Financial Performance - In 2024, the company's operating revenue reached 868.87 million, a year-on-year increase of 16%[19] - Net profit increased by 212% year-on-year, with a net profit margin of 10.2%[18] - The gross profit margin was 28.2%, significantly exceeding the industry average[19] - Revenue from property management services for 2024 was RMB 570.5 million, a rise of 6.7% from RMB 534.8 million in 2023[45] - The company's profit attributable to shareholders for the year was RMB 87.0 million, an increase of RMB 58.9 million or 209.6% compared to last year's profit of RMB 28.1 million. Basic earnings per share rose to RMB 15.08 from RMB 4.96[73] - The gross profit for the year was RMB 245.0 million, a 1.5% increase from RMB 241.3 million in 2023, with a gross margin decline from 32.2% to 28.2%[67] - The revenue from non-residential properties was RMB 119.4 million in 2024, maintaining a 21% share of total revenue[48] - Property management services accounted for 65.7% of total revenue in 2024, generating RMB 570.5 million, while value-added services contributed 23.5% with RMB 203.9 million[65] Growth and Expansion - Community value-added service revenue grew by 76% year-on-year, with innovative businesses like rental and home services achieving exponential growth[20] - The total contracted area reached 64.55 million square meters, and the managed area reached 40.13 million square meters, both increasing by approximately 17%[21] - The company expanded its property management services to cover 65 cities in China, serving over 300,000 households with a managed area of 40.1 million square meters and a contracted area of 64.6 million square meters[27] - In 2024, the company signed new contracts covering an area of 14.3 million square meters and added 8.4 million square meters to its managed area, achieving a historical high in scale expansion[27] - The company is focusing on three growth curves: management services, scenario value-added services, and technology empowerment, to drive overall business development[25] - The company plans to expand its service offerings beyond residential to include non-residential and public construction sectors, enhancing its market presence[60] Operational Efficiency and Technology - The company upgraded its XinMeta platform to enhance digital solutions for property management, focusing on improving operational efficiency and service quality through technology[28] - The company aims to enhance operational efficiency and business scale through data-driven operations and technology integration in property management[59] - The company is enhancing its SCRM products and providing SaaS services to small and medium-sized property enterprises, promoting digital transformation in the industry[28] Corporate Governance - The public shareholder ownership ratio increased to 40.54%, enhancing corporate governance structure[17] - The company successfully cleared historical legacy issues, establishing a three-tier isolation mechanism for business, finance, and governance[17] - The company emphasizes high-level corporate governance, believing that good governance practices are crucial for sustainable growth and protecting shareholder interests[131] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all provisions except for the separation of the roles of Chairman and CEO[132] - The board consists of eight members, including three executive directors, one non-executive director, and four independent non-executive directors[136] Leadership and Management - The company has a strong leadership team with members holding advanced degrees from prestigious institutions, including Northwestern University and Tsinghua University[111][112] - The management team has a diverse background in finance, technology, and consulting, enhancing the company's strategic capabilities[110][115] - The company is committed to digital transformation and operational improvement, leveraging the expertise of its senior management team[121] - The company’s management team includes professionals with diverse backgrounds, enhancing its operational capabilities and strategic direction[127] Internal Controls and Audit - The Audit Committee held six meetings during the year ending December 31, 2024, focusing on financial monitoring, internal controls, and risk management systems[168] - The company engaged Deloitte Consulting for an additional review of its internal control system in October 2023, with a follow-up review scheduled for January 2025[176] - The company plans to adopt preventive measures to strengthen its internal control environment, including appointing an independent internal control consultant for annual reviews[178] - The board confirmed that all internal control measures and policies proposed by Deloitte have been adopted, with no significant deficiencies identified in the internal control system as of the report date[180] Employee and Workforce - The company employed 2,166 staff as of December 31, 2024, compared to 1,741 staff a year earlier, reflecting a growth in workforce[90] - As of December 31, 2024, the group has 2,166 employees, with 977 female employees, representing 45.1% of the workforce[157] - The company plans to further increase the proportion of female employees over time[157] Shareholder and Financial Policies - The company has established a dividend policy where the payout ratio is determined by the board, considering various factors including current and future financial performance[189] - The board's recommendation for dividend payment must be approved by shareholders, and any final dividend declaration is subject to legal and regulatory restrictions[190] - The company proposed a final dividend of HKD 0.0273 per share for the year ending December 31, 2024, compared to no dividend in 2023[198] Strategic Investments and Funding - The company has a strong focus on strategic investments and mergers, with Mr. Tang leading the multi-business division since April 2023, having extensive experience in strategic and investment roles[124] - The company plans to invest in technology-related businesses and develop innovative applications related to its operations[104] - The company aims to enhance its financial position and broaden its shareholder base through the 2021 placement and subscription[98]

