Company Overview - As of December 31, 2023, the Group managed 1,057 properties, including 640 residential properties and 417 non-residential properties, serving over 600,000 households and covering over 1.9 million people[7]. - The Group ranked 16th among China's Top 100 Property Management Companies and 2nd among Jiangsu Province's Top 50 Property Management Companies in 2023[4]. - The Group's business covers 25 cities in the PRC, with 20 cities located in the Yangtze River Delta Megalopolis[7]. - The Group has been recognized as the top property management company in Nanjing for three consecutive years prior to 2023[4]. Business Model and Strategy - The Group has adopted the "Living+" and "Industry+" service model to provide diversified property management services[5]. - The Group aims to increase the value of owners' immovable assets while supporting non-residential customers to focus on their core business[5]. - The Group's operational motto emphasizes "operation is the key, reputation comes first," guiding its business strategy[5]. - The Group has shifted from an area-based model to a revenue-driven model since 2022, focusing on input-output ratio and healthier cash flow rather than just growth rate or profit[60]. - The Group's business model focuses on service alignment, business modularization, module specialization, and management digitalization to enhance operational efficiency[109]. Financial Performance - Total revenue for 2023 reached RMB 1,973.2 million, representing a growth rate of 15.2% compared to 2022[30]. - Revenue from property management services was RMB 1,536.7 million, with a growth rate of 12.3%[31]. - Revenue from value-added services increased to RMB 428.4 million, reflecting a growth rate of 25.9%[31]. - Gross profit for the year was RMB 308.0 million, with a gross profit margin of 15.6%[30]. - Profit for the year amounted to RMB 123.6 million, showing a growth rate of 9.7%[30]. - The Group's net profit for the year exceeded RMB 100 million for the first time, reaching RMB 113 million, which is an increase of 18.8% year-over-year[42]. - The Group's revenue increased by approximately 15.2% from approximately RMB1,712.9 million in 2022 to approximately RMB1,973.2 million in 2023, driven by an increase in residential and non-residential projects and diversification of value-added services[151]. Customer and Market Insights - The collection rate for residential property management fees was 90%, while the non-residential property management fee collection rate was 93%[28]. - Customer satisfaction rate was reported at 89.0% in 2023, slightly down from 90.0% in 2022[36]. - The renewal rate of existing customers remained high at 90%, with an overall customer satisfaction rate of approximately 89%[80]. - The demand for high-quality property services is increasing due to accelerated urbanization and improved living standards[54]. - The competitive landscape in the property management sector is intensifying, necessitating innovation in technology and services to enhance operational capabilities[59]. Operational Highlights - The number of managed properties increased by 9%, totaling 1,057 projects[26]. - The number of managed properties increased to 1,057 in 2023, reflecting a growth rate of 8.5% from 974 in 2022[36]. - The Group acquired 159 new projects under management, representing 15% of the total number of projects[85]. - The Group's non-residential property management services grew to 417 projects, representing an increase of approximately 11.5% year-on-year[126]. - The Group's lifestyle services encompass a wide range of offerings, including sports and fitness, elderly home care, housekeeping, and child care services[92]. Future Outlook - The Group aims to maintain steady growth in both revenue and profit in the new three-year plan, focusing on organic growth drivers[67]. - The Group aims to further develop the market in wealthy cities within the Yangtze River Delta, with Nanjing as the regional center[117]. - The Group's strategy emphasizes resource sharing and synergy through a mass coverage approach, enhancing operational efficiency[94]. Challenges and Risks - Trade receivables rose to RMB 394.7 million, up from RMB 342.1 million in 2022[33]. - Net impairment losses on financial assets surged by approximately 239.0% from approximately RMB17.2 million in 2022 to approximately RMB58.3 million in 2023, due to trade receivables impairment and economic conditions[170]. - Revenue from projects associated with Yincheng Group decreased by 44.8% from RMB 56.6 million in 2022 to RMB 31.2 million in 2023[142].