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 的 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 C&D Property Management Group Co., Ltd 建發物業管理集團有限公司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company achieved a revenue of approximately RMB 3,569.3 million, representing a year-on-year growth of 55.8%[8] - The net profit attributable to equity owners was RMB 467.3 million, reflecting a year-on-year growth of 89.0%[8] - Total revenue for the year ended December 31, 2023, was approximately RMB 3,569.3 million, an increase of about 55.8% compared to RMB 2,290.5 million for the year ended December 31, 2022[45] - Property management service revenue was approximately RMB 1,418.0 million, with a year-on-year increase of 36.8%[8] - The revenue from property management services for the year ended December 31, 2023, was RMB 1,418,002 thousand, compared to RMB 1,036,175 thousand for the year ended December 31, 2022, reflecting a significant increase[32] - Community value-added and collaborative services revenue increased by approximately 189.0% to about RMB 1,374.8 million, primarily due to the delivery of housing hard decoration services generating revenue of approximately RMB 683.6 million, up from RMB 26.9 million[47] - Non-owner value-added services revenue decreased by approximately 6.3% to about RMB 707.1 million, mainly due to a reduction in required sales centers by cooperating real estate developers for cost-saving reasons[41] Operational Growth - The total contracted management area reached 101.8 million square meters, a year-on-year increase of 12.4%[11] - The area under management increased to 61.4 million square meters, marking a year-on-year growth of 33.0%[11] - New external contracts amounted to RMB 827.9 million, representing a year-on-year growth of 7.8%[11] - The company has expanded its property management portfolio to cover 63 cities across 16 provinces, with a total managed area of approximately 61.4 million square meters[24] - The number of contracted projects increased to 659, representing a growth of approximately 12.8% from 584 projects as of December 31, 2022[26] - The managed construction area reached approximately 61.4 million square meters, up about 33.0% from 46.2 million square meters as of December 31, 2022[26] Strategic Initiatives - The company emphasizes a customer-centric development strategy to drive high-quality growth amidst challenging market conditions[7] - The company aims to enhance service quality and customer satisfaction through a series of initiatives focused on improving standards and operational efficiency[16] - The company plans to explore expansion opportunities in first-tier and strong third-tier cities while maintaining profitability and safety standards[17] - The company aims to diversify its property management portfolio by extending services to various non-residential properties, including commercial buildings and public facilities[33] - The company will continue to push for technological innovation and application to enhance living experiences and management efficiency in 2024[19] Technological Innovation - The company has completed the digitalization of cleaning work orders, optimizing the human-machine combination model to enhance management efficiency and reduce costs[14] - The company has applied for 15 patents and registered 14 software copyrights to support technological innovation in smart community services[12] - The company encourages technological innovation to enhance efficiency and satisfaction, promoting a management model focused on continuous improvement[72] Corporate Governance - The company has a strong focus on enhancing corporate governance and compliance with the Hong Kong Companies Ordinance[81] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independent judgment and oversight[148] - The company has established a mechanism for evaluating board independence, which has been reviewed and found satisfactory during the reporting period[154] - The board is committed to maintaining a diverse composition, considering various factors such as age, gender, and professional experience in its evaluations[171] Shareholder Engagement - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[184] - Key concerns from shareholders include financial performance, operational transparency, risk management, and investor rights[197] - The company has reviewed its shareholder communication policy and expressed satisfaction with