Financial Performance - For the year ending December 31, 2024, the company's revenue increased by approximately 15.65% to about RMB 1,751.56 million, compared to RMB 1,514.48 million for the year ending December 31, 2023[6] - The company's profit for the year ending December 31, 2024, was approximately RMB 132.24 million, a decrease of about 7.87% from RMB 143.54 million for the year ending December 31, 2023[6] - The profit attributable to the owners of the company for the year ending December 31, 2024, was approximately RMB 116.07 million, down about 9.39% from RMB 128.10 million for the year ending December 31, 2023[6] - Revenue for the year ended December 31, 2024, rose to approximately RMB 1,751.56 million, up from RMB 1,514.48 million for the year ended December 31, 2023, reflecting a growth rate of about 15.65%[65] - Property management services revenue increased from RMB 1,128.37 million in 2023 to RMB 1,355.66 million in 2024, marking a growth of 20.14%[66] - The value-added services segment generated revenue of RMB 326.44 million in 2024, up from RMB 302.76 million in 2023, an increase of 7.82%[66] - Catering service revenue decreased from RMB 73.45 million in 2023 to RMB 60.08 million in 2024, a decline of 18.20%[67] - The overall gross profit decreased from approximately RMB 255.24 million for the year ended December 31, 2023, to approximately RMB 252.56 million for the year ending December 31, 2024, a decline of about 1.05%[70] - The overall gross profit margin for the year ending December 31, 2024, was approximately 14.42%, down from 16.85% for the year ended December 31, 2023[70] Operational Growth - The managed construction area increased by 15.94% to approximately 47.02 million square meters as of December 31, 2024, from about 40.56 million square meters as of December 31, 2023[6] - The total managed building area reached approximately 47.02 million square meters, representing a year-on-year growth of 15.94%[22] - The number of managed properties increased to 362, up from 290 in the previous year[51] - The total contracted building area as of December 31, 2024, was 48.99 million square meters, compared to 43.70 million square meters in 2023[51] - The proportion of non-residential projects in the managed area was 58.40%[22] - The area managed under the fixed fee model (包乾制) accounted for 90.57% of the total managed area as of December 31, 2024, compared to 91.09% as of December 31, 2023[59] - The number of properties managed by independent third parties increased from 159 to 223, representing a growth of approximately 40.25%[60] - The total managed area developed by independent third parties grew by approximately 26.59%, from 21.10 million square meters in 2023 to 26.71 million square meters in 2024[60] Strategic Initiatives - The company expanded its business coverage to 26 provinces, cities, autonomous regions, and special administrative regions across China, focusing on high-end commercial properties in first and second-tier cities[12] - The company acquired an 11% stake in Chongqing Jiangbei Property Service Co., enhancing operational efficiency and market share in the southwest region[13] - The company successfully implemented a budget management system and upgraded its WeChat public account to improve customer experience and operational efficiency[16] - The company rebranded its real estate brokerage and lifestyle services to "Yiji Brokerage" and "Yiji Life," expanding its value-added service offerings[17] - The company aims to enhance its market competitiveness by focusing on high-end property management services in first- and second-tier cities[22] - The company plans to accelerate digital transformation and diversify its business segments to adapt to industry changes[19] - The new projects acquired in 2024 include significant properties such as the Beijing Central Axis Heritage Protection Center[23][25] Financial Management - The group's sales and service costs increased from approximately RMB 1,259.24 million for the year ended December 31, 2023, to approximately RMB 1,499.00 million for the year ending December 31, 2024, representing an increase of about 19.04%[68] - The group's administrative expenses rose from approximately RMB 78.37 million for the year ended December 31, 2023, to approximately RMB 91.22 million for the year ending December 31, 2024, an increase of about 16.40%[72] - As of December 31, 2024, the group's cash and bank balances were approximately RMB 1,639.21 million, an increase of approximately RMB 137.55 million from RMB 1,501.66 million as of December 31, 2023[76] - Trade receivables increased from approximately RMB 270.62 million as of December 31, 2023, to approximately RMB 345.64 million as of December 31, 2024, an increase of approximately RMB 75.02 million[78] - Trade payables rose from approximately RMB 191.91 million as of December 31, 2023, to approximately RMB 245.07 million as of December 31, 2024, an increase of approximately RMB 53.16 million[80] - The company's debt-to-asset ratio is 0.41, up from 0.38 on December 31, 2023[90] - The company has maintained a prudent financial management policy, ensuring a robust liquidity position throughout the year[92] Governance and Compliance - The company has a diverse board with members holding extensive experience in finance, accounting, and compliance, ensuring robust governance[120] - The independent directors provide critical insights and oversight, enhancing the company's strategic decision-making processes[118] - The supervisory board is responsible for monitoring operations and financial matters, ensuring adherence to regulatory standards[122] - The company emphasizes the importance of independent opinions in its governance structure, fostering transparency and accountability[117] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules[138] - The company has adopted the Corporate Governance Code as its own governance code, adhering to all applicable provisions during the fiscal year ending December 31, 2024[137] - The company’s financial statements are prepared in accordance with statutory requirements and applicable accounting standards, confirming the board's responsibility for timely publication[145] - The company has a comprehensive risk management and internal control system in place, regularly reviewed for effectiveness[137] Shareholder Engagement - The company is committed to maintaining strong and constructive communication with shareholders and investors, adhering to principles of integrity, regulation, and high transparency[194] - The board has reviewed the shareholder communication policy for the year ending December 31, 2024, ensuring effective communication channels such as annual and special shareholder meetings[194] - Shareholders holding more than 10% of shares can request the board to convene an extraordinary general meeting within ten days of their written request[192] - The company ensures that all shareholders, especially minority shareholders, enjoy equal rights and obligations[191] - The company actively engages with analysts and investors, arranging site visits and collecting feedback on operations[194]

Financial Performance - For the year ended December 31, 2024, the company's revenue increased by approximately 15.65% to approximately RMB 1,751.56 million from RMB 1,514.48 million for the year ended December 31, 2023[2]. - The group's profit for the year was approximately RMB 132.24 million, a decrease of about 7.87% compared to RMB 143.54 million for the year ended December 31, 2023[2]. - Profit attributable to owners of the company was approximately RMB 116.07 million, down approximately 9.39% from RMB 128.10 million for the previous year[2]. - The company's basic and diluted earnings per share decreased to RMB 0.311 from RMB 0.343 in the previous year[5]. - Total comprehensive income decreased from approximately RMB 142.18 million to approximately RMB 133.23 million, a decline of about 6.29%[74]. Revenue Breakdown - Revenue from property management services on a fixed-price basis was RMB 1,338,269 thousand, up from RMB 1,115,501 thousand in the previous year, reflecting a growth of 20.0%[20]. - The group generated RMB 1,624,045 thousand in revenue from mainland China, representing an increase of 9.2% from RMB 1,487,570 thousand in 2023[22]. - Revenue from property management and related services rose from approximately RMB 1,441.03 million to approximately RMB 1,691.48 million, an increase of about 17.38%[66]. - The group reported RMB 60,081 thousand in revenue from catering services, a decrease from RMB 73,450 thousand in the previous year[20]. - The group’s rental income for 2024 was RMB 9,375 thousand, slightly down from RMB 9,895 thousand in 2023[20]. Assets