6月21日夏至当天，香港天文台录得的最高温度追平了1980年的"最热夏至"。而共享这"热浪"的，还有港交所。 三年河东，三年河西。赴港IPO热浪袭来。截至上半年，已有43家顺利登陆港股，而去年同期仅为30家。与此同时，上半年港股IPO募集资金达到1067.14亿 港元，超过去年全年的876.77亿港元，募资规模位居全球榜首。 以新消费、硬科技等企业为代表，闯关港交所早已超越单纯融资行为，成为观察港股生态变迁的窗口。从2023年的冰点到2024年的拐点，再到2025年的沸 点，天时、地利、人和氤氲在一起，促成这场IPO盛宴的到来。 何以至此？钱从哪来，走向何方？千军万马赴港上市的热潮之下，是昙花一现，还是繁花再现。 | 最新發佈 > 日期 | 申請人 | | --- | --- | | 04/07/2025 | 濰柴雷沃智慧農業科技股份有限公司 | | | 04/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 20/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 20/06/2025 整體協調人公告 - 委任 吧 | | 03/07/2 ...

大摩在最新报告里面高调唱多了中国资产，并表示外资正在FOMO。摩根士丹利表示，此前，国际投资 者一度担心，由于对先进芯片、人工智能（AI）技术的获取方面受限，中国将在科技竞争力方面落后 于全球。但最近，中国在人工智能和其他领域都取得了重大突破，这让国际投资者们开始重新考量中国 股票的前景，并将投资中国纳入考虑范畴。 正所谓英雄所见略同，猫哥和外资观点一致并非偶然。记住猫哥的那句话，每一次下跌都是抄底上车的 机会，猫哥对恒指27000的目标价暂时不会改变，如果你把握不住这次机会，等中国资产腾飞的时候， 可能只能在场外踏空，看着猫哥持续盈利了。 细心的朋友应该发现了，虽然很多大盘股都跌的比较多，但今天的港股赚钱效应其实很好，像平安好医 生大涨超10%、金山软件涨了接近7%，美图公司也是创了理性新高，还有汇量科技也在持续上涨，这 些公司都有一个共同的特征，那就是AI软件股。 今天港股表现不佳，猫哥是亏了钱，但猫哥还是很开心，因为终于迎来抄底的机会了。猫哥前几天就说 了，现在最郁闷的是港股跌幅太小了，今天终于有了像样的回调，猫哥希望港股这几天还能继续跌一 跌，最好是跌到23800附近。 中国创新药的"Deepseek ...

Financial Performance - The Group's revenue for the year ended December 31, 2023, was approximately RMB1,530.2 million, reflecting a slight increase of 0.1% compared to RMB1,528.2 million in the previous year[15]. - Revenue from City Operation Services was approximately RMB879.5 million, accounting for 57.5% of total revenue, with a growth of 0.8% from RMB872.1 million[15]. - Revenue from Lifestyle Services decreased by 3.8% to approximately RMB213.6 million, representing 14.0% of total revenue[15]. - Gross profit was approximately RMB207.9 million, down 2.3% from RMB212.9 million, with a gross profit margin of 13.6%, a decrease of 0.3 percentage points[16]. - The Group reported a loss of approximately RMB61.6 million for the reporting period, with a loss attributable to owners of the Company of approximately RMB66.9 million[16]. - The Group's total revenue for the year ended December 31, 2024, was approximately RMB1,530.2 million, representing an increase of approximately RMB2.0 million or 0.1% compared to RMB1,528.2 million for the previous year[67]. Revenue Breakdown - Revenue from property projects sourced from Dima Group was RMB 397.2 million, accounting for 45.1% of total revenue for the year ended December 31, 2024[33]. - Revenue from property projects sourced from Independent Third Parties was RMB 431.4 million, representing 49.1% of total revenue for the same period[33]. - Revenue from residential properties was RMB 600.8 million, representing 68.3% of total revenue, while non-residential properties generated RMB 278.7 million, representing 31.7%[42]. - Revenue from comprehensive foreign affairs related services increased by approximately 6.2% to approximately RMB188.2 million, up from RMB177.2 million in the same period last year[56]. - Revenue from comprehensive medical related services rose by approximately 23.8% to approximately RMB88.6 million, compared to RMB71.6 million in the previous year[59]. - Revenue from comprehensive digital and intelligent technology services decreased by approximately 51.3% to approximately RMB11.2 million, down from RMB23.0 million in the same period last year[60]. - Revenue from comprehensive elderly care services increased by approximately 18.3% to approximately RMB53.3 million, compared to RMB45.0 million in the previous year[61]. - Revenue from comprehensive consultation management services decreased by approximately 18.3% to approximately RMB95.8 million, down from RMB117.2 million in the previous year[62]. Operational Metrics - As of December 31, 2024, the Group managed 625 property projects with a total GFA of approximately 62.0 million sq.m. across 80 cities in China[18]. - The Group was contracted to manage 648 property projects with a total GFA of approximately 69.4 million sq.m. in 82 cities[18]. - The GFA under management from projects sourced from Dima Group reached approximately 17.6 million sq.m., representing a 4.8% increase compared to December 31, 2023[27][30]. - The GFA under management from Independent Third Parties was approximately 31.5 million sq.m., showing a decrease of 1.4% compared to December 31, 2023[27][30]. - GFA under management for residential properties was approximately 39.8 million sq.m., accounting for 75.0% of the total GFA, which grew by 4.5 percentage points compared to 2023[38]. - GFA under management for non-residential properties was approximately 13.2 million sq.m., accounting for 25.0% of the total GFA, which decreased by 4.5 percentage points compared to 2023[39]. - The number of projects managed increased from 347 in 2023 to 383 in 2024, indicating a growth in operational scale[42]. Cost