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported a diluted earnings per share of RMB 0.44, up from RMB 0.40 in the previous year, representing a growth of 10%[20]. - Total revenue from customer contracts for 2023 reached RMB 1,965,085 thousand, an increase of 15% compared to RMB 1,708,966 thousand in 2022[29][30]. - The company reported a profit attributable to equity holders of RMB 116,819 thousand for 2023, up from RMB 106,734 thousand in 2022, indicating a growth of about 9.7%[36]. - The net profit for 2023 was approximately RMB 123.6 million, a 9.8% increase from RMB 112.6 million in 2022, resulting in a net profit margin of 6.3%[43]. - The gross profit for 2023 was approximately RMB 308.0 million, up 18.7% from RMB 259.4 million in 2022, with a gross margin of 15.6%, an increase of 0.5 percentage points from 15.1% in 2022[43]. - The total revenue for the group increased by 15.2% from approximately RMB 1,712.9 million in 2022 to RMB 1,973.2 million in 2023[151]. Assets and Liabilities - Total non-current assets increased to RMB 316,681 thousand in 2023 from RMB 220,098 thousand in 2022, reflecting a growth of approximately 44%[22]. - Current assets totaled RMB 1,146,686 thousand in 2023, compared to RMB 1,024,671 thousand in 2022, indicating an increase of about 12%[22]. - The total liabilities increased to RMB 918,473 thousand in 2023 from RMB 855,297 thousand in 2022, reflecting a growth of approximately 7.4%[30]. - The net asset value increased to RMB 228,213 thousand in 2023, up from RMB 169,374 thousand in 2022, representing a growth of about 34.7%[30]. - The total equity rose to RMB 496,534 thousand in 2023, compared to RMB 364,976 thousand in 2022, marking an increase of approximately 36.1%[30]. Cash Flow and Financial Position - Cash and cash equivalents increased significantly to RMB 433,444 thousand in 2023 from RMB 292,058 thousand in 2022, representing a growth of around 48%[22]. - As of December 31, 2023, cash and cash equivalents amounted to approximately RMB 433.4 million, an increase from RMB 292.1 million in 2022[43]. - The group maintained a strong financial position with current assets of approximately RMB 1,146.7 million, an increase of about 11.9% from the previous year[134]. - The total borrowings of the group as of December 31, 2023, were RMB 64.8 million, down from RMB 118.5 million on December 31, 2022[196]. Revenue Segmentation - Revenue from property management services was RMB 1,536.7 million in 2023, compared to RMB 1,368.6 million in 2022, reflecting growth in this segment[56]. - Revenue from residential property services reached RMB 758.2 million, showing a year-on-year increase of 15.9%[106]. - Value-added services revenue reached RMB 428.4 million in 2023, up from RMB 340.3 million in 2022[56]. - Revenue from areas outside Nanjing increased by about 18.6%, contributing approximately 29.3% to the total revenue[118]. Corporate Governance and Compliance - The company maintained a high standard of corporate governance, adhering to the corporate governance code as per the listing rules[8]. - As of December 31, 2023, the company did not report any regulatory violations[10]. - The board of directors consists of 11 members, with independent non-executive directors meeting the required proportion[9]. Operational Highlights - The number of managed projects exceeded 1,000, reaching 1,057 as of December 31, 2023, with a year-on-year increase of nearly 11.5% in non-residential project revenue contribution, which accounted for 50.7%[74][76]. - The company secured 159 new managed projects during the reporting period, representing 15% of the total number of projects, with 18 signed but not yet managed projects as of December 31, 2023[78]. - The group has established multiple subsidiaries and brands covering professional services, lifestyle services, and urban services[79]. - The group aims to maintain steady growth in both revenue and profit over the next three years, focusing on internal growth drivers and adapting to market changes[83]. Challenges and Strategic Focus - The company is adapting to a competitive market environment, leveraging strong management and operational capabilities to attract quality clients despite increased competition[78]. - The management emphasizes the importance of cash flow health while focusing on profit, quality, and customer satisfaction through continuous service innovation and business expansion[98]. - The group plans to continue investing in smart systems to improve service quality and enhance customer experience, with RMB 19.7 million allocated for this purpose[180]. - The group aims to upgrade its internal IT systems to enhance operational efficiency, with an investment of RMB 13.1 million[180].