Financial Performance - Total revenue for the year ended December 31, 2024, increased by approximately 15.9% to approximately RMB 868.9 million from RMB 749.6 million for the year ended December 31, 2023[2]. - Profit attributable to owners of the company rose by 209.6% to approximately RMB 87.0 million, compared to RMB 28.1 million for the previous year[2]. - Basic earnings per share increased by 204.0% to approximately RMB 15.08 from RMB 4.96 in the prior year[2]. - The company reported a total comprehensive income of RMB 88.640 million for the year ended December 31, 2024, compared to RMB 28.413 million in 2023[4]. - The group reported a pre-tax profit of RMB 36,172,000 for the year, a significant increase from RMB 11,781,000 in 2023[24]. - Net profit for the year was RMB 88.6 million, a significant increase of 212.0% from RMB 28.4 million in the previous year, driven by growth in managed area[86]. Revenue Breakdown - Revenue from property management services was RMB 570,548,000 in 2024, up from RMB 534,791,000 in 2023, indicating a growth of about 6.7%[20]. - Revenue from value-added services surged to RMB 203,863,000 in 2024, compared to RMB 115,852,000 in 2023, reflecting an increase of approximately 76%[20]. - Property management services generated revenue of RMB 570.5 million, accounting for 65.7% of total revenue, compared to RMB 534.8 million or 71.3% in 2023[80]. - Value-added services revenue reached 203.9 million RMB, a 76% increase year-on-year, with significant contributions from space resource management and home living services[67][68]. - Pre-delivery and consulting services revenue decreased by 53.8% to RMB 11.3 million, down from RMB 24.3 million in 2023[70][80]. Expenses and Liabilities - Administrative expenses increased to RMB 93.130 million from RMB 81.749 million in the previous year[3]. - The total income tax expense for the year was RMB 3,699,000, a decrease of 91% compared to RMB 40,831,000 in 2023[27]. - The group’s total liabilities related to property management services and consulting services were not disclosed but are critical for assessing financial health[22]. - The company’s total liabilities decreased slightly to RMB 249,630,000 in 2024 from RMB 245,298,000 in 2023, indicating a marginal reduction[35]. Assets and Investments - Non-current assets increased to RMB 240.884 million in 2024 from RMB 130.014 million in 2023, driven by investments in property and equipment[5]. - Total assets less current liabilities rose to RMB 628.366 million in 2024, compared to RMB 554.683 million in 2023[6]. - Total current assets reached RMB 1,039.8 million, a 10.0% increase from RMB 945.4 million as of December 31, 2023, mainly due to increased receivables[87]. Shareholder Returns - The board proposed a final dividend of HKD 0.0273 per share, with total dividends for 2024 amounting to approximately RMB 44.5 million[2]. - The company proposed a final dividend of HKD 0.0273 per share, totaling approximately HKD 16,190,000 (equivalent to RMB 14,952,000) for the year[33]. - The board proposed a final dividend of HKD 2.73 per share for the year ending December 31, 2024, compared to no dividend in 2023[115]. Corporate Governance and Compliance - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange since November 16, 2022, but trading has been suspended since that date[7]. - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented in Renminbi (RMB), with amounts rounded to the nearest thousand RMB[9]. - The company has adhered to the corporate governance code and has not deviated from the standards set for directors' securities trading[119]. - The audit committee has reviewed the accounting principles and policies adopted by the group for the year ending December 31, 2024[122]. Strategic Initiatives - The company has implemented a quality growth strategy, ensuring project cooperation aligns with its evaluation model to maintain operational quality[58]. - The company plans to build a community service ecosystem through data-driven operations and cross-business growth strategies[77]. - The group aims to enhance operational efficiency and business scale through data-driven management and technological integration[74]. - The company is focused on developing value-added services related to community, business office, and urban management[113]. Employee and Operational Metrics - The group employed 2,166 employees as of December 31, 2024, an increase from 1,741 employees as of December 31, 2023[103]. - The company has expanded its property management services to cover 65 cities in China, serving over 300,000 households[54]. - The company signed new contracts covering an area of 14.274 million square meters in 2024, compared to 5.200 million square meters in 2023, marking a significant increase of 174.4%[59]. Market Position and Customer Base - The company has no major customers contributing over 10% of total revenue for the year, indicating a diversified customer base[20]. - The Central China region accounted for 56% of total revenue, with 322,176 thousand RMB generated from 21,084 thousand square meters managed area[62]. - Third-party projects contributed 59.1% of the managed area and 66.7% of the contracted area as of December 31, 2024[63].

