Financial Performance - In 2022, the Group achieved revenue of RMB1,103.1 million, representing a decrease of 2.4% compared to 2021[26]. - Gross profit for the year was RMB256.4 million, reflecting a decline of 20.0% from the previous year[26]. - Net profit reached RMB93.9 million, down 32.2% compared to 2021[26]. - The Group's revenue for the reporting period was RMB 1,103.1 million, a decrease of 2.4% compared to RMB 1,130.0 million in the same period of 2021[87]. - Revenue from property management services increased by 10.8% to RMB 834.7 million, up from RMB 753.6 million in 2021, due to rapid expansion in managed building area[88]. - Revenue from value-added services to non-property owners decreased by 30.9% to RMB 124.6 million, down from RMB 180.3 million in 2021, primarily due to a reduction in service projects[89]. - Community value-added services revenue fell by 26.7% to RMB 143.8 million, down from RMB 196.1 million in 2021, mainly due to decreased parking space sales[90]. - Gross profit decreased by approximately 20.0% to RMB 256.4 million from RMB 320.4 million in 2021, attributed to reduced revenue from value-added services[92]. - The Group's gross profit margin was 23.2%, a decrease of 5.2 percentage points from 28.4% in 2021, mainly due to lower margins in value-added services[95]. Operational Expansion - The Group managed a total gross floor area (GFA) of 44.864 million sq.m., with a growth rate of 23.28% compared to 2021[25]. - The GFA of market-oriented extension was 21.4067 million sq.m., accounting for 47.71% of the total GFA under management, representing an increase of 11.78% from 2021[25]. - The total managed area reached 54.83 million square meters, an increase of 4.24% from 2021, while the total construction area under management was 44.86 million square meters, growing by 23.28%[28]. - The number of projects managed by Redsun Properties Group increased to 285 as of December 31, 2022, compared to 234 projects in the previous year[75]. - As of December 31, 2022, the company expanded its geographic presence to 55 cities in China, up from its initial base in Nanjing[77]. Strategic Initiatives - The Group defined 2022 as the "Customer Value Year," focusing on quality services and expanding value-added services[24]. - The Group signed cooperation agreements with various sectors, including biomedical, cultural tourism, and industrial park projects, to enhance its non-residential service portfolio[27]. - The Group launched the "Redsun Mode 2.0" to enhance service quality, aiming to provide "satisfying + exceeding expectation" services[32]. - The Group emphasized the integration of smart technology to achieve steady growth in management scale and profitability[24]. - The Group's business model focuses on penetrating the Greater Jiangsu Region, strengthening its foothold in the Yangtze River Delta Region, and expanding into core cities, emphasizing a customer-centered service philosophy[61][62]. Challenges and Industry Outlook - The property management industry faced challenges due to the overall downturn in the upstream real estate sector and the impact of COVID-19 on payment rates[20]. - The property management industry saw a slowdown in growth, with listed companies experiencing reduced revenue and net profit growth rates[44]. - The property management industry is expected to continue expanding in 2023, but the overall growth rate will be significantly slower than in 2022, shifting focus from scale expansion to quality growth[134]. Future Goals - Looking ahead to 2023, the Group aims to improve quality and efficiency, enhance customer satisfaction, and gain recognition from property owners and customers[40]. - The Group aims to enhance service quality, profitability of individual projects, and brand value to achieve quality and efficacy while maintaining scale growth[134]. - The Group plans to establish a foothold in the community and home elderly care service industry, leveraging customer density and property owner loyalty in Jiangsu Province[155]. - The Group aims to develop standardized service product lines for elderly care to cater to diverse customer needs, seeking new profit growth points while responding to government initiatives[157]. Employee and Organizational Development - As of December 31, 2022, the Group employed 3,446 employees, with 2,796 in residential property management, 328 in commercial property management, and 322 in public construction property management[168]. - The Group's employee remuneration is based on duties, performance, and market levels, supported by a competitive incentive plan and talent cultivation scheme[169]. - The Group has implemented a systematic "five-talent scheme" to enhance talent quality and broaden its talent pool[174]. - The Group has established a "service capability nurturing center" to cultivate key customer service talents[177]. Financial Management - The Group's total equity increased by 9.6% to RMB 890.2 million from RMB 812.3 million in 2021, primarily due to operating profit growth[116]. - Income tax expense decreased by approximately 29.9% to RMB 34.1 million from RMB 48.6 million in 2021, mainly due to a decrease in profit before tax[114]. - Trade receivables increased by approximately 56.3% to RMB 191.0 million from RMB 122.2 million in 2021, due to more projects under management and lower collection rates[118]. - The cost of sales and services increased by approximately 4.6% to RMB 846.8 million in 2022, up from RMB 809.6 million in 2021, attributed to higher subcontracting costs due to operational scale expansion[86]. Capital Allocation - The net proceeds from the initial public offering amounted to approximately HK$398 million, with an additional HK$62.1 million from the full exercise of the over-allotment option[176]. - As of December 31, 2022, 40% of the net proceeds (HK$184 million) was allocated for selective strategic investment and acquisition, with HK$154 million used[182]. - 30% of the net proceeds (HK$138 million) was designated for R&D and upgrade of intelligent systems, with HK$90 million utilized and HK$48 million remaining[182]. - 10% of the net proceeds (HK$46 million) was allocated for improving service quality, with HK$42 million used[182].

