Financial Performance - In 2024, the company achieved revenue of approximately RMB 951.5 million, an increase of about 10.4% compared to 2023[21] - The profit for 2024 was approximately RMB 61.1 million, reflecting a growth of about 19.8% year-on-year[21] - The profit attributable to shareholders was approximately RMB 59.0 million, which is an increase of about 18.7% from the previous year[21] - The group's total revenue for the year ended December 31, 2024, was approximately RMB 951.5 million, an increase of about 10.4% compared to RMB 862.2 million for the year ended December 31, 2023[31] - Net profit for the year ended December 31, 2024, was approximately RMB 61.1 million, an increase of about 19.8% compared to RMB 51.0 million for the year ended December 31, 2023[32] - Gross profit for the year ended December 31, 2024, was approximately RMB 143.2 million, representing a 21.4% increase from RMB 118.0 million in the previous year, with a gross margin of 15.1%, up from 13.7%[31] - Other income increased by approximately 123.7% from about RMB 3.8 million for the year ended December 31, 2023, to about RMB 8.5 million for the year ended December 31, 2024, mainly due to increased government subsidies[54] - Administrative expenses and R&D costs rose approximately 23.1% from RMB 53.3 million for the year ended December 31, 2023, to about RMB 65.6 million for the year ended December 31, 2024[55] - Trade and other receivables impairment losses increased by 192.3% from approximately RMB 3.9 million for the year ended December 31, 2023, to approximately RMB 11.4 million for the year ending December 31, 2024, primarily due to the increase in trade receivables resulting from business scale expansion[56] - Financial costs decreased by approximately 73.3% from about RMB 1.5 million for the year ended December 31, 2023, to approximately RMB 0.4 million for the year ending December 31, 2024, mainly due to the appreciation of the HKD against RMB and foreign exchange gains offsetting financial costs[57] Market Position and Expansion - The company was recognized as a "National High-tech Enterprise" and a "National-level Technology-based SME" in 2024[20][16] - The company was listed on the Hong Kong Stock Exchange on July 3, 2024, marking its entry into the capital market as the first property service company in Northwest China[20][15] - The group is actively expanding its service offerings beyond residential property management to include administrative offices, commercial buildings, hospitals, schools, and industrial parks, enhancing its comprehensive business matrix[25] - The company aims to expand its market presence in Northwest China through joint ventures, acquisitions, and project expansions[48] - The company has established a significant market position in the urban services and property management industry in Shaanxi Province, with ongoing efforts to expand its footprint in Northwest China[35] Service Quality and Innovation - The company focused on enhancing service quality through a comprehensive property service quality system, emphasizing owner needs and satisfaction[22] - The company implemented smart property digital management to innovate service scenarios and restructure organizational management[23] - The company launched community cultural activities to foster a warm and harmonious community atmosphere[22] - The company aims to leverage technology to enhance operational efficiency and service innovation, ensuring a competitive edge in the market[27] - The company plans to enhance its standardized service system and optimize customer experience to improve bidding success rates and service area expansion[48] Employee and Talent Management - As of December 31, 2024, the company employed 7,833 full-time employees, with employee costs recognized at approximately RMB 527.5 million, an increase from RMB 490.1 million in the previous year[88] - The group is committed to optimizing its talent ecosystem through various training programs and initiatives to ensure a high-quality talent pool for sustainable growth[26] - The company will recruit professional talent and participate in targeted industry training to enhance the professional level of its development team[48] Governance and Compliance - The company confirmed compliance with relevant laws and regulations, with no significant misstatements or misleading information in financial reports[171] - The company has adhered to the corporate governance code since its listing date, ensuring transparency and accountability in operations[177] - The board of directors is composed of 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors, maintaining a balanced composition for effective independent judgment[179] - The company has complied with regulations regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications[182] - The roles of the chairman and the CEO are separated, with Mr. Wu Suozheng serving as chairman and Mr. Sun Qi as general manager[184] - The company established an Audit Committee on May 23, 2024, to oversee financial reporting and internal control systems[190] - The supervisory board will focus on monitoring