题目：48 家物业股上涨，25 家跑赢恒生指数，鑫苑服务涨幅最大 本月摘要 资本市场动态： 9 月恒生指数报收 21133.68 点，上涨 17.48%，共上涨 3144.51 点。 9 月，港股物业服务企业共有 48 家出现上涨，28 家企业跑赢恒生指数，鑫苑服务涨幅 最大，为 58.28%，永升服务上涨 54.74%，位列本月涨幅第二位。 -40% -20% 0% 20% 40% 60% 80% 鑫苑服务 合景悠活 碧桂园服务 远洋服务 彩生活 雅生活服务 融创服务 中海物业 奥克斯国际 恒大物业 宝龙商业 方圆生活服务 东原仁知服务 滨江服务 兴业物联 星盛商业 祈福生活服务 卓越商企服务 康桥悦生活 领悦服务集团 第一服务控股 泓盈城市服务 苏新服务 建业新生活 弘阳服务 和泓服务 佳源服务 朗诗绿色生活 宋都服务 正荣服务 荣万家 9月上市物业服务企业走势情况 区间涨跌幅 恒生指数本月涨跌幅 新增项目与招标信息 9 月，全国重点城市新增土地项目数 5182 个，规划建筑面积 21593.33 万平方米。其 中，新增住宅项目 958 个，商业办公项目 907 个，工业项目 2585 个，其他类项目 7 ...

鑫 苑 物 業 服 務 集 團 有 限 公 司 Xinyuan Property Management Service (Cayman) Ltd. (於開曼群島註冊成立之有限公司) (股份代號：1895) D p D 0 l D U n u 5 FSC 混合產品 FSC® C120915 鑫苑物業服務集團有限公司 目錄 | --- | --- | |-------|------------------------| | | | | 02 | 公司資料 | | 04 | 管理層討論與分析 | | 32 | 其他資料 | | 38 | 中期簡明綜合損益及 | | | 其他全面收益表 | | 39 | 中期簡明綜合財務狀況表 | | 41 | 中期簡明綜合權益變動表 | | 42 | 中期簡明綜合現金流量表 | | | | 中期簡明綜合財務資料附註 44 01 2024 中期報告 曹炳昌先生 公司資料 | --- | --- | |----------------------------------------------|------------------------------------------| | ...

Financial Performance - Total revenue for the six months ended June 30, 2024, increased by approximately 21.1% to approximately RMB 405.4 million from RMB 334.8 million for the same period in 2023[1] - Gross profit for the six months ended June 30, 2024, rose by approximately 4.7% to approximately RMB 132.2 million from RMB 126.3 million for the same period in 2023[1] - Profit attributable to equity holders of the company increased by approximately 25.1% to approximately RMB 50.9 million from RMB 40.7 million for the same period in 2023[1] - Net profit for the six months ended June 30, 2024, rose by 25.8% to approximately RMB 52.7 million from RMB 41.9 million for the same period in 2023[34] - The group reported a cost of services provided amounting to RMB 273,182 thousand for the six months ended June 30, 2024, compared to RMB 208,545 thousand for the same period in 2023, reflecting an increase of approximately 31%[15] Revenue Breakdown - Property management services generated revenue of RMB 278,610,000, up from RMB 252,134,000, reflecting a growth of 10.5% year-over-year[11] - Value-added services revenue increased significantly to RMB 83,051,000, compared to RMB 53,068,000, representing a growth of 56.5%[11] - The revenue from property engineering services rose to RMB 36,757,000, up from RMB 18,654,000, marking a growth of 96.7%[11] - Revenue from residential properties constituted 80.1% of total management service revenue, amounting to 223,144 thousand RMB in the first half of 2024[47] - The management service revenue from independent third-party projects was 90,164 thousand RMB, accounting for 32.4% of total revenue in the first half of 2024[44] Assets and Liabilities - Total non-current assets as of June 30, 2024, were RMB 267.3 million, compared to RMB 130.0 million as of December 31, 2023[3] - Current assets as of June 30, 2024, totaled RMB 975.1 million, an increase from RMB 945.4 million as of December 31, 2023[3] - Total liabilities increased to RMB 654.8 million as of June 30, 2024, from RMB 520.8 million as of December 31, 2023[3] - The net asset value as of June 30, 2024, was RMB 320.3 million, down from RMB 424.7 million as of December 31, 2023[3] - The company’s equity attributable to owners increased to RMB 569.5 million as of June 30, 2024, from RMB 538.6 million as of December 31, 2023[4] Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.0552 per ordinary share for the six months ended June 30, 2024[1] - The company proposed an interim dividend of approximately HKD 5.52 per share, totaling around HKD 32,778,000 (equivalent to RMB 30,000,000) for the six months ended June 30, 2024[21] Operational Highlights - The company has completed the construction of 342 units in the property development project as of June 30, 2024, but the transfer certificates have not yet been provided[24] - The company has entered into agreements to extend the cooperation period for parking space sales until December 31, 2023, with specific sales milestones outlined[25] - The company has successfully signed three new commercial projects in the first half of 2024, contributing to its market expansion strategy[35] - The company has implemented a "one city, one policy" expansion strategy, achieving breakthroughs in both regional and business types[38] Cost and Expenses - Employee benefit expenses, including salaries and retirement plan contributions, totaled RMB 117,131 thousand for the six months ended June 30, 2024, up from RMB 88,923 thousand in 2023, representing a year-over-year increase of about 32%[15] - Administrative expenses increased by 28.1% to RMB 54.2 million, accounting for 13.4% of revenue, up from 12.6% in 2023, primarily due to increased personnel costs related to business development[66] Impairments and Provisions - The group recognized a trade receivables impairment provision of RMB 48,450 thousand for the six months ended June 