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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 Redsun Services Group Limited 弘 陽 服 務 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1971） 截至2022年12月31日止年度業績公告 摘要 截至2022年12月31日止年度，本集團業績如下： 1. 本集團收入達人民幣1,103.1百萬元，較2021年同期收入人民幣1,130.0百萬元下降 2.4%。 2. 本集團業務類型收入如下： • 物業管理服務實現收入人民幣834.7百萬元，佔總收入75.7%，較2021年同期收 入人民幣753.6百萬元增加10.8%； • 非業主增值服務實現收入人民幣124.6百萬元，佔總收入11.3%，較2021年同期 收入人民幣180.3百萬元下降30.9%； ...

Revenue and Profitability - The Group's revenue for the six months ended June 30, 2022, was RMB 553.9 million, an increase of 4.7% compared to RMB 529.1 million for the same period in 2021[17]. - Revenue from property management services was RMB 404.2 million, accounting for 73.0% of total revenue, representing a 15.3% increase from RMB 350.4 million in the same period in 2021[18]. - Revenue from value-added services to non-property owners decreased by 11.4% to RMB 75.1 million, accounting for 13.5% of total revenue[18]. - Revenue from community value-added services was RMB 74.6 million, a decrease of 20.5% compared to RMB 93.8 million for the same period in 2021[19]. - Gross profit was RMB 150.8 million, a decrease of 1.4% from RMB 152.9 million in the same period of 2021, with a gross profit margin of 27.2%[19]. - Profit for the reporting period was RMB 73.4 million, an increase of 14.7% compared to RMB 64.0 million for the same period in 2021[21]. - Profit attributable to equity shareholders was RMB 69.3 million, representing a 15.8% increase from RMB 59.8 million in the same period of 2021[21]. Project and Management Growth - As of June 30, 2022, the Group had 376 contracted projects with a total contracted GFA of approximately 56.9 million sq.m., a 14.7% increase from 49.6 million sq.m. as of June 30, 2021[23]. - The number of projects under management was 307, with a GFA under management of approximately 44.9 million sq.m., a 30.6% increase from 34.4 million sq.m. as of June 30, 2021[24]. - The Group expanded its presence to 62 cities in China, with a contracted gross floor area of 56.91 million sq.m., an increase of approximately 14.7% year-on-year[34]. - The gross floor area under management reached 44.88 million sq.m., marking a significant increase of 30.6% compared to the previous year[34]. - The Group managed a total of 307 projects with a Gross Floor Area (GFA) of 44,879.1 thousand square meters as of June 30, 2022, compared to 228 projects and 34,357.6 thousand square meters in the same period of 2021[58]. Strategic Initiatives and Innovations - The Group launched the "Customer Value Year" initiative, focusing on customer-centric services and enhancing service quality[37]. - The "Redsun Housekeeper" service products were fully launched, contributing to improved organizational efficiency and service quality[37]. - The Group is actively promoting digital construction and smart upgrades, enhancing management efficiency while controlling operational costs[38]. - The Group's strategic focus includes deepening community living service ecosystems and integrating premium supplier resources to enhance asset value for property owners[38]. - The Group aims to enhance its service capabilities to meet the increasing demand for high-quality products, focusing on solidifying product lines and optimizing service standards[138]. - The Group plans to upgrade scenario-based services for residential properties and launch benchmark projects for non-residential properties to accelerate market expansion[140][143]. - The Group will build a "platform + ecosystem" value-added service chain to meet diverse living needs and strengthen customer loyalty[142]. - The Group is committed to enhancing its innovative capabilities and operational efficiency through the development of smart platforms, including "Hongtu Smart Database" and "Hongyang Service APP" to improve service quality and management efficiency[148]. Financial Metrics and Cost Management - The Group's cost of sales and services increased by approximately 7.2% to RMB 403.1 million from RMB 376.1 million in 2021, driven by higher project sub-contracting costs[89]. - The Group's gross profit margin decreased to 27.2% for the six months ended June 30, 2022, down 1.7 percentage points from 28.9% in the same period of 2021[94]. - Gross profit margin for property management services increased slightly to 25.9% from 25.5% year-on-year, attributed to economies of scale[95]. - Gross profit margin for value-added services to non-property owners decreased to 20.2% from 21.3%, mainly due to lower margins in sales assistance services[96]. - Community value-added services saw a gross profit margin decline to 41.7% from 48.5%, primarily due to reduced revenue from parking space sales[100]. - Administrative expenses decreased by approximately 17.2% to RMB57.1 million from RMB69.0 million, due to improved cost control[103]. Employee and Talent Management - As of June 30, 2022, the Group had a total of 3,960 employees, with 2,975 in residential property management, 605 in commercial