its implementation and effectiveness[185] Risk Management - The company has implemented various risk management procedures, including risk identification, analysis, response, monitoring, and reporting processes[172] - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve strategic objectives[172] - The company has established a whistleblowing policy for employees to report misconduct confidentially and anonymously[173] Employee and Customer Focus - Employee engagement surveys and feedback platforms are utilized to address career development, compensation, and workplace safety[197] - Customer satisfaction is prioritized, focusing on product quality, service quality, and customer privacy protection[197] ESG Commitment - The company has established a multi-level ESG governance structure, with the board of directors responsible for overseeing ESG strategies and reporting[194] - The company is committed to sustainable development, integrating economic growth, social harmony, and environmental sustainability into its business operations[192] - The ESG report covers the period from January 1, 2023, to December 31, 2023, detailing the company's property management services and community value-added services[188]

F源证券 房地产/房地产服务 公 司 研 究 建发物业（02156.HK） 2024 年 03 月 25 日 全年业绩实现同比高增，业务多元化硕果累累 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/25 | | 当前股价 ( 港元 ) | 3.090 | | 一年最高最低 ( 港元 ) | 5.200/2.840 | | 总市值 ( 亿港元 ) | 43.52 | | 流通市值 ( 亿港元 ) | 43.52 | | 总股本 ( 亿股 ) | 14.08 | | 流通港股 ( 亿股 ) | 14.08 | | 近 3 个月换手率 (%) | 6.01 | 齐东（分析师） qidong@kysec.cn 证书编号：S0790522010002 全年业绩实现同比高增，业务多元化硕果累累，维持"买入"评级 建发物业发布 2023 年年报，实现营收/归母净利润为 35.7/4.7 亿元，同比增长 55.8%/89.0%；毛、净利率分别为 28.1%、15.3%，分别增长 4. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.57 billion yuan in 2023, representing a year-on-year growth of 55.8%, and a net profit attributable to shareholders of 467.35 million yuan, up 89.0% year-on-year, exceeding market expectations [3] - The significant revenue growth is attributed to the delivery of hard decoration services, which boosted the gross margin from 23.4% in 2022 to 28.1% in 2023 [3] - The company continues to see strong growth in community value-added services, which became the second-largest business segment, accounting for 38.5% of total revenue, with a year-on-year increase of 17.7% [3] - The company has a stable supply from its major shareholder, with a steady increase in managed area and multiple community value-added services contributing to overall stable gross margins [3] Summary by Sections Financial Performance - Total revenue for 2023 was 3,569 million yuan, with a year-on-year increase of 55.83% - Net profit attributable to shareholders was 467.35 million yuan, reflecting a year-on-year growth of 89.05% - Earnings per share (EPS) for 2023 was 0.33 yuan, with a projected EPS of 0.42 yuan for 2024 [2][3] Business Segments - Property management service revenue reached 1.42 billion yuan, up 36.8% year-on-year - Community value-added service revenue was 1.37 billion yuan, showing a remarkable growth of 189.0% - Non-owner value-added service revenue decreased by 6.3% to 710 million yuan, while commercial management service revenue increased by 188.3% to 70 million yuan [3] Market Position and Strategy - As of the end of 2023, the company managed a total area of 61.4 million square meters, a 33.0% increase from the previous year, with a contract-to-managed area ratio of 1.66 times [3] - The company has expanded its presence to 63 cities, with 19 cities having a contract area exceeding one million square meters [3] - The company’s community value-added services, including home beautification, achieved a revenue of 750 million yuan, growing 984% year-on-year [3] Dividend Policy - The company declared a dividend of 0.26 HKD per share for 2023, including a special dividend of 0.1 HKD, resulting in a payout ratio of 71% and a dividend yield of 8.2% based on the closing price on March 22, 2024 [3]

2024年3月21日，公司发布2023年全年业绩：实现营业收入35.69 亿元，同比+55.8%；归母净利润4.67 亿元，同比+89.0% 营收符合预期、归母净利润超预期。公司营收高增基本符合预 期，主要由于3个项目的房屋硬装业务按时交付结转，带来增 量收入约 6.84亿元。归母净利润增速高于收入增速，主要由于 硬装业务毛利率较高，带动整体毛利率上升，公司2023年毛利 率 28.1%，同比+4.7pct。 收入结构多元健康。2023 年公司社区增值服务、非业主增值服务、 基础物管服务、商业运营管理四大业务的收入占比分别为38.5%、 19.8%、39.7%、2.0%，较 2022 年分别+17.7pct、-13.1pct、-5.6pct、 +1.0pct。社区增值服务及商业运营管理服务收入占比呈上升趋 势，非业主增值服务收入占比下降，收入结构逐渐改善中。 港币(元) 成交金额(百万元) 社区增值服务多业务发展迅速。2023 年公司社区增值服务实现收 6.00 70 入13.75 亿元，同比+189.0%。其中，家居美化服务、智能社区服 60 5.00 50 务、到家服务、零售业务表现突出，分别实现约7.4 ...

