Financial Performance - The Group's property management business revenue increased from approximately RMB1,285.5 million in 2023 to approximately RMB1,331.4 million in 2024, representing a growth of approximately RMB45.9 million or 3.6%[15]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million in 2024[15]. - The Group's profit attributable to owners of the parent for 2024 was RMB88.9 million, an increase of 11.0% compared to RMB80.1 million in 2023[15]. - The Group's revenue for the year ended December 31, 2024, was RMB 1,778,998,000, representing a 4.1% increase from RMB 1,709,642,000 in 2023[39]. - Gross profit for 2024 was RMB 366,813,000, up 4.6% from RMB 350,558,000 in 2023, with a gross profit margin of 20.6%[39]. - The net profit margin for 2024 was 5.2%, an increase from 4.9% in 2023[39]. - The total equity of the Group reached RMB 1,097,900,000 in 2024, reflecting a steady growth trend[50]. - The Group recorded revenue of approximately RMB1,779.0 million for the year ended December 31, 2024, representing an increase of 4.1% over 2023[100]. - Revenue from the property management business increased by approximately RMB45.9 million or 3.6% to RMB1,331.4 million in 2024[102]. - Revenue from the cleaning and greening business rose by approximately RMB22.6 million or 8.6% to RMB286.0 million in 2024, primarily due to new project developments[104]. Dividends and Shareholder Returns - The Board recommended a final dividend of HKD2.50 cents per share for the year ended 31 December 2024, totaling approximately HKD21.4 million[16]. - The total dividend payment for 2024 is approximately HKD21.4 million, consistent with the previous year[19]. - A final dividend of HKD2.5 cents per share is recommended for the year ended December 31, 2024, consistent with the previous year[162]. Business Expansion and Strategy - The Group plans to expand its business scope and coverage in China through acquisitions of property management companies and other value-adding service companies[31][34]. - The Group aims to gradually extend its reach along the upstream and downstream of the industry chain, focusing on property management[32][34]. - The Group's strategic focus includes expanding its business within established cities and neighboring areas to maximize economies of scale[71][74]. - The Group aims to achieve strong organic growth by developing new business relationships from its existing customer base while also identifying acquisition targets to enhance its portfolio[70][73]. - The Group intends to accelerate its expansion in China through acquisitions and cooperation when suitable opportunities arise[91]. Awards and Recognitions - In July 2024, two subsidiaries received the AAA-level Property Service Enterprise recognition from the Zhejiang Provincial Department of Housing and Urban-Rural Development[21]. - The Group was recognized as an Excellent Exhibitor at the 2024 China International Property Management Industry Expo in August 2024[22]. - Guangdong Zhong Ao received the Green Low-Carbon Enterprise Credit Demonstration Certificate in November 2024[23]. - The Group received multiple awards in December 2024, including the Best Member of Guangdong Property Management Industry Association[24]. - The Group received multiple recognitions in 2024, including the Best Member of Guangdong Property Management Industry Association[28][59]. - Guangdong Zhongao Property Management Co., a subsidiary, received multiple awards for excellence in property management and service quality in 2024[64][63]. Operational Metrics - As of December 31, 2024, the Group managed a total of 555 properties with an aggregate delivered contracted GFA of approximately 60 million sq.m, a decrease of about 3% from approximately 62 million sq.m as of December 31, 2023[30][33]. - The average price of property management services increased to RMB 1.88 per sq.m. per month in 2024, up from RMB 1.85 in 2023[52]. - In Eastern and Central China, the Group managed 456 properties with a GFA of 44,131 thousand sq.m as of December 31, 2024, compared to 489 properties and 45,651 thousand sq.m in the previous year[81]. - In Southern China, the Group managed 85 properties with a GFA of 14,629 thousand sq.m, showing a slight increase from 83 properties and 14,469 thousand sq.m in 2023[81]. Financial Management - Other income and gains decreased by approximately RMB7.8 million or 15.8% to RMB41.5 million in 2024, mainly due to a reduction in government grants and rental income[116]. - Administrative expenses increased by approximately RMB14.1 million or 7.3% to RMB206.5 million in 2024, driven by business revenue growth[122]. - Net impairment losses on financial assets decreased by approximately RMB17.6 million to RMB41.1 million in 2024, primarily due to a reduction in trade receivables[123]. - Net finance costs decreased by approximately RMB1.0 million or 29.9% to RMB2.4 million in 2024, attributed to a decrease in bank borrowings[124]. - The Group's net working capital increased to approximately RMB 505.9 million as of December 31, 2024, up by RMB 107.2 million from RMB 398.7 million as of December 31, 2023, with a current ratio of 1.6 times[137]. - The Group maintained a net cash position of RMB 496.2 million as of December 31, 2024, compared to RMB 479.2 million in 2023, indicating a strong financial position[140]. - As of December 31, 2024, total trade receivables amounted to approximately RMB 505.9 million, representing a decrease of approximately RMB 32.4 million or 6% from approximately RMB 538.3 million as of December 31, 2023, due to improved repayment management[130]. - Prepayments and other receivables decreased to approximately RMB 248.8 million as of December 31, 2024, down by approximately RMB 68.2 million or 21.5% from RMB 317.0 million as of December 31, 2023, mainly due to reduced prepayments to utility suppliers[131]. - Other payables and accruals decreased from approximately RMB 702.7 million as of December 31, 2023, to approximately RMB 539.7 million as of December 31, 2024, a decrease of approximately RMB 163 million due to a reduction in high-risk contract liabilities[133]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive officer[199]. - The Company aims to protect and maximize the interests of its shareholders through high standards of corporate governance[197]. - The Company’s corporate governance report is presented for the year ended December 31, 2024[196]. - The