and Liabilities - Total assets increased to RMB 2,329.50 million as of December 31, 2024, compared to RMB 2,102.90 million as of December 31, 2023[7]. - Total liabilities rose to RMB 960.43 million from RMB 799.94 million in the previous year[7]. - The company's cash and cash equivalents increased to RMB 1,458.58 million from RMB 1,316.20 million as of December 31, 2023[6]. - Trade receivables increased to RMB 379,151,000 in 2024 from RMB 291,744,000 in 2023, representing a growth of 30%[36]. - The debt-to-asset ratio increased to 0.41 as of December 31, 2024, compared to 0.38 in the previous year[87]. Dividends - The board proposed a final dividend of RMB 0.157 per share for the year ended December 31, 2024, with a payout ratio of approximately 50.52%[2]. - The proposed final dividend per share for 2024 is RMB 0.157, down from RMB 0.173 in 2023, with total dividends of RMB 58,640,000 compared to RMB 64,616,000 in the previous year[39]. - The annual general meeting is scheduled for June 5, 2025, to approve the proposed dividend[107]. Operational Metrics - The managed building area increased by 15.94% to approximately 47.02 million square meters from approximately 40.56 million square meters as of December 31, 2023[2]. - The number of managed properties increased to 362 from 290 in the previous year, marking a growth of 24.8%[55]. - The area managed in North China was 19.04 million square meters, accounting for 40.5% of the total managed area, compared to 15.45 million square meters in 2023[58]. - The area managed under the fixed fee model constituted 90.57% of the total managed area, while the commission-based model accounted for 9.43%[61]. - The company expanded its service coverage to 26 provinces, cities, and regions by the end of 2024[44]. Strategic Initiatives - The company plans to seek strategic acquisitions and investment opportunities, allocating RMB 517.87 million for this purpose, with an expected utilization timeline by December 31, 2026[81]. - The company plans to enhance its brand influence and optimize resource allocation, focusing on high-tier cities to improve overall project quality[64]. - The company aims to strengthen service quality and customer experience, ensuring a solid foundation for long-term development[64]. - The governance structure will be continuously optimized to enhance internal controls and risk management, improving transparency and communication with shareholders[64]. Compliance and Governance - The company has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[99]. - The group has not adopted several new and revised Hong Kong Financial Reporting Standards that are expected to have no significant impact on its financial statements[14]. - The group is currently assessing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its financial statements, particularly regarding the structure of the consolidated income statement and cash flow statement[18].

Property Management and Expansion - As of June 30, 2024, the company managed a total of 326 properties, an increase of 73 properties compared to the same period last year[6]. - The total managed area reached approximately 43.96 million square meters, representing a year-on-year growth of 21.7%[12]. - The proportion of managed area from independent third parties increased to 54.3%[6]. - The company has expanded its business scope to cover 25 provinces, municipalities, autonomous regions, and special administrative regions in China[6]. - The company is actively expanding into key urban markets and sectors, particularly in business and public service areas, while exploring opportunities in the aviation sector[12]. - The company expanded its property management services to cover seven regions in China, including North China, Southwest, East China, South China, Northeast, Central China, and Northwest[22]. - The area managed under the residential property category increased to 18.58 million square meters, representing 42.3% of the total managed area, up from 14.50 million square meters (40.1%) in the previous year[27]. - The area managed by independent third parties increased to approximately 23.89 million square meters, with the number of projects rising from 121 to 190[30]. - The company has secured new property management projects, including the Beijing Central Axis Heritage Protection Center and the China Gold Coin Group office building, enhancing its portfolio in key locations[15][16]. Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 813.69 million, an increase of 14.23% from RMB 712.36 million for the same period in 2023[34]. - Property management services revenue rose to RMB 631.97 million, accounting for 77.67% of total revenue, up from RMB 532.34 million (74.72%) in the previous year, marking an increase of 18.72%[34]. - The overall gross profit increased to approximately RMB 127.87 million, with a gross profit margin of 15.71%, down from 17.76% in the previous year[38]. - The sales and service costs rose to approximately RMB 685.83 million, reflecting a 17.06% increase from RMB 585.87 million in the prior period[37]. - Profit decreased from approximately RMB 784.6 million for the six months ended June 30, 2023, to approximately RMB 713.5 million for the six months ended June 30, 2024, a decline of about 9.06% due to macroeconomic impacts and rising costs[39]. - Total comprehensive income decreased from approximately RMB 783.5 million for the six months ended June 30, 2023, to approximately RMB 715.7 million for the six months ended June 30, 2024, a decline of about 8.65%[39]. - The company reported a net loss of RMB 36,000 from other income/expenses, compared to a gain of RMB 568,000 in the previous year[109]. - The company reported a profit of RMB 63,467,000 for the six months ended June 30, 2024, compared to RMB 71,113,000 for the same period in 2023, showing a decrease of about 10.03%[84]. Operational Efficiency and Customer Service - Customer satisfaction feedback processing rates, timeliness, and resolution rates all reached 100% during the reporting period[10]. - The company is committed to improving operational efficiency through the integration of management systems and enhancing service depth via its online platform[9]. - The company aims to strengthen its long-term development by emphasizing customer service demands and conducting in-depth research on quality improvement[10]. - The company is focusing on enhancing value-added services in insurance, finance, healthcare, and education, leveraging resources from its controlling shareholder[7]. - The company aims to strengthen service capabilities and explore innovative services to enhance long-term sustainable development[33]. Financial Position and Management - Cash and bank balances increased to approximately RMB 1,537.38 million as of June 30, 2024, from approximately RMB 1,501.66 million as of December 31, 2023, an increase of about RMB 35.72 million[39]. - The company has no borrowings as of June 30, 2024, maintaining a stable financial position[39]. - The current ratio as of June 30, 2024, is approximately 2.32 times, compared to 2.52 times as of December 31, 2023[39]. - As of June 30, 2024, the company's debt-to-asset ratio is 0.41, up from 0.38 as of December 31, 2023[45]. - The company has maintained a prudent financial management policy, ensuring a robust liquidity position throughout the year[46]. - The company has no significant acquisitions or asset sales during the six months ending June 30, 2024[45]. - The company has no interest-bearing borrowings as of June 30, 2024, making the capital debt ratio not applicable[45]. Shareholder Structure and Governance - Major shareholders include Beijing Huarong Comprehensive Investment Co., holding 128,299,270 shares, representing 47.52% of the domestic shares and 34.35% of total shares[58]. - Beijing Tiantai Real Estate Co. holds 79,620,438 shares, accounting for 29.49% of domestic shares and 21.32% of total shares[58]. - UBS Group AG holds 17,469,269 shares, representing 16.88% of H shares and 4.68% of total shares[60]. - The company is under the control of state-owned entities, with significant stakes held by Beijing Financial Street Investment Group and its subsidiaries[64]. - The ownership structure indicates a strong influence from state-owned enterprises in the company's governance[64]. - The company has complied with the corporate governance code throughout the reporting period[51]. Employee and Operational Metrics - The company employs 4,983 staff members as of June 30, 2024, with compensation based on performance and market trends[46]. - The company has established an audit committee in compliance with listing rules, ensuring governance and oversight of financial reporting[68].