Financial Performance - The group's revenue for the year was approximately RMB 3,569.3 million, an increase of about 55.8% compared to RMB 2,290.5 million for the year ended December 31, 2022[2]. - The group's gross profit for the year was approximately RMB 1,001.5 million, representing an increase of about 86.5% from RMB 537.0 million for the year ended December 31, 2022, with a gross profit margin of approximately 28.1%, up 4.7 percentage points from 23.4% in the previous fiscal year[2]. - The group's net profit for the year was approximately RMB 547.3 million, a growth of about 117.8% compared to RMB 251.3 million for the year ended December 31, 2022, with profit attributable to equity holders of the company at approximately RMB 467.3 million, an increase of about 89.0% from RMB 247.2 million[2]. - The total comprehensive income for the year was RMB 558.5 million, compared to RMB 285.3 million for the previous year[4]. - Basic earnings per share attributable to equity holders of the company was RMB 0.35, compared to RMB 0.19 for the previous year[6]. - The total revenue for the year 2023 reached RMB 50,500,000, compared to RMB 23,164,000 in 2022, indicating a significant increase[37]. - The net profit attributable to equity holders for 2023 was RMB 467,347,000, up from RMB 247,212,000 in 2022, representing an increase of approximately 89%[42]. - Basic earnings per share for 2023 were RMB 0.35, compared to RMB 0.19 in 2022, reflecting a growth of 84%[41]. - The total income tax expense for 2023 was RMB 180,151,000, significantly higher than RMB 73,391,000 in 2022, indicating increased profitability[40]. Dividends - The board proposed a final dividend of HKD 0.16 per share, compared to HKD 0.1 per share for the previous year, along with a special dividend of HKD 0.1 per share to celebrate the company's third anniversary of listing[2]. - The company plans to distribute a final dividend of HKD 0.16 per share and a special dividend of HKD 0.10 per share, totaling approximately RMB 331,811,000[45]. - The total estimated payout for the final and special dividends is approximately HKD 366,149,000, equivalent to about RMB 331,811,000[102]. - The annual general meeting is scheduled for May 24, 2024, where the proposed dividends will be subject to shareholder approval[103]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 3,605.5 million, compared to RMB 3,156.9 million as of December 31, 2022[10]. - The total liabilities as of December 31, 2023, were RMB 1,905.3 million, compared to RMB 2,005.5 million as of December 31, 2022[10]. - The cash and cash equivalents as of December 31, 2023, were RMB 2,952.4 million, an increase from RMB 2,703.1 million as of December 31, 2022[10]. - Non-current liabilities increased to RMB 66,184 thousand from RMB 28,409 thousand, representing a growth of 132%[11]. - Total assets increased to RMB 1,831,664 thousand from RMB 1,272,703 thousand, reflecting a growth of 43.8%[11]. - The company's equity attributable to owners increased to RMB 1,726,141 thousand from RMB 1,245,757 thousand, a rise of 38.5%[11]. - The company's asset-liability ratio was approximately 51.8% as of December 31, 2023, down from 61.5% on December 31, 2022[90]. - As of December 31, 2023, the company's interest-bearing borrowings were approximately RMB 19.6 million, compared to RMB 10.0 million on December 31, 2022[90]. Revenue Breakdown - Revenue from property management services was RMB 1,418,002 thousand, while commercial property operation management services generated RMB 69,327 thousand for the year 2023[21]. - The contribution from Xiamen Construction Development and its related entities accounted for 33.1% of the group's total revenue, down from 37.5% in 2022[22]. - The total recognized revenue for property management services in 2023 was RMB 262,506,000, compared to RMB 184,030,000 in 2022, representing an increase of 42.6%[26]. - Community value-added and collaborative services generated revenue of RMB 703,761,000 in 2023, a significant increase from RMB 70,690,000 in 2022, reflecting a growth of 894.5%[26]. - The total revenue for the year ended December 31, 2023, was RMB 1,418,002 thousand, compared to RMB 1,036,175 thousand for the year ended December 31, 2022, indicating a strong growth trajectory[58]. - Revenue from residential properties accounted for 78.4% of total revenue, amounting to RMB 1,112,349 thousand, while non-residential properties contributed 21.6% with revenue of RMB 305,653 thousand[60]. - The community value-added and collaborative services segment contributed 38.5% to total revenue, with a revenue of RMB 1,374.8 million[72]. - Revenue from community value-added and collaborative services increased from