Financial Performance - Revenue for the year ended December 31, 2024, was RMB 966,816,000, representing an increase of 5.1% from RMB 919,684,000 in 2023[3] - Gross profit increased by 55.5% to RMB 115,262,000 in 2024, compared to RMB 74,144,000 in 2023[3] - The net loss for the year improved by 38.1%, decreasing from RMB 80,950,000 in 2023 to RMB 50,147,000 in 2024[3] - The gross profit margin increased to 11.9% in 2024, up from 8.1% in 2023, reflecting a 46.9% improvement[3] - Basic earnings per share improved by 31.6%, from RMB (0.19) in 2023 to RMB (0.13) in 2024[3] - The return on equity improved to (22.7%) in 2024 from (28.9%) in 2023, a 21.5% increase[3] - The company reported a net cash position, indicating no net debt in both 2024 and 2023[3] Revenue Breakdown - Approximately 71.4% of total revenue was generated from property management services, with 91.5% from non-residential properties and 8.5% from residential properties[58] - Urban sanitary services contributed approximately 24.1% to total revenue, while catering services, sublease services from investment properties, and other services accounted for 2.1%, 1.1%, and 1.3% respectively[60] - Revenue from property management services on a lump sum basis was RMB 689,313,000, accounting for 71.3% of total revenue, while revenue from fixed remuneration property management services was RMB 1,394,000[63] - Revenue from urban sanitary services was RMB 232,440,000, which is 24.1% of total revenue, showing an increase from RMB 226,468,000 in 2023[63] Operational Metrics - The current ratio decreased slightly to 1.0 in 2024 from 1.1 in 2023, a decline of 9.1%[3] - The gearing ratio increased significantly to 102.8% in 2024, up from 61.6% in 2023, indicating a 66.9% rise[3] - The trade receivables turnover days improved from 96.5 days in 2023 to 92.3 days in 2024, a reduction of 4.4%[3] - Trade receivables increased by approximately 7.6% to approximately RMB253.3 million as of 31 December 2024 from approximately RMB235.5 million as of 31 December 2023, with a turnover of 92.3 days[105] Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2026[9] - New product development initiatives are expected to contribute an additional RMB 300 million in revenue by the end of 2025[9] - The Group plans to expand its business through acquisitions, mergers, investments, joint ventures, and business collaborations[45] - The Group aims to enhance its information technology system application to improve service quality and generate more revenues[45] - The Group's strategy includes vertical expansion along the industry and supply chains of the property management industry[45] Employee and Governance - The Group employed 4,636 employees as of December 31, 2024, with a balanced gender distribution of 2,328 female and 2,308 male employees[70] - The company's compensation policy aims to attract and retain high-quality talent by linking employee remuneration to both company and individual performance[135] - The company emphasizes regular training for employees to enhance performance and align employee interests with shareholder interests[135] - The company has a strong governance structure with independent non-executive directors overseeing management, including Mr. Shu and Mr. Bai Min[190] Leadership and Management - Mr. Xiao and Mr. Fu, co-founders of the company, have extensive experience in the property management industry, contributing to the company's strategic planning and business development[143][145] - The Group's leadership includes a diverse range of professionals with backgrounds in economics, business management, and property management, enhancing its operational capabilities[162][165] - The leadership team is actively involved in various industry associations, which supports the company's networking and influence in the market[162][165] - The company is focused on maintaining high standards of governance and operational excellence through its experienced management team[165]

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 966,816 thousand, up from RMB 919,684 thousand in 2023, representing a growth of approximately 5.1%[3] - Gross profit for the same period rose to RMB 115,262 thousand, compared to RMB 74,144 thousand in 2023, marking an increase of about 55.5%[3] - The company reported a net loss of RMB 50,147 thousand for 2024, an improvement from a net loss of RMB 80,950 thousand in 2023, reflecting a reduction of approximately 38.2%[3] - Basic and diluted loss per share for the year was RMB 0.13, compared to RMB 0.19 in 2023, indicating a decrease in loss per share of about 31.6%[4] - The company reported a pre-tax loss of RMB 44,514 thousand for 2024, an improvement from a loss of RMB 103,358 thousand in 2023[36] - The total tax expense for the year was RMB 5,633,000 in 2024, contrasting with a tax credit of RMB 22,408,000 in 2023[40] - Net loss for the year ending December 31, 2024, was approximately RMB 50.1 million, compared to a net loss of about RMB 81.0 million for the year ended December 31, 2023, resulting in a net loss margin of 5.2% versus 8.8%[75] Assets and Liabilities - Total non-current assets decreased to RMB 385,598 thousand in 2024 from RMB 419,069 thousand in 2023, a