Financial Performance - For the six months ended June 30, 2024, the company's revenue increased by approximately 14.23% to approximately RMB 813.69 million, compared to RMB 712.36 million for the same period in 2023[1] - The company's profit for the six months ended June 30, 2024, was RMB 71.35 million, a decrease of approximately 9.06% from RMB 78.46 million for the same period in 2023[1] - Profit attributable to the owners of the company for the six months ended June 30, 2024, was approximately RMB 63.47 million, down approximately 10.75% from RMB 71.11 million for the same period in 2023[1] - Total comprehensive income for the six months ended June 30, 2024, was RMB 71.57 million, compared to RMB 78.35 million for the same period in 2023[3] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.170, compared to RMB 0.190 for the same period in 2023[2] - The overall gross profit increased from approximately RMB 126.49 million to approximately RMB 127.87 million, a growth of about 1.09%, while the gross profit margin decreased from 17.76% to 15.71%[55] - The company's total comprehensive income decreased from approximately RMB 78.35 million to RMB 71.57 million, a decline of about 8.65%[59] Revenue Breakdown - Property management service revenue recognized on a fixed fee basis was RMB 623,463 thousand, up 18.5% from RMB 526,027 thousand in the previous year[14] - External revenue from mainland China was RMB 755,186 thousand, representing a growth from RMB 712,358 thousand in the prior year, while revenue from Hong Kong was RMB 58,508 thousand, newly reported this year[17] - Property management services accounted for 77.67% of total revenue in 2024, with revenue rising by 18.72% to RMB 631.97 million compared to RMB 532.34 million in 2023[52] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 2,219.86 million, an increase from RMB 2,102.90 million as of December 31, 2023[4] - Total liabilities as of June 30, 2024, were RMB 920.58 million, compared to RMB 799.94 million as of December 31, 2023[5] - Trade receivables as of June 30, 2024, amounted to RMB 373,278,000, an increase of 28% from RMB 291,744,000 as of December 31, 2023[31] - Trade payables rose to RMB 209,856 thousand as of June 30, 2024, up from RMB 191,913 thousand as of December 31, 2023, reflecting an increase of approximately 9.3%[37] - The company's debt-to-asset ratio was 0.41 as of June 30, 2024, compared to 0.38 on December 31, 2023, indicating a slight increase in leverage[68] Operational Metrics - The managed gross floor area increased by 21.69% to approximately 43.96 million square meters as of June 30, 2024, compared to approximately 36.12 million square meters as of June 30, 2023[1] - The number of managed projects increased to 326, up by 73 projects compared to the previous year[39] - The total contracted building area as of June 30, 2024, was 45,912 thousand square meters, up from 38,558 thousand square meters, indicating a growth of 19.5%[41] - The company managed properties developed by the Financial Street Group covering approximately 20 million square meters, with the number of projects increasing from 132 to 136[48] Employee and Administrative Costs - Employee costs included in cost of sales and services for the six months ended June 30, 2024, were RMB 275,387,000, up from RMB 230,789,000 in the same period of 2023, an increase of 19.4%[10] - Administrative expenses rose by approximately 25.48%, increasing from RMB 30.27 million to RMB 37.98 million, due to business scale expansion[56] Financial Risks and Management - The group continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last reporting period[11] - The company maintains a prudent financial management policy, closely monitoring liquidity to meet funding requirements[70] Governance and Compliance - The company has adhered to the Corporate Governance Code as outlined in Appendix C1 of the Listing Rules during the reporting period[76] - The company has adopted the Standard Code for Securities Transactions by Directors as per Appendix C3 of the Listing Rules, confirming compliance by all directors and supervisors during the reporting period[77] - The Audit Committee, consisting of three members, has reviewed the unaudited interim results for the six months ending June 30, 2024[78] Dividends - The company declared a final dividend of RMB 64,616,000 for the six months ended June 30, 2024, compared to RMB 60,881,000 for the same period in 2023, representing an increase of 12.5%[26] - The company does not recommend the distribution of an interim dividend for the six months ending June 30, 2024, consistent with the previous period[79] Strategic Focus - The company is focusing on enhancing service quality by analyzing customer satisfaction survey results and implementing targeted improvements[39] - The company has expanded its service offerings to include cross-value services such as insurance, financial management, healthcare, and education[39] - The company is actively expanding its presence in first and second-tier cities and key regional markets, leveraging its strengths in business and public service sectors[39] - The company aims to enhance service capabilities and explore innovative services to strengthen market competitiveness and ensure long-term stable development[50]

Financial Reporting and Accounting - The company recognizes dividends from subsidiaries based on received and receivable dividends at the end of the reporting period[1]. - The acquisition of subsidiaries not under common control is accounted for using the acquisition method, with the transfer price measured at fair value[3]. - Identifiable assets and liabilities acquired in a business combination are initially measured at their fair value at the acquisition date[4]. - Goodwill is measured as the excess of the total consideration transferred over the fair value of identifiable net assets acquired[4]. - Contingent consideration is measured at fair value at the acquisition date and is considered part of the transferred consideration[5]. - The company applies the equity method for investments in associates and joint ventures, adjusting for any impairment losses recognized[8]. - The financial statements reflect the performance of both the acquiring and acquired entities as if they had always been combined[2]. - Any changes in the value of equity interests held prior to acquisition are reclassified to profit or loss upon gaining control[6]. - The company will report any temporary amounts related to uncompleted accounting for business combinations at the end of the reporting period[6]. - Unrealized profits from transactions between the company and its associates or joint ventures will be eliminated to the extent of the company's interest[8]. - The group assesses the need for additional impairment losses on investments in associates or joint ventures at each reporting period end[9]. - The group has adopted an expected credit loss model for long-term equity interests in associates or joint ventures, where applicable[9]. - The group will review and adjust estimates of residual values, depreciation methods, and useful lives of property, plant, and equipment at each reporting period end[15]. - The company conducts annual impairment tests for goodwill allocated to cash-generating units[56]. - The company’s financial assets are classified based on the business model for managing them and their contractual cash flow characteristics[63]. - Financial assets are initially measured at fair value, with transaction costs included for those not measured at fair value through profit or loss[61]. - Financial liabilities are initially measured at fair value, with adjustments made for transaction costs when applicable[68]. - Any impairment loss is recognized immediately if the carrying amount of an asset exceeds its recoverable amount[51]. - The group recognizes revenue based on a five-step model, ensuring that performance obligations are met before revenue is recognized[168]. Corporate Governance - The board of directors consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring compliance with the listing rules[133]. - The company has adopted the corporate governance code effective from December 31, 2023, and has complied with all applicable provisions except for one[131]. - The independent non-executive directors play a crucial role in providing unbiased views on the company's strategy, performance, and controls[138]. - The company has confirmed the independence of all independent non-executive directors according to the applicable listing rules, ensuring they meet the independence criteria[139]. - The board has maintained a composition that meets the requirement of having