Financial Performance - The company achieved a revenue of RMB 683.51 million in 2024, representing a growth of 4.5% compared to RMB 651.88 million in 2023[6]. - Gross profit increased to RMB 172.32 million, with a gross margin of 25.2%, up from 23.3% in the previous year[6]. - Net profit for the year was RMB 71.48 million, maintaining a net profit margin of 10.5%[6]. - Total assets reached RMB 896.55 million, a significant increase from RMB 650.09 million in 2023[7]. - Cash and cash equivalents increased to RMB 354.67 million from RMB 210.21 million in 2023[7]. - The proposed final dividend per share is RMB 0.23, compared to zero in the previous year[6]. - The group's total profit and comprehensive income for the year increased from RMB 70.2 million to RMB 71.5 million[49]. - Administrative expenses increased by 27.6% from RMB 53.4 million to RMB 68.1 million, attributed to an increase in administrative staff and corresponding salary increases[44]. - Expected credit losses rose by 33.6% from RMB 7.3 million to RMB 9.7 million, due to the expansion of the group's business scale[45]. - The group's trade receivables surged by 95.3% from RMB 84.7 million to RMB 165.4 million, reflecting the expansion of the business scale and extended settlement periods[52]. Business Operations - The company reported a revenue of approximately RMB 291.1 million from property management services for the year ended December 31, 2024, representing a 22.4% increase compared to the same period in 2023, primarily due to an increase in the number and area of managed projects[20]. - As of December 31, 2024, the company managed 81 property management service projects, an increase of 13 projects from December 31, 2023, with a total managed area of approximately 11.4 million square meters, reflecting a year-on-year growth of 2.7%[22]. - The company ranked 47th among the top 100 property service companies in China for 2024, and was recognized as a leading enterprise in characteristic property services and smart city services[18]. - The company has diversified its services into three reporting segments: property management services, urban services, and commercial operation services, with property management services accounting for approximately 42.6% of total revenue[20]. - The number of urban service projects increased to 265 in 2024 from 242 in 2023, indicating a growing market presence in urban services[19]. - The company’s commercial operation services segment managed 57 projects with a total area of 0.8 million square meters as of December 31, 2024, consistent with the previous year[19]. - The company is actively expanding its market presence by utilizing resources from Chengfa Group and its subsidiaries, as well as seeking opportunities with independent third-party clients[22]. - The company’s urban services include landscaping, lighting system operations, parking lot operations, and municipal sanitation services, reflecting a broadening of its service offerings[19]. Market Strategy - The company plans to deepen capital operations and resource integration to strengthen its market position in Hunan Province in 2025[12]. - The company has established a strong market position in Hunan Province, particularly in Changsha, and aims to leverage its relationships with property owners and developers to enhance customer loyalty and brand recognition[18]. - The group plans to continue expanding its market share and enhancing brand awareness while leveraging technology to improve operational efficiency and support sustainable growth[33]. - The group aims to enhance service quality and brand value by continuously improving existing processes and ensuring responsiveness to market demands[35]. - The group will focus on upgrading its digital infrastructure and operational systems to drive smart transformation and improve service delivery[36]. Governance and Management - The company has a strong management team with extensive experience in finance, project management, and strategic development, which is expected to drive future growth[80]. - The company is committed to improving internal controls and risk management practices, as highlighted by the appointment of experienced independent directors[91]. - The management team is actively involved in capital market affairs, which is crucial for the company's financial strategy and growth[80]. - The company emphasizes the importance of a clear governance structure to protect shareholder interests and enhance corporate value[120]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[127]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable principles and provisions since May 17, 2024[120]. - The company has established mechanisms to ensure the independence of board members, enhancing decision-making effectiveness[134]. - The company has a structured governance framework involving the shareholders' meeting, supervisory board, and various specialized committees[120]. Risk Management - The company has established a risk management and internal control system to manage business risks effectively, ensuring compliance with regulations[176]. - The board believes that the risk management and internal control systems are effective and that the overall risk level is within acceptable limits as of December 31, 2024[181]. - Financial risk management methods have been established to control credit, liquidity, interest rate, and currency risks, with regular monitoring of financial performance and key operating data[182]. - The company has implemented training for directors to enhance their knowledge and skills, ensuring compliance with corporate governance codes[168]. Employee and Diversity - The company has a total of 562 employees as of December 31, 2024[68]. - As of December 31, 2024, the company has a total of 562 employees, with 241 female employees, representing approximately 43% of the workforce[200]. - The board consists of 37.5% female members and 62.5% male members, indicating a gender diversity commitment[200].