Company has a commitment to maintaining formal and transparent procedures in its governance practices[197]. - The Company’s board of directors is pleased to present the corporate governance report, reflecting its commitment to governance standards[200]. Human Resources - The number of employees increased to approximately 9,351 as of December 31, 2024, up from 8,521 in 2023, reflecting the Group's growth and expansion[146]. - The Group invests in continuous education and training programs for employees to enhance their skills and knowledge[151]. - The Group's management reviews compensation policies annually to ensure alignment with industry standards and employee performance[151]. - The Group aims to retain key personnel through the Share Award Scheme, which recognizes employee contributions and provides incentives for continued service[154]. Management and Board Composition - The Company has appointed Mr. Liu Jian as both the chairman and the chief executive officer, which the Board believes enhances responsiveness and efficiency in business strategy formulation[199]. - The Board comprises four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a strong independence element in its composition[199]. - Ms. Jin Keli has been appointed as a non-executive Director since July 17, 2020, and is currently the CEO of Greentown Service Group Co. Ltd. since June 21, 2021[176]. - Mr. Liang Bing has been with the company since September 2005 and is responsible for overall operation and management, strategic planning, and business development[171]. - Mr. Long Weimin joined the company in June 2008 and has 14 years of experience in the hospitality industry, focusing on overall operation and management[172]. - Ms. Xu Yaping was appointed as a non-executive director on July 10, 2023, and has extensive experience in property service and real estate[180]. - Mr. Chan Wai Cheung, appointed as an independent non-executive Director on May 31, 2017, holds a Bachelor of Arts (Honours) in Accountancy[181]. - Mr. Chan Ka Leung Kevin has extensive experience in corporate finance and was a responsible officer of a licensed corporation until June 2023[185]. - Mr. Yin Weizhong joined the Company as an independent non-executive director on July 1, 2023, bringing extensive marketing and management experience[186].

Financial Performance - For the fiscal year ending December 31, 2024, the revenue was approximately RMB 1,779.0 million, an increase of about 4.1% compared to 2023[1] - The gross profit for the same period was approximately RMB 366.8 million, reflecting a growth of approximately 4.6% year-over-year[1] - The net profit for the fiscal year was approximately RMB 92.1 million, which is an increase of about 9.7% from the previous year[1] - Basic earnings per share for the year were approximately RMB 0.104, representing a growth of about 10.6% compared to 2023[1] - The total comprehensive income for the year was RMB 92.1 million, compared to RMB 83.9 million in 2023, reflecting an increase of about 9.6%[3] - The attributable profit to equity holders of the parent company was RMB 88.9 million, up from RMB 80.1 million, representing a growth of approximately 10.5%[3] - Adjusted pre-tax profit amounted to RMB 138,479,000, reflecting the company's operational efficiency[18] - The group's profit before tax for 2024 is RMB 1,403,834,000, compared to RMB 1,351,086,000 in 2023, reflecting a growth of about 3.9%[34] Dividends and Shareholder Returns - The board of directors proposed a final dividend of HKD 0.025 per share for the fiscal year ending December 31, 2024, unchanged from 2023[1] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.025 per share, consistent with the previous year, with a total payout of approximately RMB 19,572,000[39] - The board recommends the final dividend to be paid on or around July 10, 2025, pending shareholder approval[96] Revenue Breakdown - Total revenue for the year ending December 31, 2024, reached RMB 1,778,998,000, with external sales contributing RMB 1,331,362,000 from property management services[18] - Revenue from property management services was RMB 1,331,362,000 in 2024, up from RMB 1,285,503,000 in 2023, reflecting a growth of 3.57%[28] - Revenue from cleaning services amounted to RMB 286,016,000 in 2024, compared to RMB 263,440,000 in 2023, indicating an increase of 8.56%[28] - The property management segment generated a profit of RMB 90,181,000, while the cleaning and greening segment contributed RMB 48,582,000[18] Expenses and Costs - Administrative expenses increased to RMB 206.5 million from RMB 192.3 million, marking an increase of about 7.3%[2] - Sales and service costs increased by approximately RMB 53.1 million or 3.9% to about RMB 1,412.2 million for the year ending December 31, 2024, primarily due to corresponding revenue growth[77] - The cost of services provided in 2024 is RMB 1,403,834,000, compared to RMB 1,351,086,000 in 2023, showing a rise of approximately 3.9%[34] Assets and Liabilities - Non-current assets totaled RMB 631,306,000 in 2024, a decrease of 5.93% from RMB 671,095,000 in 2023[4] - Current assets amounted to RMB 1,308,879,000 in 2024, down 6.26% from RMB 1,396,157,000 in 2023[4] - Total liabilities for current liabilities were RMB 803,007,000 in 2024, a reduction of 19.5% compared to RMB 997,448,000 in 2023[5] - The company's total liabilities decreased from RMB 1,470,962,000 in 2023 to RMB 1,034,545,000 in 2024, showing a reduction of approximately 29.7%[21] - The total liabilities under contracts decreased significantly from RMB 167,867,000 in 2023 to RMB 94,205,000 in 2024, a decrease of around 44%[50] Impairment and Provisions - The company recognized a net impairment loss on financial assets of RMB 41.1 million, down from RMB 58.7 million in the previous year, indicating a reduction of approximately 30%[2] - The provision for impairment losses on accounts receivable increased from RMB 93,940,000 in 2023 to RMB 114,400,000 in 2024, indicating a rise of about 22%[46] - Net impairment losses on financial assets decreased by approximately RMB 17.6 million to about RMB 41.1 million for the year ending December 31, 2024, mainly due to a reduction in trade receivables[82] Employee and Corporate Governance - The group has approximately 9,351 employees as of December 31, 2024, an increase from 8,521 employees in 2023[94] - The company has maintained compliance with all corporate governance rules except