its market competitiveness by focusing on high-quality, efficient, and rapid growth strategies in 2024[42] - The company aims to strengthen its position as the leading commercial operation service provider in the industry while accelerating its transformation into a city space operation service provider[42] - The company has established a sustainable development committee at the board level to enhance its ESG governance structure[41] - The company is committed to achieving a carbon emission intensity control target as part of its response to the national "dual carbon" strategy[41] - The company will continue to promote digital transformation to further improve business management efficiency[42] - The company plans to strategically invest in specialized service providers to enhance its service ecosystem and improve customer loyalty[58] - The company aims to strengthen its membership system to attract new users and enhance customer loyalty through digital engagement[59] Governance and Compliance - The company has complied with all provisions of the corporate governance code, except for the attendance of the chairman at the annual general meeting[82] - The financial performance for the year ended December 31, 2023, has been reviewed by the audit committee and confirmed by KPMG as consistent with the consolidated financial statements[85] Employment and Workforce - The group employed 40,977 full-time employees as of December 31, 2023, an increase from 40,239 employees the previous year[80] Cash and Investments - As of December 31, 2023, the total bank deposits and cash of the group amounted to RMB 11,646.8 million, primarily held in RMB[72] - The group's debt-to-asset ratio as of December 31, 2023, was 42.3%, a decrease of 2.3 percentage points compared to the end of the previous year[73] - The net proceeds from the company's listing amounted to approximately RMB 11,600.4 million, with RMB 4,409.0 million utilized as of December 31, 2023[74] - The actual use of net proceeds as of December 31, 2023, included RMB 6,960.3 million for strategic investments and acquisitions in property management and commercial operations[75] Future Outlook - The company intends to enhance its operational efficiency through digitalization initiatives, including upgrading its service platforms and investing in technology solutions[60]

[Table_Page] 公司深度研究|房地产Ⅱ 证券研究报告 [【Table_T广itle] 发地产&海外】华润万象生活 [公Tab司le_I评nves级t] 买入 当前价格 23.30港元 （01209.HK） 合理价值 33.7港元 报告日期 2024-02-22 奋楫笃行，万象生长 基[Ta本ble数_B据ase Info] [Table_Summary] 核心观点： 总股本/流通股本（百万股） 2282.50/2282.50 总市值/流通市值（百万港元） 53182.25/53182.25 ⚫ 领先的物业管理及商业运营服务供应商。公司于20年12月分拆赴港 一年内最高/最低（港元） 45.05/20.80 上市，控股股东为华润置地（持有股份73.72%）。23H1公司员工持股 30日日均成交量/成交额（百万） 4.41/100.15 比例0.10%。公司“住宅服务+商管运营”双轮业务驱动，23H1营收 近3个月/6个月涨跌幅（%） -23.10/-29.54 67.9亿元，同比+29%；其中住宅：商业营收比例66%：34%；23H1 毛利润22.5亿元，同比+35%，其中住宅：商业毛利40%：60% ...

Property Management Services - Residential property management services under management: 1,605 projects with a GFA of 313.2 million sq.m.[19] - Contracted projects for residential property management: 1,980 projects with a GFA of 366.1 million sq.m.[19] - The Group's property management business covered 189 cities across China, with 325 million sq.m. GFA under management and 380 million sq.m. contracted GFA[24] - The Group's property management business's contracted GFA increased by 28.67 million sq.m. net[24] - The property management business achieved a consolidated collection rate of 83.0%[25] - Revenue from property management services reached RMB3,449.6 million, a 44.8% YoY increase, accounting for 50.8% of total revenue, driven by mergers and acquisitions and market expansion[40] - Managed residential and non-commercial properties increased to 1,605 projects, with a total GFA under management of 313.2 million sq.m., a YoY increase of 68.5 million sq.m.[40] - Contracted GFA for residential and non-commercial properties increased to 366.1 million sq.m., with 1,980 projects, up from 322.6 million sq.m. and 1,609 projects in 2022[42] - GFA under management for CR Land properties increased to 124.1 million sq.m., with 687 projects, generating RMB1,799.3 million in revenue[44] - GFA under management for CR Group properties increased to 189.0 million sq.m., with 918 projects, generating RMB1,650.3 million in revenue[44] - The company provided property management services for 156 office buildings with a total GFA of 11.64 million sq.m. as of June 30, 2023[54] - Contracted GFA for office building property management services increased to 14,140 thousand sq.m. in 2023 from 11,261 thousand sq.m. in 2022[57] - Total property management services revenue reached RMB 831,239 thousand in 2023, compared to RMB 697,137 thousand in 2022, with managed GFA expanding to 11,638 thousand sq.m. from 8,710 thousand sq.m.[59] - The Group plans to selectively acquire or establish joint ventures with property management and commercial operational service providers to enhance market share and realize economies of scale[61] - The Group will continue to collaborate with CR Land to secure new property management and commercial operational service contracts for residential and commercial properties[61] - The Group plans to undertake management services for properties owned by CR Group, such as industrial parks and factories, to expand into new property segments[61] - The 2023 CR Land Property Management Services Framework Agreement has an annual cap of RMB 1,300,000 thousand for commercial properties and RMB 525,000 thousand for residential and other non-commercial properties, with actual transaction amounts of RMB 294,490 thousand and RMB 99,191 thousand respectively for the six months ended 30 June 2023[148] - The 2023 CRH Property Management Services Framework Agreement has an annual cap of RMB 295,000 thousand for commercial properties and RMB 570,000 thousand for residential and other non-commercial properties, with actual transaction amounts of RMB 87,002 thousand and RMB 133,892 thousand respectively for the six months ended 30 June 2023[157] Commercial Operational Services - Commercial operational and property management services: 150 contracted shopping malls (including subleasing projects) and 88 opened shopping malls[19] - Commercial operational services for offices: 31 contracted projects and 26 opened projects[19] - The Group's shopping malls achieved retail sales of RMB84.1 billion, a year-on-year increase of 41.0%[25] - Rental income from property owners reached RMB10.5 billion, a year-on-year increase of 52.1%[25] - The operating profit margin from property owners increased by 9.4 percentage points year-on-year to 67.2%[25] - The office building occupancy rate rose to 83.8%, an increase of 3.1 percentage points compared to the end of 2022[25] - The Group newly signed 7 commercial light asset expansion projects, all in first- and second-tier cities[24] - Revenue from shopping mall services reached RMB1,409.8 million, a 20.2% YoY increase, contributing 20.8% to total revenue[38] - Revenue from office building services grew to RMB899.9 million, a 19.8% YoY increase, contributing 13.2% to total revenue[38] - Commercial operational and property management services revenue for shopping malls grew 20.2% YoY to RMB1,409.8 million, representing 20.8% of total revenue[48] - The company provided commercial operational services to 85 opened shopping mall projects with a total GFA of 9.1 million sq.m. as of June 30, 2023[48] - Contracted GFA for shopping malls increased to 16,276 thousand sq.m. in 2023 from 14,192 thousand sq.m. in 2022[50] - 92.4% of office building segment revenue came from property management services, with the remainder from commercial operational services[56] - Revenue from CR Land's shopping mall services increased to RMB1,057.8 million in 2023 from RMB899.5 million in 2022[51] - Total revenue from shopping mall services increased to RMB1,150.0 million in 2023 from RMB1,004.2 million in 2022[51] - CR Land's commercial operational services revenue increased to RMB 48,835 thousand in 2023, up from RMB 42,518 thousand in 2022, with managed GFA growing to 1,255 thousand sq.m. from 1,183 thousand sq.m.