at least one independent non-executive director with appropriate professional qualifications or accounting and financial management expertise[134]. - The board is responsible for overseeing major company matters, including policy formulation, overall strategy, and risk management systems[135]. - The management team, composed of executive directors and senior management, is authorized to execute the strategies and policies passed by the board[136]. - The company has mechanisms in place to ensure that independent views and opinions are available to the board, enhancing decision-making processes[138]. - The company has a responsibility insurance policy for its directors and senior management to cover potential legal liabilities arising from their duties[135]. - The board has conducted annual reviews of the implementation and effectiveness of its mechanisms for obtaining independent professional advice[134]. - The board consists of nine members, with five women, representing 55.56% of the board, enhancing diversity[141]. - The board's age range is between 43 and 57 years, contributing to a balanced experience across various sectors[141]. - The company aims to promote gender diversity at all levels, including the board and senior management[141]. - The nomination committee will review the board's structure and diversity policy annually to ensure effective implementation[142]. - The company recognizes the importance of a diverse board in achieving strategic goals and sustainable development[140]. - The board meetings occur quarterly, with at least four meetings held each year, ensuring regular strategic discussions[146]. - The company has adopted a policy to consider multiple factors for board diversity, including gender, age, and professional experience[140]. - The company will continue to assess its business model and specific needs to enhance board diversity[141]. - The board's composition aligns with the company's diversity policy, reflecting a commitment to diverse representation[141]. - The company has implemented measures to ensure that the board's diversity policy is continuously reviewed and updated as necessary[142]. Operational Performance - As of December 31, 2023, the group employed 5,536 staff, an increase from 4,584 staff as of December 31, 2022, reflecting a growth of approximately 20.8%[21]. - The group maintained a prudent financial management policy, ensuring a robust liquidity position throughout the year[19]. - The group reported a net amount of approximately RMB 125.05 million utilized from the proceeds, indicating a cautious investment approach due to intensified market competition in the property management services industry[25]. - The board has decided to change the intended use of the unutilized portion of the net proceeds after careful consideration of the group's operations and business strategy[25]. - The group has no contingent liabilities as of December 31, 2023, consistent with the previous year[18]. - The group closely monitors foreign exchange risks arising from operations primarily in RMB and HKD, with no current foreign currency hedging policy in place[20]. - The company reported a significant increase in revenue for the fiscal year ending December 31, 2023, with total revenue reaching approximately 1.2 billion, representing a year-over-year growth of 15%[107]. - The number of managed properties increased to 150, up from 130 in the previous year, indicating a growth rate of 15% in property management services[107]. - The company plans to expand its market presence by entering three new cities in 2024, aiming for a 20% increase in market share within the next two years[107]. - New product offerings in the property management sector are expected to contribute an additional 100 million in revenue by the end of 2024[107]. - The company has allocated 50 million for research and development of new technologies aimed at improving operational efficiency and customer service[107]. - A strategic acquisition of a smaller competitor is anticipated to be finalized in Q2 2024, which is expected to enhance the company's service portfolio and increase revenue by 10%[107]. - The company has set a performance guidance for 2024, projecting a revenue growth of 12% to 15% based on current market trends and expansion strategies[107]. - User satisfaction ratings have improved to 85%, up from 80% last year, reflecting the effectiveness of recent service enhancements[107]. - The company has reduced operational costs by 5% through improved management practices and technology integration[107]. - The financial liabilities, including trade and other payables, are being managed effectively, with a focus on maintaining a healthy cash flow position[107]. Credit Risk Management - The group adopts a forward-looking approach for impairment assessment under HKFRS 9, focusing on expected credit losses (ECL) based on a broader range of data, including historical events and current conditions[109]. - The expected credit loss measurement is categorized into three stages: Stage 1 for low credit risk, Stage 2 for significant credit deterioration, and Stage 3 for assets with objective evidence of impairment[110]. - For trade receivables, the group applies a simplified approach to calculate ECL, recognizing loss allowances based on the entire lifetime expected credit losses at each reporting period[114]. - The group has established a provision matrix for calculating ECL based on historical credit loss experience and external indicators, adjusting for specific forward-looking factors related to debtors and the economic environment[114]. - The assessment of significant increases in credit risk considers various factors, including external or internal credit rating deterioration and adverse changes in the debtor's operational performance[117]. - The group assumes that credit risk significantly increases when contractual payments are overdue by more than 30 days unless supported by reasonable and corroborative data[117]. - The group calculates credit losses for other receivables as twelve-month expected credit losses unless there is a significant increase in credit risk since initial recognition, in which case lifetime expected credit losses are recognized[116]. - The group evaluates the credit risk of debt instruments and assumes low credit risk if the default risk is low and the borrower is capable of fulfilling cash flow obligations in the short term[118]. - Detailed analysis of expected credit losses for trade receivables and other financial assets measured at amortized cost is provided in Note 41.4[118]. Human Resources and Management - The group has appointed a new general manager, effective November 14, 2023, to enhance corporate governance[23]. - Ms. Tong Yan has over 17 years of experience in economics, finance, and accounting, and has served as an independent non-executive director since June 2020[78]. - Ms. Lu Qing has over 31 years of experience in finance and accounting, joining the company as an independent non-executive director in June 2020[80]. - Mr. Liu Anpeng has been with the company since July 2018 and is responsible for monitoring operations and financial matters as the chairman of the supervisory board[83]. - Ms. Gao Minghui joined the company in June 2019 and has held various roles, including senior risk manager and assistant general manager of the risk legal center[86]. - Ms. Lu Min has been a supervisor since September 2019, focusing on monitoring operations and financial matters[87]. - The group has a policy in place to ensure ongoing professional development for all directors, with training related to compliance and regulatory updates[177]. - As of December 31, 2023, the company had 10 senior management personnel earning between RMB 0–1,000,000 and 1 earning between RMB 1,000,001–1,500,000[189]. - The company has adopted a whistleblowing management policy to maintain high standards of integrity and ethical business conduct[191]. Revenue Recognition - The company recognizes revenue from property management services based on a fixed amount charged monthly, corresponding to the value of services rendered[199]. - The company confirms revenue from property management services under a commission-based model as a percentage of the total management fees received or receivable[200]. - The company’s revenue from property management services is recognized at the time the performance obligations are fulfilled[198]. - The company plans to declare and pay an annual dividend of no less than 30% of the profit for the year[190]. - The company’s dividend payment and amount depend on operational performance, cash flow, financial condition, and other relevant factors[190].

