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 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 1922 （股份代號 ： ） 2022 12 31 截至 年 月 日止年度 年度業績公告及 上市所得款項用途變動 業績摘要 • 2022 1,712.9 2021 1,351.3 於 年的收益約為人民幣 百萬元，較 年約人民幣 26.8% 百萬元增加約 。 • 2022 259.4 2021 219.2 於 年的毛利約為人民幣 百萬元，較 年約人民幣 百萬 18.3% 2022 15.1% 元增加約 。於 年的毛利率約為 。 • 2022 112.6 2021 94.8 於 年的溢利約為人民幣 百萬元，較 年約人民幣 百萬元 18.8% 2022 6.6% 增加約 。 年的純利率約為 。 • 2022 106.7 2021 於 年的本公司擁有人應佔溢利約為人民幣 百萬元，較 年 88.7 20.3% 約人民幣 百萬元增加約 。 • 2022 0.40 於 年的本公司普通 ...

Financial Performance - Revenue for the first half of 2022 reached 807.9 million RMB, maintaining stable growth[18] - Gross profit amounted to 123.7 million RMB, representing a gross margin of 26.5%[19] - Net profit margin was reported at 6.8%[20] - Profit attributable to owners of the parent was 51.3 million RMB, reflecting a year-on-year increase of 27.6%[21] - Basic earnings per share stood at 0.19 RMB[22] - Total revenue for the first half of 2022 reached RMB 807.9 million, representing a growth rate of 37.5% compared to the same period in 2021[32] - Revenue from property management services was RMB 638.4 million, with a growth rate of 38.2% year-on-year[33] - Revenue from value-added services amounted to RMB 167.6 million, reflecting a growth of 33.3% compared to the previous year[33] - Gross profit margin for the period was 15.3%, down from 16.6% in the same period last year[32] - Core net profit for the period was RMB 55.1 million, with a core net profit margin of 6.8%[32] - The Group recorded a revenue of approximately RMB807.9 million, representing a year-on-year increase of approximately 37.5%[49] - Profit attributable to owners of the Company was approximately RMB51.3 million, reflecting a year-on-year increase of approximately 27.6%[49] - The gross profit margin and net profit margin were approximately 15.3% and 6.8%, respectively[49] Property Management and Operations - As of June 30, 2022, the Group managed 883 properties, including 540 residential and 343 non-residential properties[8] - The total gross floor area (GFA) under management reached approximately 61.8 million sq.m[8] - The Group served over 520,000 households, covering more than 1.7 million people[8] - The business expanded to cover 22 cities in China, with 17 cities located in the Yangtze River Delta Megalopolis[8] - The Group ranked 17th in China's Top 100 Property Management Companies in 2022[5] - The number of managed properties increased to 883 units, marking a year-on-year growth of 38.8%[28] - The contracted gross floor area (GFA) reached 65,560,000 sq.m. as of June 30, 2022, reflecting a growth rate of 28.8%[39] - The GFA under management increased to 61,840,000 sq.m., with a growth rate of 26.2%[39] - The GFA under management for residential properties was 46,680,000 sq.m., representing 75.5% of the total GFA under management[101] - The GFA under management for non-residential properties was 15,160,000 sq.m., which is 24.5% of the total GFA under management[101] - The Group's property management services now cover 22 cities in China, with significant expansion in the Yangtze River Delta region[89] Financial Position and Assets - As of June 30, 2022, the total assets amounted to RMB 1,077,868,000, a decrease from RMB 1,135,361,000 in 2021[36] - The Group's current assets amounted to approximately RMB883.4 million as at 30 June 2022, representing a decrease of approximately 7.4% compared to approximately RMB954.1 million as at 31 December 2021[146] - The Group's cash and cash equivalents amounted to approximately RMB281.1 million as at June 30, 2022, representing a decrease of approximately 47.8% compared to RMB538.1 million as at 31 December 2021[146] - The Group's trade receivables amounted to approximately RMB336.3 million as at June 30, 2022, representing an increase of approximately 45.6% compared to approximately RMB231.0 million as at 31 December 2021[146] - The Group's total equity amounted to approximately RMB307.3 million as at June 30, 2022, representing an increase of approximately 12.6% compared to approximately RMB272.9 million as at 31 December 2021[146] Shareholder Information and Corporate Governance - As of June 30, 2022, Mr. Huang Qingping holds 103,289,680 shares, representing approximately 38.66% of the company's shareholding interest[186] - Mr. Xie Chenguang holds 11,829,600 shares, which is about 4.43% of the company's shareholding interest[186] - The company granted a total of 620,000 share options to Mr. Li Chunling as of June 30, 2022[188] - The company also granted 300,000 share options to Ms. Huang Xuemei under the Share Option Scheme as of June 30, 