[59] - The 2023 CR Land Commercial Operational Services Framework Agreement has an annual purchase cap of RMB 3,000,000 thousand, with actual service fees received of RMB 919,698 thousand for the six months ended 30 June 2023[149] - The 2023 CRH Commercial Operational Services Framework Agreement has an annual service fee cap of RMB170,000 thousand for 2023, with actual service fees received of RMB37,970 thousand for the six months ended 30 June 2023[129] Financial Performance - Consolidated revenue for the first half of 2023 reached RMB6.793 billion, a year-on-year increase of 28.7%[29][30] - Core net profit for the first half of 2023 was RMB1.422 billion, a year-on-year increase of 36.7%[29][30] - Interim dividend declared at RMB0.223 per share, representing a year-on-year increase of 75.6%[29][30] - Revenue for the six months ended 30 June 2023 was RMB6,793.3 million, a 28.7% YoY increase, driven by acquisitions and market expansion[65] - Gross profit increased by 34.7% YoY to RMB2,252.8 million, with a gross profit margin of 33.2%, up 1.5 percentage points[68] - Residential property management services gross profit margin decreased by 0.9 percentage points to 20.1%, due to a lower proportion of high-margin value-added services[72] - Commercial operational and property management services gross profit margin increased by 8.2 percentage points to 58.5%, benefiting from improved cost efficiency[72] - Cost of sales increased by 25.9% YoY to RMB4,540.5 million, driven by business scale expansion[67] - Marketing expenses surged by 105.3% YoY to RMB108.8 million due to increased market expansion efforts[78] - Administrative expenses rose by 1.6% YoY to RMB436.5 million, but decreased as a percentage of revenue by 1.7 percentage points[79] - Net profit grew by 36.8% YoY to RMB1,409.0 million[84] - Effective tax rate decreased by 0.4 percentage points to 26.4%[83] - Gain on changes in fair value of investment properties was RMB21.5 million, mainly from valuation changes in subleasing projects[73] - Total bank deposits and cash (including restricted bank deposits) amounted to RMB12,720.3 million as of 30 June 2023, remaining stable compared to the end of last year[87] - Gearing ratio decreased to 43.1% as of 30 June 2023, down by 1.5 percentage points from the end of last year[87] - Net proceeds from the Listing amounted to RMB11,600.4 million, with RMB3,864.1 million utilized as of 30 June 2023[88][89] - RMB640.8 million of net proceeds were used during the six months ended 30 June 2023, with RMB7,736.3 million remaining unused[90] - Strategic investments and acquisitions for property management and commercial operations accounted for 60% of the net proceeds, with RMB5,000.5 million unused as of 30 June 2023[90] - Investments in information technology systems and smart communities accounted for 15% of the net proceeds, with RMB1,324.1 million unused as of 30 June 2023[90] - Revenue for the six months ended 30 June 2023 increased to RMB 6,793,323 thousand, up from RMB 5,277,728 thousand in the same period last year[185] - Gross profit rose to RMB 2,252,804 thousand, compared to RMB 1,672,466 thousand in the previous year[185] - Profit before tax for the period was RMB 1,913,315 thousand, up from RMB 1,405,692 thousand in 2022[185] - Net profit attributable to equity shareholders of the Company increased to RMB 1,402,481 thousand, compared to RMB 1,027,586 thousand in the prior year[185] - Earnings per share (basic and diluted) for the period were RMB 61.4 cents, up from RMB 45.0 cents in 2022[185] - Total non-current assets decreased to RMB 7,545,832 thousand as of 30 June 2023, down from RMB 9,998,710 thousand at the end of 2022[187] - Total current assets increased to RMB 18,820,991 thousand, compared to RMB 15,839,132 thousand at the end of 2022[187] - Cash and cash equivalents stood at RMB 12,652,616 thousand as of 30 June 2023, slightly up from RMB 12,592,832 thousand at the end of 2022[187] - Total current liabilities decreased to RMB 7,967,809 thousand, down from RMB 8,039,561 thousand at the end of 2022[187] - Net current assets increased to RMB 10,853,182 thousand as of June 30, 2023, compared to RMB 7,799,571 thousand at the end of 2022[188] - Total assets less current liabilities rose to RMB 18,399,014 thousand as of June 30, 2023, up from RMB 17,798,281 thousand at the end of 2022[188] - Total non-current liabilities decreased to RMB 3,405,285 thousand as of June 30, 2023, from RMB 3,472,549 thousand at the end of 2022[188] - Equity attributable to equity shareholders of the Company increased to RMB 14,930,931 thousand as of June 30, 2023, compared to RMB 14,279,729 thousand at the end of 2022[188] - Non-controlling interests rose to RMB 62,798 thousand as of June 30, 2023, up from RMB 46,003 thousand at the end of 2022[188] - Profit for the period amounted to RMB 1,402,481 thousand for the six months ended June 30, 2023[197] - Total comprehensive income for the period was RMB 1,402,481 thousand[198] - Capital contribution from non-controlling interests was RMB 11,300 thousand[200] Strategic Development and Expansion - The property management industry is supported by government macro policies and is transitioning to high-quality development, focusing on service upgrades and operational improvements[20] - The domestic high-end and high-quality shopping mall segment is expected to trend upward in the long run[20] - The company is exploring strategic upgrading paths to achieve high-quality sustainability[20] - The Group plans to optimize the refined operation system and improve operating efficiency in the commercial management business[31] - The property management business will focus on quality growth in scale and actively pursue project acquisition opportunities in sub-segments[31] - The Group aims to strengthen high-quality external expansion efforts by leveraging consumer infrastructure REITs opportunities[31] - The Group will commence the construction of a new batch of model projects to accelerate its transformation into a leading urban space operation and service provider[31] - The Group successfully built 29 new urban space projects nationwide, with a contracted value exceeding RMB0.4 billion[24] - The Group plans to pursue strategic investments in national or regional service providers to build an ecosystem of service offerings