Revenue and Growth - The total revenue for the year ended December 31, 2023, was RMB 1,514,476 thousand, an increase of 9.1% from RMB 1,388,189 thousand in 2022[8] - Revenue from property management services recognized on a package basis was RMB 1,115,501 thousand, up from RMB 1,027,421 thousand in the previous year, reflecting an increase of 8.6%[8] - Community value-added services generated revenue of RMB 302,757 thousand, compared to RMB 280,530 thousand in 2022, marking a growth of 7.9%[8] - The group’s external revenue from mainland China was RMB 1,487,570 thousand, an increase from RMB 1,388,189 thousand in 2022, representing a growth of 7.2%[11] - For the year ended December 31, 2023, revenue increased by approximately 9.10% to approximately RMB 1,514.48 million from RMB 1,388.19 million for the year ended December 31, 2022[28] - Property management service revenue rose to RMB 1,128.37 million, an increase of 8.43% from RMB 1,040.62 million in the previous year[141] Profit and Earnings - The group's profit for the year was approximately RMB 143.54 million, an increase of about 5.71% from RMB 135.79 million for the year ended December 31, 2022[28] - Profit attributable to owners of the company was approximately RMB 128.10 million, up about 5.77% from RMB 121.11 million for the previous year[28] - Basic and diluted earnings per share for the year were RMB 0.343, compared to RMB 0.324 for the previous year[30] - The company achieved a total profit attributable to owners of RMB 128.1 million in 2023, compared to RMB 121.1 million in 2022, reflecting a growth of approximately 5.5%[84] - Basic earnings per share rose to RMB 0.343 in 2023, up from RMB 0.324 in 2022, indicating an increase of about 5.9%[84] Expenses and Costs - The company's employee costs included RMB 489,296,000 in cost of sales and RMB 43,551,000 in administrative expenses, reflecting an increase from RMB 458,299,000 and RMB 49,388,000 respectively in 2022[61] - The total expenses for cleaning, security, and maintenance services increased to RMB 541,175,000 in 2023 from RMB 467,939,000 in 2022, an increase of 15.6%[61] - The group's administrative expenses decreased by approximately 5.09%, from RMB 82.57 million to RMB 78.37 million, due to a reduction in certain management costs[145] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 2,102.90 million, an increase from RMB 2,001.03 million as of December 31, 2022[32] - The company’s total liabilities increased to RMB 606,100,000 in 2023 from RMB 551,031,000 in 2022, representing a rise of 10%[70] - The company’s current assets net value as of December 31, 2023, was approximately RMB 1,110.98 million, a slight increase of 0.71% from RMB 1,103.20 million in the previous year[124] - The company's debt-to-asset ratio was 0.38, compared to 0.39 on December 31, 2022[183] Dividends - The board proposed a final dividend of RMB 0.173 per share for the year ended December 31, 2023, with a payout ratio of approximately 50.44%[28] - The company declared a final dividend of RMB 0.173 per share for 2023, totaling RMB 64,616,000, compared to RMB 0.163 per share and RMB 60,881,000 in 2022, representing a 6.1% increase in total dividend[55][68] Business Expansion and Strategy - The company continues to focus on expanding its property management services in both mainland China and Hong Kong[19] - The company expanded its business scope to cover 19 provinces, municipalities, and autonomous regions, enhancing its market presence[74] - The company established five joint ventures in 2023, aiming to leverage diverse resources and enhance market competitiveness[75] - The company completed the acquisition of a 70% stake in ZhiJia Property Services Limited, which will be consolidated into the financial statements from October 1, 2023[98] - The company plans to enhance its market-oriented operations and expand its service capabilities across various segments, leveraging its experience in the commercial office sector[115] Financial Position and Management - The company maintains a strong financial position with a current ratio of approximately 2.52 times as of December 31, 2023, consistent with the previous year[124] - The company has no bank loans or borrowings as of December 31, 2023[172] - The company maintains a prudent financial management approach, ensuring a stable liquidity position throughout the year[185] - The company closely monitors its liquidity status to meet funding requirements[185] Awards and Recognition - The company received multiple awards in 2023, including recognition as one of the top 100 property service companies in China, enhancing its brand value to RMB 4.42 billion[96] Social Responsibility and Compliance - The group is committed to fulfilling its social responsibilities and enhancing safety in its operations[139] - The company has adopted the Corporate Governance Code as its own governance code, ensuring compliance with applicable rules[162]

Financial Performance - The net profit for the six months ended June 30, 2023, was RMB 71,113,000, compared to RMB 61,949,000 for the same period in 2022, representing a growth of approximately 14.5%[20]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 78,346,000, compared to RMB 69,456,000 for the same period in 2022, indicating an increase of approximately 12.5%[20]. - The group's profit increased from approximately RMB 69.46 million to approximately RMB 78.46 million, a growth of 12.96%, primarily due to effective cost control[138]. - Total comprehensive income rose from approximately RMB 69.46 million to approximately RMB 78.35 million, an increase of 12.80%, mainly driven by an increase in net profit margin[139]. - The company's total revenue for the first half of 2023 was RMB 712,358 thousand, a 6.39% increase from RMB 669,552 thousand in the same period of 2022[121]. Assets and Equity - As of June 30, 2023, total assets amounted to RMB 2,025,203,000, an increase from RMB 2,001,344,000 as of December 31, 2022, representing a growth of approximately 1.2%[16]. - Non-current assets decreased to RMB 153,166,000 from RMB 170,579,000, reflecting a decline of about 10.2%[16]. - Current assets increased to RMB 1,872,037,000, compared to RMB 1,830,765,000, marking an increase of approximately 2.3%[16]. - The total equity attributable to owners of the company increased to RMB 1,190,038,000 from RMB 1,179,917,000, reflecting a growth of approximately 0.9%[16]. - The company’s total equity as of June 30, 2023, was RMB 1,225,006,000, up from RMB 1,217,062,000, representing a growth of approximately 0.7%[16]. Cash Flow and Dividends - Cash flow from operating activities showed a net outflow of RMB 38,108,000 for the first half of 2023, an improvement from a net outflow of RMB 53,246,000 in the same period of 2022[22]. - The company declared dividends totaling RMB 60,881,000 for the first half of 2023, down from RMB 82,917,000 in the same period of 2022[20]. - The company reported a decrease in cash and cash equivalents by RMB 71,161,000 