2022[188] - The company complied with all applicable corporate governance code provisions during the reporting period and will continue to enhance its governance practices[175] - The Audit Committee reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2022, confirming compliance with applicable accounting standards[176] - The independent auditor, Ernst & Young, conducted a review of the financial information, ensuring sufficient disclosure and compliance with legal requirements[176] Challenges and Market Conditions - The company faced challenges due to the downturn in the real estate industry but maintained a strategic position as a "second-hand property operation expert" to mitigate risks[43] - Various government policies were introduced to support the property management industry, aiming for sustainable development and improved service quality[44] Employee Information - The total number of employees as of June 30, 2022, was 8,173, with competitive remuneration packages including various benefits and social insurance contributions[166]

Company Overview - As of December 31, 2021, the Group's contracted GFA reached approximately 61.9 million sq.m., with GFA under management at approximately 58.8 million sq.m.[9] - The Group managed a total of 837 properties, including 525 residential properties and 312 non-residential properties, serving over 500,000 households and covering over 1.6 million people as of December 31, 2021.[9] - The Group operates in 21 cities across China, with 17 cities located in the Yangtze River Delta Megalopolis.[9] - The Group ranked 18th among China's Top 100 Property Management Companies and 3rd among Jiangsu Province's Top 50 Property Management Companies in 2021.[5] Business Model and Strategy - The Group has adopted the "Living+" and "Industry+" service models to provide diversified property management services and enhance asset value for owners.[6] - The Group's business model includes service alignment, business modularization, module specialization, and management digitalization.[3] - The Group's corporate vision is to be a service provider for both the community and industry.[3] - The Group emphasizes high-quality services and a sound management system as key components of its operational strategy.[6] - The company aims to integrate resources to support non-residential customers, allowing them to focus on their core business.[6] Financial Performance - Revenue for the year reached RMB 1,351,329 thousand, representing a growth rate of 40.5% compared to the previous year[26]. - Gross profit amounted to RMB 219,246 thousand, with a growth rate of 35.0% year-on-year[26]. - Profit for the year was RMB 94,798 thousand, reflecting a growth rate of 35.0%[26]. - The gross profit margin was 16.2%, slightly down from 16.9% in the previous year[26]. - Revenue from property management services was RMB 1,082,123 thousand, with a growth rate of 40.2%[26]. - Core net profit for the year was RMB 97,798 thousand, with a core net profit margin of 7.2%[26]. Growth Metrics - The number of managed properties increased to 837 units, a year-on-year growth of 126.8%[22]. - Contracted GFA under management grew at a CAGR of 52.8% from 2017 to 2021[22]. - The contracted GFA reached 61,944,000 sq.m. in 2021, with a growth rate of 44.8% compared to the previous year[32]. - Customer satisfaction rate stood at 88%, indicating strong service performance[23]. - The total GFA under management increased to approximately 58.8 million sq.m., a year-on-year increase of approximately 50.4%, exceeding the growth target of 35%[75]. Dividend and Shareholder Engagement - The final dividend declared was HK$ 1.26 per ten shares, with a dividend rate of 30%[18]. - The company held an annual general meeting where a final dividend was declared and engaged in discussions with shareholders[43]. Market Expansion and New Ventures - The company established two joint ventures to enter the community-based elderly care and property management sectors[40]. - The company expanded its market presence by establishing Yincheng Life Service (Xi'An) Co., Ltd. to seek larger development opportunities[50]. - The Group aims to explore new sectors, including community elderly care, as part of its future strategy[62]. - The Group's geographic coverage expanded to 21 cities in China, with a focus on the Yangtze River Delta Megalopolis[127]. Operational Efficiency - The Group's management team is highly motivated, and the talent pool has been expanding steadily[70]. - The Group has established a comprehensive talent development and incentive system to support sustainable growth as project