and Profitability - The Group's gross profit decreased by approximately 2.3% from approximately RMB212.9 million for the year ended December 31, 2023, to approximately RMB207.9 million for the year ended December 31, 2024[73]. - The Group's cost of sales increased by approximately RMB6.9 million or 0.5% to approximately RMB1,322.3 million from approximately RMB1,315.4 million for the year ended December 31, 2023[72]. - The Group's overall gross profit margin decreased to approximately 13.6% for the year ended 31 December 2024, down from approximately 13.9% for the year ended 31 December 2023, primarily due to increased competition leading to reduced revenue from higher-margin businesses[77][79]. - The gross profit margin for Lifestyle Services was approximately 21.2%, a decrease from approximately 21.7% for the year ended 31 December 2023, attributed to lower revenue from car parking spaces and property sales services[81][86]. - The gross profit margin for FATH and Other Comprehensive Services decreased to approximately 13.0% from approximately 13.9% for the year ended 31 December 2023, mainly due to budget cuts from certain customers[82][86]. Financial Position - The Group's total equity decreased by approximately 19.3% to about RMB 409.2 million as of December 31, 2024, down from RMB 506.9 million as of December 31, 2023[114]. - The gearing ratio increased to approximately 22.2% as of December 31, 2024, from approximately 19.8% as of December 31, 2023[116]. - Cash and cash equivalents were approximately RMB 261.7 million as of December 31, 2024, compared to RMB 256.6 million as of December 31, 2023[113]. - The Group's contract liabilities rose by approximately 13.8% to approximately RMB 336.4 million as of December 31, 2024, from RMB 295.7 million as of December 31, 2023[108]. - The provision for impairment of trade and bills receivables increased to approximately RMB118.8 million, representing a significant increase of approximately 173.3% from approximately RMB43.5 million as of December 31, 2023[101]. Strategic Initiatives - The Group aims to enhance its service capabilities to establish competitive advantages in securing engagements for City Operations Services[25][28]. - The Group is focused on organic growth and strategic acquisitions to expand its property portfolio and business scale[27][30]. - The Group aims to promote urban development towards refinement, specialization, and intelligence in 2025, focusing on long-term sustainable development based on quality[133]. - The Group plans to expand into the Southeast Asian market, leveraging rapid regional economic development to identify new business growth opportunities[143]. - The Group will launch the "Xuanhai Technology" sub-brand to drive service product innovation through AIoT technology, enhancing smart property solutions[150]. - The Group aims to enhance market growth capabilities by developing integrated facilities management (IFM) services and exploring new business opportunities in catering and nutrition[143]. Human Resources and Management - The Group had 5,903 employees as of December 31, 2024, an increase from 5,760 employees as of December 31, 2023[122]. - Talent development initiatives include the "Wings of Original" program, ensuring new employees meet competency standards within a year[160]. - The Group aims to build a high-performance team by enhancing skills in business communication, project negotiation, and professional analysis[141]. - The establishment of a human resources shared services center is expected to enhance service ratios and further reduce management costs[159]. Dividends and Shareholder Information - The Board recommended a final dividend of RMB0.03 per share for the year ended December 31, 2024, consistent with the previous year[16]. - The final dividend distribution is subject to shareholder approval at the AGM scheduled for June 10, 2025[181]. Leadership and Governance - Ms. Yi Lin has over 18 years of experience in financial management and accounting, serving as CFO of Dongyuan Real Estate since January 2008[192]. - Mr. Zhang Aiming was appointed as an executive Director in October 2022 and re-elected in December 2023, holding various roles at Dima from March 2012 to May 2022[193][194]. - Mr. Fan Dong has over 25 years of experience in the property management industry and joined the Group in August 2014[197][198]. - As of the date of the annual report, Mr. Fan Dong holds approximately 7.45% of the total issued share capital of the Company[199]. - Ms. Cai Ying holds a master's degree in finance and was appointed as an independent non-executive Director in December 2020, re-elected in December 2023[200].