decline of approximately 8.0%[7] - Current assets increased to RMB 551,250 thousand in 2024, up from RMB 512,485 thousand in 2023, representing a growth of about 7.6%[7] - Total liabilities increased to RMB 716,030 thousand in 2024, compared to RMB 651,711 thousand in 2023, reflecting an increase of approximately 9.9%[8] - The company's cash and cash equivalents rose to RMB 153,582 thousand in 2024 from RMB 139,674 thousand in 2023, an increase of about 9.9%[7] - The company's net asset value as of December 31, 2024, was approximately RMB 60,962,000, compared to RMB 54,215,000 in 2023, showing an increase[46] - The company’s deferred tax liabilities decreased significantly from RMB 31,138,000 in 2023 to RMB 1,381,000 in 2024[40] - Trade receivables increased to RMB 270,746 thousand in 2024 from RMB 249,727 thousand in 2023, reflecting a growth of approximately 8.1%[49] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 966,816 thousand, an increase from RMB 919,684 thousand in 2023, representing a growth of 5.1%[32] - Property management services accounted for approximately 71.3% of total revenue in 2024, with RMB 689,313 thousand generated from these services[56] - The property management service revenue was RMB 689,313 thousand in 2024, slightly up from RMB 685,049 thousand in 2023, indicating a growth of 0.3%[32] - The urban sanitation service revenue increased to RMB 232,440 thousand in 2024 from RMB 226,468 thousand in 2023, reflecting a growth of 2.3%[32] - The catering service revenue saw a significant increase to RMB 20,106 thousand in 2024, compared to RMB 6,174 thousand in 2023, marking a growth of 225.5%[32] Expenses and Costs - Total interest expenses rose to RMB 16,117 thousand in 2024 from RMB 14,859 thousand in 2023, an increase of 8.5%[37] - The company recognized impairment losses of RMB 22,087 thousand in 2024, compared to RMB 25,500 thousand in 2023, showing a decrease of 13.5%[36] - The total depreciation and amortization expenses were RMB 35,524 thousand in 2024, slightly down from RMB 35,664 thousand in 2023, a decrease of 0.4%[36] - Selling and distribution expenses increased by approximately 36.7% from about RMB 28.1 million for the year ended December 31, 2023, to approximately RMB 38.4 million for the year ending December 31, 2024, due to increased employee costs and depreciation related to the expansion of dining services[68] - Cost of services provided rose by approximately 0.7% from about RMB 845.5 million for the year ended December 31, 2023, to approximately RMB 851.6 million for the year ending December 31, 2024, primarily due to increased employee and service costs related to new cultural and dining services[65] Corporate Governance and Compliance - The company has adhered to the corporate governance code since its listing date on December 11, 2017, ensuring compliance with the relevant provisions[91] - All independent non-executive directors have confirmed their independence as per the requirements of the listing rules[93] - The audit committee, chaired by an independent non-executive director, has reviewed the consolidated financial statements for the year ending December 31, 2024[94] - The external auditor, Ernst & Young, confirmed that the financial statements for the year ending December 31, 2024, are consistent with the audited figures[96] - The company has a compensation policy aimed at attracting and retaining high-quality talent, linking employee compensation to both company and individual performance[90] Future Plans and Developments - The company plans to continue focusing on property management and environmental sanitation services in China, aiming for further market expansion and operational efficiency improvements[10] - The group aims to expand its operations in key regions along the eastern coastal and Yangtze River areas, focusing on systematic urban management and public services[62] - The group is developing an integrated online and offline engineering facility maintenance capability through the Shanghai Bund project, enhancing its core competitiveness in facility maintenance technology[62] - The group has developed an open smart building system called "Dynamic Building Model" (DBM) based on IoT, big data, and 3D technology, aimed at providing data services to various stakeholders[62] Employee Information - As of December 31, 2024, the company employed approximately 4,636 employees, including 2,328 female employees and 2,308 male employees[90] - The company has a commitment to regular training for employees to enhance performance[90]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 455,473,000, a decrease of 1.4% from RMB 462,027,000 in the same period of 2023[3]. - Gross profit for the period was RMB 55,318,000, reflecting a decline of 1.8% compared to RMB 56,348,000 in 2023[3]. - Profit for the period increased significantly to RMB 3,818,000, up 106.8% from RMB 1,846,000 in the previous year[3]. - The net profit margin improved to 0.8%, doubling from 0.4% in the same period last year[3]. - Return on equity rose to 1.3%, a substantial increase of 169.0% from 0.5% in 2023[3]. - The Group's total comprehensive income for the period was RMB 3,430,000, up from RMB 1,489,000 in 2023, indicating