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 683.5 million, representing a 4.9% increase compared to RMB 651.9 million in 2023[3]. - Gross profit for the year was RMB 172.3 million, an increase of 13.5% from RMB 151.8 million in 2023, with a gross margin of 25.2%, up 1.9 percentage points year-on-year[3]. - Net profit for the year was RMB 71.5 million, relatively stable compared to RMB 70.2 million in 2023, with a net profit margin of 10.5%[3]. - Operating profit for the year was RMB 90.6 million, slightly up from RMB 88.6 million in 2023[5]. - The group's total revenue increased by 4.9% from RMB 651.9 million for the year ended December 31, 2023, to RMB 683.5 million for the reporting period, primarily due to contributions from property management services[56]. - The consolidated revenue for 2024 reached RMB 683,511,000, up 4.8% from RMB 651,875,000 in 2023[24]. - Pre-tax profit for 2024 was RMB 95,114,000, compared to RMB 93,000,000 in 2023, reflecting a growth of 2.3%[30]. - The total profit and comprehensive income for the year ended December 31, 2023, and 2024 are RMB 70.2 million and RMB 71.5 million, respectively[67]. Revenue Breakdown - The group's revenue from property management services increased to RMB 278,526 thousand in 2024, up from RMB 237,902 thousand in 2023, representing a growth of approximately 17%[18]. - Revenue from municipal environmental services rose to RMB 62,971 thousand in 2024, compared to RMB 52,713 thousand in 2023, marking an increase of about 19%[18]. - Property management services contributed approximately 42.6% of the total revenue, with earnings of RMB 291.1 million, a year-on-year increase of 22.4%[45]. - Urban services accounted for about 48.4% of total revenue, generating approximately RMB 331.1 million, a decrease of about 6.3% compared to RMB 353.3 million in the same period of 2023[48]. - Commercial operation services represented about 9.0% of total revenue, with the company providing services for 57 commercial properties[49]. Assets and Liabilities - The company’s total assets less current liabilities amounted to RMB 378.5 million, up from RMB 258.0 million in 2023[10]. - The company’s equity attributable to shareholders increased to RMB 374.5 million from RMB 255.9 million in 2023[10]. - Trade receivables increased significantly to RMB 198,452,000 in 2024 from RMB 106,737,000 in 2023, marking an increase of 86%[37]. - Contract assets increased to RMB 286,302,000 in 2024 from RMB 249,703,000 in 2023, reflecting a growth of 14.6%[34]. - Trade payables rose to RMB 328,131,000 in 2024, up from RMB 228,806,000 in 2023, an increase of 43.4%[39]. Cash Flow and Liquidity - Cash and cash equivalents increased by 68.7% to RMB 354.7 million from RMB 210.2 million in 2023[3]. - The company has maintained a stable financial position with sufficient liquidity and has no outstanding borrowings or bank financing as of December 31, 2024[75]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.23 per share for the year ended December 31, 2024, compared to no dividend in 2023[3]. - The company plans to pay a final dividend of RMB 0.23 per share, with a proposed payout ratio of approximately 51.2%[88]. - The company will withhold a 10% corporate income tax on annual dividends for non-resident corporate shareholders starting from the fiscal year 2008[90]. Strategic Initiatives and Market Position - The company aims to enhance customer loyalty and brand recognition by providing diversified services[42]. - The company has established a solid market position in Changsha, Hunan Province, focusing on urban services and operations[41]. - The group plans to continue focusing on enhancing service quality and optimizing operational efficiency to drive sustainable growth[51]. - The group aims to solidify its market position in Hunan Province while exploring growth opportunities aligned with its strategic vision[52]. Corporate Governance and Compliance - The company has adopted corporate governance codes and has complied with all applicable rules during the reporting period[95]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, ensuring compliance with accounting principles and risk management[99]. - The financial figures for the group as of December 31, 2024, have been verified by KPMG, confirming consistency with the reported amounts[100]. Employee and Operational Insights - The total employee cost for the group was RMB 107.1 million, an increase from RMB 91.5 million in the previous year[87]. - The company has not experienced significant difficulties in recruitment or major employee turnover during the reporting period[87]. Future Plans and Investments - 29.2% of the net proceeds, amounting to HKD 25.2 million, will be allocated for strategic acquisitions by the end of 2025[84]. - 19.8% of the net proceeds, approximately HKD 17.1 million, is designated for purchasing municipal sanitation service vehicles by the end of 2026[84]. - The company aims to expand its professional team, allocating 13.7% of the net proceeds, which is HKD 11.8 million, for talent training and retention by the end of 2027[85].