for the first half of 2023, compared to a decrease of RMB 63,980,000 in the same period of 2022[22]. - As of June 30, 2023, the group's cash and bank balances were approximately RMB 1,518.30 million, a decrease of approximately RMB 26.72 million from RMB 1,545.02 million as of December 31, 2022[140]. Revenue Breakdown - Revenue for the six months ended June 30, 2023, was RMB 712,358,000, an increase from RMB 669,552,000 for the same period in 2022, representing a growth of approximately 6.5%[52]. - Property management service income recognized on a package basis was RMB 526,027,000, up from RMB 504,900,000 in the previous year, reflecting an increase of about 4.3%[47]. - Value-added services revenue increased to RMB 137,744,000 from RMB 126,504,000, marking a growth of approximately 8.8%[47]. - Revenue from catering services rose from approximately RMB 28.07 million to approximately RMB 37.10 million, benefiting from increased customer traffic[131]. Operational Highlights - The company has successfully secured multiple government office area and military camp property service projects, leveraging its state-owned enterprise status[74]. - The company has expanded its business coverage to 17 provinces and municipalities across six regions in China[84]. - The company has established a joint venture in Shandong Province to enhance project service quality and operational efficiency, aiming to expand its property management market[92]. - The company is focusing on enhancing its value-added services and optimizing its operational model to improve customer experience and business growth[85]. Market Position and Strategy - The company plans to expand its business scale through market expansion, joint ventures, and acquisitions, including a 70% stake acquisition in ZhiJia Property Services Co., Ltd.[74]. - The company aims to enhance service quality and customer satisfaction while building a new property service ecosystem for long-term high-quality development[76]. - The company continues to strengthen its market competitiveness and expand its market development capabilities[74]. - The company aims to expand its market presence by leveraging its high-end commercial property service experience and brand influence[118]. Governance and Compliance - The company has adopted the Corporate Governance Code as per the Listing Rules Appendix 14, ensuring compliance with high standards of corporate governance[197]. - The company maintains a commitment to high standards of business ethics and corporate governance practices, which are essential for sustainable development and enhancing shareholder value[197]. - The company has confirmed that all directors and supervisors have complied with the standards set out in the Standard Code for Securities Transactions during the reporting period[199]. - The company has not reported any violations of the Standard Code by relevant personnel and employees during the reporting period[199].

Revenue and Profitability - For the six months ended June 30, 2023, the revenue from property management and related services was RMB 707,174,000, an increase of 6.2% from RMB 665,920,000 for the same period in 2022[4]. - Total revenue increased from approximately RMB 669.55 million for the six months ended June 30, 2022, to approximately RMB 712.36 million for the same period in 2023, representing a growth of about 6.39%[31]. - Profit increased from approximately RMB 69.46 million for the six months ended June 30, 2022, to approximately RMB 78.46 million for the same period in 2023, a growth of about 12.96%[34]. - Net profit for the period was RMB 78,457,000, representing a 13.4% increase from RMB 69,455,000 in the prior year[107]. - Profit for the period was RMB 78.46 million, representing an increase of approximately 12.96% compared to RMB 69.46 million for the same period in 2022[125]. - Profit attributable to owners of the company was approximately RMB 71.11 million, up approximately 14.79% from RMB 61.95 million for the same period in 2022[125]. Expenses and Costs - Employee costs, including director remuneration, totaled RMB 243,563,000 for the six months ended June 30, 2023, compared to RMB 222,437,000 in the same period of 2022, reflecting a rise of 9.5%[8]. - The overall gross profit decreased from approximately RMB 130.56 million for the six months ended June 30, 2022, to approximately RMB 126.49 million for the six months ended June 30, 2023, a decline of about 3.12%[57]. - The overall gross profit margin for the six months ended June 30, 2023, was approximately 17.76%, down from 19.50% for the same period in 2022[57]. - The group's administrative expenses decreased from approximately RMB 347.9 million for the six months ended June 30, 2022, to approximately RMB 302.7 million for the same period in 2023, a reduction of about 12.99% due to effective cost control[197]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 2,025,203 thousand, compared to RMB 2,001,344 thousand as of December 31, 2022[130]. - Total liabilities as of June 30, 2023, were RMB 800,197 thousand, an increase from RMB 784,282 thousand as of December 31, 2022[130]. - The company had no borrowings as of June 30, 2023, consistent with the position as of December 31, 2022[60]. - The company reported a decrease in trade and other payables from approximately RMB 296.82 million as of December 31, 2022, to approximately RMB 288.64 million as of June 30, 2023, a decline of about 2.76%[86]. - The total liabilities for trade and other payables as of June 30, 2023, amounted to RMB 586.65 million, an increase from RMB 551.03 million as of December 31, 2022[181]. Cash Flow and Investments - Cash and bank balances as of June 30, 2023, were approximately RMB 1,518.30 million, a decrease of about RMB 26.72 million from RMB 1,545.02 million as of December 31, 2022[36]. - The company plans to utilize approximately RMB 648.36 million from net proceeds for strategic acquisitions and investments, with an expected timeline for full utilization by December 31, 2023[63]. - The company has not planned any significant investments, sales, or capital asset increases for the six months ended June 30, 2023[42]. Market Presence and Operations - The company operates primarily in property management and related services, with a focus on enhancing overall value[3]. - The company expanded its business coverage to 17 provinces and municipalities, enhancing its market presence in key areas[156]. - The company successfully added 29 new projects, bringing the total number of managed projects to 253 as of June 30, 2023[156]. - The company aims to enhance its market expansion capabilities and improve its value-added service system to support sustainable development[54]. Dividends - The company proposed a dividend of RMB 60,881,000, which was approved at the shareholders' meeting on June 8, 2023[10]. - The company declared a final dividend of RMB 60,881,000 for the six months ended June 30, 2023, down from RMB 82,917,000 for the same period in 2022[146]. - The company did not recommend an interim dividend for the six months ended June 30, 2023, consistent with the previous year[102]. Credit and Receivables - The expected credit loss provision for trade receivables was RMB 3,272,000 for the six months ended June 30, 2023, down from RMB 5,426,000 in the same period of 2022[8]. - The expected credit loss provision for trade receivables decreased to RMB 3,270,000 from RMB 5,661,000, reflecting improved credit quality[106]. - The company had a total of RMB 159,021,000 in receivables as of June 30, 2023, compared to RMB 178,246,000 as of December 31, 2022[19]. - The company's trade receivables from third parties increased to RMB 186,878,000 as of June 30, 2023, compared to RMB 124,368,000 as of December 31, 2022[149]. - The company's total trade receivables as of June 30, 2023, were RMB 318,061,000, an increase from RMB 256,451,000 as of December 31, 2022[149].