Revenue and Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 1,530.2 million, an increase of about 0.1% compared to RMB 1,528.2 million for the year ended December 31, 2023[3]. - Revenue from property urban services was approximately RMB 879.5 million, accounting for about 57.5% of total revenue, an increase of approximately 0.8% from RMB 872.1 million for the previous year[3]. - Revenue from integrated services in foreign affairs, technology, and healthcare was approximately RMB 437.1 million, accounting for about 28.5% of total revenue, an increase of approximately 0.7% from RMB 434.1 million for the previous year[4]. - The gross profit was approximately RMB 207.9 million, a decrease of about 2.3% from RMB 212.9 million for the previous year, with a gross profit margin of approximately 13.6%[4]. - The reported loss for the period was approximately RMB 61.6 million, with a loss attributable to the company's owners of approximately RMB 66.9 million[4]. - The total equity attributable to the owners of the company was approximately RMB 383.2 million, down from RMB 482.5 million in the previous year[7]. - The total comprehensive income for the year ended December 31, 2023, was reduced by RMB 18,488,000 due to the merger accounting adjustments[63]. - The company reported a basic and diluted earnings per share of RMB 0.038 for the year ended December 31, 2023, after accounting adjustments[63]. - The company reported a loss attributable to equity holders of RMB (66,882,000) in 2024, compared to a profit of RMB 2,529,000 in 2023[49]. - Basic loss per share for 2024 was RMB (0.998), a decline from earnings of RMB 0.038 per share in 2023[49]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.03 per share (tax included) for the year ended December 31, 2024, unchanged from the previous year[4]. - The total dividends declared for 2024 were RMB 4,421,000, significantly lower than RMB 9,379,000 in 2023[51]. - The proposed final dividend will be paid in Hong Kong dollars based on the average exchange rate of RMB to HKD published by the People's Bank of China seven days prior to the annual general meeting[140]. - A withholding tax of 10% will be applied to dividends distributed to non-resident corporate shareholders[141]. - Individual shareholders from Hong Kong or Macau will have a personal income tax withheld at a rate of 10%[142]. - The record date for attending the annual general meeting and voting rights is set for May 29, 2025[146]. - The record date for eligibility to receive the proposed final dividend is June 13, 2025[146]. - The annual general meeting will be held on June 10, 2025, to approve the dividend distribution plan[145]. Acquisitions and Business Combinations - The company acquired approximately 90.73% of Shanghai Changqing's equity, which has been accounted for as a business combination under common control[2]. - The group acquired 90.73% of Shanghai Changqing Society from Di Ma Industrial for RMB 28,000,000, classified as a business combination under common control[19]. - The company completed the acquisition of approximately 90.73% of Shanghai Evergreen Community Health Development Co., Ltd. for RMB 28.0 million, which operates over 14 elderly care institutions and manages more than 3,000 beds, serving over 20,000 users[128]. - The company also acquired 100% of Chengdu Dongyu Hong Commercial Management Co., Ltd. for RMB 59.5 million, which holds approximately 83.48% ownership of a property used as a nursing home[129]. - The acquisition of Chengdu Dongwu Hong has been accounted for as an acquisition of assets[68]. - The total cash consideration for the acquisition was RMB 59,500,000, with acquisition-related costs being insignificant[69]. Assets and Liabilities - Non-current assets totaled approximately RMB 484.1 million, a decrease from RMB 494.3 million in the previous year[6]. - Current liabilities amounted to approximately RMB 976.3 million, an increase from RMB 922.1 million in the previous year[7]. - The company's non-current assets increased to RMB 494,309,000 after merger accounting adjustments, up from RMB 378,535,000[64]. - The total liabilities increased to RMB 922,145,000 after adjustments, reflecting an increase of 5.4%[65]. - The total intangible assets increased to RMB 331,671,000 as of December 31, 2024, up from RMB 328,387,000 as of December 31, 2023, reflecting a growth of 0.4%[54]. - Trade receivables and notes receivable amounted to RMB 713,822,000 as of December 31, 2024, compared to RMB 680,278,000 as of December 31, 2023, representing an increase of 4.9%[55]. - The provision for impairment of trade receivables increased significantly to RMB 118,820,000 in 2024 from RMB 43,477,000 in 2023, indicating a rise of 173.5%[55]. - The aging analysis of trade receivables shows that receivables within one year increased to RMB 555,961,000 in 2024 from RMB 419,737,000 in 2023, a growth of 32.4%[56]. - The company's total equity remains stable with 66,991,000 shares issued at a par value of RMB 1 per share as of December 31, 2024, unchanged from the previous year[60]. - The group's debt-to-equity ratio increased from approximately 19.8% on December 31, 2023, to about 22.2% as of December 31, 2024[110]. Operational Performance and Strategy - The company aims to enhance its service capabilities and expand its business scope through organic growth, strategic acquisitions, and investments[76]. - The company plans to continue expanding its geographic footprint, managing projects in 60 cities across China[81]. - The group aims to enhance market penetration and quality improvement through a "four modernization" strategy, focusing on standardization and branding[116]. - The group plans to explore new business opportunities in integrated facility management (IFM) and health services, targeting industrial parks and healthcare institutions[118]. - The "Evergreen Society" sub-brand focuses on providing comprehensive solutions for elderly care, including high-quality living arrangements for seniors[119]. - The company launched the "Shining Sea Technology" sub-brand, leveraging AIoT technology to enhance traditional industries and provide comprehensive smart solutions across various scenarios, including security management and public services[120]. - The organization will implement an "Amoeba" management model to empower frontline business units, improving resource allocation and operational efficiency[122]. - The company is committed to talent development through a structured management and training system, ensuring new employees meet competency standards within one year[123]. - The company will strengthen cultural identity through digital tools and platforms, fostering a cohesive and motivated organizational environment[124]. Compliance and Governance - The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards and the Companies Ordinance[16]. - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2024[136]. - The company has adhered to all applicable corporate governance codes during the reporting period, ensuring compliance with legal and regulatory requirements[134]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[149]. Employee and Training - As of December 31, 2024, the company had 5,903 employees, with total employee costs amounting to approximately RMB 735.2 million for the reporting period[132]. - The company plans to enhance employee training programs using internal and external resources to improve skills in key operational areas[132]. Financial Reporting and Accounting - The consolidated financial statements are presented in Renminbi (RMB), with all values rounded to the nearest thousand[18]. - The group is currently analyzing new accounting requirements and assessing their impact on financial statements[15]. - The group has adopted new or revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on current or past performance[10]. - The group assesses receivables impairment based on default risk and expected loss rates, which may affect the carrying amounts of trade and other receivables[21]. - The group tests goodwill and customer relationships for impairment annually, using value-in-use calculations that require estimates[23]. - The consolidated financial statements are measured on a historical cost basis, except for financial liabilities measured at fair value[17]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective[11]. Risks and Challenges - The group is subject to corporate income tax in China, requiring judgment in determining tax provisions and related payments[22]. - The company is actively monitoring foreign exchange risks and exploring hedging options with major banks due to its operations in RMB and the impact of HKD fluctuations since its H-share listing[130]. - The net impairment loss on financial assets was approximately RMB 79.3 million, compared to RMB 9.5 million for the year ended December 31, 2023, primarily due to the ongoing weakness in the real estate sector[99].