numbers increase[97]. - The renewal rate of existing clients remained high at approximately 93%, with overall customer satisfaction at approximately 88%[81]. Value-Added Services - Income from value-added services amounted to approximately RMB 268.8 million, reflecting a year-on-year increase of approximately 41.6%[74]. - New value-added services, including group catering and decoration services, contributed approximately RMB 50.0 million to revenue during the Period under Review[89]. - The Group launched several new value-added services in response to the needs of property owners and residents during the COVID-19 pandemic[170]. Challenges and Risks - The Group's share of profits and losses of associates decreased by approximately 751.2% from a profit of approximately RMB 86,000 for the year ended 31 December 2020 to a loss of approximately RMB 560,000 for the year ended 31 December 2021, due to losses from newly established associated companies[200]. - Impairment losses on financial assets, net increased by approximately 194.7% from approximately RMB 3.8 million for the year ended 31 December 2020 to approximately RMB 11.2 million for the year ended 31 December 2021, attributed to a significant increase in accounts receivable[198].

Business Overview - As of June 30, 2021, the Group managed approximately 49.0 million sq.m. of GFA across 636 properties, serving over 450,000 households and covering over 1.4 million customers[7]. - The Group's business spans 19 cities in the PRC, including 12 in Jiangsu Province and 7 in other provinces within the Yangtze River Delta Megalopolis[7]. - The Group has adopted the "Living+" and "Industry+" service model to enhance property management services and increase asset value for owners[5]. - The Group's diversified property management services include residential and non-residential properties, such as government facilities, financial institutions, and commercial complexes[7]. - The Group is positioned as a regional leader in the property management industry, benefiting from supportive administrative policies and a focus on high-quality service delivery[38]. Financial Performance - Revenue for the first half of 2021 reached RMB 587.7 million, representing a year-on-year increase of 41.0%[26]. - Gross profit for the same period was RMB 97.8 million, with a growth rate of 20.1%[26]. - Profit for the period increased to RMB 44.0 million, reflecting a significant year-on-year growth of 47.2%[26]. - The gross profit margin stood at 16.6%, a decrease of 2.9 percentage points compared to the previous year[26]. - Revenue from property management services was RMB 461.8 million, up 37.3% year-on-year[27]. - Revenue from community value-added services reached approximately RMB 125.7 million, representing a period-on-period increase of approximately 56.3%[39]. - The Group's profit increased by approximately 47.2% from approximately RMB 29.9 million to approximately RMB 44.0 million, with profits attributable to owners amounting to approximately RMB 40.2 million, representing an increase of approximately 36.1%[154]. Growth and Expansion - The number of managed properties increased by 107.2% to 636 units, with residential properties accounting for 251 units[22]. - The contracted gross floor area (GFA) under management grew by 45.4%[20]. - The Group secured a net increase of 267 new projects under management during the Period Under Review[46]. - The Group aims to identify high-quality merger and acquisition targets to expand its business scale and enhance brand impact in local areas[61]. - The Group is actively expanding its business beyond Nanjing, achieving significant progress in other cities within Jiangsu Province and the Yangtze River Delta region[90]. Customer and Market Insights - The company achieved a customer satisfaction rate of 86% in 2020, slightly down from 88% in 2019[34]. - The renewal rate for residential properties stood at 92.9% in 2021, consistent with the previous year's rate[34]. - The proportion of GFA under management from third-party property developers increased by approximately 2.4 percentage points to approximately 84.2%[44]. - The Group's community value-added services covered 203 residential properties and 19 mixed-use non-residential properties as of June 30, 2021[127]. Operational Efficiency - The average turnover days of trade receivables increased to 54.1 days in 2021 from 37.7 days in 2020, indicating a longer collection period[30]. - The Group's business model focuses on service alignment, business modularization, module specialization, and management digitalization to enhance service quality[73]. - The