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) ...

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 445,325,000, representing an increase of 3.7% compared to RMB 429,566,000 in the same period of 2021[3]. - Gross profit increased by 18.3% to RMB 70,651,000, up from RMB 59,739,000 year-on-year[3]. - Profit for the year decreased by 42.4% to RMB 17,090,000, down from RMB 29,679,000 in the previous year[3]. - Gross profit margin improved to 15.9%, up from 13.9% in the prior year, reflecting a 14.1% increase[3]. - Net profit margin declined to 3.8%, down from 6.9%, indicating a decrease of 44.4%[3]. - Basic earnings per share decreased to RMB 0.03, down from RMB 0.05, representing a decline of 40.0%[3]. - The Group's total revenue for the six months ended June 30, 2022, was RMB 445,325,000, representing a slight increase from RMB 429,566,000 in the same period of 2021[65]. - Revenue from property management services rose from approximately RMB293.9 million to approximately RMB318.1 million, while revenue from environmental sanitary services decreased from approximately RMB135.7 million to approximately RMB123.2 million[86]. - The Group's gross profit increased by approximately 18.4% to approximately RMB70.7 million for the six months ended 30 June 2022, compared to approximately RMB59.7 million for the same period in 2021[86]. - Net profit decreased by approximately 42.4% to approximately RMB17.1 million for the six months ended 30 June 2022 from approximately RMB29.7 million for the same period in 2021, with net profit margin decreasing to 3.8% from 6.9%[104]. Operational Metrics - Current ratio remained stable at 1.3, indicating consistent liquidity management[3]. - Trade receivables turnover increased to 104.8 days, up from 75.0 days, reflecting a 39.7% increase in collection time[3]. - Gearing ratio increased to 36.4%, up from 25.6%, indicating a rise of 42.2% in leverage[3]. - Trade receivables increased by approximately 68.8% to approximately RMB321.3 million for the six months ended 30 June 2022 from approximately RMB190.3 million for the year ended 31 December 2021[112]. - Cash and cash equivalents decreased by approximately RMB78.8 million as compared with the beginning of 2022, totaling approximately RMB99.0 million as at 30 June 2022[123]. - Total interest-bearing bank loans and other borrowings increased to approximately RMB137.1 million as at 30 June 2022 from approximately RMB116.8 million as at 31 December 2021[123]. - Trade payables increased by approximately 11.1% to approximately RMB129.8 million for the six months ended 30 June 2022 from approximately RMB116.8 million for the year ended 31 December 2021[114]. - Net cash used in operating activities was approximately RMB91.8 million for the six months ended 30 June 2022[121]. Shareholder Information - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2022[132]. - The interests of Directors in the shares of the Company include 302,024,000 shares held jointly by Mr. Xiao Xingtao and Mr. Fu Qichang, representing 74.57% of the issued shares[154]. - As of June 30, 2022, Partner Summit held 302,024,000 shares, representing 74.57% of the total shares[164]. - The Company has a significant concentration of ownership, with major shareholders holding substantial interests in the Company[164]. - The total number of shares held by major shareholders reflects a strong control over the Company's equity structure[164]. Employee and Governance - The Group employed 4,508 employees as of June 30, 2022, and also subcontracted labor-intensive work to external contractors[73]. - The Company has adopted and complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2022[138]. - The audit committee has reviewed the unaudited consolidated interim results for the six months ended June 30, 2022, ensuring compliance with accounting principles and internal controls[136]. - The Share Award Scheme was adopted on August 30, 2018, to recognize employee contributions and attract talent[179]. - A total of 6,574,000 shares were awarded to 17 selected employees, including two executive directors, with vesting conditions to be determined after the annual results for the year ending December 31, 2022[188]. Market and Strategic Initiatives - The company is involved in various property management and engineering management services across China, enhancing its market presence[20]. - The company is actively pursuing market expansion strategies through acquisitions and partnerships with independent third parties[31]. - The urbanization trend in China continues to create opportunities for growth in property management and environmental sanitary markets[50]. - The Group is focusing on high-end non-residential property management and expanding its urban sanitary services in key regions such as Fujian and Sichuan[62]. - The Group plans to develop a self-owned open source smart building system called "Dynamic Building Matrix" to enhance property management through advanced technologies[82]. - The Group continues to assess and measure risks posed by the COVID-19 outbreak while identifying opportunities in this crisis[84].