and enhance customer loyalty[62] - The Group intends to integrate residential communities, shopping malls, and office buildings under its management to create more business opportunities and promote its membership system[64] - The Group plans to promote digitization initiatives, including technology enabling production and operation digitization, to enhance operational efficiency and user experience[64] - The Group is committed to high-quality services and digital transformation, aiming to improve operational efficiency and customer experience through technology empowerment[62] ESG and Sustainability - The Group's 2022 Sustainability Report received a "five-star" rating for the first time and was selected into the CCTV's list of "China's Top 100 Pioneering Listed Companies in ESG"[28] - The Company established a Sustainability Committee to oversee ESG policies, practices, and performance, and to advise the Board on sustainability developments and risks[166] - The Company complied with all Corporate Governance Code provisions except for Code Provision F.2.2, as the Board Chairman was unable to attend the annual general meeting[166] - The Company adopted the Model Code for Securities Transactions to regulate dealings by Directors and relevant employees, with all confirming compliance for the six months ended 30 June 2023[166] - The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the CG Code, which reviewed the unaudited consolidated financial statements for the six months ended 30 June 2023[168][170] Shareholder and Corporate Governance - The total number of members in the Group's membership system reached nearly 40 million as of 30 June 2023, with approximately 5.9 million new members added during the period[28] - Customer satisfaction score reached 87.71 points, maintaining a leading position in the industry[28] - The Board recommended an interim dividend of HK$0.243 (equivalent to RMB0.223) per share for the six months ended 30 June 2023, payable on or around 27 October 2023[169][171] - Shareholders can elect to receive the 2023 Interim Dividend in RMB at an exchange rate of HKD1.0: RMB0.9173, based on the average benchmark exchange rate published by the People's Bank of China during the five business days before 29 August 2023[172] - The register of members was closed from 14 September 2023 to 15 September 2023, and transfer documents must be lodged by 4:30 p.m. on 13 September 2023 to qualify for the 2023 Interim Dividend[174][175] - The unaudited consolidated results for the six months ended 30 June 2023 are set out on page 63 of the consolidated statement of profit or loss and other comprehensive income[169][171] - China Resources Company Limited holds a 73.72% long position in the company's shares, totaling 1,682,666,000 shares[111] - CR Land directly holds 1,650,000,000 shares, representing a 72.29% beneficial ownership[111] - JP Morgan Chase & Co. holds a 0.19% long position (4,360,652 shares) and a 0.06% short position (1,438,553 shares) in the company's shares[111] - CRH (Land) Limited directly holds 32,644,400 shares, representing a 1.43% beneficial ownership[111] - Commotra Company Limited directly holds 21,600 shares, representing a 0.00% beneficial ownership[111] - JP Morgan Chase & Co. holds 63,011,440 shares through its investment manager, representing a 2.76% long position[111] - JP Morgan Chase & Co. holds 46,930,190 shares in the lending pool, representing a 2.06% position[111] - The total number of shares issued as of 30 June 2023 is 2,282,500,000[113] - CR Land is owned 59.51% by CRH (Land) Limited[113] - CR Holdings is the sole shareholder of Commotra Company Limited and CRH (Land) Limited[113] - CR Land directly owns approximately 72.29% of the company's share capital[114] - CR Land is indirectly held as to approximately 59.55% by CRH, which is wholly owned by China Resources Company Limited[114] - CR Bank is held as to approximately 70.28% by China Resources Inc., which holds 100% of CRH[114] - The Company entered into a revolving loan facility for up to HKD600,000,000 with a maturity date of 12 months on 20 October 2021[95] - The Company's directors hold interests in the Company's shares, with Mr. YU Linkang holding 358,304 shares (0.02%) and Mr. WANG Haimin holding 52,955 shares (0.00%) as of 30 June 2023[99] - Ms. QIN Hong resigned as an independent non-executive Director and other committee roles, and Ms. LO Wing Sze was appointed to these positions effective 1 July 2023[160] - Ms. YANG Hongxia resigned as an executive Director, Board Secretary, Vice President, and CFO, and Mr. NIE Zhizhang was appointed to these roles effective 17 August 2023[160] Leasing and Procurement Agreements - The Group leased properties from CR Land Connected Persons for RMB 54,102 thousand in the first six months of 2023, against an annual cap of RMB 110,000 thousand[118] - CR Land Connected Persons leased properties from the Group under the commercial sub

Financial Performance - For the six months ended June 30, 2023, the group recorded revenue of RMB 6,793.33 million, representing a growth of 28.7% compared to the same period last year[2]. - The service segment revenue was RMB 4,484 million, an increase of 33.7% year-on-year, while the property management segment revenue reached RMB 2,309 million, growing by 20.1%[2]. - The gross profit for the period was RMB 2,252.80 million, reflecting a growth of 34.7%, with a gross margin improvement from 31.7% to 33.2%[2]. - The profit attributable to shareholders for the period was RMB 1,402.48 million, a 36.5% increase, with core profit (excluding revaluation gains from investment properties) rising by 36.7%[2]. - The pre-tax profit for the group was RMB 1,913,315,000, compared to RMB 1,405,692,000 for the same period last year, reflecting a year-on-year increase of approximately 36%[13][16]. - The group reported a profit of RMB 891,177,000 from the residential property management segment, which is a significant increase from RMB 704,270,000 in the prior year[13][14]. - Core net profit reached RMB 1.422 billion, an increase of 36.7% compared to the previous year, with earnings per share at RMB 0.623[33]. - The group's net profit for the six months ended June 30, 2023, was RMB 1,409.0 million, reflecting a growth of 36.8% compared to the previous period[63]. Revenue Breakdown - Revenue from residential property management services amounted to RMB 4,469,548,000, while commercial operations and property management services generated RMB 2,108,232,000, indicating strong performance across both segments[17]. - Revenue from customer contracts for residential property management services included RMB 3,449,621,000 from property management services, up from RMB 2,381,917,000 in the previous year, showing a growth of about 44.8%[17]. - The property management service revenue was RMB 3.450 billion, accounting for 50.8% of total revenue, with a growth of 44.8% year-on-year[37]. - Revenue from property developers' value-added services was RMB 407.3 million, a decrease of 1.0% year-on-year, accounting for 6.0% of total revenue[40]. - Revenue from community value-added services grew by 11.8% year-on-year to RMB 626.7 million, representing 9.2% of total revenue[41]. - Revenue from commercial