approximately RMB 475.8 million to about RMB 1,374.8 million, a growth of approximately 189.0%[73]. Operational Highlights - The total contracted management area for property management services was approximately 101.8 million square meters as of December 31, 2023, an increase of about 12.4% from 90.6 million square meters as of December 31, 2022[2]. - The company has not engaged in any business operations since its incorporation, focusing primarily on property management services in China[12]. - The company operates four main business lines: property management services, community value-added and collaborative services, non-owner value-added services, and commercial property operation management services[47]. - The company aims to become a leading property management service provider in China, adhering to the service philosophy of providing high-quality living spaces[47]. - The company continues to expand its service offerings and geographical reach to enhance its market position[47]. - The company has diversified its property management services to include non-residential properties, with a contracted area of approximately 7.8 million square meters, a significant increase of about 40.7% from 5.5 million square meters as of December 31, 2022[59]. - The company aims to enhance basic service quality to improve customer satisfaction and maintain stable cash flow and business fundamentals[98]. - The strategic focus includes transitioning from residential to non-residential services, optimizing service structure, and enhancing competitive advantages in non-residential sectors[99]. Governance and Compliance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[14]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's consolidated financial statements for the year[108]. - The auditors have confirmed that the preliminary performance data aligns with the amounts in the draft consolidated financial statements for the year ending December 31, 2023[109]. - The company maintains high corporate governance standards to protect shareholder interests and enhance corporate value, adhering to all applicable principles and rules[106]. - The company has adopted the standard rules for securities trading by directors as per the listing rules, confirming compliance throughout the year[105].

隐证券 房地产/房地产服务 公 司 研 究 建发物业（02156.HK） 2024 年 03 月 04 日 资源优渥，品质先行，未来业绩增长可期 ——港股公司首次覆盖报告 投资评级：买入（首次） 齐东（分析师） qidong@kysec.cn 证书编号：S0790522010002 资源优渥，品质先行，未来业绩增长可期，首次覆盖给予"买入"评级 建发物业成立于 1995 年 6 月，是世界 500 强厦门建发集团下属的物业管理公司。公 司目前拥有四条主要业务线，不仅为多业态提供高品质物业服务，还积极开展增值 服务拓展业绩增量空间。我们预计公司 2023-2025 年营收分别为 32.0 亿元、44.7 亿 元、59.9 亿元，同比增速分别为 39.6%、39.8%、34.0%；归母净利润分别为 4.2、5.5、 7.5 亿元，同比增速分别为 71.7%、30.0%、35.5%；摊薄后 EPS 分别为 0.30、0.39、 0.53 元，当前股价对应 PE 为 10.7、8.2、6.1 倍。首次覆盖给予"买入"评级。 背靠厦门国资委，股权激励彰显发展信心 公司一直是厦门建发集团成员企业，截至 2023 年 6 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 1,372,997 thousand, representing a 37.7% increase from RMB 997,018 thousand in the same period of 2022[6] - Gross profit for the same period was RMB 351,739 thousand, up 37.5% from RMB 255,649 thousand year-on-year[6] - Net profit for the period was RMB 175,863 thousand, an increase of 32% compared to RMB 133,335 thousand in the previous year[7] - Basic earnings per share for the period was RMB 0.13, compared to RMB 0.10 in the same period last year, reflecting a 30% increase[7] - The company reported a total comprehensive income of RMB 210,038 thousand for the period, up 36.2% from RMB 154,276 thousand in the previous year[7] - The company reported a profit attributable to equity holders of RMB 171,907,000 for the six months ended June 30, 2023, compared to RMB 130,420,000 for the same period in 2022, representing a year-on-year increase of approximately 31.8%[33] - Profit before tax increased by approximately 31.3% to RMB 235.4 million compared to RMB 179.2 million in the same period last year[84] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 3,553,164 thousand, compared to RMB 3,156,916 thousand as of December 31, 2022, indicating a growth of 12.5%[9] - Current liabilities rose to RMB 2,223,003 thousand from RMB 2,005,461 thousand, reflecting an increase of 10.9%[9] - The company’s total liabilities as of June 30, 2023, were RMB 1,424,815,000, compared to RMB 1,128,034,000 as of June 30, 2022, indicating an increase of approximately 26.3%[11] - The company’s retained earnings as of June 30, 2023, were RMB 652,190,000, an increase from RMB 404,978,000 as of June 30, 2022, representing a growth of approximately 60.8%[11] - The company’s non-current assets totaled RMB 157,556 thousand as of June 30, 2023, compared to RMB 149,657 thousand at the end of 2022, showing an increase of 