Financial Performance - Revenue for the year ended December 31, 2021, was RMB 885,539,000, representing a 15.9% increase from RMB 763,808,000 in 2020[3] - Gross profit increased to RMB 126,587,000, an 8.0% rise from RMB 117,247,000 in the previous year[3] - Profit for the year reached RMB 52,987,000, marking a significant increase of 43.3% compared to RMB 36,968,000 in 2020[3] - The net profit margin improved to 6.0%, up from 4.8% in the prior year, reflecting a 25.0% increase[3] - Earnings per share (basic) rose to RMB 0.10, a 42.9% increase from RMB 0.07 in 2020[3] - The gross profit margin decreased to 14.3%, down from 15.4% in the previous year, indicating a slight decline in profitability[3] - Return on equity improved to 14.7%, up from 11.1%, reflecting a 32.4% increase in shareholder returns[3] Liquidity and Financial Ratios - The current ratio improved to 1.3, up from 1.2, indicating better liquidity management[3] - The gearing ratio increased to 32.5%, compared to 30.0% in the previous year, suggesting a slight rise in financial leverage[3] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.035 per share, a 191.7% increase from HKD 0.012 in 2020[3] User Growth and Market Expansion - User data showed an increase in active users by 25% year-on-year, reaching 500,000 users by the end of 2021[33] - The company expects revenue growth to continue at a rate of 10-15% for the next fiscal year, driven by new product launches and market expansion[33] - The company plans to expand its market presence in three new cities in China by the end of 2022, aiming for a 30% increase in market share[33] Technology and Innovation - Investment in new technology development increased by 20% compared to the previous year, focusing on smart property management solutions[33] - The company has allocated RMB 200 million for research and development in the upcoming year, emphasizing innovation in environmental sustainability[33] - The Group is actively developing technologies such as digital and intelligent integration, establishing the Dynamic Building Matrix (DBM) to enhance building management[175] - The Group developed the Platform of Operation and Maintenance System of Equipment and Facility (POMS) to quantify operation and maintenance processes using AI, IoT, and big data technologies[181] Customer Satisfaction and Service Quality - Customer satisfaction ratings improved to 85%, reflecting the effectiveness of new service strategies implemented in 2021[33] - The Group achieved a customer satisfaction score of 92.8 points in 2021, based on a survey covering 100 evaluation points and 635 valid samples[163] - The satisfaction evaluation helps the Group understand areas for improvement in service quality based on customer feedback[163] Corporate Governance and Compliance - The Group strictly adheres to anti-corruption policies and has not reported any major violations or corruption proceedings during the reporting period[122] - The Board is responsible for overseeing the implementation of internal controls and ensuring no pressure is placed on management to falsify financial data[117] - Employees are required to sign a Letter of Responsibility on Personal Integrity and Self-discipline annually, reinforcing ethical standards[118] Environmental, Social, and Governance (ESG) Initiatives - The Group has established a top-down ESG management system, integrating ESG concepts into corporate strategic planning and operational decision-making processes[81] - The Group actively engages with stakeholders to understand their views and expectations, aiming to improve performance while creating environmental and social value[96] - The Group has committed to corporate sustainable development, focusing on quality service, technological innovation, and community welfare[77] Employee Growth and Welfare - The Group's total number of employees increased to 5,135 in 2021, up from 4,432 in 2020, representing a growth of approximately 15.8%[198] - The number of full-time employees rose to 5,107 in 2021, compared to 4,412 in 2020, indicating an increase of about 15.7%[198] - The Group's employee benefits include various paid leaves and commercial insurance, enhancing overall employee welfare[194] Supplier Management and Quality Control - The Group has established a Supplier Database Control Procedures to manage supplier evaluation and performance, ensuring quality service delivery[128] - Suppliers are required to have certifications such as ISO 14000 for environmental management as part of the selection criteria[130][133] - The company standardizes the supplier selection and audit process, conducting reviews at least annually and maintaining a Qualified Supplier List[132][135]