以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科创业（01945.HK）旗下清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以 及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信息、数据、研究和咨询服 务。 年度盘点。 作者 | 清科研究 来源 | 清科研究 （ID：pedata2017） 01 整体回顾 02 市场分布 A股IPO总量同比收缩近七成，创业板上市企业数量相对较多 2024年中企IPO市场总体呈现出阶段性收缩态势，但下半年IPO活跃度环比有所回升。 根据清科创业（01945.HK）旗下清科研究中心统计，2024年中企境内外上市195家 【1】，同比下降51.1%，首发融资额约合人民币1442.66亿元【2】，同比下降 63.6%，上市企业数量和融资金额为近10年新低；其中，下半年有113家中企IPO，首 发融资额约合人民币973.53亿元，环比分别上升37.8%、107.5%。 分市场来看，2024年 A股 共有100家企业上市，同比下降68.1%； 境外市场 共95家 中企上市，同比上升10.5%，其中今年全市场首发融资额前三大中企IPO均于港股 ...

Revenue and Profitability - The group's revenue for the six months ended June 30, 2024, was approximately RMB 769.9 million, an increase of about 5.8% compared to RMB 727.7 million in the same period of 2023[15]. - The profit for the reporting period was approximately RMB 25.2 million, an increase of about 1.2% from RMB 24.9 million in the same period of 2023[15]. - The gross profit was approximately RMB 125.8 million, a decrease of about 4.2% from RMB 131.2 million in the same period of 2023, with a gross margin of approximately 16.3%, down by 1.7 percentage points from 18.0%[15]. - The revenue from "Beautiful Life Services" was approximately RMB 115.5 million, representing 15.0% of total revenue, a decrease of about 1.1% compared to the previous year[27]. - Revenue from foreign, technology, and medical integrated services was approximately RMB 192.0 million, accounting for 25.0% of total revenue, down from 27.0% in the previous year[31]. - The company reported a 13.9% increase in revenue from foreign integrated services to approximately RMB 93.3 million, up from RMB 82.0 million in the same period last year[30]. - Medical integrated services revenue increased by 16.1% to approximately RMB 38.9 million, compared to RMB 33.5 million in the previous year[30]. Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.036 per share (tax included) for the six months ended June 30, 2024, compared to zero for the same period in 2023[15]. - A mid-term dividend of RMB 0.036 per share (tax included) is proposed for the six months ending June 30, 2024, compared to zero for the same period in 2023[72]. Property Management and Projects - As of June 30, 2024, the group managed 589 property projects across 74 cities in China, with a total managed building area of approximately 58.3 million square meters[16]. - The group has signed contracts to manage 649 property projects with a total building area of approximately 68.1 million square meters[16]. - The total number of projects managed increased to 363 as of June 30, 2024, compared to 307 in the same period of 2023[22]. - The managed building area from projects sourced from the Dima Group increased to approximately 17.5 million square meters, up about 11.0% from June 30, 2023[21]. - The managed building area from independent third-party projects reached approximately 28.5 million square meters, reflecting a 4.8% increase from June 30, 2023[21]. Financial Position and Assets - The total assets as of June 30, 2024, were RMB 974,898 thousand, a decrease from RMB 1,034,131 thousand as of December 31, 2023, representing a decline of about 5.7%[91]. - The company's total liabilities as of June 30, 2024, were RMB 476,474,000, reflecting a slight decrease from RMB 482,541,000 as of December 31, 2023[94]. - The company's total equity attributable to owners was RMB 500,300,000, an increase from RMB 493,439,000 as of December 31, 2023[94]. - The total trade receivables, notes receivable, and other receivables increased by approximately 8.5% to about RMB 747.3 million as of June 30, 2024, compared to approximately RMB 688.6 million as of December 31, 2023[49]. Cost and Expenses - The company’s cost of sales increased by approximately RMB 47.6 million or 8.0% to about RMB 644.1 million, primarily due to increased subcontracting costs for labor-intensive services[35]. - Selling and marketing expenses increased by approximately 4.6% to about RMB 18.3 million, compared to approximately RMB 17.5 million in the same period of 2023[41]. - Administrative expenses decreased by approximately 5.7% to about RMB 79.9 million, compared to approximately RMB 84.8 million in the same period of 2023[42]. Employee and Governance - As of June 30, 2024, the group had 5,496 employees, a decrease from 5,760 employees as of December 31, 2023, with total employee costs approximately RMB 356.8 million for the reporting period[57]. - The company is committed to high standards of corporate governance to enhance shareholder value and ensure compliance with applicable regulations[73]. - The board of directors is responsible for overseeing the company's operations and ensuring adherence to corporate governance policies[73]. Strategic Initiatives and Future Plans - The company aims to become a respected urban integrated service provider with unique business value, focusing on four major service areas: residential integrated services, international integrated services, medical integrated services, and urban integrated