operations and property management services for shopping centers reached RMB 1,409.8 million, an increase of 20.2%, accounting for 20.8% of total revenue[42]. - Revenue from office commercial operations and property management services was RMB 899.9 million, a growth of 19.8%, representing 13.2% of total revenue[45]. Assets and Liabilities - As of June 30, 2023, total non-current assets amounted to RMB 7,545.83 million, down from RMB 9,998.71 million at the end of 2022[6]. - Current assets totaled RMB 18,820.99 million, an increase from RMB 15,839.13 million at the end of 2022[6]. - The net asset value as of June 30, 2023, was RMB 10,853.18 million, compared to RMB 7,799.57 million at the end of 2022[7]. - The group’s total liabilities decreased to RMB 4,473,937,000 as of June 30, 2023, from RMB 4,651,067,000 as of December 31, 2022, a reduction of about 3.8%[26]. - The group's asset-liability ratio as of June 30, 2023, was 43.1%, a decrease of 1.5 percentage points from the end of the previous year[65]. Dividends - The board declared an interim dividend of HKD 0.243 per share, equivalent to RMB 0.223[2]. - The company declared a special dividend of RMB 853,230,000 on December 21, 2022, equivalent to approximately HKD 928,749,000[27]. - The company declared an interim dividend of RMB 22.3 cents per share for the first half of 2023, an increase from RMB 12.7 cents per share in the same period of 2022, representing a growth of 75.6%[28]. - Shareholders can choose to receive the interim dividend in RMB at an exchange rate of HKD 1.0 to RMB 0.9173[76]. - The interim dividend will be paid in cash on or around October 27, 2023, unless shareholders opt for RMB[76]. Operational Highlights - The number of managed properties reached a total area of 3.25 million square meters, with 85 shopping centers and 26 office buildings in operation[2]. - The retail sales of the company's shopping centers reached RMB 84.1 billion in the first half of 2023, a year-on-year increase of 41.0%[32]. - Rental income from property owners increased to RMB 10.5 billion, reflecting a year-on-year growth of 52.1%[32]. - The occupancy rate of the company's office buildings improved by 3.1 percentage points to 83.8% compared to the end of 2022[32]. - The total managed area of the company's property management business reached 325 million square meters, with a contracted area of 380 million square meters as of June 30, 2023[31]. - The company signed 7 new commercial light asset projects, all located in first and second-tier cities, indicating a strategic expansion[31]. - The comprehensive collection rate for the property management business was 83.0%, demonstrating effective operational management[32]. Strategic Initiatives - The company plans to enhance operational efficiency and explore new business opportunities in cosmetics and urban space services[34]. - The company aims to strengthen its market position as a leading commercial operation service provider while focusing on quality growth in property management[34]. - The company plans to selectively acquire property management and commercial operation service providers to enhance its market position and expand its scale[48]. - The company aims to leverage its network and brand advantages to deepen its presence in core cities and expand its market share in high-end commercial operation services[48]. - Strategic investments will be made in national or regional service suppliers that have synergistic effects with the company's business to enhance customer loyalty and profitability[50]. Governance and Compliance - The company has established a sustainability committee to oversee policies related to environmental, social, and governance matters[73]. - The company has complied with all provisions of the corporate governance code, except for the attendance of the chairman at the annual general meeting[73]. - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[78]. Employee and Operational Management - The company employs 39,824 full-time employees across mainland China and Hong Kong as of June 30, 2023[72]. - The company will continue to focus on providing high-quality services and improving its operational management to achieve high-quality development and enhance customer experience[49].

Property Management and Commercial Operational Services - The GFA of residential and commercial properties under property management services was approximately 299.2 million sq.m. as of 31 December 2022[9] - The GFA of shopping malls and office buildings under commercial operational services was approximately 11.0 million sq.m. as of 31 December 2022[9] - The company managed 1,362 residential property projects and 142 commercial operational and property management projects as of 31 December 2022[8] - The contracted GFA for residential and commercial properties was 335.5 million sq.m. as of 31 December 2022[8] - Residential property management services contracted GFA increased by 80.5% to 335,467 thousand square meters, with the number of projects increasing by 80.8% to 1,882[22] - Shopping mall commercial operational services and property management services contracted GFA grew by 16.4% to 15,148 thousand square meters, with the number of projects increasing by 16.4% to 142[22] - Office property management services contracted GFA rose by 31.9% to 13,195 thousand square meters, with the number of projects increasing by 24.4% to 158[23] - The Group's property management business achieved a revenue of RMB 7.802 billion in 2022, representing a YoY increase of 46.9%[29] - Revenue from community value-added services increased by 73.3% YoY, accounting for 16.1% of the property management business revenue[29] - The Group completed the largest merger and acquisition in the industry, adding 143 million sq.m. of contracted GFA in 2022[29] - As of 31 December 2022, the Group's residential and other property management business covered 153 cities across China, with 280 million sq.m. GFA under management and 336 million sq.m. contracted GFA[29] - Revenue from residential property management services reached RMB7,802.1 million, a YoY increase of 46.9%, accounting for 64.9% of total revenue, driven by acquisitions and market expansion[41][42] - The total gross floor area (GFA) under management for residential and non-commercial properties increased to 280.0 million sq.m., a YoY growth of 133.1 million sq.m.[41][42] - The number of managed residential and non-commercial properties increased to 1,362, up by 608 projects compared to 2021[41][42] - Revenue from value-added services to property developers grew by 19.7% YoY to RMB973.4 million, accounting for 8.1% of total revenue, primarily due to acquisitions[48][49] - Revenue from commercial operational and property management services totaled RMB4,214.1 million, representing 35.1% of total revenue[40] - Shopping mall revenue contributed RMB2,482.3 million, a 16.5% YoY increase, while office building revenue grew to RMB1,731.8 million, up 20.7% YoY[40] - The contracted GFA for residential and non-commercial properties increased to 335.5 million sq.m., up 80.5% YoY, with 1,882 projects under contract[43] - Revenue from CR Land-managed residential properties reached RMB3,221.2 million, a 14.3% YoY increase, with GFA under management growing to 115.5 million sq.m.