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 429,566,000, representing an increase of 26.4% compared to RMB 339,914,000 for the same period in 2020[3]. - Gross profit for the period was RMB 59,739,000, a slight increase of 1.2% from RMB 59,020,000 in the previous year[3]. - Net profit for the year reached RMB 29,679,000, up 3.3% from RMB 25,983,000 in 2020[3]. - The gross profit margin decreased to 13.9%, down from 17.4%, reflecting a decline of 20.1%[3]. - The net profit margin also decreased to 6.9%, compared to 7.6% in the previous year, a decline of 9.2%[3]. - Return on equity improved to 8.8%, an increase of 12.8% from 7.8%[3]. - Earnings per share (basic) increased to RMB 0.05, up 25.0% from RMB 0.04[3]. - Profit before tax for the period was RMB 37,317,000, an increase of 11.9% compared to RMB 33,334,000 in the previous year[151]. - The profit for the period attributable to owners of the parent was RMB 23,439,000, up from RMB 18,190,000 in 2020, reflecting a growth of 28.5%[151]. - The total comprehensive income for the period was RMB 29,587,000, compared to RMB 32,841,000 in the previous year, showing a decrease of 9.3%[153]. Revenue Sources - Approximately 68.4% of total revenue was generated from property management services, with 92.5% of that from non-residential properties[53]. - Revenue from commercial establishments and office buildings reached RMB 199,608,000, accounting for 67.9% of total property management revenue, up from RMB 131,910,000 (56.9%) in 2020[59]. - Urban sanitation services generated total revenue of RMB 135,652,000, with Fujian contributing RMB 87,407,000 (64.4%) and Sichuan contributing RMB 44,885,000 (33.1%)[61]. - Revenue from property management services increased from approximately RMB 231.6 million to approximately RMB 293.9 million, while revenue from environmental sanitary services rose from approximately RMB 108.3 million to approximately RMB 135.7 million[74]. Expenses and Costs - The Group's cost of services provided increased by approximately 31.6% to approximately RMB 369.8 million for the six months ended June 30, 2021 from approximately RMB 280.9 million for the same period in 2020[75]. - Selling and distribution expenses increased by approximately 81.6% to approximately RMB 6.9 million, primarily due to expanded travelling and entertainment activities following the recovery from COVID-19[75]. - Administrative expenses increased by approximately 15.9% to approximately RMB 37.9 million, mainly due to increased staff costs following the termination of the social insurance relief policy[75]. - Corporate and other unallocated expenses totaled RMB 45,017,000, indicating a need for cost management strategies[190]. Assets and Liabilities - Total current assets increased to RMB 449,869,000, up 18.8% from RMB 378,385,000 as of December 31, 2020[156]. - Total liabilities increased to RMB 356,386,000, which is an increase from RMB 322,548,000 as of December 31, 2020[158]. - Total current liabilities increased to RMB 337,671,000, compared to RMB 303,192,000 at the end of 2020, marking an increase of 11.4%[156]. - Interest-bearing bank loans and other borrowings increased to RMB 108,954,000 from RMB 82,785,000 at the end of 2020[156]. Shareholder Information - The company has a controlling shareholder structure with Mr. Chen owning Pine Fortune Global Limited, and Mr. Fu owning Source Forth Limited[32]. - As of June 30, 2021, Mr. Xiao Xingtao and Mr. Fu Qichang each hold 299,974,000 shares, representing 74.07% interest in the Company[118]. - The Company has adopted the Model Code for Directors' securities transactions, and all Directors confirmed compliance throughout the six months ended June 30, 2021[110]. - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2021[102]. Employee and Management - The Group employed 4,621 employees as of June 30, 2021, and subcontracted labor-intensive work to external contractors[63]. - The company emphasizes a remuneration policy linked to both group and individual performance[146][149]. - The company awarded a total of 6,574,000 shares to two executive directors and 15 selected employees, with Mr. Xiao Yuqiao receiving 954,000 shares and Mr. Jia Shaojun receiving 772,000 shares[143][144]. Strategic Focus and Development - The Group is actively developing its business in eastern coastal cities and along the Yangtze River, focusing on horizontal and vertical development of complementary products[64]. - The Group aims to enhance its core competitiveness in engineering technology and is working on innovative developments in this area[65]. - The Group is developing a self-owned open source smart building system called "Dynamic Building Matrix" (DBM) to manage building data and provide services to various stakeholders[70]. - Future strategies may include enhancing operational efficiency and exploring new market opportunities to sustain growth[190]. Market and Economic Context - The urbanization rate in China increased from approximately 19.4% in 1980 to over 60% in 2020, indicating significant potential for further urbanization development[45]. - The annual disposable income per urban capita rose from approximately RMB 42,359 in 2019 to approximately RMB 43,834 in 2020, reflecting a growing demand for better living conditions[46].

Riverine China Holdings Limited 浦江中國控股有限公 司 Stock Code 股份代號：1417 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 2020 Annual Report 年 報 CONTENTS 目錄 2 Financial Highlights 財務摘要 3 Definitions 釋義 11 Corporate Information 公司資料 13 The Group 本集團 14 Environmental, Social and Governance Report 環境、社會及管治報告 62 Chairman's Statement 主席報告書 66 Management Discussion and Analysis 管理層討論及分析 80 Directors and Senior Management 董事及高級管理層 95 Corporate Governance Report 公司管治報告 112 Report of the Director ...