Revenue and Growth - Revenue for the first half of 2023 reached RMB 946.7 million, representing a year-on-year increase of 16.4%[3] - The Group's revenue increased by approximately 17.2% from approximately RMB807.9 million for the six months ended 30 June 2022 to approximately RMB946.7 million for the six months ended 30 June 2023[36] - Revenue from property management services was RMB 730.7 million, with a growth rate of 14.5%[5] - Revenue from value-added services amounted to RMB 214.3 million, showing a growth rate of 27.9%[5] - Revenue generated from districts outside Nanjing increased by approximately 26.9% period-on-period, accounting for approximately 28.2% of the Group's total revenue from property management services[50] - Revenue from property management services amounted to RMB 730.7 million, while value-added services generated RMB 214.3 million[20] Profitability - The net profit attributable to the owners of the company was approximately RMB 59.7 million, an increase of 16.4% compared to the previous year[20] - The Group's profit increased by approximately 16.2% from approximately RMB54.9 million for the six months ended 30 June 2022 to approximately RMB63.8 million for the six months ended 30 June 2023[81] - Profit before tax increased to RMB 84,786,000, up from RMB 73,053,000 in the previous year, marking a growth of approximately 16.5%[127] - Profit for the period attributable to owners of the parent was RMB 59,747,000, compared to RMB 51,286,000 in 2022, indicating an increase of around 16.5%[127] Gross Profit and Margins - Gross profit margin for the company improved to 19.0%[12] - The Group's gross profit rose by approximately 19.0% to approximately RMB147.2 million, with a gross profit margin increasing from 15.3% to 15.6%[76] - The gross profit margin for residential properties was 6.8%, while non-residential properties achieved a gross profit margin of 14.6%[32] - The Group's gross profit margin for value-added services is expected to improve as it focuses on securing more external expansion projects and increasing the penetration rate of value-added services[46] Operational Metrics - The number of managed properties increased to 1,038, reflecting a growth rate of 17.6%[7] - The total number of managed projects exceeded 1,038, marking a year-on-year growth of approximately 17.6%[20] - The company operates in 23 cities, managing a total of 580,000 households[13] - The number of non-residential projects managed by the Group increased by 19.2% year-on-year, with a total annualized contract amount reaching approximately RMB850 million[43] - The average turnover days of trade receivables increased to 74.3 days, while trade payables averaged 20.3 days[20] Customer Satisfaction and Experience - Customer satisfaction rate for residential properties was reported at 94.0%[7] - The renewal rate of existing customers remained high at approximately 94%, with a collection rate for residential properties stable at about 66.2%[42] - The Group aims to enhance customer experience through value-added services, including community convenience services and urban services like electric vehicle charging[73] Financial Position and Assets - The Group's current assets amounted to approximately RMB1,039.1 million as at 30 June 2023, representing an increase of approximately 1.4% compared to approximately RMB1,024.7 million as at 31 December 2022[81] - The Group's cash and cash equivalents amounted to approximately RMB194.1 million as at 30 June 2023, representing a decrease of approximately 33.6% compared to RMB292.1 million as at 31 December 2022[81] - The Group's trade receivables amounted to approximately RMB439.4 million as at 30 June 2023, representing an increase of approximately 28.4% compared to approximately RMB342.1 million as at 31 December 2022[82] - The Group's total equity amounted to approximately RMB436.5 million as at 30 June 2023, representing an increase of approximately 19.6% compared to approximately RMB365.0 million as at 31 December 2022[81] Corporate Governance and Compliance - As of June 30, 2023, the Company has complied with all applicable code provisions as set out in the Corporate Governance Code[110] - The Audit Committee reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2023, which was approved by the Board on August 24, 2023[110] - The Company did not declare an interim dividend for the six months ended June 30, 2023[119] - No incidents of non-compliance were found by the Company for the six months ended June 30, 2023[110] Strategic Initiatives - The company aims to deepen its presence in the Yangtze River Delta region by increasing project density[13] - The Group's strategic adjustments include a shift in focus from growth rate to investment-output ratio, emphasizing cash flow health while pursuing profits[46] - Future strategies include continuous business development and expansion of service offerings to increase revenue contributions from city-level services[62] Employee and Management - As of June 30, 2023, the Group had a total of 9,964 employees, offering competitive remuneration packages including salaries, bonuses, and social welfare benefits[95] - The Group's administrative expenses primarily include employee costs, professional fees, office expenses, business development expenses, rent, travel expenses, depreciation and amortization, bank charges, taxes, and others[191]

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： ） (1) 2023 6 30 截至 年 月 日止六個月之 中期業績公告 (2) 更改香港主要營業地點 摘要 • 2023 6 30 946.7 截至 年 月 日止六個月的收益為約人民幣 百萬元，較截至 2022 6 30 807.9 17.2% 年 月 日止六個月的約人民幣 百萬元增加約 。 • 2023 6 30 截至 年 月 日止六個月，提供物業管理服務及增值服務產生的收 730.7 214.3 益分別約為人民幣 百萬元及人民幣 百萬元。特別是，來自獨 立第三方的收益繼續保持在很高百分比，佔本集團提供物業管理服務產 97.3% 生的收益約 。 • 2023 6 30 147.2 截至 年 月 日止六個月的毛利為約人民幣 百萬元，較截至 2022 6 30 123.7 19.0% 年 月 日止六個月的約人民幣 百萬元增加約 。截至 2023 ...