[47] - Revenue from third-party developer-managed properties surged to RMB2,351.5 million, a 146.7% YoY increase, with GFA under management reaching 164.4 million sq.m.[47] - Community value-added services revenue reached RMB1,256.0 million, a YoY increase of 73.3%, accounting for 10.4% of total revenue[50] - Revenue from commercial operational and property management services for shopping malls was RMB2,482.3 million, a YoY increase of 16.5%, accounting for 20.7% of total revenue[50] - The Group provided commercial operational services to 84 opened shopping mall projects with an aggregate GFA of 9.0 million sq.m. as of 31 December 2022[50] - Contracted GFA for shopping malls increased to 15,148 thousand sq.m. in 2022 from 13,014 thousand sq.m. in 2021[52] - Revenue from commercial operational and property management services for office buildings was RMB1,731.8 million, a YoY increase of 20.7%, accounting for 14.4% of total revenue[54] - The Group provided property management services for 145 office buildings with an aggregate GFA of 10.5 million sq.m. as of 31 December 2022[54] - Contracted GFA for office buildings increased to 13,195 thousand sq.m. in 2022 from 10,003 thousand sq.m. in 2021[57] - 92.7% of the office buildings segment revenue was generated from property management services, with the remaining from commercial operational services[56] - CR Land's commercial operational services managed GFA increased to 1,327 thousand sq.m. in 2022 from 1,255 thousand sq.m. in 2021, with revenue decreasing to RMB 107,111 thousand from RMB 128,551 thousand[59] - Total property management services GFA under management grew to 10,526 thousand sq.m. in 2022 from 8,213 thousand sq.m. in 2021, with revenue increasing to RMB 1,605,239 thousand from RMB 1,276,158 thousand[59] - The Group plans to selectively acquire or establish joint ventures with property management and commercial operational service providers to enhance market share and realize economies of scale[60] - The Group aims to secure new engagements of property management and commercial operational services for properties developed or owned by CR Land, ensuring stable business expansion[60] - The Group will continue to improve its professional operation and service system to achieve high-quality development and ongoing enhancement of customer experience[62] - The Group plans to pursue strategic investments in national or regional service providers with specialized businesses to build an ecosystem of service offerings that promotes customer loyalty[62] - The Group intends to further integrate residential communities, shopping malls, and office buildings under its management to create more business opportunities and promote the membership system[63] - The Group plans to promote digitization initiatives to enhance operational efficiency and users' experience by technology empowerment[63] Financial Performance - Total revenue increased by 35.4% to RMB 12,016 million, with gross profit growing by 30.9% to RMB 3,611 million[23] - Profit for the year attributable to owners of the parent increased by 27.9% to RMB 2,206 million, with core net profit attributable to owners of the parent growing by 30.7% to RMB 2,225 million[23] - Total assets increased by 19.7% to RMB 25,838 million, while total debt rose by 49.5% to RMB 11,512 million[23] - Gross profit margin decreased by 1.0 percentage point to 30.1%, while net profit margin decreased by 1.0 percentage point to 18.4%[23] - Basic earnings per share increased by 27.9% to RMB 0.967[23] - The company achieved a consolidated revenue of RMB12.016 billion, representing a YoY increase of 35.4%, and a core net profit of RMB2.225 billion, representing a YoY increase of 30.7%[26] - The company's earnings per share relating to core net profit was RMB0.975, with solid growth in all core performance indicators[26] - The company declared a final dividend of RMB0.312 per share, representing a YoY increase of 13.0%, and the annual payout rate increased from 37% in 2021 to 45%[26] - The company's commercial management business achieved an annual retail sales of RMB126.44 billion, representing a YoY increase of 6.3%, and an operating profit of RMB9.452 billion from the property owners side, representing a YoY increase of 2.2%[26] - The company's revenue from commercial operating services for shopping malls reached RMB2.48 billion, representing a YoY increase of 16.5%[26] - The company's office building operation and property management services achieved a revenue of RMB1.73 billion, representing a YoY increase of 20.7%, with an occupancy rate of 80.7%[28] - The company's office building operation and property management business covered 47 cities, with 27 projects under operation as of the end of 2022[28] - Revenue for the year ended 31 December 2022 was RMB12,016.2 million, a YoY increase of 35.4%, driven by the consolidation of acquired companies and market expansion[65] - Cost of sales for the year ended 31 December 2022 was RMB8,405.2 million, a YoY increase of 37.4%, due to increased costs from business scale expansion[65] - Gross profit for the year ended 31 December 2022 was RMB3,610.9 million, a YoY increase of 30.9%, with a gross profit margin of 30.1%, down 1 percentage point YoY[66][67] - Residential property management services gross profit margin was 18.9%, down 0.4 percentage points YoY, but increased to 19.8% excluding intangible asset amortization[70] - Commercial operational and property management services gross profit margin was 50.7%, up 2.1 percentage points YoY, due to effective cost control and improved operating efficiency[70] - Gain on changes in fair value of investment properties was RMB43.3 million, mainly from valuation changes of Lanzhou MIXC and Shenzhen Buji MIXONE[70] - Other income and gains for the year ended 31 December 2022 was RMB579.9 million, a YoY increase of 10.8%, primarily due to increased bank deposit interest income[70] - Marketing expenses for the year ended 31 December 2022 was RMB151.2 million, a YoY increase of 160.3%, driven by increased market expansion efforts[70] - Administrative expenses increased by 28.5% YoY to RMB1,052.8 million due to business expansion and higher staff and office costs[71] - Effective income tax rate decreased by 2.3 percentage points to 23.8% due to preferential taxation policies in Qianhai, Shenzhen[71] - Net profit grew by 28.2% YoY to RMB2,213.2 million[71] - Total bank deposits and cash decreased by 8.65% to RMB12,722.8 million, mainly due to acquisitions and repayment of overseas loans[71] - Gearing ratio increased by 8.9 percentage points to 44.6%[71] - Completed acquisition of Yuzhou Property for RMB1,058 million[73] - Completed acquisition of Nantong Changle and 1% of Jiangsu Zhongnan for RMB2,485 million[73] - Terminated acquisition of Zhuji Xiangsheng and 2% of Zhejiang Shinsun, which was not completed[74] - The company expects internal financial resources to be sufficient for future property development projects[74] - Total proceeds from the listing amounted to approximately RMB11,600.4 million after deducting underwriting fees and relevant expenses[76] - As of 31 December 2022, RMB3,223.3 