the company's financial status and major issues in 2025, enhancing risk awareness and corporate governance[175] Related Party Transactions - The company has entered into a catering service agreement with Jingfa Holdings, with a maximum annual fee of RMB 6.5 million and RMB 6.7 million for the years ending December 31, 2024, and 2025, respectively[119] - The total fee payable to the company for catering services is estimated at RMB 6.4 million, representing 0.7% of total revenue[122] - The company has signed a parking management service agreement with Jingfa Holdings, with maximum annual fees of RMB 5.1 million and RMB 5.3 million for the years ending December 31, 2024, and 2025, respectively[124] - The total fee payable for parking management services for the year ending December 31, 2024, is estimated at RMB 1.6 million, accounting for 0.2% of total sales costs[126] - The company has established a property management service agreement with Jingfa Holdings, with maximum annual fees of RMB 65.4 million and RMB 69.2 million for the years ending December 31, 2024, and 2025, respectively[128] - The total fees payable by the group to Jingfa Holdings for property management services for the year ending December 31, 2024, amount to RMB 52.0 million, representing 5.5% of the group's total revenue[131] - The independent non-executive directors have confirmed compliance with the relevant agreements governing the related party transactions, ensuring that all transactions were conducted on normal commercial terms[134] Financial Position - Cash and cash equivalents increased by approximately 65.1% from about RMB 258.5 million as of December 31, 2023, to approximately RMB 426.9 million as of December 31, 2024, mainly due to net proceeds from the global offering[68] - Current assets net value increased from approximately RMB 18.4 million as of December 31, 2023, to approximately RMB 148.5 million as of December 31, 2024, primarily due to increases in prepaid expenses and cash[69] - The company had no bank borrowings as of December 31, 2024, consistent with the previous year[71] - The total distributable reserves available to equity shareholders as of December 31, 2024, amount to RMB 115.4 million[153] Risks and Challenges - The company faces risks related to reliance on local government prospects and potential adverse developments in the business environment in Xi'an, where a significant portion of its operations are concentrated[97] - The company reported a credit risk primarily from cash, trade receivables, and other receivables, with a credit loss provision of RMB 11,004,000 as of December 31, 2023, compared to RMB 5,474,000 in the previous year[80] - The expected credit loss rate for non-trade receivables is calculated at 0.5%, indicating a low credit risk based on historical settlement records and forward-looking data[81] Corporate Events - There are no major events affecting the company from December 31, 2024, until the report date[85] - The company has not adopted any share incentive plans as of December 31, 2024[89] - The company did not issue any debt securities during the reporting period[150] - The board does not recommend the payment of a final dividend for the reporting period[152] - There were no significant events occurring after December 31, 2024, up to the report date[161] - The auditor for the financial statements for the year ended December 31, 2024, is KPMG, with no changes since the date of listing[162]

Financial Performance - For the fiscal year ending December 31, 2024, the company's total revenue was approximately RMB 951.5 million, representing an increase of about 10.4% compared to RMB 862.2 million for the fiscal year ending December 31, 2023[3]. - The gross profit for the fiscal year ending December 31, 2024, was approximately RMB 143.2 million, an increase of about 21.4% from RMB 118.0 million for the previous year[4]. - The net profit for the fiscal year ending December 31, 2024, was approximately RMB 61.1 million, which is an increase of about 19.8% compared to RMB 51.0 million for the fiscal year ending December 31, 2023[4]. - The gross profit margin for the fiscal year ending December 31, 2024, was approximately 15.1%, up from 13.7% in the previous year, reflecting an increase of about 1.4%[4]. - Total customer contract revenue for the year ended December 31, 2024, was RMB 951.5 million, an increase of 10.3% from RMB 862.2 million in 2023[19]. - The group's profit for the year increased by approximately 19.8% from about RMB 51.0 million to about RMB 61.1 million for the respective periods[65]. Revenue Breakdown - Revenue from urban services reached RMB 594.3 million in 2024, up from RMB 524.9 million in 2023, reflecting a growth of 13.2%[19]. - Revenue from residential property management services increased to RMB 200.9 million in 2024, compared to RMB 184.2 million in 2023, marking a growth of 9.1%[19]. - Revenue from commercial property management services rose to RMB 153.1 million in 2024, slightly up from RMB 149.8 million in 2023, indicating a growth of 2.5%[19]. - The public property management services segment generated RMB 327.7 million in