services[16]. - The group plans to accelerate the development of non-residential business lines, establishing a virtual expert team for integrated facility management services[66]. - The group will leverage new technologies such as AI, big data, and IoT to drive digital and intelligent transformation, enhancing service capabilities[65]. - The company aims to leverage strategic acquisitions and organic growth to solidify its market position and expand its property portfolio[21]. Acquisitions and Investments - The company completed the acquisition of approximately 90.73% of Shanghai Changqing Social Care Development Co., Ltd. on June 21, 2024, leading to a retrospective restatement of financial data for the year ended December 31, 2023[14]. - The company acquired approximately 90.73% of the equity of Shanghai Changqing Society on June 21, 2024, and restated its financial data for the year ending December 31, 2023[32]. Cash Flow and Liquidity - Cash and cash equivalents decreased to approximately RMB 133.8 million as of June 30, 2024, from approximately RMB 256.6 million as of December 31, 2023[54]. - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (90,555,000), compared to RMB (65,765,000) for the same period in 2023, indicating a decline in cash flow from operations[95]. - The company incurred a net cash outflow from investing activities of RMB (19,281,000) for the six months ended June 30, 2024, compared to RMB (7,486,000) for the same period in 2023[95]. Shareholder Structure - As of June 30, 2024, Mr. Fan Dong holds 4,990,000 H shares, representing approximately 7.45% of the company's issued share capital[77]. - Tianjin Chengfang Enterprise Management Consulting Co., Ltd. owns 25,520,000 H shares, accounting for approximately 38.09% of the company's issued share capital[79]. - Chongqing Dima Ruisheng Industrial Co., Ltd. also holds 25,520,000 H shares, representing 38.09% of the total issued share capital[79]. - The total number of issued H shares as of June 30, 2024, is 66,990,867[82].

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公 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，並明確表示概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DOWELL SERVICE GROUP CO. LIMITED* 東原仁知城市運營服務集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2352） 截至2024年6月30日止六個月 之中期業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 本公司 2023 年度財務資料追溯重列 | | 31 | 本公司已於 2024 年 6 月 21 日收購上海常青社約 90.73% 股權，並對本公司截至 2023 年 ...

Financial Performance - The total revenue for the group was approximately RMB 1,483.8 million, an increase of 10.0% compared to RMB 1,349.4 million for the year ended December 31, 2022[61]. - The company's total revenue for the year ended December 31, 2023, increased by approximately RMB 134.4 million or about 10.0% to approximately RMB 1,483.8 million, compared to approximately RMB 1,349.4 million for the year ended December 31, 2022[82]. - Gross profit was approximately RMB 211.8 million, a decrease of about 24.0% from approximately RMB 278.5 million for the year ended December 31, 2022, with a gross margin of about 14.3%, down approximately 6.3 percentage points from about 20.6%[30]. - The overall gross margin for the company dropped to 14.3% for the year ended December 31, 2023, down from 20.6% in the previous year[85]. - Profit before income tax expenses decreased by approximately 77.1% to about RMB 24.7 million, compared to approximately RMB 108.0 million for the year ended December 31, 2022, mainly due to reduced gross profit and the absence of one-time government subsidies[94]. Revenue Breakdown - The revenue from property urban services was approximately RMB 872.8 million, accounting for 58.8% of total revenue, representing an increase of about 33.0% compared to RMB 656.2 million for the year ended December 31, 2022[30]. - The revenue from foreign, technology, and medical integrated services was approximately RMB 389.0 million, accounting for about 26.3% of total revenue, a decrease of about 10.3% from RMB 433.7 million for the year ended December 31, 2022[38]. - The revenue from the "Beautiful Life Services" segment was approximately RMB 222.0 million, accounting for 14.9% of total revenue, a decrease of about 14.4% compared to the previous year[62]. - The revenue from foreign-related comprehensive services increased by approximately 13.5% to about RMB 177.2 million, compared to RMB 156.0 million in the previous year[78]. - Revenue from digital and intelligent technology services surged by approximately 231.2% to about RMB 23.0 million, up from approximately RMB 7.0 million in the same period last year, attributed to active business expansion and the resumption of project progress post-pandemic[105]. Customer and Supplier Relationships - The five largest customers accounted for 17.0% of total revenue during the reporting period, indicating a diversified customer base[3]. - The largest supplier accounted for 5.5% of total procurement, and the five largest suppliers together accounted for 16.5%, showing low supplier concentration[4]. - The largest customer accounted