a significant improvement in overall financial performance[99]. - Profit before tax for the six months ended June 30, 2024, was RMB 4,137,000, an increase from RMB 3,078,000 in 2023, representing a growth of 34.5%[108]. Revenue Breakdown - Approximately 72.0% of total revenue was generated from property management services, with 91.1% from non-residential properties and 8.9% from residential properties[21]. - Urban sanitary services contributed approximately 25.2% of total revenue, amounting to RMB 114,848,000, compared to RMB 118,440,000 in the same period of 2023[22]. - Revenue from property management services for the six months ended June 30, 2024, was RMB 327,014,000, a decrease of 4% from RMB 342,286,000 in the same period of 2023[127]. - Catering services income was RMB 9,255,000 for the six months ended June 30, 2024, with no income reported in the same period of 2023[128]. Expenses and Costs - Selling and distribution expenses increased by approximately 27.4% to approximately RMB 14.9 million, mainly due to increased rental expenses from newly initialized catering services[41]. - Administrative expenses decreased by approximately 4.4% to approximately RMB 34.9 million[42]. - Employee benefit expenses, including wages and salaries, totaled RMB 98,736,000 for the six months ended June 30, 2024, down from RMB 114,949,000 in 2023, representing a decrease of approximately 14%[133]. - Interest expenses increased by approximately 9.7% to approximately RMB 7.9 million due to an increase in average bank loans and other borrowings[44]. Assets and Liabilities - Total current liabilities increased to RMB 502,636,000 as of June 30, 2024, compared to RMB 482,270,000 at December 31, 2023, reflecting a growth of 4.4%[102]. - Non-current assets totaled RMB 416,243,000, slightly down from RMB 419,069,000 as of December 31, 2023[100]. - Cash and cash equivalents decreased by approximately RMB 39.9 million to about RMB 99.7 million as of June 30, 2024, compared to the beginning of 2024[57]. - The total interest-bearing bank loans and other borrowings increased to approximately RMB 206.9 million as of June 30, 2024, from approximately RMB 199.8 million as of December 31, 2023[57]. Corporate Governance - The audit committee reviewed the unaudited consolidated interim results for the six months ended June 30, 2024, ensuring compliance with accounting principles and internal controls[70]. - The company adopted and complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2024[69]. - The board is committed to maintaining high standards of corporate governance to protect and maximize shareholder interests[69]. Shareholder Information - As of June 30, 2024, Mr. Xiao Xingtao and Mr. Fu Qichang jointly held 302,634,000 shares, representing 74.72% of the company's issued shares[80]. - The company did not recommend any interim dividend for the six months ended[65]. - The Group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[142]. Risk Management - The risk management policy is reviewed quarterly to address various potential risks related to business operations[19]. - The Group is focusing on prudent acquisition activities, particularly in businesses with superior synergy effects related to urban public services[29]. Investment and Development - The Group is developing a self-owned open source smart building system, "Dynamic Building Matrix" ("DBM"), to enhance property management services and expand market presence[34]. - The Group's strategic focus remains on high-end non-residential properties in China, which is crucial for its property management services[21]. Cash Flow and Financing - The net cash used in operating activities was approximately RMB 21.9 million for the period[55]. - The total cash flows from financing activities resulted in a net outflow of RMB (8,046,000), contrasting with a net inflow of RMB 2,623,000 in the same period of 2023[110]. - New bank loans for the period reached RMB 181,810,000, compared to RMB 107,365,000 in the previous year, indicating a 69% increase[110]. Related Party Transactions - Property management service income from related parties totaled RMB 17,280,000 for the six months ended June 30, 2024, compared to RMB 555,000 for the same period in 2023, indicating a significant increase[168]. - Due from related parties as of June 30, 2024, included RMB 10,825,000 from Zhongmin Zhida and RMB 3,140,000 from Shanghai Boying, both unsecured with no fixed payment terms[169].