for the separation of the roles of Chairman and CEO, which are held by Mr. Liu Jian[101] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's annual performance up to December 31, 2024[102] Future Strategies and Market Position - The group aims to strengthen internal growth through existing customer relationships and is actively seeking suitable acquisition targets to enhance its portfolio and increase its geographical presence in China[58] - The group plans to strategically select markets for expansion, focusing on economically developed areas with higher GDP per capita[59] - The group intends to expand its customer portfolio by seeking established property owners' committees[68] Awards and Recognition - The group received multiple awards in 2024, including recognition as a AAA property service enterprise in Zhejiang Province and as an outstanding exhibitor at the Guangdong International Property Management Industry Expo[54][55] - The group has been recognized as a green low-carbon integrity enterprise, effective from November 26, 2024, to November 25, 2025[54]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 889,462,000, an increase of 3.4% from RMB 856,517,000 in the same period of 2023[5]. - Gross profit for the same period was RMB 187,619,000, with a gross profit margin of 21.1%, down from 21.7% in 2023[5]. - Profit for the period was RMB 56,421,000, compared to RMB 53,608,000 in 2023, reflecting a year-over-year increase of 5.3%[5]. - Profit attributable to owners of the parent was RMB 50,807,000, up from RMB 48,539,000 in the previous year[5]. - Earnings per share attributable to ordinary equity holders of the parent was RMB 0.059, compared to RMB 0.057 in 2023[5]. - Total comprehensive income for the period also rose to RMB 56,421,000, up from RMB 53,608,000 year-over-year[8]. - Owners of the parent reported a profit of RMB 50,807,000, an increase from RMB 48,539,000 in 2023, reflecting a growth of 2.6%[8]. - Profit before tax was RMB 80,686,000, with income tax expenses of RMB 24,265,000[7]. - The total tax charge for the period was RMB 24,265,000, a decrease of 3.4% from RMB 25,118,000 in the previous year[56]. Revenue Breakdown - The property management business generated revenue of RMB 654,835,000, while the cleaning and greening business contributed RMB 229,571,000, and other businesses accounted for RMB 111,560,000[25]. - Revenue from contracts with customers for the six months ended June 30, 2024, was RMB 889,462,000, compared to RMB 856,517,000 in 2023, reflecting a growth of approximately 3.9%[44]. - Revenue from property management services was RMB 648,051,000, accounting for 72.9% of total revenue, while cleaning and greening business generated RMB 162,269,000, contributing 18.3%[50]. - Revenue from the property management business decreased by approximately RMB 10.1 million or 1.5% to RMB 648.1 million, primarily due to a decrease in the number of projects[148]. - Revenue from the cleaning and greening business increased by approximately RMB 43.1 million or 36.1% to RMB 162.3 million, driven by strong demand for these services[149]. Expenses and Costs - Selling and distribution expenses were RMB 96,643,000, reflecting an increase in operational costs[7]. - The Group's cost of sales and services increased by approximately 4.6% from RMB 670.9 million to RMB 701.8 million, mainly due to rising subcontracting costs[151]. - Employee benefit expenses, excluding directors' remuneration, amounted to RMB 505,201,000, a decrease from RMB 557,906,000 in the same period last year[52]. - Administrative expenses rose by approximately RMB 2.5 million to RMB 96.6 million, primarily due to exchange losses incurred during the period[160]. - Finance costs decreased to approximately RMB0.87 million for the six months ended June 30, 2024 from approximately RMB0.95 million for the same period in 2023, primarily due to a reduction in interest-bearing borrowings[163]. Assets and Liabilities - Total non-current assets decreased to RMB 654,667,000 as of June 30, 2024, from RMB 671,095,000 at the end of 2023, a decline of 2.4%[10]. - Total current assets increased to RMB 1,414,313,000, up from RMB 1,396,157,000, indicating a growth of 1.3%[10]. - Total assets as of June 30, 2024, amounted to RMB 2,068,980,000, while total liabilities were RMB 997,772,000[36]. - The Group's trade receivables as of June 30, 2024, totaled RMB 619,848,000, compared to RMB 538,334,000 as of December 31, 2023, representing an increase of approximately 15%[80]. - The Group's cash and cash equivalents amounted to RMB 489,215,000, a decrease from RMB 531,583,000 as of December 31, 2023[85]. Cash Flow and Financing - The net cash flows used in operating activities for the six months ended June 30, 2024, were RMB (36,413,000), compared to RMB (7,851,000) for the same period in 2023[17]. - New bank loans amounted to RMB 49,900,000, while repayments of bank loans were RMB (48,990,000) during the six months ended June 30, 2024[18]. - The Group maintained a net cash position of approximately RMB 435.9 million as of June 30, 2024, down from RMB 479.2 million as of December 31, 2023, indicating a strong financial position[172]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2024, except for the deviation regarding the roles of chairman and chief executive officer[181]. - Mr. Liu Jian served as both chairman and chief executive officer during the period, which constitutes a deviation from the Corporate Governance Code[182]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the interim results for the six months ended June 30, 2024[185]. Future Outlook and Strategy - The company continues to explore market expansion opportunities and new product development strategies[4]. - The Group plans to develop new business relationships from its existing customer base to ensure strong organic growth[142]. - The Group aims to expand its geographic presence by strategically selecting markets with developed economies and high per capita GDP[132]. - The Group's strategy includes diversifying property management services to create more value for property owners and customers[128]. Employee and Management - The number of employees increased to approximately 8,644 as of June 30, 2024 from 8,521 as of December 31, 2023, reflecting growth in the workforce[175]. - The Group invests in continuing education and training programs for employees to enhance their skills and knowledge[176].

Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 889.5 million, an increase of about 3.8% compared to the same period in 2023[1] - Gross profit for the same period was approximately RMB 187.6 million, reflecting a year-on-year increase of about 1.1%[1] - Net profit for the six months ended June 30, 2024, was approximately RMB 56.4 million, representing a year-on-year increase of about 5.2%[1] - Basic earnings per share for the period was RMB 0.059, an increase of approximately 3.5% compared to RMB 0.057 in the same period of 2023[2] - The group reported total revenue of RMB 889,462,000 for the six months ended June 30, 2024, with a significant contribution from property management services[11] - The operating profit for the group was RMB 91,488,000, indicating a solid performance across business segments[11] - The company reported a net profit before tax of RMB 78,726 thousand for the six months ended June 30, 2024[14] - The profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was RMB 50,807 thousand, compared to RMB 48,539 thousand for the same period in 2023[24] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,106.69 million, compared to RMB 1,069.80 million as of December 31, 2023[4] - Current assets totaled RMB 1,414.31 million, an increase from RMB 1,396.16 million at the end of 2023[4] - Trade receivables increased to RMB 619.85 million from RMB 538.33 million at the end of 2023[4] - Cash and cash equivalents were RMB 489.22 million, down from RMB 531.58 million at the end of 2023[4] - As of June 30, 2024, the total equity attributable to the parent company is RMB 1,071,208,000, an increase from RMB 1,032,707,000 as of December 31, 2023, representing a growth of approximately 3.7%[5] - The total non-current liabilities decreased to RMB 35,482,000 from RMB 37,097,000, reflecting a reduction of about 4.4%[5] - Total assets as of June 30, 2024, were RMB 2,068,980 thousand, with total liabilities amounting to RMB 997,772 thousand, indicating a debt-to-asset ratio of approximately 48.2%[12] Revenue Breakdown - Revenue from property management business decreased from RMB 658.1 million to RMB 648.1 million, a decline of approximately RMB 10.1 million or 1.5%[49] - Revenue from cleaning and greening services increased from RMB 119.2 million to RMB 162.3 million, an increase of approximately RMB 43.1 million or 36.1%[49] - The property management segment generated revenue of RMB 658,128 thousand, while the cleaning and greening segment contributed RMB 119,190 thousand, and other businesses accounted for RMB 79,199 thousand[16] - Revenue from other businesses slightly decreased from RMB 79.2 million to RMB 79.1 million, a decline of approximately RMB 0.1 million or 0.1%[49] Cost and Expenses - For the same period, the cost of services provided was RMB 699,060 thousand, an increase from RMB 667,824 thousand in the previous year[20] - Total sales and service costs increased by approximately 4.6% to about RMB 701.8 million for the six months ended June 30, 2024, from approximately RMB 670.9 million for the same period in 2023, mainly due to increased subcontracting and service costs[50] - Administrative expenses increased to approximately RMB 96.6 million for the six months ended June 30, 2024, from approximately RMB 94.1 million for the same period in 2023, primarily due to foreign exchange losses[54] - The company recorded a decrease in employee benefits expenses, with salaries and other benefits totaling RMB 467,082 thousand, down from RMB 515,048 thousand in the previous year[20] Corporate Governance - The company has adopted corporate governance practices in line with the listing rules to ensure transparency and protect shareholder interests[72] - The chairman and CEO roles are held by the same individual, which constitutes a deviation from corporate governance guidelines[73] - The Audit Committee has been established and consists of three independent non-executive directors, ensuring compliance with corporate governance standards[75] Future Outlook - The board of directors expressed confidence in future growth despite the current economic environment[2] - The company aims to expand its market presence and enhance its service offerings in the property management and cleaning sectors[16] - Future outlook includes continued investment in new technologies and potential acquisitions to drive growth in the upcoming fiscal periods[16] - The company aims to maintain its competitive advantage as an independent property management company by focusing on high-quality services and operational efficiency[48] - The company plans to establish stable partnerships with leading property developers and explore potential projects for growth[48] - The group continues to focus on expanding its business in economically developed markets with higher GDP per capita[41] Employee and Operational Metrics - The group employed approximately 8,644 employees as of June 30, 2024, an increase from 8,521 employees as of December 31, 2023[67] - The group managed a total of 537 properties across 43 cities in China as of June 30, 2024[39] - As of June 30, 2024, the total delivered contract building area was approximately 596,000 square meters, a decrease of about 43,000 square meters compared to the same period in 2023[39] Dividends and Shareholder Returns - The company did not declare an interim dividend for the period[1] - The company declared a final dividend of HKD 0.025 per share for the year ended December 31, 2023, approved at the annual general meeting on May 31, 2024[23] - The board of directors does not recommend the payment of an interim dividend for the six months ended June 30, 2024[71]