property management, and 380 in public building property management[155]. - The Group has implemented a systematic "five-talent scheme" to enhance talent quality and broaden its talent pool, including various leadership and management training programs[157]. - The Group's employee remuneration is determined based on duties, performance, and market levels, supported by a competitive incentive plan[156]. Shareholding and Corporate Governance - Redsun Services Group (Holdings) Limited owns 301,994,000 shares, accounting for 72.77% of the total shareholding[193]. - Hong Yang Group Company Limited, Hong Yang International Limited, and Hong Yang Group (Holdings) Limited each have an interest in 301,994,000 shares, also representing 72.77%[193]. - The Company confirmed compliance with the Model Code for Securities Transactions by Directors during the reporting period[180]. - The Company maintains a sufficient public float as required under the Listing Rules[198].

Industry Growth and Market Position - In 2021, the property management industry saw increased attention and expectations due to supportive national policies and heightened service demand [61]. - The company established a leading position in the property management market in Jiangsu province, with ongoing expansion efforts across the country [3]. - The property management industry is expected to experience rapid growth with high certainty, supported by favorable policies and a focus on long-term development and customer value [199]. - The central government has introduced favorable policies emphasizing "stability on six fronts" and "six priorities," which will guide the property management industry towards healthy and sustainable development [197]. - The ongoing reforms and policy support are anticipated to further release benefits for the property management industry in 2022 [197]. Company Performance and Financial Metrics - The Group achieved revenue of RMB1,130.0 million in 2021, representing a 47.2% increase compared to 2020, with a gross profit margin of 28.4%, up by 0.5 percentage points [66]. - Profit for the period was RMB 138.4 million, an increase of 88.7% from RMB 73.3 million in the previous year [107]. - Revenue from property management services accounted for 66.6% of total revenue in 2021, amounting to RMB 753,590,000, compared to 64.6% in 2020 [120]. - The Group's gross profit rose by approximately 49.5% to RMB320.4 million from RMB214.3 million in 2020 [152]. - The gross profit margin for the Group improved to 28.4%, up from 27.9% in the previous year [156]. Service Quality and Customer Satisfaction - The annual results as of December 31, 2021, reflect the company's commitment to providing high-quality services with sincerity [60]. - The Group's property owners' satisfaction score was 88 in 2021, reflecting a continuous improvement over three consecutive years, while the overall satisfaction rate for non-residential services was 98% [78]. - The Group's strategic focus on "customer-centered" service philosophy has led to continuous improvement in service standards and the establishment of a non-residential service product brand [78]. - The company aims to enhance service power and solidify product lines to meet the increasing demand for high-quality products [200]. Expansion and Strategic Initiatives - Future strategies include further market expansion and potential new service offerings to meet evolving customer needs [61]. - The Group entered into equity cooperation with Wuhan Huidehang Elite Property and acquired 80% interest in two Nanjing-based property management companies, enhancing its market share in Central China and filling gaps in the non-residential property service niche market [72]. - The Group's management scale has reached a new level, with a focus on deep market expansion in the Greater Jiangsu Region and major metropolitan areas [67]. - The Group has expanded its geographic presence to 59 cities in China as of December 31, 2021 [138]. Digital Transformation and Innovation - The Group has focused on digital transformation, enhancing its smart service capabilities through various platforms [1]. - The Group has implemented digital upgrades, enhancing management efficiency through the "Hongtu panoramic smart data platform" and other smart management tools, which have been integrated into equity cooperation projects [85]. - The Group was granted a utility model patent technology by the China National Intellectual Property Administration in 2021, enhancing its technological strengths in property management services [86]. - The company is committed to quality and innovation, leveraging service power, operation power, and innovative power to achieve rapid growth [199]. Community Engagement and Social Responsibility - The Group has been actively involved in social responsibility initiatives, including managing affordable housing and participating in pandemic prevention efforts [105]. - The company adheres to the vision of "making lives warmer" and prioritizes integrity in its operations [199].