30, 2024, compared to RMB 13,145 thousand in 2023, marking a significant increase of approximately 269%[15] - The company recognized an impairment provision of RMB 5.667 million for trade receivables as of June 30, 2024, unchanged from December 31, 2023[29] Corporate Governance - The company has adhered to all corporate governance code provisions from January 1 to June 30, 2024, except for the separation of roles between the Chairman and CEO, which is deemed beneficial for operational efficiency[98] - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance from January 1 to June 30, 2024[99] Future Plans and Strategies - The company aims to enhance operational efficiency and business scale through data-driven operations and technology integration[56] - The company is focused on becoming a leading service provider in the large property management industry, leveraging digital twin technology[56] - The company plans to expand its property management, value-added services, and property engineering business through acquisitions or investments in related companies[88]

Receivables and Credit Losses - As of December 31, 2022, the total receivables from related parties amounted to RMB 944,755,000, with an expected credit loss of RMB 458,555,000[11]. - The expected credit loss for receivables from related parties includes RMB 200,565,000 related to other receivables, which were confirmed as non-recoverable[4]. - The company has adopted a default rate of 63.56% and a recovery rate of 22.30% for calculating expected credit losses[6]. - The total expected credit loss is calculated using the formula: expected credit loss = exposure at default x default probability x loss given default[6]. - The company has recognized a provision for expected credit losses of RMB 27,375,000 for loans granted to a related party[11]. - Trade receivables amounted to RMB 234,523,000, with an expected credit loss of RMB 117,931,000[11]. - Contract assets were reported at RMB 59,171,000, with an expected credit loss of RMB 29,755,000[11]. - The expected credit loss for trade receivables is RMB 117,931,000, based on a default rate of 63.56% and a recovery rate of 64.72%[24]. - The expected credit loss for contract assets is RMB 29,755,000, with a default rate of 63.56% and a recovery rate of 64.72%[24]. Recovery Strategies - The company continues to actively pursue various measures to recover receivables to protect its assets and shareholder interests[20]. - The company has entered into compensation agreements with related parties to recover receivables through sales of certain properties[18]. - The company is actively seeking enforcement of arbitration awards and transferring non-cash assets as part of its recovery strategy[29]. - The group entered a compensation agreement with Henan Xinyuan on October 31, 2023, involving the sale proceeds of 611 parking spaces valued at RMB 60.73 million, which will offset approximately RMB 5.24 million in receivables and RMB 0.83 million in other balances owed by Xinyuan[36]. - In March 2024, the group agreed to retain cash sales proceeds from 2,181 parking spaces valued at RMB 1.976 million, to settle outstanding cooperation deposits owed by Xinyuan[39]. Cash Collections and Financial Position - Total cash collections amounted to RMB 798,384,000, with cash received of RMB 69,307,000 and non-cash offset of RMB 729,077,000[21]. - Trade receivables stood at RMB 40,387,000, with cash collections of RMB 7,782,000 and an offset amount of RMB 32,605,000[21]. - Contract assets from exclusive sales agreements for parking spaces totaled RMB 60,956,000, with no cash received and an offset of RMB 197,600,000[21]. - As of December 31, 2023, the company has receivables related to collateral amounting to RMB 398,847,000, with an impairment provision of RMB 201,355,000[33]. Inventory and Asset Management - As of December 31, 2023, 546 of the parking spaces are confirmed as inventory, while the remaining 65 will be recognized as inventory upon completion of related property construction, expected in 2024[37]. - The legal beneficial ownership of the parking spaces was transferred to the group on October 31, 2023, but their value will not be recognized in the financial statements until the properties are completed and available for sale, anticipated by the end of 2024[41]. - The construction costs for the parking spaces will be fully borne by Xinyuan[41]. - The operating rights for the clubhouse were transferred in January 2024, which will be reflected in the group's mid-year financial performance for 2024[41]. Valuation and Ownership - The company has established a legal beneficial ownership of 100% of Beijing Xinyuan as of November 2023, but the valuation does not reflect its true value due to pending significant commercial contracts[33]. - The company has confirmed that as of December 31, 2022, there were no specific arrangements to resolve the receivables from Xinyuan[4].