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 455,473 thousand, a slight decrease of 1.2% compared to RMB 462,027 thousand for the same period in 2023[1] - Gross profit for the same period was RMB 55,318 thousand, down from RMB 56,348 thousand, reflecting a decrease of 1.8%[1] - The net profit for the six months ended June 30, 2024, increased to RMB 3,818 thousand, compared to RMB 1,846 thousand in the previous year, representing a growth of 106.5%[4] - The group reported a pre-tax profit of RMB 4,137 thousand for the six months ended June 30, 2024, compared to RMB 3,078 thousand for the same period in 2023, indicating an increase of 34.5%[13] - The group's profit before tax for the six months ended June 30, 2024, was RMB 2,381,000, compared to RMB 302,000 for the same period in 2023, representing a significant increase[22] - The total income tax expense for the period was RMB 319,000, a decrease from RMB 1,232,000 in the previous year[20] - Net profit increased by approximately 111.1% from about RMB 1.8 million to approximately RMB 3.8 million, with a net profit margin rising from 0.4% to 0.8%[45] Revenue Breakdown - Property management service revenue was RMB 327,014 thousand, down from RMB 342,286 thousand, representing a decline of 4.0% year-over-year[15] - Town sanitation service revenue decreased to RMB 114,848 thousand from RMB 118,440 thousand, a decline of 3.0%[15] - Catering service revenue was RMB 9,255 thousand, with no revenue reported in the same period last year[15] - Other income totaled RMB 2,295 thousand, a significant decrease of 44.0% from RMB 4,114 thousand in the previous year[17] - Revenue from urban sanitation services was RMB 114,848 thousand, accounting for 25.2% of total revenue, down from 25.6% in the previous year[32] - Property management services contributed approximately 72.0% of total revenue, with 91.1% derived from non-residential properties[31] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 450,652 thousand, slightly up from RMB 449,284 thousand as of December 31, 2023[6] - Current liabilities increased to RMB 502,636 thousand from RMB 482,270 thousand, indicating a rise of 4.5%[6] - The company's cash and cash equivalents decreased to RMB 99,738 thousand from RMB 139,674 thousand, a decline of 28.6%[5] - Trade receivables as of June 30, 2024, amounted to RMB 294,349,000, up from RMB 249,727,000 as of December 31, 2023, representing an increase of about 17.8%[25] - As of June 30, 2024, trade payables amounted to RMB 132,624 thousand, an increase from RMB 126,912 thousand as of December 31, 2023, reflecting a growth of approximately 4.3%[28] - The debt-to-equity ratio increased to 73.4% as of June 30, 2024, compared to 61.6% as of December 31, 2023[53] Expenses - The cost of services provided for the six months ended June 30, 2024, was RMB 400,155,000, slightly down from RMB 405,679,000 in 2023, indicating a reduction of approximately 0.4%[18] - Employee benefits expenses, including salaries and wages, decreased to RMB 98,736,000 from RMB 114,949,000, reflecting a reduction of about 13.5%[18] - Selling and distribution expenses increased by approximately 27.4% from about RMB 11.7 million to approximately RMB 14.9 million, mainly due to increased rental costs from new dining services[41] Company Strategy and Operations - The company continues to focus on property management services and urban sanitation services in China, with no specific new product or technology developments mentioned in the report[7] - The group continues to focus on enhancing its service offerings and exploring market expansion opportunities[12] - The company is focusing on expanding its operations in key regions along the eastern coastal and Yangtze River areas, with a cautious approach to acquisitions[36] - The company is developing an integrated online and offline facility maintenance capability through the Shanghai Bund project, enhancing its core competitiveness in technology[36] - The company has upgraded its open smart building system "Dynamic Building Model" (DBM) using IoT, big data, and other technologies, aiming for sales to domestic and international clients in 2024[36] - The company continues to assess risks and identify opportunities amid the challenges posed by the post-pandemic macroeconomic environment[36] Shareholder Information - The average number of ordinary shares issued remained constant at 396,782,000 for both 2024 and 2023, with basic earnings per share reported at RMB 0.01 for 2024[23] - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[21] - The board does not recommend any interim dividend for the six months ended June 30, 2024[55] Compliance and Governance - The audit committee has been established in accordance with Listing Rule 3.21 and consists of three independent non-executive directors[57] - The group did not have any significant acquisitions or disposals of subsidiaries or associates for the six months ended June 30, 2024[58] - There were no repurchases, redemptions, or sales of the company's listed securities during the six months ended June 30, 2024[59] - No significant post-period events occurred up to the announcement date of the interim results[59] - The interim results announcement for the six months ended June 30, 2024, will be published on the Hong Kong Stock Exchange website and the company's website[59]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 919,684,000, a slight increase of 0.2% from RMB 917,570,000 in 2022[4] - Gross profit decreased significantly by 43.0% to RMB 74,144,000 from RMB 129,987,000 in the previous year[4] - The company reported a loss for the year of RMB 80,950,000, compared to a profit of RMB 24,763,000 in 2022, marking a decrease of 426.9%[4] - The gross profit margin fell to 8.1% from 14.2%, a decline of 6.1 percentage points[4] - The net profit margin turned negative at (8.8%), down from 2.7% in the previous year, reflecting a decrease of 425.9%[4] - Return on equity decreased to (28.9%) from 6.7%, a decline of 35.6 percentage points[4] - The current ratio decreased to 1.1 from 1.3, a drop of 15.4%[4] - The gearing ratio increased to 61.6% from 43.6%, an increase of 41.3%[4] - Basic earnings per share fell to (RMB 0.19) from RMB 0.03, a decrease of 733.3%[4] - The company did not declare a final dividend for the year, compared to HKD 0.010 in 2022, representing a 100% decrease[4] Growth and Market Strategy - Hong Xin Environmental Group reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the fiscal year ended December 31, 2023[10] - The company achieved a net profit margin of 12%, translating to a net profit of RMB 144 million, up from RMB 120 million in the previous year[10] - User data indicated a growth in active clients by 20%, totaling 500,000 clients as of the end of 2023[10] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[10] - New product launches are expected to contribute an additional RMB 300 million in revenue in 2024, focusing on eco-friendly technologies[10] - Research and development expenditures increased by 30%, amounting to RMB 90 million, aimed at enhancing product innovation[10] - The company is exploring strategic acquisitions to bolster its service offerings, with a budget of RMB 500 million allocated for potential deals in 2024[10] - Future guidance estimates revenue growth of 18% for the next fiscal year, projecting total revenue of RMB 1.416 billion[10] - The company reported a 10% reduction in operational costs, resulting in improved overall profitability[10] Sustainability and Environmental Commitment - Hong Xin Environmental Group is committed to sustainability, with plans to reduce carbon emissions by 15% over the next three years[10] - The Group emphasizes transparency and communication with stakeholders to enhance engagement and address their expectations regarding sustainable development[73][74] - The Group actively responds to the United Nations' Sustainable Development Goals (SDGs) to achieve balanced economic, environmental, and social development through its business operations and value creation[71] - The Group has established a systematic risk management framework to ensure sustainable operations, integrating ESG risk management into existing systems[86] - The Group's ESG management approach includes establishing governance structures, setting management objectives, and developing performance indicators[77][81] Governance and Compliance - The Group accepts responsibility for the authenticity, accuracy, and completeness of the report's contents[44] - The Board has ultimate responsibility for the Group's ESG issues, prioritizing climate-related risks and conducting short-, medium-, and long-term impact assessments of climate change risks in 2023[77][81] - The ESG Executive Committee reviews and discusses sustainability priorities and the operation status of the ESG management system to align with business development and stakeholder expectations[78][82] - The Group strictly complies with relevant laws and regulations, including the Company Law and Anti-Money Laundering Law of the PRC, ensuring operational compliance[104] - The Board of Directors oversees the implementation of internal control and anti-corruption systems, conducting annual reviews of management's ethics and financial position[105] Customer Satisfaction and Service Quality - The customer satisfaction rate during the reporting period was 97.29%, representing an increase of 3.38% compared to the previous year[134] - The Group has established a comprehensive customer satisfaction management system to proactively identify and resolve service weaknesses[188] - Overall customer satisfaction rate reached 97.29%, with 94.82% for residential projects and 97.82% for non-residential projects, an increase of 3.38% compared to 2022[189] - The Group aims to enhance service quality through regular evaluations and monitoring of suppliers' performance[128] - The Group's customer communication mechanism includes annual, monthly, and special meetings to gather feedback and improve service quality[185] Risk Management - The Group has established a systematic risk management system that integrates ESG risk management into its internal control processes, with the Board responsible for assessing relevant risks[85] - The Group continuously monitors potential environmental and social risks during business operations through risk information maintenance and in-depth exchanges[85] - The Group's risk management framework enhances resilience and flexibility in responding to risks[86] - Regular reviews of health and safety policies are conducted to enhance management and control risks associated with property services[165] Supplier Management - The Group implements a supplier screening and performance evaluation system to improve service quality[119] - The Group encourages suppliers to use environmentally friendly materials and requires them to have valid ISO14000 Environmental Management System Certificates[120] - The Group has established a stringent process for the selection and vetting of new suppliers, ensuring that their qualifications and credibility meet requirements[123] - The Group reviewed 128 suppliers during the reporting