5.9%[8] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2023, was RMB (56,890,000), a significant improvement compared to RMB (312,486,000) for the same period in 2022[12] - The company reported a net cash generated from investing activities of RMB 10,144,000 for the six months ended June 30, 2023, compared to RMB 9,427,000 for the same period in 2022, showing a slight increase of 7.6%[12] - Cash and cash equivalents decreased to RMB 2,651,826,000 as of June 30, 2023, from RMB 1,956,998,000 as of June 30, 2022, indicating a decrease of approximately 26.5%[12] - The company’s cash and cash equivalents amounted to RMB 2,651,826,000 as of June 30, 2023, a slight decrease from RMB 2,703,119,000 as of December 31, 2022[40] Revenue Breakdown - Revenue from property management services was RMB 653,946 thousand, up 37.5% from RMB 475,113 thousand in the previous year[22] - Revenue from community value-added and collaborative services reached RMB 217,723 thousand, a significant increase of 157.5% from RMB 84,482 thousand in the previous year[22] - Revenue from residential property management services was RMB 519.7 million, accounting for 79.5% of total revenue, compared to RMB 352.6 million and 74.2% in the previous year[67] - Revenue from non-residential property management services was RMB 134.2 million, representing 20.5% of total revenue, compared to RMB 122.5 million and 25.8% in the previous year[67] Operational Highlights - The company plans to continue expanding its urban service operations in the PRC, focusing on enhancing service quality and operational efficiency[5] - The company aims to become a leading property management service provider in China, focusing on expanding its service offerings and market share[56] - The company serves over 300,000 households across 61 cities in 16 provinces, municipalities, and autonomous regions in China[58] - The company is focused on enhancing its technological capabilities in smart community services and promoting home service recommendations to improve customer retention[71] Shareholder Information - Major shareholder Jianfa International holds 506,652,388 shares, representing 37.72% of the issued shares[111] - The company has approved a restricted share incentive plan allowing the issuance of 35,300,000 ordinary shares[106] - The company has issued 100,000,000 ordinary shares under the 2022 restricted share incentive plan[109] - The total number of unvested restricted shares as of June 30, 2023, is 33,950,000, after accounting for 200,000 shares that became invalid due to employee departures[117] Corporate Governance - The audit committee has reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards[123] - The company has maintained high standards of corporate governance and has adhered to all applicable principles and code provisions during the period[121] - There were no significant changes in business development, financial condition, or future prospects since the last annual report[121]

Financial Performance - The group's revenue for the period was approximately RMB 1,373.0 million, an increase of about 37.7% compared to RMB 997.0 million in the same period last year[2]. - The group's gross profit for the period was approximately RMB 351.7 million, reflecting a growth of about 37.6% from RMB 255.6 million in the same period last year, with a gross profit margin of approximately 25.6%[2]. - The group's profit for the period was approximately RMB 175.9 million, up about 31.9% from RMB 133.3 million in the same period last year, with profit attributable to equity holders of the company at approximately RMB 171.9 million, an increase of about 31.8%[2]. - The total comprehensive income for the period was RMB 210.0 million, compared to RMB 154.3 million in the same period last year[4]. - The basic and diluted earnings per share attributable to equity holders of the company were both RMB 0.13, compared to RMB 0.10 in the same period last year[6]. - The company reported a significant increase in revenue from independent third-party projects, which contributed RMB 265.770 million, representing 40.6% of total revenue[52]. - The total income tax expense for the six months ended June 30, 2023, was RMB 59,490,000, compared to RMB 45,845,000 for the same period in 2022, representing an increase of 29.7%[34]. - Profit before tax increased by approximately 31.3% to RMB 235.4 million from RMB 179.2 million in the same period last year[75]. - Profit attributable to equity holders increased by approximately 31.8% to RMB 171.9 million from RMB 130.4 million in the same period last year[77]. Revenue Breakdown - For the six months ended June 30, 2023, the group's revenue from property management services was RMB 653,946,000, an increase