Financial Position - As of December 31, 2023, the group's prepaid and other receivables amounted to approximately RMB 422.4 million, a decrease of about RMB 34.5 million from RMB 456.9 million as of December 31, 2022, primarily due to an increase in impairment provisions[1] - The group had no borrowings or bank loans as of December 31, 2023[2] - The group has maintained a strong financial position with no debt, allowing for potential future investments and growth opportunities[2] - The total current assets reached RMB 945.4 million, a growth of 4.9% compared to RMB 901.2 million as of December 31, 2022[146] - The company’s total equity increased by RMB 28.4 million to RMB 541.7 million, reflecting a 5.5% growth from RMB 513.3 million in the previous year[146] - The capital-to-debt ratio was zero as of December 31, 2023, indicating no borrowings against total equity[155] Revenue and Growth - In 2023, the company achieved a 9.4% year-on-year increase in managed scale and a 9.2% increase in operating revenue, despite challenges in the real estate sector[61] - The company reported a total revenue of RMB 534.79 million in 2023, a significant increase from RMB 496.45 million in 2022[84] - The company achieved a revenue of approximately RMB 749.6 million for the year ended December 31, 2023, representing a year-on-year increase of about 9.2% from RMB 686.5 million in 2022[133] - The company’s basic property service revenue grew by 7.2% year-on-year, demonstrating resilience despite external pressures[61] - Revenue from charging piles increased by 31% year-on-year, while temporary parking income rose by 17%[72] - The group reported a 118% year-on-year increase in revenue from property engineering services, totaling RMB 74,631,000 in 2023[115] - Value-added services revenue reached RMB 115,852,000, with space resource management accounting for 47% and home living services for 38%[108] Operational Efficiency and Innovation - The company developed the XinMeta industry metaverse platform, which features zero-code 3D modeling technology, enhancing operational efficiency[59] - The company is focusing on data-driven operations to redefine traditional business models, transitioning from a "people find goods" to a "goods find people" approach[60] - The company plans to enhance its service experience and operational efficiency by leveraging data-driven approaches and technology integration[126] - The company has completed a digital development plan, with RMB 11.8 million invested in hardware construction, enhancing internal operations and management efficiency[174] Strategic Expansion - The company implemented a market expansion strategy that resulted in a 42% year-on-year increase in market expansion scale[58] - The company aims to expand its market presence and enhance service quality through technological advancements and strategic initiatives[44] - The company is actively seeking strategic acquisitions of quality property management service providers to expand its service offerings since 2022[172] - The company plans to further develop strategic alliances and expand its property management and engineering service scale[190] - The group’s strategic expansion includes localized deep cultivation in four major regions: Central China, South China, East China, and North China[95] Awards and Recognition - The group has received multiple awards in 2023, including being recognized as one of the top 20 property service companies in Central China and a leading enterprise in high-quality property services[44] - The group is committed to innovation and has been recognized as a leading enterprise in property service satisfaction in 2023[44] - The company received multiple accolades, including being ranked among the top 15 property service companies in China and recognized for its brand influence[72] Employee and Community Engagement - The company employed 1,741 staff as of December 31, 2023, an increase from 1,543 employees as of December 31, 2022[162] - The company has established a community governance model that includes 100% coverage of party organizations and has assisted over 8,000 elderly individuals[64] Financial Performance Metrics - The gross profit for the year was RMB 241.3 million, an increase of 5.2% from RMB 229.3 million in 2022, with a gross margin of 32.2%, down from 33.4% in the previous year[138] - Administrative expenses rose to RMB 100.2 million, a 43.3% increase from RMB 69.9 million in 2022, representing 13.4% of total revenue[139] - The company reported a net profit of RMB 28.4 million for the year, primarily due to a decrease in impairment provisions related to financial and contract assets[142] Assets and Liabilities - Trade receivables reached RMB 228.6 million as of December 31, 2023, reflecting a growth of 15.1% from RMB 198.6 million as of December 31, 2022, primarily due to increased managed area and slower settlement from certain third parties[149] - Trade payables decreased by 5.2% to RMB 106.7 million as of December 31, 2023, down from RMB 112.5 million as of December 31, 2022, mainly due to a reduction in unpaid goods[152] - Other payables and accrued expenses increased by approximately 0.8% to RMB 214.4 million as of December 31, 2023, compared to RMB 212.8 million as of December 31, 2022, attributed to business growth during the year[152] - Contract liabilities decreased by 2.7% to RMB 106.5 million as of December 31, 2023, from RMB 109.4 million as of December 31, 2022, mainly due to a slowdown in property fee prepayment activities[152] Future Plans and Investments - The company plans to utilize approximately RMB 118.3 million for property management service expansion and strategic acquisitions by September 30, 2023[172] - Approximately RMB 29.6 million is allocated for expanding value-added service lines, expected to be fully utilized by September 30, 2023[172] - The company has invested about RMB 29.6 million in upgrading and developing its own information technology and smart systems, with full utilization expected by September 30, 2023[172] - The total amount allocated for business development and upgrading smart systems is RMB 115.0 million, with expected full utilization by June 30, 2024[180]