Financial Performance - The Group's property management business revenue decreased from approximately RMB1,322.1 million in 2022 to approximately RMB1,285.5 million in 2023, representing a decrease of approximately RMB36.3 million or 2.8%[15] - Revenue for the year ended December 31, 2023, was RMB 1,709,642, a slight increase of 0.4% from RMB 1,702,395 in 2022[40] - Gross profit decreased by 1.9% to RMB 350,558 from RMB 357,355 in the previous year, resulting in a gross profit margin of 20.5%, down from 21.0%[40] - Profit for the year was RMB 83,972, a decline of 5.7% compared to RMB 89,050 in 2022[40] - Profit attributable to owners of the parent increased by 4.1% to RMB 80,054 from RMB 76,907 in 2022[40] - Revenue from the cleaning and greening business increased by approximately RMB46.7 million in 2023[15] - Revenue from other businesses decreased by approximately RMB2.9 million in 2023[15] - The Group's cost of sales and services increased by 1.0% from approximately RMB1,345.0 million in 2022 to approximately RMB1,359.1 million in 2023, primarily due to growth in the cleaning and greening business and increased labor costs[114][116] - Other income and gains decreased to approximately RMB49.3 million in 2023 from RMB55.8 million in 2022, representing a decrease of approximately RMB6.5 million or 11.7%[120][124] Dividends and Shareholder Returns - The total dividend payment recommended for 2023 is approximately HKD21.3 million, with a final dividend of HKD2.50 cents per share[16] - The Directors resolved to recommend the payment of a final dividend of HKD2.5 cents per share for the year ended December 31, 2023, consistent with the previous year[175] - The final dividend is expected to be payable on or about July 5, 2024, subject to shareholder approval at the upcoming annual general meeting[175] Business Operations and Strategy - The Group plans to expand its business scope through acquisitions of property management companies and value-added service firms in China[30] - The Group aims to enhance its service quality and provide a better living experience for residents, contributing to long-term shareholder returns[35] - The Group continues to identify appropriate acquisition targets to strengthen its portfolio and increase geographic presence across China[71] - The Group focuses on markets with more developed economies and higher per capita GDP for strategic expansion[72] - The Group aims to develop new business relationships from its existing customer base to support organic growth[71] - The Group's strategy includes pursuing properties with established owners' associations to expand its customer portfolio[91] - The Group will accelerate its expansion in China through acquisitions and cooperation when suitable opportunities arise[91] Awards and Recognition - The Group received the Excellence Award from the United Nations Development Programme (UNDP) in July 2023 for sustainability standards[22] - The Group's recognition and awards in 2023 highlight its position as a leading independent property management company in China[17] - The Group received multiple recognitions in 2023, including the 2023 Property Service Brand Enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area[26] - The Group was recognized as a 2023 Property Service Brand Enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area in December 2023[60] Property Management Metrics - As of December 31, 2023, the Group managed a total of 604 properties with a contracted Gross Floor Area (GFA) of 67 million square meters, remaining stable compared to 70 million square meters in 2022[29] - The delivered GFA for 2023 was 62.0 million square meters, slightly down from 64.4 million square meters in 2022[29] - The average price of property management services rose to RMB 1.85 per square meter per month in 2023, up from RMB 1.81 in 2022[56] - The number of terminations in property management contracts was 5,271 thousand sq.m. for 50 properties in 2023, compared to 4,207 thousand sq.m. for 44 properties in 2022[87] - New engagements in 2023 totaled 2,024 thousand sq.m. with 23 properties, compared to 1,924 thousand sq.m. and 38 properties in 2022[87] Financial Position and Liabilities - As of December 31, 2023, the Group's net working capital was approximately RMB 398.7 million, an increase of RMB 68.5 million from RMB 330.2 million as of December 31, 2022[147] - The current ratio as of December 31, 2023, was 1.4 times, unchanged from 2022[147] - The Group's borrowings were entirely denominated in RMB, with a net cash position of RMB 479.2 million as of December 31, 2023, compared to RMB 389.5 million in 2022[150] - Other payables and accrued expenses increased from approximately RMB 671.5 million as of December 31, 2022, to approximately RMB 702.7 million as of December 31, 2023, an increase of RMB 31.2 million[145] - Investment properties decreased from approximately RMB180.7 million as of 31 December 2022 to approximately RMB161.0 million as of 31 December 2023, a decrease of approximately RMB19.7 million or 10.9%[132][136] Management and Governance - The company has a diverse board with members possessing significant experience in accounting and corporate finance, enhancing its strategic decision-making capabilities[199] - The independent non-executive directors contribute to the company's oversight and risk management, ensuring compliance with regulatory standards[199] - The company is focused on maintaining high standards of corporate governance through the appointment of qualified independent directors[198] - The board's composition reflects a commitment to diversity and expertise, which is crucial for navigating complex market conditions[198] - The company aims to leverage the experience of its directors to drive future growth and expansion strategies[198] Legal Matters - Guangdong Zhong Ao has initiated a civil lawsuit against Mr. Liang for a remaining balance of the Option Price of RMB20 million and accrued interest, along with penalties for breach of contract[97] - The Group will keep shareholders and potential investors informed of any further material developments regarding the lawsuit[97]