Group secured new projects through public tenders, direct engagement, and acquisition of property management companies, with a larger proportion coming from property owners' associations[80]. Financial Position and Liquidity - Total assets as of June 30, 2021, amounted to RMB 880,445,000, a decrease from RMB 981,052,000 in 2020, representing a decline of approximately 10.3%[30]. - The total liabilities as of June 30, 2021, were RMB 660,440,000, a decrease from RMB 785,481,000 in 2020, reflecting a reduction of approximately 16%[30]. - The Group's current assets decreased by approximately 13.3% to RMB 747.3 million as of June 30, 2021, compared to RMB 861.9 million as of December 31, 2020[1]. - Cash and cash equivalents fell by approximately 51.5% to RMB 275.0 million as of June 30, 2021, primarily due to a reduction in short-term borrowings by approximately RMB 198.0 million[1]. - The Group's liquidity risk management focuses on maintaining a balance between funding continuity and flexibility through interest-bearing bank borrowings[182]. Strategic Initiatives - The Group has established a comprehensive talent training system to reserve high-quality talents for sustainable development[61]. - The Group plans to continue expanding its business through mergers and acquisitions, with HK$78.853 million allocated for this purpose, of which HK$38.261 million has been utilized[193]. - Investment in intelligent systems to improve service quality and customer experience has a planned allocation of HK$19.713 million, with HK$15.628 million already spent[193]. - The Group upgraded its internal information technology system with a budget of HK$13.142 million, of which HK$2.762 million has been utilized[193].

Company Overview - As of December 31, 2020, the Group's contracted GFA reached approximately 42.8 million sq.m., and GFA under management was approximately 39.1 million sq.m.[10] - The Group managed a total of 369 properties, including 162 residential properties and 207 non-residential properties, serving over 300,000 households and covering over 1.2 million people as of December 31, 2020.[10] - The Group operates in 16 cities across China, including 11 cities in Jiangsu Province and five cities in other provinces within the Yangtze River Delta Megalopolis.[10] - The Group has been in operation since 1997, adhering to its motto of "Surpassing Customers' Expectations and Creating Value with Quality Services" throughout its development.[8] - The Group has a distinguished reputation as a leading property management enterprise in the Yangtze River Delta Megalopolis.[5] Business Model and Strategy - The Group's business model focuses on service alignment, business modularization, module specialization, and management digitalization.[5] - The Group aims to enhance the value of owners' immovable assets while providing professional and diversified property management services through its "Living+" and "Industry+" service models.[8] - The Group's growth strategy focuses on deepening its presence in wealthy cities within the Yangtze River Delta Megalopolis, with Nanjing as the regional center.[157] - The Group's management scale and operating targets achieved continuous breakthroughs, particularly in the non-residential segment, which saw a year-on-year increase of approximately 68.3%.[100] - The Group's solid reputation and high-quality services contributed to securing property management contracts from both residential and non-residential projects.[150] Financial Performance - Revenue for 2020 reached RMB 962.0 million, representing a 38.3% increase year-on-year[28]. - Gross profit was RMB 162.4 million, with a growth rate of 45.1% compared to the previous year[28]. - Profit for the year surged to RMB 70.2 million, marking a significant increase of 111.4% year-on-year[28]. - The company maintained a gross profit margin of 16.9% and a net profit margin of 7.3%[37]. - The compound annual growth rate (CAGR) for revenue from 2017 to 2020 was 46.5%[28]. Property Management Services - Total revenue from property management services was RMB 771.9 million, accounting for 80.2% of total revenue[30]. - Revenue from property management services increased from RMB 168,949,000 in 2016 to RMB 771,917,000 in 2020, reflecting a growth rate of 39.6% in 2020[38]. - The Group's revenue from property management services amounted to approximately RMB 771.9 million, a year-on-year increase of approximately 39.6%[115]. - The Group's revenue from property management services for properties developed by independent third-party developers was not specified but contributed significantly to the overall revenue growth[200]. Market Position and Recognition - The Group ranked 24th among China's Top 100 Property Management Companies and 3rd among Jiangsu Province's Top 50 Property Management Companies in 2020.