for 10.7% of total sales during the reporting period[19]. - The company recognizes the importance of maintaining good relationships with customers and has established procedures for handling customer complaints and conducting satisfaction surveys[5]. Dividends and Share Capital - The total share capital of the company as of December 31, 2023, is RMB 66,990,867, consisting of 66,990,867 H shares with a par value of RMB 1.00 each[7]. - The board of directors recommends a final cash dividend of RMB 0.03 per share (tax included) for the year ended December 31, 2023, compared to RMB 0.14 per share for the year ended December 31, 2022[10]. - The company will distribute the final dividend to non-resident corporate shareholders after withholding a 10% corporate income tax as required by Chinese tax law[11]. - A final cash dividend of RMB 0.03 per share is proposed for the year ending December 31, 2023, down from RMB 0.14 per share for the previous year[162]. Human Capital and Management - The company emphasizes the importance of human capital and is committed to providing a safe and fair workplace, competitive compensation, and professional development opportunities for employees[5]. - The company has established a remuneration committee to formulate compensation policies based on the qualifications, positions, and seniority of directors and senior management[2]. - The company has arranged appropriate liability insurance for directors and senior executives to protect them from potential liabilities arising from group activities[1]. - The board of directors has confirmed that no director has waived or agreed to waive any remuneration, and no remuneration has been paid as an incentive for joining the group[2]. - The total employee cost recognized during the reporting period was approximately RMB 709.3 million, up from RMB 628.4 million for the year ended December 31, 2022[143]. Business Strategy and Development - The company emphasizes a development strategy of "large property • full value" and aims to become a respected urban integrated service provider[41]. - The company has diversified its services through three main business lines, including community activity planning services and public facility maintenance services[42]. - The company will continue to expand its business portfolio and scale by building a high-quality team with strong incentives and assessments[127]. - The company plans to implement at least 10 AI application scenarios in market management by 2024, leveraging domestic and international large model technologies[129]. - The company will focus on a market development strategy tailored to each city, creating a market expansion ecological platform[150]. Financial Position and Investments - The company's cash and cash equivalents increased by approximately 15.2%, reaching about RMB 255.4 million as of December 31, 2023, compared to RMB 221.7 million as of December 31, 2022[140]. - The company's borrowings amounted to approximately RMB 9.3 million, with an interest rate ranging from 3.35% to 5.5%[125]. - Total equity increased by approximately 2.0% to about RMB 493.4 million as of December 31, 2023, compared to approximately RMB 483.7 million as of December 31, 2022[120]. - The group recorded a net other loss of approximately RMB 0.9 million during the reporting period, compared to a net other income of approximately RMB 9.3 million for the year ended December 31, 2022, primarily due to exchange rate fluctuations on HKD holdings[90]. - The company has no significant contingent liabilities or asset pledges as of December 31, 2023[145][146]. Operational Efficiency and Cost Management - The company is committed to enhancing supply chain management and implementing cost-saving measures through small technological improvements[155]. - The company's sales costs increased by approximately RMB 201.2 million or about 18.8% to approximately RMB 1,272.1 million for the year ended December 31, 2023, compared to RMB 1,070.9 million for the previous year[83]. - Administrative expenses rose by approximately 3.8% to about RMB 154.8 million, up from approximately RMB 149.1 million for the year ended December 31, 2022, mainly due to business growth and increased employee costs[92]. - Sales and marketing expenses increased from approximately RMB 32.3 million for the year ended December 31, 2022, to approximately RMB 37.0 million, driven by business growth and increased promotional personnel costs[91]. Corporate Governance - The board of directors consists of seven members, including two non-executive directors, two employee directors, and three independent non-executive directors[192]. - The board will continue to evaluate the use of net proceeds and may revise plans in response to changing market conditions[188]. - The financial director has been with the company since 2014 and oversees financial matters and daily operations[181]. - The employee supervisor has over seven years of experience in accounting and has been with the company since 2016[179]. - 蔡女士拥有超过25年的财务管理及投资相关经验，曾在多家金融服务公司任职[198].