Financial Performance - For the year ended December 31, 2022, the company's revenue increased by approximately 5.13% to approximately RMB 1,388.19 million from RMB 1,320.48 million for the year ended December 31, 2021[18]. - The gross profit for the year ended December 31, 2022, decreased by approximately 5.40% to approximately RMB 248.54 million from RMB 262.74 million for the year ended December 31, 2021[18]. - The company reported a significant increase in revenue for the fiscal year ending December 31, 2022, with total revenue reaching approximately 1.5 billion, representing a year-over-year growth of 15%[36]. - Net profit for the year was RMB 135,726 thousand, down 9.9% from RMB 150,784 thousand in 2021[61]. - The group’s profit for the year ended December 31, 2022, was approximately RMB 135.73 million, a decrease of about 9.99% compared to RMB 150.78 million for the year ended December 31, 2021[191]. - Profit attributable to the company's owners was approximately RMB 121.05 million, down approximately 12.10% from RMB 137.72 million for the previous year[191]. Shareholder Information - The company reported a total of 2,988,929,907 shares issued as of December 31, 2022[20]. - UBS Asset Management (Hong Kong) Ltd holds 6,292,000 shares, representing 6.08% of the H shares and 1.68% of the total shares[22]. - UBS Group AG has a controlled interest of 17,751,999 shares, accounting for 17.15% of the H shares and 4.75% of the total shares[22]. - Barings LLC holds 6,972,000 shares, which is 6.73% of the H shares and 1.87% of the total shares[22]. - FIL Limited and Pandanus Partners L.P. each hold 10,350,000 shares, representing 10.00% of the H shares and 2.77% of the total shares[22]. - The board proposed a final dividend of RMB 0.163 per share (pre-tax) for the year ended December 31, 2022, with a payout ratio of approximately 50.29%[191]. Operational Highlights - The user base expanded to 2 million active users, marking a 25% increase compared to the previous year[36]. - The total managed building area increased from approximately 33.50 million square meters as of December 31, 2021, to approximately 34.96 million square meters as of December 31, 2022, with about 80.6% of the new contracted area coming from independent third parties[191]. - The total number of managed projects reached 230, with an increase of 17 projects compared to the same period in 2021[200]. - The group established five joint ventures across China in 2022, expanding its business into Inner Mongolia and Anhui Province, covering various service areas including office buildings and hospitals[180]. Future Outlook - The company has set a revenue guidance for the next fiscal year, projecting a growth rate of 10% to 12%[36]. - New product launches are expected to contribute an additional 200 million in revenue, with a focus on enhancing user experience and engagement[36]. - Market expansion plans include entering three new cities, which are projected to increase market share by 5%[36]. - The company plans to continue expanding its property management services and exploring new market opportunities[69]. Governance and Compliance - The board confirmed compliance with all relevant laws and regulations, ensuring no significant violations were reported for the fiscal year[44]. - The independent auditor's report confirmed the accuracy of the financial statements, with no material misstatements identified[52]. - The financial statements were approved for release by the board of directors on March 23, 2023[4]. - The company has adopted the Corporate Governance Code as its own governance code, ensuring high standards of corporate governance[165]. - The board is responsible for overseeing major company matters, including policy formulation, overall strategy, and risk management systems[169]. Human Resources and Diversity - As of December 31, 2022, the workforce comprised approximately 64.8% male and 35.2% female employees, reflecting the company's commitment to gender diversity[150]. - The board diversity policy aims to enhance diversity by considering various factors, including gender, age, and professional qualifications, to support the company's strategic goals[148]. - The company recognizes the importance of maintaining a balance in gender diversity during recruitment processes, particularly in traditionally male-dominated roles[150]. - The board consists of nine members, with four women, increasing the female representation to 44.4%[149]. Financial Position - Total assets increased to RMB 2,001,344 thousand, up from RMB 1,879,565 thousand in 2021, reflecting a growth of 6.5%[62]. - Current assets rose to RMB 1,830,765 thousand, an increase of 4.5% from RMB 1,752,596 thousand in the previous year[62]. - Cash and cash equivalents amounted to RMB 1,443,945 thousand, up from RMB 1,397,612 thousand in 2021, indicating a growth of 3.3%[62]. - The company maintained a strong cash position with cash reserves of 400 million, providing flexibility for future investments and growth opportunities[36]. Acquisitions and Investments - The company has completed a strategic acquisition of a smaller competitor for 300 million, expected to enhance operational capabilities and market presence[36]. - The company acquired 70% equity in Huaron Real Estate Brokerage for a consideration of RMB 1,191,000, which was settled in cash[4]. - The acquisition of Huaron Real Estate Brokerage is accounted for under common control business combination principles[4]. Audit and Internal Controls - The audit identified significant risks related to fraud or error that could lead to material misstatements in the financial statements[4]. - The company has implemented internal controls to ensure the accuracy of financial reporting and to mitigate risks of material misstatement due to fraud or error[4]. - Management's evaluation of expected credit losses includes historical recovery rates and customer default probabilities[4]. - The assessment of expected credit losses is considered a key audit matter due to its significance to the consolidated financial statements[4].