[7] - Yincheng Life Service ranked 24th among the China Top 100 Property Management Companies in 2020, improving from 34th in 2019, indicating significant growth in scale, performance, and brand reputation[64]. - The Group received numerous awards in 2020, including recognition as one of the "Top 100 Hong Kong Listed Companies" and "Fastest-Growing Companies in Greater China"[84][86]. Community and Value-Added Services - During the pandemic, Yincheng Life Service introduced various community value-added services, including group buying of daily essentials and cloud fitness, which received positive recognition[63]. - The Group's diversified community value-added services cover various fields, including food, transportation, fitness, and healthcare, enhancing interaction and loyalty among property owners[123][126]. - The introduction of new community value-added services during the pandemic, such as group buying of fresh food and fitness classes, significantly increased user loyalty and engagement[79][81]. Expansion and Growth - The number of managed properties increased to 369 units, reflecting a year-on-year growth of 54.4%[34]. - The Group secured a net increase of 130 new projects during the review period, with 27 from direct engagement, 18 from acquisitions, and 85 from public tenders[100]. - The Group's GFA under management increased to approximately 39.1 million sq.m., reflecting a growth of approximately 49.8% compared to 26.1 million sq.m. as of December 31, 2019[150]. - The Group's strong market expansion capabilities led to a larger proportion of new contracted projects from property owners' associations compared to property developers[150]. Operational Efficiency and Customer Satisfaction - The company achieved a collection rate of 91.3% for residential property management fees[34]. - Customer satisfaction rate for residential properties was 86% in 2020, with a collection rate of 94.1%[47]. - The Group aims to improve customer experience and operational efficiency by expanding into healthcare and comprehensive ancillary services for the elderly[130]. Future Outlook - The Group aims to focus on expanding its scale, creating profits, and optimizing its businesses in 2021 amidst various uncertainties[89]. - The implementation of a new Circular by governmental authorities is expected to create massive market demand for property management services, aligning with the Group's strategic direction[130]. - The Group plans to actively capture opportunities from favorable policies to expand its coverage in the Nanjing Metropolitan Circle[135].

Financial Performance - Revenue for Yincheng Life Service Co., Ltd. reached 416.9 million, representing a year-on-year increase of 39%[15] - Gross profit amounted to 81.5 million, with a year-on-year growth of 56%[15] - Net profit for the period was RMB 29.9 million, showing a remarkable growth of 181.8%[27] - The Group recorded revenue of approximately RMB 416.9 million for the six months ended June 30, 2020, representing a significant increase of approximately 39.1% compared to RMB 299.7 million during the same period in 2019[39] - Profit for the same period was approximately RMB 29.9 million, an increase of approximately 182.1% from RMB 10.6 million in 2019, and a 78.0% increase from RMB 16.8 million before listing expenses[39] - The Group's gross profit increased by approximately 56.1% from approximately RMB52.2 million for the six months ended 30 June 2019 to approximately RMB81.5 million for the six months ended 30 June 2020[133] - The gross profit margin increased from approximately 17.4% for the six months ended 30 June 2019 to approximately 19.5% for the six months ended 30 June 2020[133] - Revenue from property management services was RMB 336.3 million, with a growth rate of 39.8%[28] - Revenue from community value-added services amounted to approximately RMB 80.5 million, representing a year-on-year increase of approximately 36.4%[51] Property Management Operations - The Group managed a total of 307 properties, serving over 190,000 households and covering more than one million customers as of June 30, 2020[6] - The contracted gross floor area (GFA) reached approximately 37.3 million sq.m., while the GFA under management was about 33.7 million sq.m.