Financial Performance - For the year ended December 31, 2023, revenue was approximately RMB 1,709.6 million, an increase of 0.4% compared to 2022[2] - Gross profit for the same period was approximately RMB 350.6 million, a decrease of 1.9% from 2022[2] - Net profit for the year was approximately RMB 84.0 million, down 5.7% from 2022[2] - Basic earnings per share for the year was RMB 0.094, an increase of 4.4% compared to 2022[2] - The company reported a total comprehensive income of RMB 83.97 million for the year, compared to RMB 89.05 million in 2022[7] - Total revenue from customer contracts for 2023 was RMB 1,709,642 thousand, a slight increase from RMB 1,702,395 thousand in 2022, representing a growth of approximately 0.2%[43] - Revenue from service provision was RMB 1,700,505 thousand in 2023, compared to RMB 1,692,927 thousand in 2022, indicating an increase of about 0.4%[43] - The cost of services provided and goods sold for 2023 amounted to RMB 1,351,086 thousand, up from RMB 1,337,145 thousand in 2022, reflecting a rise of approximately 1.0%[54] - Employee benefits expenses, excluding directors and senior management remuneration, increased to RMB 768,293 thousand in 2023 from RMB 720,129 thousand in 2022, marking a growth of about 6.7%[54] - The company recognized a net impairment loss of RMB 26,196 thousand on trade receivables in 2023, compared to RMB 19,320 thousand in 2022, indicating an increase of approximately 35.5%[54] - Government grants received decreased to RMB 13,830 thousand in 2023 from RMB 17,903 thousand in 2022, a decline of about 22.5%[53] - The company reported a net profit before tax for 2023, with specific figures not disclosed in the provided content[54] - The company’s profit attributable to equity holders of the parent for 2023 was RMB 80,054,000, an increase from RMB 76,907,000 in 2022, representing a growth of approximately 1.5%[76] - The total dividend declared for the year 2023 was approximately RMB 19,307,000, compared to RMB 17,869,000 in 2022, indicating an increase of 8%[73] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 1,069.8 million, compared to RMB 1,017.3 million in 2022[12] - Current assets totaled RMB 1,396.2 million, an increase from RMB 1,270.1 million in 2022[10] - Trade receivables increased to RMB 538.3 million from RMB 496.2 million in 2022[10] - Non-current liabilities amounted to RMB 37.1 million, up from RMB 30.4 million in 2022[12] - Deferred tax assets and liabilities are not included in the segment assets and liabilities, as they are managed on a consolidated basis[32] - Trade receivables as of December 31, 2023, amounted to RMB 538,334,000, an increase from RMB 496,160,000 in 2022, with significant growth in receivables due in 1 to 2 years rising to RMB 69,879,000 from RMB 52,712,000[87] - Trade payables as of December 31, 2023, totaled RMB 110,168,000, up from RMB 100,782,000 in 2022, with a notable increase in payables due within 60 days[89] - The group’s total prepayments and other receivables as of December 31, 2023, were RMB 97,024,000, up from RMB 78,045,000 in 2022[87] Business Operations - The company operates primarily in the People's Republic of China, providing property management, cleaning, and greening services[14] - The group provides a wide range of property management services primarily to property developers and owners, focusing on residential, commercial, and government properties[31] - The cleaning and greening business unit's performance is evaluated based on the services contracted by the property management business unit[31] - The group has segmented its operations into property management, cleaning and greening, and other services, which include elevator sales and installation, security services, real estate consulting, and engineering services[31] - The group maintained strict credit control over trade receivables, with overdue balances reviewed regularly by senior management[86] - The group aims to enhance its market position by leveraging its existing capabilities and exploring new business opportunities[128] - The group plans to continue expanding its business through acquiring new service contracts and purchasing other property management companies[125] - The group continues to explore potential partnerships with leading property developers and service providers to expand its business network[161] Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in Renminbi, with all values rounded to the nearest thousand[15] - The consolidated financial statements include the company's performance up to December 31, 2023, reflecting the financial results of subsidiaries controlled by the company[16] - The group assesses control over investment entities based on voting rights and contractual arrangements, ensuring compliance with relevant accounting policies[22] - The group has adopted revised Hong Kong Financial Reporting Standards for the current financial year, impacting accounting policies and disclosures[25] - The group has not disclosed any significant impacts on its financial statements due to recent accounting standard updates[29] - The group has confirmed that the accounting estimates and policies align with the recent amendments, resulting in no significant impact on financial reporting[29] - The group has introduced disclosure requirements related to the OECD's Pillar Two Model Rules, although it is not subject to these regulations[29] Market and Competitive Position - The group aims to maintain its competitive advantage as an independent property management company by providing high-quality services and operational efficiency[161] - The group will strategically select markets for expansion, focusing on economically developed areas with higher GDP per capita[149] - The group has received multiple qualifications and certifications for property management services, including CMS31950 and ISO certifications[147] - The group holds multiple qualifications and certifications for its cleaning services, including ISO 14001, ISO 9001, and ISO 45001[126] - The average market unit price for commercial properties was between RMB 7 to 24 per square meter in 2023, slightly down from RMB 7 to 27 in 2022[105] Investment and Capital Expenditures - Capital expenditures include the acquisition of properties and equipment, investment properties, intangible assets, and advance payments for property purchases[38] - As of December 31, 2023, the group purchased properties in mainland China for a deposit of RMB 12,125,000, compared to RMB 14,092,000 in 2022[84] - The group added RMB 1,900,000 in investment properties in 2023, up from RMB 1,227,000 in 2022[105] - Investment properties decreased from approximately RMB 180.7 million as of December 31, 2022, to approximately RMB 161.0 million as of December 31, 2023, a reduction of about RMB 19.7 million or 10.9%, mainly due to the sale of four properties during the period[175] Awards and Recognition - The group has been recognized with several awards in 2023, including the Guangdong Province Property Management Industry Association's Best Member Award[115]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 856,517,000, representing a 4.3% increase from RMB 821,183,000 in 2022[12]. - Gross profit decreased by 5.0% to RMB 185,661,000, down from RMB 195,335,000, resulting in a gross profit