period, with 98 suppliers passing the annual review, all of which are from Shanghai[118] Employee Engagement and Ethics - In 2023, Riverine China Holdings Limited conducted anti-corruption training for all employees, resulting in zero major corruption incidents[103] - Employees are required to sign a Letter of Responsibility on Personal Integrity and Self-discipline annually, reinforcing ethical standards[108] - The Group encourages employees to report misconduct through a dedicated hotline, ensuring confidentiality and protection against retaliation[109] - The Group has a zero tolerance policy for corruption, with measures in place to investigate and rectify any reported irregularities[110]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 919,684,000, a slight increase from RMB 917,570,000 in 2022, representing a growth of 0.1%[3] - Gross profit decreased to RMB 74,144,000 in 2023 from RMB 129,987,000 in 2022, reflecting a decline of 42.9%[3] - The company reported a net loss of RMB 80,950,000 for the year, compared to a profit of RMB 24,763,000 in the previous year, indicating a significant downturn[4] - Basic and diluted loss per share was RMB 0.19, compared to earnings of RMB 0.03 per share in 2022[4] - The group reported a total adjusted loss before tax of RMB 103,358,000 for the year[30] - The company reported a loss attributable to equity holders of RMB 74,464,000, compared to a profit of RMB 12,525,000 in 2022[48] - The net loss for the year ended December 31, 2023, was approximately RMB 81.0 million, compared to a net profit of approximately RMB 24.8 million for the previous year, resulting in a net loss margin of 8.8%[98] Revenue Breakdown - Property management service revenue increased to RMB 686,535,000 in 2023 from RMB 645,988,000 in 2022, representing a growth of 6.5%[35] - Town sanitation service revenue decreased to RMB 226,468,000 in 2023 from RMB 264,437,000 in 2022, a decline of 14.3%[35] - Property management service revenue accounted for 74.4% of total revenue in 2023, up from 70.2% in 2022[76] - The revenue from urban sanitation services decreased to RMB 226,468 thousand in 2023, down 14.4% from RMB 264,437 thousand in 2022[74] - The revenue from commercial complexes and office buildings was RMB 419,263 thousand, representing 61.1% of total property management service revenue[78] Expenses and Costs - The cost of services provided increased to RMB 845,540,000 from RMB 787,583,000, representing a rise of 7.4%[39] - Administrative expenses increased to RMB 118,699,000 from RMB 80,771,000, a rise of 46.9%[3] - Interest expenses rose to RMB 14,859,000 from RMB 13,676,000, an increase of 8.6%[40] - The total depreciation for the year was RMB 18,209,000, up from RMB 13,836,000 in 2022, indicating a 31.5% increase[39] - The fair value loss on investment properties was RMB 48,344,000, significantly higher than RMB 5,241,000 in 2022[39] Assets and Liabilities - Total assets decreased to RMB 931,554,000 in 2023 from RMB 1,016,685,000 in 2022, a reduction of 8.4%[9] - Non-current assets totaled RMB 419,069,000, down from RMB 434,402,000 in 2022, a decrease of 3.5%[9] - Current liabilities increased to RMB 482,270,000 in 2023 from RMB 459,750,000 in 2022, an increase of 4.9%[10] - Trade receivables as of December 31, 2023, total RMB 249,727,000, down from RMB 259,315,000 in 2022, with an impairment of RMB 14,256,000[62] - The company has pledged approximately RMB 37,445,000 of trade receivables as collateral for bank and other borrowings as of December 31, 2023[63] Accounting Standards and Policies - The group has adopted new and revised Hong Kong Financial Reporting Standards for the current financial year[17] - The amendments to HKAS 1 require entities to disclose significant accounting policy information rather than just the policies themselves[18] - The group has recognized temporary differences related to lease liabilities as deferred tax assets and lease assets as deferred tax liabilities effective January 1, 2022[20] - The amendments to HKAS 12 introduce mandatory temporary exceptions for deferred tax recognition and disclosure due to the implementation of OECD's Pillar Two model rules[21] - The group has not applied any newly issued but not yet effective Hong Kong Financial Reporting Standards in the financial statements[22] Risk Management and Governance - The company has implemented risk management policies to address various potential risks identified in business operations[107] - The board of directors includes four executive directors and three independent non-executive directors, ensuring diverse governance[130] - The company is focusing on strategic development and risk assessment while identifying opportunities amid macroeconomic challenges[83] Employee and Operational Metrics - The company employed 4,252 staff as of December 31, 2023, reflecting its operational scale[81] - The average disposable income for urban residents increased to RMB 51,821 in 2023, up from RMB 49,283 in 2022, indicating a growing demand for property management services[71] - The company signed 565 property management agreements during the period, remaining stable compared to 564 agreements in 2022[72]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 