from RMB 475,113,000 in the same period last year, representing a growth of approximately 37.5%[18]. - Revenue from value-added services, including community value-added and collaborative services, was RMB 217,723,000 for the six months ended June 30, 2023, compared to RMB 84,482,000 in the previous year, reflecting a significant increase of approximately 157.5%[18]. - Revenue from residential property management services accounted for 79.5% of total revenue, amounting to RMB 519.746 million, compared to 74.2% and RMB 352.609 million in the previous year[55]. - The group's community value-added and collaborative service revenue reached approximately RMB 356.2 million, an increase of about 94.3% compared to RMB 183.3 million in the same period last year[59]. - Revenue from smart community services was RMB 79.4 million, a 22.3% contribution to total revenue, compared to RMB 37.8 million and 20.6% in the previous year[61]. Assets and Liabilities - Non-current assets as of June 30, 2023, totaled RMB 157.6 million, an increase from RMB 149.7 million as of December 31, 2022[7]. - The total assets minus current liabilities increased to CNY 1,487,717 thousand from CNY 1,301,112 thousand, reflecting a growth of about 14.3% year-over-year[8]. - The company's net asset value rose to CNY 1,454,469 thousand, up from CNY 1,272,703 thousand, indicating an increase of approximately 14.3% compared to the previous year[9]. - Current liabilities, including trade and other payables, increased to CNY 2,223,003 thousand from CNY 2,005,461 thousand, marking an increase of about 10.9%[8]. - The company's total liabilities increased to CNY 2,223,003 thousand from CNY 2,005,461 thousand, indicating a rise of approximately 10.9%[8]. - The company's non-current liabilities, including lease liabilities, increased to CNY 17,296 thousand from CNY 11,972 thousand, representing a growth of about 44.1%[9]. Cash Flow and Financing - The net cash inflow from operating activities for the period was approximately RMB (56.9) million, an increase of about RMB 255.6 million compared to RMB (312.5) million in the same period last year[2]. - The company reported a net financing income of approximately RMB 39.6 million, compared to RMB 34.3 million in the same period last year[5]. - The company's cash deposits received amounted to RMB 188,529 thousand as of June 30, 2023, compared to RMB 156,144 thousand as of December 31, 2022, reflecting an increase of 20.7%[28]. - The company's debt as of June 30, 2023, was RMB 10.0 million, unchanged from December 31, 2022, with no outstanding loans or similar liabilities[83]. Operational Highlights - The total contracted management area of the group's property management services as of June 30, 2023, was approximately 94.0 million square meters, representing a growth of about 3.8% from approximately 90.6 million square meters as of December 31, 2022[2]. - The area under management reached approximately 50.6 million square meters, with 382 projects, reflecting a growth of approximately 9.5% and 8.2% in managed area and project count, respectively, compared to December 31, 2022[46]. - The company provides services to over 300,000 households[47]. - The geographical coverage includes 33 cities for the managed projects, with 382 projects under management as of June 30, 2023[47]. - The company continues to expand its service offerings across various business lines, including property management services and community value-added services[44]. Strategic Initiatives - The company aims to enhance service quality and efficiency by focusing on core business and increasing technology investment in response to market challenges[42]. - The company plans to continue enhancing service quality and operational efficiency, focusing on market expansion and value-added services in the second half of 2023[90]. - The company aims to strengthen its service quality and customer satisfaction through refined management and customer-centric service philosophy[91]. - The company continues to deepen its focus on urban development, enhancing project density and promoting scalable growth[92]. - Emphasis on technology-driven property management to improve operational efficiency and customer experience through digitalization[93]. Market Position - The company was ranked 25th in the "Top 100 Property Service Enterprises in China" by the China Index Academy, improving by 5 positions from the previous year[43]. - The group has a significant reliance on the Chinese market, with all revenue generated from operations within China for the reporting period[17]. - The group has no single customer contributing more than 10% of total revenue, indicating a diversified customer base[16].