Revenue Growth - The Group's revenue for the six months ended June 30, 2021, was RMB 529.1 million, representing a 63.7% increase compared to RMB 323.2 million for the same period in 2020[25] - Revenue from property management services was RMB 350.4 million, accounting for 66.3% of total revenue, an increase of 55.2% from RMB 225.8 million in the prior year[26] - Revenue from value-added services to non-property owners was RMB 84.8 million, making up 16.0% of total revenue, which is a 22.9% increase from RMB 69.0 million in the previous year[26] - Revenue from community value-added services reached RMB 93.8 million, accounting for 17.7% of total revenue, reflecting a significant increase of 230.0% from RMB 28.4 million in the same period of 2020[26] - The Group's revenue reached RMB 529.1 million, an increase of 63.7% from RMB 323.2 million in the same period in 2020[55] - Revenue from property management services reached RMB 350.4 million, up RMB 124.6 million or 55.2% from RMB 225.8 million in 2020, driven by rapid expansion in managed projects[104] - Revenue from value-added services to non-property owners increased to RMB 84.8 million, a growth of 22.9% from RMB 69.0 million in 2020, mainly due to increased property sales assistance services[106] - Community value-added services revenue surged to RMB 93.8 million, a significant increase of 230.0% from RMB 28.4 million in 2020, attributed to enhanced community resource utilization and asset management business[108] Profitability - Gross profit was RMB 152.9 million, representing an 80.0% increase compared to RMB 85.0 million for the same period in 2020, with a gross profit margin of 28.9%[27] - Profit for the reporting period was RMB 64.0 million, a 71.2% increase from the adjusted profit of RMB 37.4 million in the same period of 2020[31] - Profit attributable to equity shareholders for the reporting period was RMB 59.8 million, a 60.4% increase from the adjusted profit of RMB 37.3 million in the prior year[31] - Profit for the reporting period was RMB 64.0 million, representing an increase of 71.2% compared to adjusted profit of RMB 37.4 million for the corresponding period of 2020[32] - Profit before income tax expense amounted to RMB 83.9 million, representing an increase of approximately 162.8% from RMB 31.9 million in 2020[126] - The Group's income tax expense increased to RMB 20.0 million, up approximately 133.5% from RMB 8.5 million in 2020, primarily due to higher pre-tax profits[127] Project Management and Expansion - As of June 30, 2021, the Group had 327 contracted projects with a contracted GFA of approximately 49.6 million sq.m., an increase of approximately 60.0% from 31.0 million sq.m. as of June 30, 2020[33] - The number of projects under management was 228, with a GFA under management of approximately 34.4 million sq.m., representing an increase of approximately 83.5% compared to 18.7 million sq.m. as of June 30, 2020[34] - The Group provided property management services to 42 cities in China, with 327 contracted projects and a contracted gross floor area (GFA) of approximately 49.6 million sq.m., representing a 60.0% increase from 31.0 million sq.m. as of June 30, 2020[57] - The number of projects under management increased to 228 as of June 30, 2021, up from 112 in the same period of 2020, indicating a growth of 103.6%[88] - The total gross floor area (GFA) under management was 34,357.6 thousand sq.m. as of June 30, 2021, compared to 18,718.7 thousand sq.m. in 2020, reflecting an increase of 83.8%[88] - The company expanded its geographic presence to 42 cities in China as of June 30, 2021, enhancing its market reach and operational footprint[90] Strategic Initiatives - The Group was awarded the title of "Top 100 Property Management Companies in 2021," moving up 6 places to No.19 in the industry ranking[43] - The Group launched the "Management to Listen" Program, helping over 1,000 property owners to address their needs[45] - The Group's strategic layout includes penetrating the Greater Jiangsu Region and expanding into major metropolitan areas[43] - The Group aims to integrate property services into the basic-level social governance system, enhancing people's sense of well-being and security[39] - The Group established an intelligent community ecosystem and built the Hongtu platform to enhance operational efficiency[52] - The Group aims to enhance user experience and operational efficiency through digitalization of property management services[51] - The Group will establish a service capability nurturing