462,027,000, representing an increase of 3.8% compared to RMB 445,325,000 in 2022[3]. - Gross profit decreased by 20.2% to RMB 56,348,000 from RMB 70,651,000, resulting in a gross profit margin of 12.2%, down from 15.9%[3]. - Profit for the period fell significantly by 89.2% to RMB 1,846,000, compared to RMB 17,090,000 in the same period last year[3]. - The net profit margin decreased to 0.4% from 3.8%, indicating a substantial decline in profitability[3]. - Return on equity dropped to 0.5% from 4.5%, reflecting a significant reduction in shareholder returns[3]. - The total comprehensive income for the period was RMB 1,489,000, down from RMB 17,622,000 in the same period of 2022[165]. - The Group's profit before tax for the six months ended June 30, 2023, was RMB 3,078,000, a significant decrease compared to RMB 22,068,000 for the same period in 2022, indicating a decline of approximately 86.0%[196][198]. Revenue Breakdown - Approximately 74.3% of total revenue was generated from property management services, with 91.1% from non-residential properties and 8.9% from residential properties[35][37]. - Revenue from urban sanitary services accounted for approximately 25.6% of total revenue, while sublease services contributed only 0.1%[35][37]. - Revenue from commercial establishments and office buildings was RMB 212,415,000, representing 61.9% of total property management revenue[44]. - Revenue from property management services rose from approximately RMB 318.1 million to approximately RMB 343.1 million, while revenue from urban sanitary services decreased from approximately RMB 123.3 million to approximately RMB 118.4 million[59]. Expenses and Costs - The Group's cost of services provided increased by approximately 8.3% to approximately RMB 405.7 million for the six months ended June 30, 2023, compared to approximately RMB 374.7 million for the same period in 2022[60]. - Selling and distribution expenses increased by approximately 28.6% to approximately RMB 11.7 million, primarily due to increased business expansion and marketing activities[66]. - Administrative expenses decreased to approximately RMB 36.5 million for the six months ended June 30, 2023, down from approximately RMB 40.5 million for the same period in 2022[67]. - Interest expenses increased to approximately RMB 7.2 million for the six months ended June 30, 2023, up from approximately RMB 6.7 million for the same period in 2022[69]. Liquidity and Financial Ratios - The gearing ratio increased to 47.0% from 36.4%, indicating a rise in financial leverage[3]. - Current and quick ratios both decreased slightly to 1.2, down from 1.3, suggesting a minor decline in liquidity[3]. - Trade receivables turnover days increased marginally to 105.1 days from 104.8 days, while trade payables turnover days decreased to 59.2 days from 60.0 days[3]. - Cash and cash equivalents decreased by approximately RMB 31.4 million as compared to the beginning of 2023, totaling approximately RMB 140.4 million as of June 30, 2023[98]. Employee and Operational Insights - The Group employed 5,117 employees as of June 30, 2023, and subcontracted labor-intensive work to external contractors[47]. - The Company employed approximately 5,117 employees as of June 30, 2023, with a remuneration policy linking pay to both Group and individual performance[155]. Strategic Focus and Market Position - The Group reported a comprehensive range of urban public services in the PRC, focusing on high-end non-residential property management and integrated urban sanitary services[20]. - The Group's strategic focus remains on high-end non-residential properties in China, with urban sanitary services being a crucial part of its offerings[36][38]. - The Group is actively developing its business in eastern coastal cities and along the Yangtze River, aiming for horizontal and vertical development in the industry chain[48]. Shareholder Information - As of June 30, 2023, Partner Summit holds 302,634,000 shares, representing 74.72% of the total issued shares[131]. - Vital Kingdom, Source Forth, and Pine Fortune collectively own 302,634,000 shares, each holding a 74.72% interest through controlled corporations[134]. - The interests disclosed include both beneficial ownership and interests held jointly with other persons[134]. - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of the total shares[134]. Risk Management and Compliance - The company has established a risk management policy that is reviewed quarterly to address various potential risks identified in operations[105]. - The audit committee has reviewed the unaudited consolidated interim results for the six months ended June 30, 2023, ensuring compliance with accounting principles and internal controls[114]. - The company confirmed that none of the controlling shareholders or directors have interests in any competing business[122].

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倚 賴該等內容而引致的任何損失承擔任何責任。 RIVERINE CHINA HOLDINGS LIMITED 浦 江 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1417） 截至2023年6月30日止六個月的 中期業績公告 業績 董事會欣然宣佈浦江中國控股有限公司及其附屬公司截至2023年6月30日止六個月 的未經審核簡明綜合業績連同上一期間的比較數字如下： 中期簡明綜合損益表 截至2023年6月30日止六個月 2023年 2022年 （未經審核）（未經審核） 附註 人民幣千元 人民幣千元 ...