Financial Performance - The company achieved a revenue of approximately RMB 2,290.5 million for the year, representing a year-on-year growth of about 47.1%[9] - The net profit attributable to equity owners for the year was approximately RMB 247.2 million, marking a year-on-year increase of about 55.1%[9] - Gross profit increased by approximately 37.9% to RMB 537.0 million, with a gross profit margin of about 25.0%[52] - The company's net financing income increased by approximately 230.4%, from RMB 21.5 million to RMB 71.1 million[56] - Cash and cash equivalents increased by approximately 19.5% to RMB 2,703.1 million, up from RMB 2,261.4 million[62] - Trade and other receivables rose by approximately 77.7%, from RMB 201.5 million to RMB 358.1 million, due to business expansion[61] - Trade and other payables increased from approximately RMB 732.8 million to RMB 941.2 million, representing an increase of about 28.4% due to expanded property management scale and increased employee count[63] - Contract liabilities rose to approximately RMB 990.1 million, up from RMB 787.3 million, an increase of about RMB 202.8 million, primarily due to an increase in managed projects and prepayments for home improvement services[64] - Net cash generated from operating activities decreased by approximately 44.1% to RMB 495.7 million from RMB 886.5 million, mainly due to reduced cash inflows from home improvement service prepayments[65] Revenue Breakdown - Revenue from basic property management services was approximately RMB 1,036.2 million, with a year-on-year increase of about 36.6%[9] - Community value-added and collaborative services revenue reached approximately RMB 475.8 million, showing a significant growth of 87.3% year-on-year[9] - Non-owner value-added services generated approximately RMB 754.5 million, reflecting a year-on-year growth of 38.7%[9] - Revenue from residential properties accounted for 76.1% of total revenue, amounting to RMB 788,948 thousand, while non-residential properties contributed 23.9% with RMB 247,227 thousand[39] - The revenue from the flat-rate service model was RMB 1,012,208 thousand, representing 97.7% of total revenue, while the fee-based service model contributed RMB 23,967 thousand, or 2.3%[42] Service Expansion and Strategy - The company successfully introduced commercial property operation management services, generating revenue of approximately RMB 24.0 million during the year[9] - The company launched commercial property operation management services in September 2022, creating a dual-driven development model of "residential + commercial management"[26] - The company aims to enhance service quality and efficiency while pursuing growth, focusing on a balanced development strategy[26] - The company is expanding its service offerings, including home life services and smart community services, to enhance customer satisfaction and revenue sources[43] - The company aims to deepen its focus on key cities while ensuring profitability and safety, with a strategy to enhance property management in both primary and secondary markets[19] Customer and Market Engagement - The group served over 280,000 households, primarily targeting mid-to-high-end customers, establishing a solid foundation for community value-added and collaborative services[13] - The company emphasized a customer-centric development strategy, focusing on high-quality service and operational efficiency[8] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth[87] - The company will hold its annual general meeting on May 30, 2023, to approve the proposed final dividend[88] Corporate Governance and Management - The board of directors is committed to high standards of corporate governance, ensuring shareholder interests and enhancing corporate value[143] - The company has established a corporate governance framework based on the principles and code provisions of the Corporate Governance Code[143] - The independent non-executive directors confirmed that the ongoing connected transactions were conducted in the ordinary course of business and on fair commercial terms[125] - The company has established various risk management procedures, including risk identification, analysis, response, monitoring, and reporting processes[172] ESG and Sustainability - The ESG report for 2022 is the third report released by the group, showcasing its management, actions, and performance in ESG aspects[187] - The company emphasizes the importance of ESG management, establishing a multi-level governance structure led by the board of directors[196] - The company has integrated ESG risks into its overall risk management system and conducts regular risk assessments[199] - The company is committed to enhancing communication mechanisms with stakeholders, ensuring transparency and effectiveness[200]