Financial Performance - For the year ended December 31, 2022, revenue increased by approximately 5.13% to RMB 1,388.19 million from RMB 1,320.48 million for the year ended December 31, 2021[6]. - Gross profit for the year ended December 31, 2022, decreased by approximately 5.40% to RMB 248.54 million from RMB 262.74 million for the year ended December 31, 2021[6]. - The group's profit for the year was approximately RMB 135.73 million, a decrease of about 9.99% from RMB 150.78 million for the year ended December 31, 2021[6]. - Profit attributable to the owners of the company was approximately RMB 121.05 million, down approximately 12.10% from RMB 137.72 million for the year ended December 31, 2021[6]. - The total comprehensive income for the year was RMB 135.78 million, compared to RMB 150.67 million in 2021[9]. - The company reported a net loss of RMB 58,940 thousand in 2022, compared to a net gain of RMB 19,148 thousand in 2021[44]. - Basic earnings per share decreased to RMB 0.324 in 2022 from RMB 0.369 in 2021, reflecting a decrease of about 12.2%[73]. - The total gross profit for property management and related services was RMB 266,839 thousand with a gross margin of 20.11% for the year ended December 31, 2022, compared to RMB 266,112 thousand and a gross margin of 21.04% for the previous year[149]. - The overall gross profit margin for the year ended December 31, 2022, was approximately 17.90%, down from 19.90% for the year ended December 31, 2021, a decrease of 2%[173]. Revenue Sources - Revenue from property management services for 2022 was RMB 1,321,154 thousand, up from RMB 1,255,921 thousand in 2021, indicating a growth of about 5.2%[42]. - Property management service revenue increased to RMB 1,040.62 million, up 8.31% from RMB 960.75 million in 2021, accounting for 74.96% of total revenue[123]. - Revenue from value-added services was approximately RMB 280.53 million, accounting for 20.21% of total revenue, a decrease of about 4.96% from RMB 295.17 million in 2021[119]. - Revenue from catering services rose from approximately RMB 55.62 million for the year ended December 31, 2021, to approximately RMB 61.03 million for the year ended December 31, 2022[147]. - Total revenue from other sources decreased to RMB 1,388,189 thousand in 2022 from RMB 1,320,480 thousand in 2021, reflecting a growth of about 5.1%[49]. Assets and Liabilities - Total assets increased to RMB 2,001,344 thousand in 2022, up from RMB 1,879,565 thousand in 2021, representing an increase of approximately 6.5%[31]. - Total liabilities increased to RMB 784,282 thousand in 2022, compared to RMB 715,365 thousand in 2021, representing an increase of about 9.6%[31]. - The company's equity totalled RMB 1,217,062 thousand in 2022, up from RMB 1,164,200 thousand in 2021, reflecting an increase of approximately 4.5%[31]. - Trade payables rose to RMB 178,246 thousand in 2022 from RMB 120,956 thousand in 2021, marking an increase of approximately 47.4%[64]. - Net trade receivables increased to RMB 242,597 thousand in 2022 from RMB 196,093 thousand in 2021, which is an increase of about 23.7%[74]. - The current ratio as of December 31, 2022, was approximately 2.52 times, compared to 2.60 times as of December 31, 2021[152]. - As of December 31, 2022, the company's debt-to-asset ratio was 0.39, compared to 0.38 as of December 31, 2021[184]. Dividends - The board proposed a final dividend of RMB 0.163 per share (pre-tax) for the year ended December 31, 2022, with a payout ratio of approximately 50.29%[6]. - The company proposed a final dividend of RMB 0.163 per share for 2022, down from RMB 0.222 per share in 2021, indicating a decrease of approximately 26.5%[76]. - The company declared a final dividend of RMB 0.222 per share for the year ended December 31, 2021, totaling approximately RMB 82.917 million, an increase from RMB 57.519 million in the previous year[84]. Operational Expansion - The total managed construction area increased from approximately 33.50 million square meters as of December 31, 2021, to approximately 34.96 million square meters as of December 31, 2022, with 80.6% of the new contracted area sourced from independent third parties[6]. - The company has expanded its operations to cover 16 provinces and municipalities, with a significant presence in key strategic markets, enhancing its competitive advantage in various public property sectors[90]. - The company has successfully expanded its service offerings in various sectors, including industrial parks, hospitals, and schools, further solidifying its market position[90][94]. - The number of managed properties rose to 230, compared to 213 in 2021, indicating an increase of approximately 7.99%[112]. - The total contracted building area increased to 37,717 thousand square meters as of December 31, 2022, up from 36,195 thousand square meters in 2021, representing a growth of approximately 4.20%[112]. Financial Management - The company maintained a prudent financial management approach, ensuring a robust liquidity position throughout the year[186]. - The company has no borrowings or bank loans as of December 31, 2022, consistent with the previous year[131]. - The company has no interest-bearing borrowings as of December 31, 2022, making the capital debt ratio not applicable[184]. - The company has not adopted new accounting standards that may impact its financial statements significantly, as per the latest evaluations[47]. Strategic Initiatives - The company is in the process of acquiring 70% of the shares of the target company for a maximum consideration of HKD 154 million, which will be consolidated into the company's financial statements upon completion[87][106]. - The company plans to enhance service quality and operational efficiency while exploring new business models through internet channels[120]. - The company plans to use the remaining unutilized proceeds of approximately RMB 594.08 million by December 31, 2023, for strategic acquisitions, business expansion, and IT system upgrades[179]. - The company has entered into a share purchase agreement to acquire 70% of the issued share capital of a target company for a maximum consideration of HKD 154 million[162]. Employee and Organizational Development - The company employed 4,584 staff as of December 31, 2022, an increase from 4,382 staff as of December 31, 2021[187]. - The company regularly reviews its compensation policies to align with industry standards and employee performance[188]. - The company has optimized its organizational structure and incentive systems to enhance market competitiveness and improve external expansion capabilities[90].