revenue, accounting for 34.4% of total revenue in 2024, up from 30.2% in 2023[54]. - The urban sanitation services segment reported revenue of RMB 191.9 million, which is 20.2% of total revenue, slightly down from 21.7% in the previous year[54]. - The residential property management services segment achieved revenue of RMB 200.9 million, representing 21.1% of total revenue, compared to 21.3% in 2023[54]. - The commercial property management services segment generated RMB 153.1 million in revenue, accounting for 16.1% of total revenue, down from 17.4% in 2023[54]. Assets and Liabilities - The company reported a net asset value of approximately RMB 263.0 million as of December 31, 2024, compared to RMB 121.9 million in the previous year[8]. - The company’s total assets less current liabilities amounted to approximately RMB 266.6 million as of December 31, 2024, compared to RMB 139.5 million in the previous year[7]. - The company’s total assets as of December 31, 2024, were RMB 252,674,000, a decrease from RMB 262,307,000 in 2023, reflecting a decline of 3.5%[33]. - As of December 31, 2024, the company's trade payables amounted to RMB 157,456,000, an increase of 32.1% from RMB 119,126,000 in 2023[36]. - The company’s financial liabilities measured at amortized cost increased to RMB 491,824,000 in 2024 from RMB 460,130,000 in 2023[36]. Employee and Operational Metrics - Employee costs rose to RMB 527,542,000 in 2024 from RMB 490,075,000 in 2023, reflecting a growth of 7.6%[24]. - The company had 7,833 full-time employees as of December 31, 2024, compared to 7,730 employees as of December 31, 2023[91]. - The total number of projects managed by the company increased to 169 in 2024, up from 148 in 2023, with a total managed area of approximately 17.3 million square meters[45]. Research and Development - The company’s research and development costs increased to RMB 469,000 from RMB 191,000 in the previous year, indicating a focus on innovation[6]. Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[5]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[97]. - The company has not declared or paid any dividends during the year, consistent with 2023[41]. Future Plans and Strategy - The group plans to expand through mergers, joint ventures, and project development to enhance market share and brand influence in 2025[52]. - The group aims to optimize customer experience and improve service standardization in the upcoming year[52]. - The group will focus on cultivating a talented workforce and enhancing brand image through high-quality services and social responsibility initiatives in 2025[53]. Compliance and Governance - The financial statements are prepared based on historical cost and comply with applicable International Financial Reporting Standards[12][13]. - The audit committee has reviewed the consolidated annual performance for the year ending December 31, 2024, and confirms compliance with applicable accounting standards and regulations[99]. - The company has adopted corporate governance codes and has complied with all applicable provisions since the listing date[94]. Miscellaneous - The company is registered in China and was established on December 5, 2000, transitioning to a joint-stock company on December 29, 2020[107]. - The company's H shares will commence trading on the main board of the stock exchange on July 3, 2024[108]. - There have been no significant events affecting the company after December 31, 2024, up to the date of this announcement[98].

Market Position and Operations - The company has established a significant market position in the urban services and property management industry in Shaanxi Province, with operations extending to Northwest China, covering cities such as Xi'an, Tongchuan, Hancheng, and Shihezi[9]. - As of June 30, 2024, the company has contracted to provide public property management services, basic residential property management services, and basic commercial property management services for 152 projects, with a total contracted building area of 16.35 million square meters and a managed building area of 15.53 million square meters[9]. - The company plans to expand its market presence in Northwest China through joint ventures, acquisitions, and project expansions[20]. Financial Performance - The company's revenue increased by approximately 18.57% from RMB 390.76 million for the six months ended June 30, 2023, to RMB 463.33 million for the six months ended June 30, 2024[22]. - Revenue from urban services rose by about 25.01% from RMB 231.30 million to RMB 289.14 million, attributed to an increase in managed building area and projects[22]. - Revenue from residential property management services increased by approximately 7.94% from RMB 90.44 million to RMB 97.62 million, also due to an increase in managed building area and projects[22]. - Revenue from commercial property management services grew by about 10.58% from RMB 67.59 million to RMB 74.74 million, primarily due to an increase in managed building area[22]. - The group's gross profit increased by approximately 25.00% from RMB 55.71 million for the six months ended June 30, 2023, to