million of the listing proceeds had been utilized, with the remaining amounts held as bank deposits[77] - Strategic investments and acquisitions to expand property management and commercial operational businesses accounted for 60% of the net proceeds, with RMB6,960.3 million allocated[78] - Investment in information technology systems and smart communities accounted for 15% of the net proceeds, with RMB1,740.1 million allocated[78] Corporate Governance and Leadership - The company ranked No. 7 among the Top 100 Property Service Enterprises in China for 2022[10] - The company ranked No. 6 among the Top 10 Listed Property Services Companies of 2022[10] - The company ranked No. 6 in terms of comprehensive strengths among property service enterprises in China for 2022[10] - The company received the Star Award for 2022 Excellent Operation and Management Enterprises of Shopping Malls[10] - Mr. YU Linkang was appointed as an executive Director and the president of the Company in August 2020, with approximately 30 years of experience in real estate investment, commercial operation, and corporate management[90] - Mr. Yu served as the deputy general manager of China Resources (Shenzhen) Co., Ltd. from November 2004 to May 2011, and concurrently as the general manager of China Resources Shenzhen Bay Development Co., Ltd. from December 2008 to May 2011[90] - Mr. Yu was appointed as the senior vice president of CR Land in July 2016, managing the Group's business, particularly the commercial operational services business[90] - Mr. Yu received the Commercial Real Estate Leader Award in 2018 and 2020 from the China Commercial Real Estate Industry Annual Award Panel[92] - Mr. WANG Haimin was appointed as an executive Director and the vice president of the Company in August 2020, with extensive experience in real estate and corporate management[92] - Mr. Wang served as the deputy general manager of China Southern Airlines Tourism Development Co., Ltd. from August 2003 to April 2010[92] - Mr. Wang also served as the deputy general manager of Yuexiu Property Shenyang Co., Ltd. from October 2012 to October 2013[92] - Mr. Wang joined CR Land in October 2013 and has held various roles including deputy general manager of China Resources Land (Shenyang) Co., Ltd. and general manager of the marketing management department of the Shenyang region[93] - Mr. Wang was appointed as the Group's vice president in August 2020 to continue managing the Group's business and ceased his appointment at CR Land[93] - Ms. Wei Xiaohua was appointed as an executive Director and the vice president of the Company in August 2020, with experience in real estate and corporate management[93] - Ms. Wei served as the marketing manager of Ericsson (China) Co., Ltd. from May 1998 to September 2003[93] - Ms. Wei was appointed as the Group's vice president in August 2020 to continue managing the Group's business and ceased her appointment at CR Land[95] - Ms. Yang Hongxia was appointed as an executive Director and the chief financial officer of the Company in August 2020 and the secretary to the Board in December 2022[96] - Ms. Yang has been responsible for the management of the Group and is in charge of the financial management of the Group since November 2016[96] - Ms. Yang was appointed as the Group's chief financial officer in August 2020 to continue managing the Group's business[96] - Ms. Yang obtained a bachelor's degree and a master's degree in accounting from School of Management, Xiamen University in 2001 and 2004, respectively[96] - Ms. Yang was qualified as a certified accountant in 2003 and has been holding the title of intermediate accountant from 2006[96] - Mr. LI Xin, aged 51, has been the Director of the Company since July 2020 and was appointed as a non-executive Director in August 2020[98] - Mr. Li joined CRH in August 1994 and has held various senior positions including senior vice president of CR Land and chairman of the board of directors of CR Land since May 2022[98] - Mr. Li obtained a bachelor of economics degree in investment economics management from Dongbei University of Finance and Economics and a master of engineering degree in project management from The Hong Kong Polytechnic University[99] - Mr. GUO Shiqing, aged 53, has been a Director since December 2018 and was appointed as a non-executive Director in August 2020[99] - Mr. Guo served as the accountant of Guangdong Electric Power First Engineering Bureau from July 1994 to October 2001 and joined CR Land in October 2001[99] - Mr. Guo was appointed as the chief financial officer of CR Land in June 2020 and has been serving as an executive director since December 2020[99] - Mr. Guo was further appointed as the secretary of the board of directors of CR Land in December 2022[99] - Mr. Lau Ping Cheung Kaizer, aged 71, was appointed as an independent non-executive Director on 25 November 2020, with over 30 years of experience in the real estate industry[101] - Mr. Lau has served as an independent non-executive director of SEM Holdings Limited (stock code: 9929) since January 2020[101] - Mr. Cheung Kwok Ching, aged 62, was appointed as an independent non-executive Director on 25 November 2020, with over 30 years of experience in the real estate industry[102] - Mr. Cheung is the founder and chairman of ACR Asset Management, founded in March 2019[102] - Mr. Chan Chung Yee Alan, aged 56, was appointed as an independent non-executive Director on 25 November 2020, and is the chairman of the audit committee[103] - Mr. Chan is currently the chief operations officer of Miramar Hotel and Investment Company, Limited (stock code: 00071)[104] - Mr. Chan served as an independent non-executive director of Upbest Group Limited (stock code: 00335) from September 2007 to August 2022[104] - Mr. Chan was the managing director of Chinalink Express Holdings Limited from 2003 to 2021[104] - Mr. Chan was appointed as a member of the Board of Review (Inland Revenue Ordinance) of the HKSAR from 2009 to 2011[104] - Mr. Chan became an elected member of the Election Committee of the HKSAR since 2021[104] - Mr. Chan holds multiple professional qualifications including a master's degree in Practising Accounting and Business Law from Monash University, and is a fellow of the Hong Kong Institute of Certified Public Accountants and CPA Australia[105] - Ms. Qin Hong, aged 60, was appointed as an independent non-executive Director on 25 November 2020 and has extensive real estate research experience[105] - Ms. Qin is currently an independent non-executive director and a member of the Strategy and Investment Committee of Red Star Macalline Group Corporation Ltd[107] - Ms. Qin served as an independent non-executive director, the chair of the nominating and corporate governance committee, and a member of the audit committee and compensation

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1209) 截至二零二二年十二月三十一日止財政年度之 業績公告 摘要 截至二零二二年十二月三十一日止年度，全年收入為人民幣120.16億元，同比 （「同比」）增長35.4%。其中，住宅物業管理服務板塊收入為人民幣78.02億元， 同比增長46.9%；商業運營及物業管理服務板塊為人民幣42.14億元，同比增長 18.2%。 截至二零二二年十二月三十一日止年度，全年毛利潤為人民幣36.11億元，同比 增長30.9%。毛利率由二零二一年的31.1%下降至二零二二年的30.1%。 截至二零二二年十二月三十一日止年度，股東應佔溢利為人民幣22.06億元，同 比增長27.9%。核心股東應佔溢利（扣除投資物業的重估收益、無形資產－客戶 關係攤銷及相關遞延稅項影響）達到人民幣22.25億元，同比增長30.7%。 ...