Revenue and Financial Performance - The group's revenue for the year ended December 31, 2023, was approximately RMB 1,483.8 million, an increase of 10.0% compared to RMB 1,349.4 million for the year ended December 31, 2022[3]. - Revenue from property city services was approximately RMB 872.8 million, accounting for 58.8% of total revenue, representing a 33.0% increase from RMB 656.2 million in the previous year[3]. - Revenue from lifestyle services was approximately RMB 222.0 million, accounting for 14.9% of total revenue, a decrease of 14.4% from RMB 259.5 million in the previous year[4]. - Revenue from comprehensive services, including foreign, technology, and medical services, was approximately RMB 389.0 million, accounting for 26.3% of total revenue, a decrease of 10.3% from RMB 433.7 million in the previous year[4]. - Gross profit was approximately RMB 211.8 million, a decrease of 24.0% from RMB 278.5 million in the previous year, with a gross margin of approximately 14.3%, down 6.3 percentage points from 20.6%[4]. - Profit for the reporting period was approximately RMB 21.9 million, a decrease of 76.2% from RMB 92.0 million in the previous year, with profit attributable to shareholders of approximately RMB 19.0 million, down 78.6% from RMB 88.5 million[4]. - The board proposed a final dividend of RMB 0.03 per share (tax included) for the year ended December 31, 2023, compared to RMB 0.14 per share (tax included) for the previous year[4]. - The cost of sales for 2023 was RMB 1,200,469 thousand, representing an increase of 12.5% from RMB 960,380 thousand in 2022[44]. - Employee benefits expenses increased to RMB 709,251 thousand in 2023, compared to RMB 628,404 thousand in 2022, reflecting a rise of 12.9%[50]. - The company recognized contract liabilities of RMB 280,579 thousand in 2023, an increase of 22.7% from RMB 228,604 thousand in 2022[56]. - The company received government subsidies totaling RMB 7,461 thousand in 2023, down from RMB 18,944 thousand in 2022[48]. Assets and Liabilities - Non-current assets totaled approximately RMB 378.5 million as of December 31, 2023, compared to RMB 371.9 million in the previous year[8]. - Current assets increased to approximately RMB 1,016.6 million from RMB 898.9 million in the previous year[9]. - Total equity amounted to approximately RMB 493.4 million as of December 31, 2023, compared to RMB 483.7 million in the previous year[10]. - The company’s total liabilities increased to RMB 280,575,000 in 2023 from RMB 264,093,000 in 2022, reflecting a rise of 6.3%[118]. - Trade payables as of December 31, 2023, totaled RMB 292,664 thousand, an increase of 13.0% from RMB 258,888 thousand in 2022[121]. - Trade receivables and notes receivable net amount as of December 31, 2023, was RMB 637,461,000, up from RMB 564,999,000 in 2022, indicating a growth of 12.8%[105]. Acquisitions and Business Combinations - The company acquired 99% of Shanghai Xuanhai Technology Co., Ltd. from its subsidiary Shenzhen Dirui Smart Technology Co., Ltd. as part of a business combination under common control[12]. - The company acquired Zhejiang Zhongdu Property Management Co., Ltd. and Hunan Jindian Property Management Co., Ltd. for RMB 79,500,000 and RMB 61,700,000 respectively, with goodwill allocated at RMB 64,665,000 and RMB 41,041,000[100]. - The group acquired 100% of the voting equity interests of Zhejiang Zhongdu on June 23, 2022, contributing revenue of RMB 61,981,000 and net profit of RMB 4,282,000 since the acquisition[151]. - The acquisition of Hunan Jindian on June 23, 2022, involved 80% of the voting equity interests, with a cash consideration of RMB 61,700,000 and goodwill recognized of RMB 41,041,000[159]. - The total cash consideration payable at the acquisition date amounted to RMB 141,200,000, with RMB 79,500,000 for Zhejiang Zhongdu and RMB 61,700,000 for Hunan Jindian[169]. Operational Highlights - As of December 31, 2023, the company managed 573 property projects across 76 cities in China, representing a year-on-year growth of approximately 18.9%[171]. - The total managed building area reached approximately 60.2 million square meters, reflecting a year-on-year increase of about 19.0%[171]. - The company’s projects sourced from the controlling shareholder, Dima Group, accounted for approximately 16.8 million square meters of managed building area, a 9.2% increase from December 31, 2022[191]. - The projects sourced from independent third parties reached approximately 32.0 million square meters, marking a 26.9% increase from December 31, 2022[191]. - The company was recognized as one of the "Top 100 Property Service Enterprises in China" in 2023, improving its industry ranking by 2 positions to 16th[186]. - The company aims to enhance customer satisfaction and loyalty through comprehensive service offerings in property management and related sectors[175]. - The overall growth in managed building area reflects the company's strategic expansion and commitment to enhancing urban property services[198]. Revenue Breakdown by Property Type - The revenue from residential properties was RMB 603.75 million, accounting for 69.2% of total revenue, while non-residential properties contributed RMB 269.03 million, or 30.8%[197]. - The managed non-residential property area was approximately 15.5 million square meters, accounting for about 29.5% of the total managed area, with a year-on-year increase of approximately 2.5%[196]. - The total number of projects managed in residential properties was 229, while non-residential properties accounted for 118 projects as of December 31, 2023[197]. - The company has contracted to manage a total building area of approximately 60.4 million square meters across 369 property projects in 62 cities[198]. Financial Reporting and Compliance - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[23]. - The financial statements are presented in Renminbi (RMB), with all values rounded to the nearest thousand[25]. - The company expects that the application of new or revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements[17][19][21]. - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective[16]. - The company assesses the recoverability of receivables based on historical data and current market conditions, which may lead to significant adjustments in future financial periods[27]. - The company is subject to corporate income tax in China, and the determination of tax provisions involves significant judgment[28]. - The company has made estimates regarding the useful lives of property, plant, and equipment, which may affect future depreciation expenses[32].