center to attract and nurture talents, emphasizing that people are the primary resource for development[163] - The Group aims to enhance its regional competitiveness in the Greater Jiangsu Region through high-quality acquisitions and integrations, focusing on value-added services for property owners[165] Financial Position - As of June 30, 2021, the Group's total equity was RMB 787.7 million, a 9.3% increase from RMB 720.4 million at the end of 2020[129] - The current ratio decreased to 1.93 as of June 30, 2021, down from 2.70 at the end of 2020, indicating a reduction in liquidity[128] - The Group's net impairment losses on financial assets amounted to RMB 3.2 million, an increase from RMB 1.1 million in the same period of 2020, primarily due to the growth in trade receivables resulting from increased revenue scale[130] - As of June 30, 2021, the Group's current assets were RMB 900.0 million, a decrease from RMB 1,016.7 million as of December 31, 2020, with cash and cash equivalents decreasing by 29.8% to RMB 579.7 million[133] - The Group's total equity increased by 9.3% to RMB 787.7 million as of June 30, 2021, compared to RMB 720.4 million as of December 31, 2020, primarily driven by operating profit growth[134] - Trade receivables increased by approximately 118.3% to RMB 157.4 million as of June 30, 2021, from RMB 72.1 million as of December 31, 2020, due to seasonal collection factors and revenue growth[145] Use of IPO Proceeds - The net proceeds from the initial public offering amounted to approximately HK$398 million, with an additional HK$62.1 million from the full exercise of the over-allotment option[182] - As of June 30, 2021, 40% of the net proceeds (HK$154 million) were used for selective strategic investment and acquisition, with an expected full utilization by the end of 2022[185] - 30% of the net proceeds (HK$15 million) were allocated for R&D and upgrading of intelligent systems, with only HK$3 million utilized so far, and the remaining expected to be fully used by the end of 2023[185] - 10% of the net proceeds (HK$19 million) were used for improving service quality, with HK$10 million utilized, and the remaining expected to be fully used by the end of 2023[185] - 10% of the net proceeds (HK$24 million) were allocated for recruitment of talents and employee training, with HK$5 million utilized, and the remaining expected to be fully used by the end of 2023[185] - 10% of the net proceeds (HK$37 million) were used for employee benefits and working capital, with HK$3 million utilized, and the remaining expected to be fully used by the end of 2023[185] - Total net proceeds available were HK$460 million, with HK$249 million utilized and HK$211 million remaining as of June 30, 2021[185] Corporate Governance - The company is committed to high standards of corporate governance, having adopted the Corporate Governance Code as its own[195] - The company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the reporting period[196]

COVID-19 Response - The Group actively responded to the COVID-19 pandemic, with over 1,000 employees maintaining their posts to ensure community safety during the crisis[27]. - The Group is committed to social responsibility, particularly during challenging times like the pandemic[27]. - The company has focused on enhancing customer satisfaction and brand image, which has been crucial during the pandemic[68]. - The company has strengthened its property management and pandemic prevention standards to ensure community safety and support residents' needs[72]. Business Expansion and Market Position - The Group aims to continue expanding its business across China, enhancing its service quality and customer satisfaction[3]. - The Group's ongoing development includes exploring new technologies and expanding its market presence through potential acquisitions[3]. - The overall strategy focuses on penetrating the Greater Jiangsu Region and expanding into major metropolitan areas, leveraging a "residential + commercial" two-wheel drive model[30]. - The Group entered into equity cooperation with Chuzhou Yurun Property Management Company and Wuhan Huidehang Elite Property Service, enhancing market share in Anhui and Hubei[35]. - The company aims to expand its business scale and market share by focusing on the Greater Jiangsu Region and the Yangtze River Delta, while actively seeking acquisition opportunities in central China, southwestern China, and the Greater Bay Area[190][192]. Financial Performance - The Group achieved revenue of RMB 767.9 million, representing