Financial Performance - The company reported a total income of RMB 49 million for the period ending December 31, 2022, reflecting a significant increase compared to the previous year[3]. - Total revenue for 2022 was RMB 496,450 thousand, an increase of 11.3% from RMB 446,031 thousand in 2021[166]. - The residential property management segment generated RMB 399,616 thousand in revenue, representing 80% of total revenue for 2022[169]. - The total property management service revenue increased by 11.3% year-on-year, indicating a solid growth trajectory[105]. - The revenue from community value-added services rose by 60% year-on-year, reflecting significant progress in enhancing homeowner life services[94]. - The company achieved a 32.6% year-on-year increase in basic service revenue per square meter, improving overall operational quality[93]. - The company reported a 33% increase in revenue from space resource management, totaling RMB 53,086 thousand in 2022[166]. - Third-party service revenue accounted for 16% of total revenue in 2022, down from 19% in 2021[166]. - The gross profit margin declined from approximately 34.6% in 2021 to 33.4% in 2022[185]. - The gross profit margin for value-added services was 57.0%, down approximately 11.8 percentage points from 68.8% in 2021, primarily due to a decrease in revenue from space operation services and increased labor costs from new business development[186]. - The net loss for the year ended December 31, 2022, was RMB 334.1 million, mainly due to an increase in impairment provisions for financial assets[189]. - Current assets as of December 31, 2022, amounted to RMB 901.2 million, a decrease of 21.1% from RMB 1,141.8 million as of December 31, 2021[190]. - The group's prepayments and other receivables increased by approximately RMB 114.8 million to RMB 456.9 million as of December 31, 2022, compared to RMB 342.1 million as of December 31, 2021, mainly due to an increase in amounts receivable from related parties[194]. Corporate Governance - The board of directors has established three committees to enhance corporate governance, including the nomination, remuneration, and audit committees[24]. - The company has a strong emphasis on continuous professional development for its directors to ensure informed contributions to the board[27]. - The company is committed to transparency and has provided necessary training for newly appointed directors to understand its operations and responsibilities[26]. - The company aims to enhance its operational efficiency and strategic decision-making through improved governance practices[23]. - The board has the authority to seek independent professional advice at the company's expense to ensure informed decision-making[34]. - The board's structure and composition are regularly reviewed to ensure it meets the company's strategic needs and governance standards[62]. - The board of directors has ensured compliance with the requirement that independent non-executive directors constitute at least one-third of the board members[43]. - The nomination committee is responsible for reviewing the diversity policy of the board and assessing the independence of non-executive directors[38]. - The company has implemented a code of conduct for securities trading, confirming that all directors complied with the standards throughout the year ending December 31, 2022[52]. - The company is committed to maintaining independent and compliant operations through effective governance and internal control mechanisms[122]. Leadership and Management - The management team has extensive experience, with over 20 years in senior management positions across various multinational companies[10]. - The company appointed a new Chief Financial Officer, Mr. Wang, on October 21, 2022, to oversee financial management and fundraising efforts[8]. - The company has undergone significant leadership changes, with multiple appointments and resignations in key executive positions throughout 2022[25]. - The company has established a training program for directors to keep them updated on regulatory developments and company performance[46]. - The company is focusing on enhancing operational efficiency through the integration of technology and management services, aiming for mid-to-high-speed growth in its core property management business[123]. Market Expansion and Strategy - The company is focused on expanding its market presence and developing new technologies to support its growth strategy[19]. - The company is actively seeking diversification in its business operations, focusing on sectors such as schools, hospitals, and public facilities[63]. - The company is exploring new strategies for market expansion and potential mergers and acquisitions[79]. - The company plans to expand its business in five core regions: Central China, Bohai Rim, Yangtze River Delta, Greater Bay Area, and Southwest China[154]. - The company aims to transition from resource-based development to capability-based development, focusing on both horizontal and vertical industry chain extensions[155]. - The company is expanding its brand matrix to enhance its market influence[79]. - The company is actively optimizing its project portfolio, terminating contracts for underperforming projects to enhance overall operational efficiency[105]. - The company is expanding its market presence by actively targeting the non-residential market and enhancing its service structure[131]. Service Quality and Customer Satisfaction - The company achieved a customer satisfaction score of 93.2, placing it in a leading position within the industry[77]. - The company is committed to enhancing service quality and creating more value for property owners[77]. - The company is focusing on enhancing service quality and customer satisfaction through a "high cost-performance, high satisfaction, high service experience" strategy[154]. - The company has been recognized as a "Five-Star Property Service Enterprise" in a 2021 industry evaluation[72]. - The company received multiple awards in 2022, including being recognized as one of the top 100 property service companies in China and a leading enterprise in smart property services[130]. Operational Efficiency and Technology - The company is focused on high-quality development and internal operational efficiency improvements, achieving significant results in 2022[116]. - The company has developed a comprehensive service model called "Xin Fire 6+1," integrating red property services into urban comprehensive service upgrades[121]. - The company has established the Xinwu Cloud Smart Platform to innovate smart operation management services across various sectors, including community and industrial parks[119]. - The company is leveraging its resources to enhance life services, asset operations, and renovation projects, achieving rapid breakthroughs in these areas[129]. - The company is leveraging technology to analyze data and identify new demands and scenarios for revenue generation[181].