approximately RMB 69.65 million for the six months ended June 30, 2024[24]. - The overall gross margin improved to 15.03% for the six months ended June 30, 2024, up from 14.26% in the same period of 2023, reflecting effective cost control measures[26]. - Gross profit from urban services rose approximately 38.82% to RMB 34.24 million, driven by increased revenue and effective cost management[26]. - Gross profit from residential property management services increased by approximately 18.49% to RMB 18.95 million, attributed to an increase in managed building area and projects[26]. - The company reported a significant increase in trade and other receivables, which reached RMB 334,622 thousand, compared to RMB 262,307 thousand at the end of 2023, indicating improved collection efficiency[62]. - For the six months ended June 30, 2024, the company reported a pre-tax profit of RMB 7,157,000, compared to RMB 5,422,000 for the same period in 2023, representing a year-over-year increase of approximately 31.9%[82]. Expenses and Costs - The sales cost increased from approximately RMB 335.04 million to RMB 393.69 million, mainly due to the growth in business scale[23]. - Administrative expenses and R&D costs rose by approximately 18.96% to RMB 29.42 million, primarily due to increased management expenses from business expansion[27]. - Employee costs recognized during the reporting period were approximately RMB 253.47 million, compared to RMB 232.76 million for the six months ended June 30, 2023[50]. - The company recognized a loss of RMB 6,000,000 from the sale of property, plant, and equipment during the six months ended June 30, 2024, compared to a loss of RMB 16,000,000 in the same period of 2023[87]. Cash Flow and Assets - The group's cash and cash equivalents decreased to approximately RMB 195.59 million as of June 30, 2024, from RMB 258.48 million as of December 31, 2023[34]. - Net cash used in operating activities was RMB (28,001) thousand, compared to RMB (13,063) thousand in the first half of 2023, indicating a decline in cash flow[68]. - Cash and cash equivalents decreased by RMB 61,845 thousand, with a balance of RMB 195,585 thousand as of June 30, 2024, compared to RMB 257,430 thousand at the beginning of the year[68]. - The group's current asset net value increased significantly from approximately RMB 18.38 million to RMB 50.97 million, mainly due to the increase in trade and other receivables[33]. - Non-current assets as of June 30, 2024, totaled RMB 119,377 thousand, slightly down from RMB 121,123 thousand at the end of 2023[62]. - Current assets increased to RMB 538,217 thousand, compared to RMB 528,750 thousand at the end of 2023[62]. - Total liabilities decreased to RMB 487,248 thousand from RMB 510,372 thousand at the end of 2023[63]. - Net assets rose to RMB 152,967 thousand, up from RMB 121,964 thousand at the end of 2023, reflecting a strong capital position[63]. Shareholder Information - The H shares of the company were listed on the main board of the Hong Kong Stock Exchange on July 3, 2024, through a global offering[9]. - The company issued a total of 16,666,800 H-shares at a price of HKD 7.50 per share on July 3, 2024, for listing on the Hong Kong Stock Exchange[96]. - Xi'an Economic Development Holdings Group Limited holds a 90.00% interest in non-listed domestic shares, representing 67.50% of the total issued share capital[52]. - The company has a total of 66,666,800 shares, including 50,000,000 non-listed domestic shares and 16,666,800 H shares[54]. - The company did not declare or pay any dividends during the six-month period ending June 30, 2024[93]. Risk Management and Compliance - The group has established monitoring procedures to ensure timely follow-up actions for overdue debts, mitigating credit risk[43]. - The company has not hedged any market risks, including interest rate risk, credit risk, and liquidity risk, as of June 30, 2024[41]. - The expected credit loss rate for non-trade receivables is calculated at 0.50% based on historical settlement records and forward-looking information[43]. - The Audit Committee has been established to review and supervise the financial reporting process and internal control systems[59]. - The Audit Committee reviewed the unaudited condensed consolidated financial information for the reporting period and found it to comply with applicable listing rules and accounting standards[60]. Employee Information - The group employed 7,958 full-time employees as of June 30, 2024, an increase from 7,730 employees as of December 31, 2023[50]. - For the six months ended June 30, 2024, the company reported management compensation of RMB 3,429,000 for salaries, allowances, and retirement plan contributions, an increase of 33.2% from RMB 2,574,000 for the same period in 2023[93]. Related Party Transactions - The company engaged in related party transactions totaling RMB 25,359,000 for service provision, an increase of 11.2% from RMB 22,797,000 in the previous year[95]. - As of June 30, 2024, trade receivables from related parties amounted to RMB 22,558,000, a slight decrease from RMB 22,938,000 as of December 31, 2023[95].