margin of 21.7%, down from 23.8%[12]. - Net profit for the period was RMB 53,608,000, a decline of 19.2% compared to RMB 66,383,000 in the previous year[12]. - Profit attributable to owners of the parent decreased by 20.2% to RMB 48,539,000 from RMB 60,822,000[12]. - Basic and diluted earnings per share decreased by 20.0% to RMB 0.057 from RMB 0.071[12]. - Other income and gains decreased to RMB 15,413,000 from RMB 25,269,000[14]. - Selling and distribution expenses significantly reduced to RMB 125,000 from RMB 1,814,000[14]. - Administrative expenses slightly increased to RMB 94,134,000 from RMB 93,869,000[14]. - The company reported a profit before tax of RMB 78,726,000, down from RMB 95,620,000 in the previous period[14]. - Income tax expenses decreased to RMB 25,118,000 from RMB 29,237,000[14]. - Profit for the period decreased to RMB 53,608,000 in H1 2023 from RMB 66,383,000 in H1 2022, representing a decline of approximately 19.3%[15]. - Total comprehensive income for the period was RMB 53,608,000, down from RMB 66,383,000 in the previous year, indicating a similar decline of about 19.3%[15]. Assets and Liabilities - The equity attributable to owners of the parent increased to RMB 945,432,000 as of June 30, 2023, compared to RMB 916,590,000 at the end of 2022, reflecting a growth of approximately 3.4%[18]. - Total non-current assets decreased slightly to RMB 681,429,000 as of June 30, 2023, from RMB 687,037,000 at the end of 2022, a reduction of about 0.5%[17]. - Current assets increased to RMB 1,294,284,000 as of June 30, 2023, up from RMB 1,270,083,000 at the end of 2022, marking an increase of approximately 1.9%[17]. - Trade receivables rose to RMB 584,197,000 as of June 30, 2023, compared to RMB 496,160,000 at the end of 2022, indicating an increase of about 17.7%[17]. - Cash and cash equivalents decreased to RMB 390,967,000 as of June 30, 2023, down from RMB 446,052,000 at the end of 2022, a decline of approximately 12.4%[17]. - Total current liabilities slightly decreased to RMB 930,679,000 as of June 30, 2023, from RMB 939,840,000 at the end of 2022, a reduction of about 1.0%[17]. - Non-controlling interests increased to RMB 71,369,000 as of June 30, 2023, compared to RMB 70,339,000 at the end of 2022, reflecting a growth of approximately 1.5%[18]. Cash Flow and Investments - Cash flows used in operating activities amounted to RMB 44,330,000, compared to RMB 38,183,000 in the previous year, indicating a decline in operational cash flow[25]. - Net cash flows used in investing activities were RMB 7,591,000, a significant improvement from RMB 22,714,000 in the same period of 2022[26]. - New bank loans totaled RMB 48,990,000, while repayments of bank loans were also RMB 48,990,000, indicating a neutral cash flow impact from financing activities[26]. - Cash and cash equivalents at the end of the period were RMB 390,967,000, down from RMB 411,301,000 at the end of June 2022[26]. - The company reported an impairment of trade receivables amounting to RMB 16,993,000, slightly higher than RMB 16,277,000 in the previous year[25]. - The acquisition of non-controlling interests resulted in a cash outflow of RMB 41,703,000, impacting the overall equity structure[23]. Segment Performance - The Group primarily provides property management services for residential properties, commercial and government buildings, and sales assistance services[37]. - The Group's operating segments include property management, cleaning and greening services, real estate consulting, and other businesses such as elevator sales and installation[44]. - Segment performance is evaluated based on reportable segment revenue and adjusted profit before tax, excluding certain financial items[38]. - Segment revenue from property management business was RMB 658,128,000, accounting for 76.9% of total revenue[47]. - Revenue from property management services was RMB 658,128,000, accounting for 76.9% of total revenue[61]. - Revenue from cleaning assistance and greening business was RMB 119,190,000, showing a significant contribution to overall revenue[61]. - The company continues to focus on expanding its property management and consulting services, aiming for further growth in the upcoming quarters[47]. Employee and Corporate Expenses - Employee benefit expenses (excluding directors' remuneration) rose to RMB 557,906,000 in the first half of 2023 from RMB 358,575,000 in 2022, marking an increase of approximately 55.6%[71]. - Corporate expenses for the first half of 2023 amounted to RMB 13,245,000, compared to RMB 22,622,000 in the same period of 2022, reflecting a reduction of approximately 41.6%[47][53]. - For the six months ended June 30, 2023, short-term employee benefits decreased to RMB 6,080,000 from RMB 6,351,000 in 2022, representing a decline of approximately 4.26%[157]. - Post-employment benefits increased to RMB 59,000 in 2023 from RMB 46,000 in 2022, marking an increase of 28.26%[157]. Fair Value and Investment Properties - The fair value loss on investment properties was RMB 578,000 for the first half of 2023, compared to a gain of RMB 453,000 in the same period of 2022[71]. - The Group's investment properties were revalued on June 30, 2023, with a total fair value of RMB 177,657,000, all classified under Level 3 of the fair value hierarchy[94]. - The Group has pledged investment properties with a carrying value of RMB 99,563,000 to secure general banking facilities as of June 30, 2023[89]. - The estimated rental value and market rent growth rate significantly impact the fair value of investment properties, indicating sensitivity to market conditions[99]. - The Group's investment properties are all located in Mainland China and are classified as commercial properties based on their nature and risks[88]. Corporate Governance and Recognition - The Group received the Excellence Award from the United Nations Development Programme (UNDP) in 2023, recognizing its commitment to sustainability and corporate governance[184]. - The Group holds various qualifications and licenses in property management services, including CMS 31950, IEC 27001, ISO 50001, ISO 9001, ISO 14001, and OHSAS 18001, ensuring high service quality[190]. - The Group's management philosophy emphasizes providing high-quality services to enhance customer satisfaction, encapsulated in the motto "more wonderful, more well-being, more satisfactory"[185].