Financial Performance - The total comprehensive income attributable to equity holders of the company for the year ended December 31, 2023, was RMB 28,126 thousand, compared to a loss of RMB 334,265 thousand in the previous year[1]. - Basic and diluted earnings per share for the year ended December 31, 2023, were RMB 4.96, compared to a loss of RMB 58.90 in 2022[2]. - The company reported a net profit for the year of RMB 28.4 million, significantly improving from a loss of RMB 334.3 million last year, with profit attributable to shareholders amounting to RMB 28.1 million, resulting in a basic earnings per share of RMB 4.96[194]. Assets and Liabilities - The total current assets as of December 31, 2023, amounted to RMB 945,419 thousand, an increase from RMB 901,222 thousand in 2022[4]. - The total liabilities decreased slightly to RMB 520,750 thousand in 2023 from RMB 508,728 thousand in 2022, indicating a stable financial position[4]. - As of December 31, 2023, total assets reached RMB 541.726 million, an increase from RMB 513.313 million[22]. - The total non-current assets as of December 31, 2023, were RMB 130,014 thousand, slightly down from RMB 130,481 thousand in 2022[5]. - The company’s total liabilities decreased from RMB 263,801,000 in 2022 to RMB 135,046,000 in 2023 due to repayment of bank loans[124]. Revenue and Expenses - The group achieved a revenue of approximately RMB 749.6 million for the year ended December 31, 2023, representing a year-on-year increase of about 9.2% from RMB 686.5 million in 2022[187]. - Property management services contributed RMB 534.8 million, accounting for 71.3% of total revenue, while value-added services generated RMB 115.9 million, representing 15.5% of total revenue[187]. - The gross profit for the year was RMB 241.3 million, an increase of 5.2% from RMB 229.3 million in 2022, with a gross profit margin decreasing from approximately 33.4% in 2022 to 32.2% in 2023[189]. - The total tax expense for the year was RMB 40,831,000, compared to RMB 36,912,000 in 2022[72]. - Administrative expenses for the year amounted to RMB 100.2 million, an increase of 43.3% compared to RMB 69.9 million in 2022, representing 13.4% of revenue (up from 10.2% in 2022) due to increased listing resumption fees[191]. Investments and Financial Instruments - The company’s financial assets measured at fair value through profit or loss totaled RMB 10,101,000 in 2023, down from RMB 30,992,000 in 2022, indicating a significant reduction in this investment category[116]. - The fair value loss of financial assets measured at fair value through profit or loss was approximately RMB 30,891,000 for the year ended December 31, 2023, compared to RMB 9,912,000 in 2022[119]. - The company has made a provision of approximately RMB 98,655,000 for expected credit losses as of December 31, 2023, compared to RMB 82,929,000 in 2022[90]. Operational Highlights - The group primarily engages in property management services, value-added services, pre-delivery and consulting services, and property engineering services[29]. - The managed area increased to 34.4 million square meters as of December 31, 2023, up 9.4% from 31.4 million square meters in 2022[134]. - The company expanded its property management services to 50 cities in China, managing a total area of approximately 34.3 million square meters[145]. - The group provided property management services to over 200,000 households across 50 cities in China as of December 31, 2023[134]. - The company achieved a total contracted area of approximately 55.3 million square meters by December 31, 2023, with a year-on-year increase of 42% in contracted area[138]. Employee and Operational Costs - Employee benefits expenses, excluding directors and key management personnel, rose to RMB 168,530 thousand in 2023 from RMB 143,533 thousand in 2022, an increase of approximately 17.4%[15]. - The gross margin for value-added services was 55.2%, a decrease of approximately 1.8 percentage points from 57.0% in 2022, primarily due to increased personnel costs[39]. - The gross profit margin for property management services was 29.2%, down from 29.9% in 2022, primarily due to the lower margin of newly added public construction property management services[189]. Strategic Developments - The company has been recognized as a top property service provider in China, ranking in the top 15 for customer satisfaction and overall strength[143]. - The group is diversifying its service offerings to include non-residential properties, with successful projects in various sectors such as logistics and tourism[161]. - The group aims to enhance its competitive edge by providing personalized pre-delivery and consulting services to property developers[169]. - The company is enhancing its service standards and management capabilities while optimizing its expansion model to drive growth in both existing and new markets[182].