[6] - The number of managed projects increased significantly, with 307 units under management, reflecting a 51% growth in gross floor area (GFA) under management[19] - GFA under management reached 27.4 million sq.m. in the first half of 2020, a 36% increase compared to the same period in 2019[20] - The Group's property management services expanded to 16 cities, managing 307 properties, a year-on-year increase of approximately 50.5%[46] - The total managed GFA reached approximately 33.7 million square meters, a significant increase of 65.2% year-on-year[46] - The proportion of GFA under management from third-party property developers reached approximately 81.8%, an increase of about 68.9% compared to June 30, 2019[50] - The average gross profit margin for non-residential properties was approximately 20.0% during the same period[45] Strategic Initiatives - The company maintains a strong focus on providing diversified property management and community value-added services[6] - The company has adopted the "Living+" and "Industry+" service models to enhance customer satisfaction and asset value[4] - Future strategies include expanding service offerings and enhancing management systems to support non-residential customers[4] - The Group aims to expand its business scale and community value-added services while maintaining a good reputation and customer satisfaction through market expansion and mergers and acquisitions[65] - The Group's strategy focuses on talent motivation and strict cost control to improve profitability and deliver greater returns to shareholders[65] - The Group aims to enhance brand awareness in the non-residential sector by diversifying its service offerings and optimizing its project portfolio[91] - The Group's strategy includes expanding its geographical coverage and enhancing service capabilities to maintain competitive advantages in the property management industry[82] Financial Health and Liquidity - Cash and cash equivalents totaled RMB 383.3 million, indicating a significant increase in liquidity[32] - The company reported a current ratio of 1.1x, maintaining a stable liquidity position[31] - Interest coverage ratio improved to 11.4x, reflecting better financial health and ability to meet interest obligations[31] - The Group's total equity increased by approximately 33.8% to approximately RMB163.0 million as at June 30, 2020 from approximately RMB121.8 million as at December 31, 2019[140] - The Group's trade receivables increased by approximately 106.6% to approximately RMB146.3 million as at June 30, 2020 from approximately RMB70.8 million as at December 31, 2019[142] - The Group's cash and cash equivalents decreased by approximately 14.4% to approximately RMB383.3 million as at June 30, 2020 from RMB447.8 million as at December 31, 2019[140] Market Position and Recognition - Yincheng Life Service Co., Ltd. ranked 24th among China's Top 100 Property Companies in 2020[3] - The Group ranked 24th among the top 100 property service enterprises in China in 2020, reflecting its industry recognition[56] - The property management industry in China is expected to exceed RMB 1.5 trillion by 2022, indicating strong growth prospects[60] Employee and Operational Management - As of June 30, 2020, the Group had a total of 3,466 employees and offers competitive remuneration packages including salaries, bonuses, and social insurance contributions[199] - The Group continues to recruit more technical and management talents while providing training for employees[1] - The Group will continue to recruit technical and managerial talents and provide training for employees to support operational expansion[188] Future Investments and Developments - The Group plans to continue expanding its business through mergers and acquisitions or investments to increase market share in the property management service industry in the PRC, with a planned use of proceeds totaling HK$ 78.853 million[185] - Investment in intelligent systems to improve service quality and enhance customer experience is expected to utilize HK$ 19.713 million by December 31, 2021[186] - The Group intends to upgrade its internal information technology system to enhance operational efficiency, with a planned expenditure of HK$ 13.142 million by December 31, 2021[187]

米 銀城生活服務有限公司 YINCHENG LIFE SERVICE CO., LTD. (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股票代號: 1922 2019 20.01 17.01 14.01 4.02 12.02 11.02 Apr 12 May 12 Mar 12 ANNUAL REPORT 年 報 Business motto Surpassing Customers' Expectation and Creating Values with Quality Services 經營理念 超越客戶期待，服務創造價值 Business model Service alignment, Business modularisation, Modules specialisation and Management digitalisation 業務模式 服務網格化、業務模塊化、 模塊專業化、管理數據化 Distinguished Reputation A Leading Pr ...