Financial Performance - For the six months ended June 30, 2024, the total revenue of Xi'an Kingfar Property Services Co., Ltd. was approximately RMB 463.33 million, an increase of about 18.57% compared to RMB 390.76 million for the same period in 2023[1] - The gross profit for the same period was approximately RMB 69.65 million, representing a 25.00% increase from RMB 55.71 million in the prior year, with a gross margin of 15.03%, up from 14.26%[2] - The profit for the period was approximately RMB 31.00 million, a 22.95% increase from RMB 25.22 million in the previous year[2] - Total revenue for the six months ended June 30, 2024, was RMB 463,330,000, an increase of 18.6% from RMB 390,756,000 for the same period in 2023[14] - The company reported a pre-tax profit of RMB 29,673,000 for the six months ended June 30, 2024, compared to RMB 24,721,000 for the same period in 2023, reflecting a growth of 19.8%[21] - The company's gross profit for the six months ended June 30, 2024, increased by approximately 25.00% to about RMB 69.65 million from RMB 55.71 million for the same period in 2023[49] - Profit for the period increased from approximately RMB 25.22 million for the six months ending June 30, 2023, to about RMB 31.00 million for the same period in 2024[54] Revenue Breakdown - Revenue from urban services was RMB 289,143,000, up from RMB 231,303,000, representing a growth of 25%[14] - Revenue from urban services rose by approximately 25.01% to about RMB 289.14 million, driven by an increase in managed building area and projects[47] - Revenue from residential property management services increased by approximately 7.94% to about RMB 97.62 million, also due to an increase in managed building area and projects[47] - Revenue from commercial property management services grew by approximately 10.58% to about RMB 74.74 million, primarily due to an increase in managed building area[47] Assets and Liabilities - The total non-current assets as of June 30, 2024, amounted to RMB 119.38 million, slightly down from RMB 121.12 million as of December 31, 2023[5] - Current assets included trade and other receivables of RMB 334.62 million, an increase from RMB 262.31 million as of December 31, 2023[5] - Cash and cash equivalents decreased to RMB 195.59 million from RMB 258.48 million as of December 31, 2023[5] - The net assets of the company increased to RMB 152.97 million as of June 30, 2024, compared to RMB 121.96 million at the end of 2023[7] - The total trade receivables and notes receivable, net of loss provisions, amounted to RMB 260,626,000, an increase from RMB 209,781,000 as of December 31, 2023, representing a growth of approximately 24.3%[24] - The total cash and cash equivalents as of June 30, 2024, were RMB 195,585,000, down from RMB 257,430,000 as of December 31, 2023, indicating a decrease of about 24%[24] - The total trade payables as of June 30, 2024, were RMB 126,145,000, compared to RMB 119,126,000 as of December 31, 2023, reflecting an increase of approximately 5.9%[25] Employee and Operational Metrics - The company has a total of 7,958 full-time employees in China as of June 30, 2024, compared to 7,730 employees as of December 31, 2023[72] - Employee costs recognized during the reporting period amounted to approximately RMB 253.47 million, an increase from RMB 232.76 million for the period ending June 30, 2023[72] - The company managed a total building area of approximately 5.29 million square meters for public properties as of June 30, 2024[40] - The company provided basic residential property management services for approximately 6.92 million square meters across 28 residential properties as of June 30, 2024[43] Dividends and Share Issuance - The company did not declare any interim dividend for the six months ended June 30, 2024[2] - The company did not declare or pay any dividends during the six-month periods ending June 30, 2023, and June 30, 2024[26] - The company issued a total of 16,666,800 H-shares at a price of HKD 7.50 per share on July 3, 2024, listed on the Hong Kong Stock Exchange[33] Market Position and Future Plans - The management's discussion highlighted the company's significant market position in Shaanxi Province and its expansion into Northwest China, covering cities such as Xi'an, Tongchuan, Hancheng, and Shihezi[34] - The company aims to expand its market presence in the northwest region of China through joint ventures, acquisitions, and project expansions[45] - The company plans to enhance its professional development team and participate in targeted industry training to improve service quality[45] - The company has no significant investments or acquisitions planned for the future as of June 30, 2024[70] Financial Management and Risks - The company incurred financial costs of RMB 633,000 for the six months ended June 30, 2024, a decrease from RMB 696,000 in the same period of 2023[16] - The group faced various market risks, including interest rate risk and credit risk, but did not hedge any of these risks during the reporting period[65] - The company has established a monitoring program to ensure timely collection of overdue debts, mitigating credit risk[68] - The company does not anticipate any significant losses from credit risks associated with cash and cash equivalents held in state-owned or large banks[68] Accounting and Compliance - The company has not adopted any new accounting standards that are not yet effective during the current accounting period[12] - The company has no significant impact from the amendments to the accounting standards regarding sale and leaseback transactions, as it has not entered into any such transactions[12] - The audit committee has reviewed the unaudited condensed financial information for the reporting period and confirmed compliance with applicable accounting standards[75]