Financial Performance - For the six months ended June 30, 2023, the company reported a profit before tax of RMB 62,750,000, a decrease of 30.5% compared to RMB 90,046,000 for the same period in 2022[2] - The company's gross profit for the same period was RMB 126,291,000, down from RMB 136,095,000, reflecting a decline of approximately 7.3%[5] - Earnings attributable to equity holders of the company were RMB 40,725,000, down 37.3% from RMB 64,880,000 in the same period last year[6] - The company’s diluted earnings per share decreased to RMB 7.18, compared to RMB 11.43 for the same period in 2022, a decline of 37.3%[7] - Total revenue for the six months ended June 30, 2023, decreased by approximately 6.0% to approximately RMB 334.8 million from RMB 356.3 million for the same period in 2022[1] - The total comprehensive income for the period was RMB 41.9 million, down from RMB 65.3 million in the previous year[30] - The net profit for the six months ending June 30, 2023, is approximately RMB 41.9 million, a decrease of 35.8% compared to RMB 65.3 million for the same period in 2022[135] Revenue Breakdown - Revenue from property management services was RMB 252.1 million, a slight decrease from RMB 256.4 million in the same period last year[50] - Revenue from pre-delivery and consulting services significantly decreased to RMB 11.0 million from RMB 36.3 million in the same period last year[50] - The group reported recognized revenue of RMB 106,251 thousand for the six months ended June 30, 2023, compared to RMB 105,008 thousand for the same period in 2022, reflecting a slight increase[77] - In the first half of 2023, the overall revenue from the real estate sector was RMB 10,980,000, a decrease of 69.8% year-on-year[153] - The engineering construction business saw a revenue increase of 83.1% year-on-year in the first half of 2023[154] Expenses and Liabilities - Administrative expenses increased to RMB 42,331,000, compared to RMB 27,753,000 in the previous year, marking a rise of 52.7%[5] - The company recorded other income and gains of RMB 3,202,000, significantly lower than RMB 10,022,000 in the prior period, indicating a decrease of 68.0%[5] - Total non-current liabilities increased to RMB 12,440,000 as of June 30, 2023, compared to RMB 9,662,000 at the end of 2022, reflecting a rise of 28.3%[10] - Non-current liabilities increased, with lease liabilities rising to RMB 3.1 million from RMB 2.1 million[33] Strategic Initiatives - The company is focused on expanding its property management services and enhancing value-added services as part of its strategic initiatives[13] - The company has established an independent investigation committee to address internal control issues and ensure compliance with regulatory requirements[14] - The company is focusing on strategic upgrades and organizational enhancements, emphasizing management services, scenario services, and scenario technology[135] - The company has implemented a comprehensive strategy to deepen its presence in Central China, the Yangtze River Delta, Southwest China, the Pearl River Delta, and the Bohai Rim[135] Operational Metrics - The company added a contracted area of 2.56 million square meters and an area under management of 1.36 million square meters in the first half of 2023[108] - As of June 30, 2023, the company provided property management services in 50 cities across China, serving over 200,000 households with a contracted building area of 52.8 million square meters and an area under management of 32.6 million square meters[108] - The total construction area under management is 32,558 thousand square meters with 201 projects, a decrease from 38,795 thousand square meters and 207 projects in the previous year[115] - The number of managed projects decreased to 201 from 207 year-on-year, while the managed area also declined to 32,558 thousand square meters from 38,795 thousand square meters[166] Shareholder Returns - The board recommended a special dividend of 3.8 HK cents per share for the six months ended June 30, 2023[4] Market Position and Recognition - The company received recognition as one of the "Top 100 Property Service Satisfaction Enterprises" in China for 2023, enhancing its brand influence[111] - The company has extended its cooperation period with the ultimate holding company until December 31, 2023[120] Innovation and Technology - The company launched new business models such as "Car Space Treasure" and "Pure Water Delivery," transitioning from resource-based to joint operation and self-operated models[150] - The company’s internal HR system was optimized to reduce management risks, and its ERP system was upgraded to improve operational efficiency[137] - The company is transitioning from traditional business models to data-driven approaches, particularly in community service and asset management[158] Financial Health - The net asset value increased to RMB 555.2 million from RMB 513.3 million[34] - As of June 30, 2023, total equity increased to RMB 555.2 million, an increase of RMB 41.9 million or 8.2% from RMB 513.3 million as of December 31, 2022[194] - Trade receivables and notes receivable increased to RMB 240.4 million, up RMB 41.8 million or 21.0% from RMB 198.6 million as of December 31, 2022, mainly due to reduced impairment provisions[196]