Financial Performance - The Group achieved operating revenue of RMB5.28 billion in the first half of the year, representing a year-over-year increase of 31.5%[11]. - Core net profit amounted to RMB1.04 billion, reflecting a year-over-year growth of 33.5%[11]. - The Group's total revenue for the six months ended 30 June 2022 was RMB5,277.7 million, a significant increase from RMB4,014.4 million in the same period of 2021[28]. - The gross profit for the six months ended June 30, 2022, was RMB1,672.5 million, a 29.4% increase year-over-year, with a gross profit margin of 31.7%, down 0.5 percentage points from the previous year[67]. - Profit for the period reached RMB1,029.7 million, up from RMB806.0 million in 2021, indicating a growth of approximately 27.7%[162]. - Basic and diluted earnings per share for the period were RMB 45.0 cents, compared to RMB 35.3 cents in the previous year, marking an increase of around 27.5%[162]. - The gain on changes in fair value of investment properties was RMB5.0 million, a decrease from RMB36.0 million in the previous year[162]. - The Group's net profit for the period was RMB1,029.7 million, marking a 27.7% increase compared to the corresponding period of last year[71]. Market and Growth Opportunities - The company anticipates continued urbanization and expansion of high-end shopping malls, indicating long-term growth opportunities despite short-term pressures[9]. - The property management market is expected to see steady enhancement in industrial concentration, providing ample room for development[9]. - The company noted a significant valuation differentiation in the property management segment, with increasing investor awareness and confidence in leading property enterprises[9]. - The Group's luxury shopping malls increased to eleven with the opening of three new luxury shopping centers, reinforcing its market leadership[14]. - The Group plans to enhance operational capabilities and maintain its industry leadership through strategies focused on resource acquisition, customer attraction, favorable policies, and cost control[22]. Operational Highlights - As of June 30, 2022, the company managed 1,317 projects, with a total gross floor area (GFA) of 244.7 million sq.m. under management[6]. - The number of contracted shopping malls under commercial operational services reached 1,609, with 72 malls already opened[6]. - The number of opened offices under commercial operational services reached 24, indicating ongoing expansion in this sector[6]. - The Group's property management business recorded operating revenue of RMB3.35 billion, representing a year-over-year increase of 40.2%[16]. - Revenue from operational services of shopping malls was RMB0.75 billion, marking a year-over-year increase of 13.6%[14]. Strategic Initiatives - The Group aims to become a world-class enterprise, focusing on the strategic position of "urban quality-life service platform" while adapting to market changes[22]. - The Group plans to selectively acquire or establish joint ventures with property management and commercial operational service providers to enhance market share and achieve economies of scale[48]. - The Group intends to integrate managed residential communities, shopping centers, and office buildings to create more business opportunities and promote a membership system to attract third-party merchants[54]. - The Group plans to enhance its membership programs to better understand user needs and improve customer loyalty, aiming to attract new users efficiently[55]. - The Group will continue to upgrade its digitized service platforms to improve the core property management business and user experience[56]. Financial Position and Investments - Total bank deposits and cash amounted to RMB12,977.2 million, a decrease of 6.8% from the end of the previous year, mainly due to acquisitions and repayment of overseas loans[73]. - The Group's borrowings were HK$639.4 million (equivalent to RMB546.8 million), primarily used for the acquisition of China Resources Huan Le Song (Hong Kong) Limited and for dividend payments[75]. - The gearing ratio was 43.5%, an increase of 7.8 percentage points compared to the end of the previous year, calculated as total liabilities divided by total assets[76]. - The Group entered into an equity transfer agreement for the acquisition of Yuzhou Property with a consideration of RMB1,058 million, which is engaged in property management services in China[77]. - The total net proceeds from the listing amounted to approximately RMB11,600.4 million after deducting underwriting fees and related expenses[79]. Employee and Corporate Governance - As of June 30, 2022, the Group had 39,205 full-time employees in Mainland China and Hong Kong[83]. - The Group's employee compensation policy is based on performance, experience, and market salary levels, with discretionary performance bonuses[83]. - The Group has established a whistleblowing policy and adopted rules to support anti-bribery and anti-corruption measures[48]. - The audit committee has reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards[48]. Shareholder Information - The Board declared an interim dividend of RMB0.127 per share (equivalent to HK$0.145) for the six months ended June 30, 2022, payable on or around October 31, 2022[48]. - Shareholders can elect to receive the interim dividend in RMB at an exchange rate of HKD1.0 to RMB0.8733, based on the average benchmark exchange rate published by the People's Bank of China[48]. - The total number of shares issued by the Company as of June 30, 2022, was 2,282,500,000[96]. - China Resources Company Limited held a long position of 1,682,666,000 shares, representing approximately 73.72% of the company's total shares[95].

Property Management and Operations - As of December 31, 2021, the total GFA of residential and commercial properties under management reached approximately 164.8 million sq.m.[16] - The GFA of shopping malls and office buildings under commercial operational services was approximately 9.0 million sq.m.[16] - The company managed 754 residential projects and 1,041 contracted projects as of the end of 2021[11] - The number of opened shopping malls under commercial operational services was 69, while the number of opened offices was 25[11] - The total contracted GFA for commercial operational services was 185.9 million sq.m.[11] - The contracted gross floor area (GFA) for residential property management services increased by 30.1% to 185,904 thousand square meters in 2021 from 142,922 thousand square meters in 2020[24] - The number of projects for contracted GFA in residential property management services rose by 21.9% to 1,041 in 2021 from 854 in 2020[24] - The GFA under management grew by 37.8% to 146,833 thousand square meters in 2021 compared to 106,563 thousand square meters in 2020[24] - The Group's shopping mall operation and property management services covered 68 cities with 71 projects under operation, while the office building operation and property management business covered 40 cities with 25 projects[28] - The Group's property management business expanded its managed area by 320.5% YoY, focusing on urban public space operations[29] - The Group's total revenue from property management services increased significantly due to the expansion of management scale and service offerings[38] Financial Performance - Revenue for the year reached RMB 8,875 million, reflecting a year-on-year growth of 30.9% from RMB 6,779 million in 2020[24] - Gross profit increased by 51.0% to RMB 2,759 million in 2021, up from RMB 1,827 million in 2020[24] - Profit attributable to owners of the parent surged by 110.9% to RMB 1,725 million in 2021, compared to RMB 818 million in 2020[24] - The total assets of the company amounted to RMB 21,592 million, representing a 13.2% increase from RMB 19,076 million in 2020[24] - The core net profit attributable to owners of the parent increased by 108.5% to RMB 1,702 million in 2021 from RMB 816 million in 2020[24] - The Group achieved a consolidated revenue of RMB8.875 billion in 2021, representing a YoY increase of 30.9%, and a core net profit of RMB1.702 billion, a significant increase of 108.5% YoY[28] - The annual retail sales of shopping malls under management hit a record high, with a YoY increase of 43.8%, exceeding RMB100 billion, and operating profit margin rose by 9.9 percentage points YoY[28] - The property management business generated revenue of RMB5.31 billion, reflecting a YoY growth of 36.7%, with community value-added service revenue increasing by 86.9% YoY[29] Strategic Initiatives and Future Plans - The company aims to become the leading brand in commercial operational management in China, focusing on high-end shopping malls[15] - Future investments will prioritize