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，並明確表示概不就 因本公告全部或任何部份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。 Zhong Ao Home Group Limited 中 奧 到 家 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1538） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 財務摘要 • 截至2023年6月30日止六個月，收益約為人民幣856.5百萬元，較2022 年同期增加約4.3%。 • 截至2023年6月30日止六個月，毛利約為人民幣185.7百萬元，較2022 年同期減少約5.0%。 • 截 至2023年6月30日 止 六 個 月，純 利 約 為 人 民 幣53.6百 萬 元，較2022 年同期減少約19.2%。 • 截至2023年6月30日止六個月，每股基本盈利為人民幣5.7分，較2022 年同期減少約19.7%。 ...

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，並明確表示概不就因本公告全部或 任何部份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。 Zhong Ao Home Group Limited 中 奧 到 家 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1538） 截至2022年12月31日止年度之 年報補充公告 茲提述(i)中奧到家集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）截至 2022年12月31日止年度之年度報告（「2022年年報」）；(ii)本公司於2017年7月6日至 2019年1月15日期間有關授出獎勵股份以及日期為2017年6月20日有關採納股份獎 勵計劃之公告（「該等公告」）。除另有界定者外，本公告所用詞彙與2022年年報及 該等公告所載詞彙具有相同含義。 根據上市規則第17章之披露規定，董事會謹此提供下列有關董事會於2017年6月 20日採納之股份獎勵計劃（「股份獎勵計劃」）之資料： 股份獎勵計劃 於2022年1月1日及2022年12月31日，根據股份獎勵計劃可供發行之股份數目為 3 ...

Financial Performance - Profit attributable to owners of the parent for 2022 amounted to RMB76.9 million, a decrease of 27.6% compared to RMB106.3 million in 2021[13]. - Revenue for the year ended December 31, 2022, was RMB 1,702.4 million, representing a decrease of 9.1% compared to RMB 1,873.5 million in 2021[40]. - Gross profit decreased by 17.4% to RMB 357.4 million in 2022, down from RMB 432.7 million in 2021, resulting in a gross profit margin of 21.0%[40]. - The net profit margin for 2022 was 5.2%, down from 7.0% in 2021, reflecting the challenges faced during the year[40]. - Revenue from property management services decreased by approximately RMB10 million or 0.7%, from approximately RMB1,332.1 million in 2021 to approximately RMB1,322.1 million in 2022[108]. - Revenue from real estate consulting and agency business decreased by approximately RMB155.1 million or 93.8%, from RMB165.4 million in 2021 to RMB10.3 million in 2022, primarily due to the absence of revenue from certain advisory services since October 2021[116]. - Revenue from other businesses decreased from approximately RMB196.0 million in 2021 to approximately RMB138.1 million in 2022, a decline of approximately RMB57.9 million or 29.6%, mainly due to the disposal of certain companies[122]. Business Operations - The Group's property management business revenue decreased from approximately RMB1,332.1 million in 2021 to approximately RMB1,322.1 million in 2022, representing a decrease of approximately RMB10.0 million, or 0.7%[13]. - The Group's revenue from cleaning and greening business increased by approximately RMB61.7 million in 2022[13]. - The Group's revenue from sales assistance services decreased by approximately RMB9.7 million in 2022[13]. - Revenue from other businesses decreased by approximately RMB58.0 million in 2022[13]. - The overall economic slowdown in China significantly affected the Group's performance in 2022[13]. - The delivered GFA in 2022 was 64.4 million sq.m., compared to 66.1 million sq.m. in 2021, indicating a stable performance in property management[29]. - The Group provides a broad range of property management services, primarily targeting residential properties, commercial, and government buildings[74]. - The Group maintained its presence in 44 cities in China, managing a total of 631 properties[76]. Strategic Initiatives - The Group plans to expand its business scope through acquisitions of property management companies and value-added service firms, focusing on community-related services[30]. - The Group aims to penetrate into first-hand and second-hand agency services while enhancing its service offerings in the downstream sector of the industry chain[31]. - The Group aims to strengthen its portfolio and expand its geographical presence in China through strategic acquisitions and new business relationships[80]. - The Group will continue to identify new opportunities for business development despite having no specific plans for major investments[189]. - The Group intends to accelerate its expansion in China through acquisitions and cooperation when suitable opportunities arise[101]. Recognition and Awards - The Group received multiple recognitions in 2022, including being named one of the Top 100 Property Management Companies in China[20]. - The Group received multiple awards in 2022, including recognition as a leading property service enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area[25]. Financial Position - The Group maintained a net cash position of RMB389.5 million as of December 31, 2022, compared to RMB318.7 million in 2021, indicating a strong financial position[169][172]. - The Group's income tax expense decreased to approximately RMB43.6 million in 2022 from RMB58.8 million in 2021, mainly due to lower assessable profit[144]. - As of December 31, 2022, total trade receivables amounted to approximately RMB496.2 million, an increase of approximately RMB85.6 million or 20.9% compared to RMB410.6 million as of December 31, 2021[149][153]. - Other payables and accruals decreased from approximately RMB832.1 million as of December 31, 2021, to approximately RMB671.5 million as of December 31, 2022, a decrease of approximately RMB160.6 million[158][161]. Employee and Management - As of 31 December 2022, the Group employed approximately 8,241 employees, an increase from 7,528 in 2021[178]. - The Group invests in continuing education and training programs for employees to enhance their skills and knowledge[183]. - The management team has a strong background in the hospitality and property management sectors, contributing to the company's growth[198]. Legal Matters - Guangdong Zhong Ao has been involved in various legal proceedings to secure its financial interests and recover debts[195]. - Guangdong Zhong Ao initiated civil litigation against Mr. Liang and Mr. Huang for claims including RMB 20 million in option price balance and accrued interest[195]. - The company received a notice of acceptance from the Nanning City Qingxiu District People's Court regarding the claims on April 14, 2023[195].