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]

Financial Performance - Revenue for the year 2020 was RMB 6,779 million, an increase from RMB 5,868 million in 2019, reflecting a year-on-year growth[36]. - The gross profit for 2020 was RMB 1,827 million, up from RMB 942 million in 2019[36]. - Profit attributable to owners of the parent for 2020 was RMB 818 million, a significant increase of 124.1% from RMB 365 million in 2019[36]. - The core net profit attributable to owners of the parent reached RMB 816 million in 2020, compared to RMB 329 million in 2019, marking a 148.0% increase[36]. - The total assets as of 2020 amounted to RMB 19,076 million, up from RMB 6,070 million in 2019, indicating a growth of 168.6%[36]. - The gross profit margin improved to 27.0% in 2020 from 16.1% in 2019, while the net profit margin increased to 12.1% from 6.2%[36]. - The Group achieved a consolidated revenue of RMB 6.78 billion in 2020, representing a year-on-year increase of 15.5%[41]. - The net profit for the year was RMB 817.7 million, marking a significant year-on-year growth of 124.1%[41]. - The Group's total revenue for the year ended December 31, 2020, was RMB 6,778.9 million, representing a 15.5% increase from RMB 5,868.1 million in 2019[55]. - Revenue from residential property management services was RMB 2,922.6 million, accounting for 43.1% of total revenue, with a year-on-year growth of 9.6%[57]. - The gross profit margin for basic property management services is being improved as part of the Group's strategy to enhance operational efficiency[49]. - The overall property management fee collection rate was 93.1%, an increase of 0.6 percentage points from the previous year[58]. Property Management and Operations - As of December 31, 2020, the total Gross Floor Area (GFA) of residential and commercial properties under management reached approximately 118.6 million sq.m.[23]. - The GFA of shopping malls under commercial operational services was approximately 6.1 million sq.m.[23]. - The contracted GFA for residential property management services increased to 142,922 thousand sq.m. in 2020 from 118,089 thousand sq.m. in 2019, representing a year-on-year growth[36]. - The number of projects for contracted GFA in residential property management services rose to 854 in 2020, up from 713 in 2019[36]. - The GFA under management for residential properties reached 106,563 thousand sq.m. in 2020, compared to 92,085 thousand sq.m. in 2019[36]. - The Group's residential and other property management services covered 79 cities, with a total contracted area of 142.9 million sq.m. and managed area of 106.6 million sq.m. by the end of 2020[45]. - The Group provided commercial operational services to 57 opened shopping mall projects with a total GFA of 6.1 million sq.m. as of December 31, 2020[68]. - The contracted GFA for shopping malls increased to 10,099 thousand sq.m. with 99 projects, compared to 3,954 thousand sq.m. and 31 projects in 2019[66]. - The number of managed residential and other non-commercial properties increased by 83 to a total of 553, with a total managed area of 106.6 million square meters, up by 14.5 million square meters[57]. Strategic Initiatives and Growth - The company aims to increase investment in technology and prioritize technological innovation as a core competitive advantage for future growth[23]. - The company plans to enhance its integrated ecosystem to create greater value for customers through continuous innovation[23]. - The Group plans to expand community value-added services and explore new business opportunities in consulting and consumption investment[48]. - The Group aims to establish a one-stop membership system integrating member information, rights, and value, enhancing customer engagement and loyalty[48]. - The Group is focused on building five key capabilities: investment, operation, technology, organization, and brand to strengthen its market position[48]. - The Group intends to integrate its managed residential communities, shopping malls, and office buildings to create more business opportunities and enhance customer experience[84]. - The Group plans to selectively acquire property management and commercial operational service providers to enhance its market position and operational scale[81]. - Strategic investments will be pursued in service providers with synergistic businesses, such as brokerage and asset management, to build a comprehensive service ecosystem[82]. Leadership and Management - Mr. Yu Linkang has approximately 28 years of experience in real estate investment, commercial operation, and corporate management, having been appointed as the Group's president in August 2020[118]. - Mr. Wang Haimin, appointed as executive Director and vice president in August 2020, has extensive experience in real estate and corporate management[123]. - The company has undergone a reorganization, leading to new appointments in key management positions to enhance operational efficiency[131]. - The company aims to strengthen its business operations through strategic leadership changes in the executive team[134]. - The management team is expected to leverage their extensive experience to drive growth and operational improvements in the company[131]. - The company is committed to enhancing its market position through effective management and strategic initiatives[134]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions from December 9, 2020, to December 31, 2020[161]. - The board composition includes a balanced mix of executive and independent non-executive directors to ensure strong independent judgment[161]. - The Company has established audit, remuneration, and nomination committees post-listing, although no meetings were held by these committees in 2020[178]. - The Company aims to provide shareholders with an annual dividend payout of not less than 35% of the annual core net profit available for distribution, subject to the Board's discretion[198]. - The Company recognizes the importance of good corporate governance in achieving effective accountability within its management structures[160]. - The Company has implemented a Model Code for Securities Transactions by Directors to regulate securities dealings by directors and relevant employees[161].