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]