Financial Performance - The Group's revenue increased by approximately 26.8% from RMB 1,351.3 million for the year ended December 31, 2021, to approximately RMB 1,712.9 million for the year ended December 31, 2022, driven by an increase in the number of residential and non-residential projects undertaken [3]. - Revenue for 2022 reached RMB 1,712,934, representing a growth rate of 26.8% compared to 2021 [197]. - The profit attributable to the parent company was RMB 106,734, with a growth rate of 20.3% [197]. - The gross profit margin for 2022 was 15.1%, while the net profit margin was 6.6% [197]. - The EBITDA for 2022 was RMB 189,320, showing an increase from RMB 163,326 in 2021 [197]. - Revenue for the year showed a compound annual growth rate (CAGR) of 38.3% from 2018 to 2022 [174]. - The gross profit margin exhibited a CAGR of 39.89% from 2018 to 2022 [174]. - The profit for the year had a CAGR of 40.6% from 2018 to 2022 [174]. Expenses and Costs - Selling and distribution expenses rose significantly, primarily due to increased staff costs and promotional activities, reflecting the Group's expansion efforts [8]. - Administrative expenses increased by approximately 27.7% from RMB 73.4 million in 2021 to RMB 93.7 million in 2022, mainly due to higher staff costs associated with business expansion [14]. - The group's cash and cash equivalents were approximately RMB 292.1 million, a decrease of about 45.7% from RMB 538.1 million as of December 31, 2021, primarily due to increased employee costs and tax payments [55]. Assets and Liabilities - The Group's prepayments, deposits, and other receivables rose by approximately 31.0% to RMB 100.5 million as of December 31, 2022, attributed to an increase in property management projects [23]. - Property, plant, and equipment increased by approximately 19.1% to RMB 89.6 million as of December 31, 2022, due to purchases of office equipment and electronic instruments [24]. - The Group's total borrowings decreased from RMB 209 million in 2021 to RMB 118.5 million in 2022, indicating a reduction in secured bank loans [26]. - As of December 31, 2022, the group's current assets were approximately RMB 1,024.7 million, an increase of about 7.4% from RMB 954.1 million as of December 31, 2021 [55]. Workforce and Employment - The group had a total of 9,166 employees as of December 31, 2022, compared to 6,930 employees in 2021, reflecting a significant increase in workforce [68]. - The gender ratio of employees (including senior management) was 58% female and 42% male, reflecting the Group's commitment to gender equality [111]. - The Company plans to provide comprehensive training for female employees to develop skills necessary for senior management roles [127]. Strategic Focus and Future Plans - The Group plans to continue focusing on property management and value-added services without specific future investment plans disclosed as of the report date [41]. - The Group has decided to reallocate the unutilized net proceeds of approximately HK$38.6 million from mergers and acquisitions to general working capital to enhance operational flexibility [44]. - The Group plans to utilize the remaining net proceeds from its listing for business expansion through acquisitions or investments to increase its market share in the property management services industry in China [76]. Risk Management - The group faced various financial risks, including interest rate risk, credit risk, and liquidity risk, as of December 31, 2022 [62]. - The group maintained a prudent financial policy and robust financial position as of December 31, 2022 [55]. - The capital debt ratio was not applicable as of December 31, 2022, indicating a stable financial structure [65]. - The group had no material contingent liabilities or guarantees as of December 31, 2022 [67]. Corporate Governance - The Company established a Nomination Committee on October 15, 2019, to oversee the nomination of board candidates and assess the independence of independent non-executive Directors [110]. - The Audit Committee consists of two independent non-executive Directors and one non-executive Director, with the chairman holding appropriate professional qualifications [105]. - The Company has a Board Diversity Policy and a Nomination Policy to enhance transparency in the nomination process [108]. - The Nomination Committee will review the diversity and composition of the Board at least annually, aiming to enhance female representation over time [124]. Customer and Market Position - The Group ranked 17th among China's Top 100 Property Management Companies and 2nd in Jiangsu Province in 2022 [155]. - The Group has been recognized as the top property management company in Nanjing for three consecutive years [155]. - Customer satisfaction rate remained high at 90%, demonstrating the company's commitment to service quality [196]. - The collection rate for residential property management fees was 90%, indicating strong operational efficiency [196]. - The pre-collection rate for management fees was 44%, while the collection rate for non-residential property management fees was 95% [178]. - Non-residential properties contributed over 52.2% of total revenue, surpassing residential properties for the first time [193].

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].