an increase of 52.7% compared to the corresponding period in 2019, with community value-added services revenue increasing significantly by 310.9%[31]. - The Group's profit for the period amounted to RMB 93.3 million, an increase of 63.5% compared to RMB 57.1 million for the corresponding period in 2019, excluding listing expenses[31]. - The overall gross profit margin reached 27.9%, an increase of 2.6 percentage points compared to 2019, while the net profit margin increased by 0.9 percentage points to 12.2%[31]. - The Group's revenue for the reporting period was RMB 767.9 million, representing a 52.7% increase compared to RMB 503.0 million for the same period in 2019[80]. - Profit for the period was RMB 73.3 million, an increase of 28.5% from RMB 57.1 million in the corresponding period of 2019[80]. - Adjusted profit, excluding listing expenses, was RMB 93.3 million, a significant increase of 63.5% compared to RMB 57.1 million for the same period in 2019[80]. Property Management and Services - The portfolio of managed properties includes residential, commercial, and other properties, providing a wide range of services such as security, cleaning, and facility management[21]. - Property management services accounted for 64.6% of total revenue, while value-added services to non-property owners contributed 21.0%[96]. - Community value-added services generated RMB 110.4 million, which is 14.4% of total revenue, a significant increase from RMB 26.9 million in the previous year[96]. - The Group managed 159 projects with a contracted GFA of approximately 39.9 million sq.m., which increased by approximately 44.6% compared to the previous year[81]. - The number of projects managed increased to 159 in 2020 from 94 in 2019[113]. - Revenue from residential properties was RMB292.7 million, while commercial properties generated RMB194.5 million in revenue[113]. Technology and Innovation - The Group launched the "Rejuvenation with Heart and Love for Family Plan" in 2020, engaging over 300,000 property owners in various community activities[41]. - The Red Life APP was introduced to enhance property owners' happiness index by providing innovative value-added services[42]. - The Group collaborated with Alipay to build an online customer platform, integrating offline and online resources for improved customer service[43]. - The company has implemented the Redsun Smart Town initiative, enhancing customer experience and operational efficiency through interconnected information systems[47]. - The company has leveraged technology to create a smart community, enhancing customer service and operational capabilities[48]. - Investment in intelligent technology will be increased to improve the quality and operational efficiency of the communities served, aligning with the company's motto of "making lives warmer"[200]. Awards and Recognition - In 2020, the company was ranked No. 25 among the "Top 100 Property Management Companies" in China, improving its position by 10 places compared to 2019[49]. - The company has received multiple awards in 2020, including recognition as a "Potential Unicorn Property Service Company" and "Blue Chip Property Company with Outstanding Investment Value"[49]. - The Company has been recognized as one of the top 100 property service providers in China, improving its industry ranking by 10 places to 25th[77]. Financial Health and Liquidity - As of December 31, 2020, current assets amounted to RMB1,016.7 million, a significant increase from RMB502.6 million as of December 31, 2019[158]. - Cash and bank balances increased by 361.3% to RMB826.3 million from RMB179.1 million as of December 31, 2019[158]. - The Group maintained a current ratio of 2.70 as of December 31, 2020, significantly up from 1.57 as of December 31, 2019, indicating improved liquidity[161]. - The asset-liability ratio decreased to 35.0% as of December 31, 2020, from 59.7% as of December 31, 2019, reflecting a stronger capital position[161]. - The Group had no bank borrowings as of December 31, 2020, and December 31, 2019, maintaining a sound capital structure[162].

★ ★ INTERIM REPORT 中期報告 NN NE WILLING O RSUN SERVICE REDSUN SERVICES GROUP LIMITED 弘陽服務集團有限公司 (incorporated in the Cayman Islands with limited liability) (於関曼群島註冊成立的有限公司) Stock Code 股份代號：1971 * 29 Independent Review Report 獨立審閱報告 31 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收入表 錄 CONTENT S 32 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 02 Corporate Information 公司資料 34 Interim Condensed Consolidated Statement of Chang ...