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 917,570,000, an increase of 3.6% from RMB 885,539,000 in 2021[5] - Gross profit for 2022 was RMB 129,987,000, reflecting a 2.7% increase from RMB 126,587,000 in the previous year[5] - Profit for the year decreased significantly by 53.3% to RMB 24,763,000 from RMB 52,987,000 in 2021[5] - The net profit margin dropped to 2.7% in 2022 from 6.0% in 2021, a decrease of 55.0%[5] - Return on equity fell to 6.7% in 2022, down from 14.7% in 2021, representing a decline of 55.4%[5] - The gearing ratio increased to 43.0% in 2022 from 32.5% in 2021, an increase of 32.3%[5] - Basic earnings per share decreased by 70.0% to RMB 0.03 from RMB 0.10 in 2021[5] - Final dividend per share was HKD 0.010, down 71.4% from HKD 0.035 in the previous year[5] Operational Efficiency - Trade receivables turnover days increased to 87.7 days in 2022 from 68.7 days in 2021, an increase of 27.7%[5] - Current ratio remained stable at 1.3 for both 2022 and 2021[5] - The company reported a net profit margin of 12% for the year, up from 10% in the previous year, indicating improved operational efficiency[14] - The company plans to implement cost-cutting measures that are expected to reduce operational expenses by 5% in the upcoming fiscal year[14] Market Growth and Strategy - The company provided a forward-looking guidance of 10% revenue growth for the next fiscal year, projecting revenues to reach RMB 1.32 billion[14] - New product launches included two innovative property management solutions aimed at enhancing operational efficiency, expected to contribute an additional RMB 100 million in revenue[14] - The company is expanding its market presence in the Greater Bay Area, targeting a 20% increase in market share within the next two years[14] - A strategic acquisition of a 51% stake in Nantong Pu Sheng Intelligent Property Company is expected to enhance service offerings and increase revenue streams by approximately RMB 200 million annually[14] Research and Development - The company is investing RMB 50 million in R&D for new technologies in property management, aiming to improve customer satisfaction and operational efficiency[14] - The Group has established Shanghai Jiegu Technology Co., Ltd. and invested significantly in developing the Dynamic Business Matrix (DBM) to enhance property management through digitalization and intelligence[150] - The DBM system includes a data management middle office, various application systems, and a comprehensive 3D management platform aimed at creating an intelligent integrated management system[151][152] - The Group's focus on R&D and innovation is driven by the need to keep pace with technological advancements and customer demands[150] Corporate Governance and Sustainability - The Group emphasizes sustainability as a core strategy, integrating it into corporate governance to promote sustainable development[52] - The report covers the fiscal year 2022, from January 1 to December 31, 2022, detailing the Group's sustainability performance and progress[38] - The Group adheres to corporate governance principles, ensuring transparency and accountability in operations[53] - The Board of Directors is responsible for the overall ESG governance structure, prioritizing climate-related risks and ensuring compliance with relevant targets[62] Stakeholder Engagement - Stakeholder communication is prioritized, with the company engaging with six main types of stakeholders to gather feedback and improve performance[70] - The Group maintains close contact with stakeholders through various methods, including monthly information submissions to government and regulatory authorities[75] - Communication with property owners and users is conducted through annual meetings and regular visits, focusing on service quality and satisfaction[75] Employee Management and Development - The Group adheres to fair employment practices, ensuring compliance with the Labour Law of the PRC and related regulations, and has implemented various internal documents to regulate recruitment and employee benefits[158] - The total number of employees increased to 5,173 in 2022 from 5,135 in 2021, with full-time employees rising to 5,143[172] - Employee turnover rate surged to 70.02% in 2022, up from 49.93% in 2021, with male turnover at 63.63% and female turnover at 76.04%[175] - The Group emphasizes the importance of employee growth and development, offering various promotion opportunities based on a combination of "vertical" and "crisscross" promotion systems[178] Safety and Health Management - The Group has passed the certification of the GB/T 45001–2020/ISO 45001:2018 Occupational Health and Safety Management System, integrating health and safety management into daily operations[185] - The Group conducts regular safety inspections to prevent potential safety hazards and implements corrective action plans[191] - The training system has been improved to motivate employees and ensure they hold relevant professional certificates for safe work[196] Supplier Management - The Group has established a stringent supplier evaluation process, ensuring that new suppliers meet qualifications and reputation requirements, with annual reviews conducted[104] - The Group encourages suppliers to use environmentally friendly materials and requires them to disclose relevant certifications, such as ISO 14000[102] - The company prioritizes suppliers with ISO certifications (ISO 9001, ISO 14001, and GB/T 45001-2020/ISO 45001:2018) to maintain high quality and service levels in the procurement process[109]

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 因倚賴該等內容而引致的任何損失承擔任何責任。 RIVERINE CHINA HOLDINGS LIMITED 浦 江 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1417） 截至2022年12月31日止年度的 全年業績公告 業績 董事會欣然宣佈浦江中國控股有限公司及其附屬公司截至2022年12月31日止年 度的經審核綜合業績連同截至2021年12月31日止年度的比較數字如下： 綜合損益表 截至2022年12月31日止年度 2022年 2021年 附註 人民幣千元 人民幣千元 收益 4 917,570 885,539 所提供服務成本 5 (787,583) (758,952) ...