technology and innovation to enhance the integrated ecosystem and urban development[16] - The company plans to selectively acquire property management and commercial operational service providers to enhance market share and achieve economies of scale[60] - The company aims to strengthen its collaboration with CR Land to secure new property management contracts for residential and commercial properties[62] - The company intends to promote a membership system to attract third-party merchants and enhance customer loyalty through integrated services[67] - The company plans to advance digital initiatives to improve operational efficiency and user experience through technology empowerment[71] Corporate Governance and Leadership - The Board of Directors comprises four executive directors, two non-executive directors, and four independent non-executive directors as of January 1, 2021[142] - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended December 31, 2021[141] - The Company has established three committees: the Audit Committee, Remuneration Committee, and Nomination Committee, each with defined written terms of reference[157] - The Company recognizes the importance of maintaining high standards of corporate governance for the long-term stable development of the Group[141] - The Company has adopted a Dividend Policy aiming for an annual dividend payout of not less than 35% of the annual core net profit available for distribution[176] Employee and Management Information - As of December 31, 2021, the company employed 28,654 full-time employees, an increase from 27,077 employees as of December 31, 2020[106] - The company provides performance bonuses and other employee benefits, including provident fund, insurance, and medical coverage[106] - Mr. Yu has approximately 29 years of experience in real estate investment, commercial operation, and corporate management[108] - Mr. Wang has extensive experience in real estate and corporate management, having held various positions in China Northern Airlines and China Southern Airlines[113] Market Expansion and Acquisitions - The company is expanding its market presence in southern China, targeting a 25% increase in market share within the next two years[116] - The company has initiated a strategic acquisition of a local competitor, which is expected to enhance its service offerings and customer base[116] - The Group signed 11 new commercial operational projects and successfully acquired 12 third-party shopping mall projects in major cities[28] Shareholder Engagement and Communication - The Company ensures shareholders' views are communicated to the Board during annual general meetings[193] - Shareholders are encouraged to participate in general meetings or appoint proxies to vote on their behalf[193] - The Company regularly monitors and reviews the general meeting process to meet shareholders' needs[193]

Financial Performance - The Group achieved consolidated revenue of RMB 4.01 billion, representing a year-on-year increase of 28.1%[11] - Net profit for the Group reached RMB 806.0 million, a significant year-on-year increase of 138.1%[11] - Earnings per share attributable to shareholders were RMB 0.353, with core profit per share at RMB 0.341[11] - The total revenue for the Group for the six months ended June 30, 2021, was RMB 4,014.4 million, compared to RMB 3,134.0 million in the same period of the previous year[30] - Gross profit for the six months ended June 30, 2021, was RMB 1,292.7 million, with a gross profit margin of 32.2%, marking a 71.1% increase in gross profit and an 8.1 percentage point increase in margin year-on-year[75] - For the six months ended 30 June 2021, the total gross profit was RMB 1,292.7 million, representing a 70.8% increase compared to RMB 755.3 million in the same period last year[77] Retail and Commercial Operations - The domestic retail sales of consumer goods grew by 23% year-on-year, indicating strong consumption as a key economic driver[13] - The Group's managed shopping malls achieved retail sales of RMB 56 billion in the first half of 2021, representing a year-on-year increase of 84.4%[16] - The total retail sales of eight luxury shopping malls operated by the Group grew by 88.5% year-on-year, consolidating its leading position in the high-end market[16] - The operating profit margin for shopping malls increased by 16.9 percentage points year-on-year, driving a 126.9% year-on-year increase in revenue from shopping mall operational services[16] - The Group signed nine new commercial operational projects and opened seven new shopping malls in the first half of 2021, entering Nanchang, Jiaxing, and Nanjing for the first time[16] Property Management Services - The Group's property management services recorded revenue of RMB 2.39 billion in the first half of 2021, a year-on-year increase of 42.3%[19] - For the six months ended June 30, 2021, the revenue from property management services amounted to RMB 1,736.2 million, representing a 31.8% increase year-over-year and accounting for 43.2% of total revenue[32] - The gross profit margin of basic property management services improved to 13.3%, while revenue from community value-added services increased by 149.4%[19] - The overall residential property management fee collection rate improved to 81.0%, an increase of 6.4 percentage points compared to the previous year[32] - The total GFA under management for property management services was 7,088 thousand sq.m. in 2021, compared to 5,141 thousand sq.m. in 2020, with the number of projects increasing from 73 to 93[55] Strategic Focus and Development - The Group is focusing on four core strategies: scale expansion, efficiency enhancement, income increase through innovation, and membership management[14] - The Group aims to become a trustworthy urban quality-life service provider, focusing on quality service and basic property management as key development cornerstones[22] - The Group plans to strategically invest in national or regional service providers with synergistic businesses to enhance customer loyalty and broaden the customer base[62] - The Group aims to develop an integrated membership program to create more business opportunities and enhance customer loyalty through cross-business functions[63] - The Group intends to promote digitization initiatives to improve operational efficiency and user experience through technology empowerment[64] Market Trends and Opportunities - The rise of the new middle class and Generation Z in China is driving luxury consumption growth, presenting new opportunities for high-end commercial operations[13] - The property management industry has seen its total market capitalization exceed HK$ 1 trillion, marking a significant transformation[13] - The Group's operational strategies are aligned with the national policy of "houses are for living in, not for speculation," which is reshaping the real estate industry[10] Financial Position and Investments - As of June 30, 2021, total bank deposits and cash amounted to RMB12,761.6 million, representing a 19.5% increase from the end of the previous year[91][94] - The debt-to-asset ratio was 34.8%, an increase of 0.1 percentage points compared to 31 December 2020[96][98] - The company plans to utilize RMB 6,960.3 million (60%) of the net proceeds for strategic investments and acquisitions to expand property management and commercial operations by December 2025[102] - The total planned use of net proceeds amounts to RMB 11,600.4 million, with RMB 1,220.4 million utilized during the reporting period[103] Employee and Shareholder Information - The Group employed 26,845 full-time employees in Mainland China and Hong Kong as of June 30, 2021, with compensation based on performance, experience, and market salary levels[118] - Major shareholders include China Resources Company Limited, holding 1,682,666,000 shares, representing approximately 73.72% of the total shares[133] - The total number of shares issued as of June 30, 2021, was 2,282,500,000[134] Connected Transactions and Agreements - The initial term of the property leasing framework agreement with China Resources Land is from the listing date until December 31, 2022, with the possibility of renewal[151] - The annual cap for the CR Land Property Management Services Framework Agreement for 2021 is RMB 1,193,951 thousands, with actual transaction amounts of RMB 337,709 thousands for the six months ended June 30, 2021[179] - The services provided under the CRH Commercial Operational Services Framework Agreement include pre-opening management and operation management services[170] - The annual cap for community value-added services in 2021 is RMB 91,700 thousand, with an actual transaction amount of RMB 25,913 thousand for the six months ended June 30, 2021[187]