Shareholding Structure - As of June 30, 2023, the major shareholder Tianjin Chengfang holds approximately 38.09% of the total issued share capital[4] - The company reported that Mr. Fan Dong is the beneficial owner of RMB 1.05 million, representing 52.74% of the shares[3] - Chongqing Dongyin Holdings Group and Mr. Luo Shaoyu each hold 25,520,000 shares, accounting for 38.09% of the total issued share capital[5] - The shareholding structure indicates that Tianjin Chengfang and Chongqing Dimarui Sheng each control 83.64% of the relevant class of shares[4] - The beneficial ownership of shares by spouses is noted, with Mr. Fan Dong's spouse holding rights to his shares[9] Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 706,403 thousand, an increase of 16.5% compared to RMB 606,355 thousand for the same period in 2022[19] - Gross profit decreased to RMB 127,582 thousand, down 12.4% from RMB 145,723 thousand year-on-year[19] - Operating profit for the period was RMB 34,652 thousand, a decline of 49.0% from RMB 68,098 thousand in the previous year[19] - Profit attributable to owners of the company was RMB 31,980 thousand, down 40.5% from RMB 54,017 thousand in the same period last year[19] - Basic and diluted earnings per share were RMB 0.48, compared to RMB 0.96 for the same period in 2022[19] Acquisitions and Mergers - The company acquired 99% equity of Shanghai Xuanhai Technology Co., Ltd. from Shenzhen Di Rui Intelligent Technology Co., Ltd., which is considered a business combination under common control[27] - The group acquired Zhejiang Zhongdu Property Management Co., Ltd. and Hunan Jindian Property Management Co., Ltd. for RMB 79.5 million and RMB 61.7 million respectively, enhancing its market presence through these acquisitions[88] - The company completed the acquisition of a 51% voting interest in Mianyang Ruisheng, enhancing its control over the subsidiary and its financial policies[146] - The acquisition cost for Hunan Jindian was RMB 320,000, aimed at enhancing operational efficiency and profitability in overlapping business areas[178] - The company acquired 80% of Hunan Jindian, which primarily provides property management services, to integrate strengths and reduce operational costs[178] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 506,612 thousand, reflecting an increase from RMB 485,907 thousand at the end of 2022[24] - The company's total assets as of June 30, 2023, were RMB 1,270,774 thousand, compared to RMB 1,261,449 thousand as of December 31, 2022, indicating a growth of approximately 0.7%[145] - The company reported a net finance income of RMB 166 thousand, compared to a net finance cost of RMB 211 thousand in the previous year[19] - The group's total liabilities related to lease obligations decreased from RMB 8,175 thousand as of December 31, 2022, to RMB 5,802 thousand as of June 30, 2023, showing improved financial management[82] - As of December 31, 2022, total liabilities amounted to RMB 787,113,000, with total equity of RMB 483,661,000, indicating a debt-to-equity ratio of approximately 1.63[191] Revenue Breakdown - Revenue from property management services was RMB 510,895,000, up 39.4% from RMB 366,254,000 in 2022[43] - Community value-added services revenue increased to RMB 100,884,000, a rise of 37.9% from RMB 73,053,000 in 2022[43] - Non-owner value-added services revenue decreased to RMB 75,225,000, down 40.4% from RMB 126,136,000 in 2022[43] - The property management services revenue for the first half of 2023 was RMB 167,737 thousand, down from RMB 182,768 thousand in the same period of 2022, representing a decrease of approximately 8.2%[137] - The community value-added services revenue decreased to RMB 35,831 thousand in H1 2023 from RMB 43,111 thousand in H1 2022, reflecting a decline of about 16.7%[137] Expenses and Costs - Employee costs for the reporting period were approximately RMB 342.5 million, an increase of 26% from approximately RMB 271.8 million for the same period in 2022[183] - The group's sales and marketing expenses for the reporting period were approximately RMB 168 million, an increase of about 58.8% compared to approximately RMB 106 million in the same period of 2022[105] - The group's research and development costs were RMB 3,010 thousand, significantly higher than RMB 85 thousand in the same period of 2022, indicating increased investment in R&D[74] - The net impairment loss on financial assets for the reporting period was approximately RMB 30 million, compared to approximately RMB 15 million in the same period of 2022, primarily due to the increase in trade receivables and the expected credit loss rate[117] - The group's financing costs for the reporting period were approximately RMB 0.2 million, a decrease of about 37.4% from RMB 0.4 million in the same period of 2022, mainly due to reduced interest expenses on lease liabilities[69] Governance and Compliance - The company has established an audit committee to ensure compliance with corporate governance codes[15] - The company expects that the application of new accounting standards will not have a significant impact on the consolidated financial statements[37][38] - The board of directors is currently evaluating the impact of the new accounting standards on the group's financial statements[33] Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies following the recent acquisition[30] - The company operates primarily in China, with all external revenue derived from Chinese customers[42] - The company aims to leverage the strengths of Zhejiang Zhongdu to reduce operational costs and improve management efficiency moving forward[193] - The company's financial performance reflects a strategic focus on market expansion and operational integration through acquisitions[193] Dividends and Share-Based Payments - The group declared a final dividend of RMB 0.14 per share for the year ended December 31, 2022, totaling RMB 9,379,000, approved by shareholders on June 9, 2023[106] - The company issued a total of 3,300,000 restricted share units to employees under a share-based payment plan, with performance conditions tied to profit increases of at least 50% over specified periods[138]