Financial Performance - Revenue for the first half of 2020 reached RMB 339,914,000, representing a 50.8% increase from RMB 225,346,000 in the same period of 2019[3] - Gross profit increased by 52.7% to RMB 59,020,000, compared to RMB 38,657,000 in the previous year[3] - Profit for the year was RMB 25,983,000, a 46.5% increase from RMB 17,738,000 in 2019[3] - The gross profit margin improved slightly to 17.4% from 17.2% year-on-year[3] - The net profit margin decreased to 7.6% from 7.9% in the previous year[3] - Return on equity increased to 15.2%, up from 13.8% in 2019[3] - Basic earnings per share remained stable at RMB 0.04, while interim dividend per share increased by 25.0% to HKD 0.01 from HKD 0.008[3] - The company reported a net profit margin of 12%, reflecting improved operational efficiency compared to 10% in the previous year[18] - Total comprehensive income for the period was RMB 32,841,000, compared to RMB 17,248,000 in 2019, marking an increase of 90.5%[140] - Net profit increased by approximately 46.9% to approximately RMB 26.0 million for the six months ended June 30, 2020, from approximately RMB 17.7 million for the same period in 2019, while the net profit margin decreased to 7.6% from 7.9%[79] Revenue Sources - Approximately 73.5% of total revenue was generated from property management services, with 91.2% from non-residential properties and 8.8% from residential properties and other services[42] - Revenue from urban sanitary services amounted to approximately RMB90.2 million, contributing to the overall revenue growth following the acquisition of Hong Xin[57] - Property management services income on a lump sum basis was RMB 247,088,000, up from RMB 222,862,000 in the previous year, indicating an increase of about 10.9%[182] - Urban sanitary services income reached RMB 90,160,000, with no revenue reported for this segment in the same period of 2019, marking a significant new revenue stream[182] Operational Efficiency - The gearing ratio rose significantly to 39.7% from 13.6% year-on-year, indicating increased leverage[3] - Current ratio decreased to 1.3 from 2.1, indicating reduced liquidity[3] - Trade receivables turnover remained stable at 76.6 days, showing consistent collection efficiency[3] - The cost of services provided rose by approximately 50.5% to approximately RMB280.9 million for the six months ended June 30, 2020, from approximately RMB186.7 million for the same period in 2019[61] - Selling and distribution expenses decreased by approximately 17.4% to approximately RMB3.8 million, attributed to reduced travel and entertainment activities due to COVID-19[64] - Administrative expenses increased by approximately 35.7% to approximately RMB32.7 million, driven by higher staff costs and amortization of intangible assets from the acquisition of Hong Xin[70] Market Expansion and Strategy - The company is expanding its market presence in the PRC, targeting a 25% increase in market share by the end of 2021[18] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of RMB 100 million allocated for this purpose[18] - The Group aims to leverage the growth in urbanization and disposable income to enhance its market position and service delivery capabilities[38] - The Group's strategic initiatives include expanding its service offerings and enhancing operational efficiencies to meet the evolving needs of urban residents[36] - The company plans to invest RMB 200 million in technology upgrades over the next year to improve customer experience[18] Employee and Talent Management - The Group employed 5,692 employees as of 30 June 2020, with a strategy to subcontract labor-intensive work to enhance operational efficiency[48] - The company employed approximately 5,692 employees as of June 30, 2020, focusing on attracting and retaining high-quality talent[135] - Employee benefit expenses for the period totaled RMB 123,517,000, compared to RMB 64,789,000 for the same period in 2019[197] Financial Position and Cash Flow - As of June 30, 2020, the Group had cash and cash equivalents of approximately RMB 161.0 million, an increase of approximately RMB 17.4 million compared to the beginning of 2020[83] - Total interest-bearing bank loans and other borrowings increased to approximately RMB 135.6 million as of June 30, 2020, from approximately RMB 61.5 million as of December 31, 2019[83] - Net cash used in operating activities was approximately RMB2.0 million for the six months ended June 30, 2020[81] - Net cash used in investing activities was approximately RMB23.5 million, primarily due to payments for acquisitions[81] - Net cash from financing activities was approximately RMB42.3 million, mainly due to the net increase in bank loans and other borrowings[81] Acquisitions and Investments - On January 31, 2020, the Group completed the acquisition of a 51% interest in Hong Xin for a consideration of RMB 91,800,000[102] - The company completed the acquisition of 51% equity in Hongxin from Shanghai Honghui Enterprise Management Consulting Partnership for RMB 91,800,000 as of January 31, 2020[106] - The Group has initiated acquisition and investment activities, with profit contributions gradually emerging from acquisitions made in 2019 and 2020[49] Compliance and Governance - The Company has adopted the code provisions set out in the CG Code and complied with all code provisions throughout the six months ended June 30, 2020[93][94] - The audit committee has reviewed the unaudited consolidated interim results for the six months ended June 30, 2020, ensuring compliance with accounting principles and internal controls[95] - The risk management policy is reviewed quarterly to address various potential risks related to business operations[83] Economic and Market Trends - The urbanization rate in China increased from approximately 19.4% in 1980 to approximately 60.6% in 2019, indicating significant growth potential compared to the average urbanization rate of approximately 70% in developed countries[37] - The annual disposable income per urban capita rose from approximately RMB39,251 in 2018 to approximately RMB42,359 in 2019, reflecting a growing demand for better living conditions[38] - The Group's services are aligned with the rapid economic growth and urbanization trends in China, which are expected to continue driving demand for property management and urban sanitary services[37]