股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新希望服務控股有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03658 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | HKD | | 0.01 | HKD | | 25,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,500,000,000 | HKD | | 0.01 | HKD | | 25,000,000 | 本月底法定 ...

Summary of New Hope Service Conference Call Company Overview - **Company**: New Hope Service - **Industry**: Property Management and Services Key Financial Performance - **Revenue**: 1.481 billion yuan in 2024, up 17.5% year-on-year [2][6] - **Net Profit**: 227 million yuan, a 5.5% increase year-on-year [2][6] - **Gross Margin**: 30.4% [2][6] - **Net Profit Margin**: 15.3% [2][6] - **Average Property Fee**: Increased by 12.2% to 3.31 yuan [2][6] - **Third-party Project Average Fee**: Increased by 51.1% to 2.63 yuan [2][6] - **Management Expenses**: Decreased by 29.1% [2][6] Growth and Expansion - **Contract Amount**: Over 600 million yuan in new contracts, a 192% increase year-on-year [2][6] - **Strategic Partnerships**: 168.7% growth in strategic cooperation, converting 15 projects including industrial parks and community commercial complexes [2][10] - **Geographic Focus**: Strong presence in Chengdu and East China, with Chengdu revenue up 32.8% to 600 million yuan [2][9] Business Structure and Strategy - **Business Segmentation**: Over 90% of revenue from property, life services, and commercial operations [2][8] - **Digital Transformation**: Ongoing efforts to enhance operational efficiency through digital capabilities [2][14] - **Cost Control**: Management expenses reduced significantly, with a focus on optimizing operational costs [2][21][22] Shareholder Returns - **Dividend Policy**: Stable dividend payout ratio at 60%, with cumulative dividends exceeding 414 million yuan since listing [2][7][27] Market Position and Competitive Advantage - **Differentiation**: Low reliance on real estate-related value-added services, with only 9% of revenue from such activities [2][8] - **Customer Satisfaction**: Achieved a satisfaction score of 89, reflecting improved service quality [2][18] Future Outlook - **2025 Goals**: Targeting 700 million yuan in new contracts, with a focus on expanding in Chengdu, Kunming, and Suzhou [2][11][15] - **Long-term Strategy**: Emphasis on strategic partnerships and potential acquisitions to enhance market presence [2][29][30] Additional Insights - **Project Management**: Limited project exits, focusing on high-margin opportunities in core cities [2][24][25] - **Revenue Composition**: Residential vs. non-residential ratio at 64:40, with competitive property fee rates [2][17] - **Digital Initiatives**: Implementation of AI and automation to improve service delivery and reduce costs [2][23]

Financial Performance - In 2024, the company achieved a revenue growth of 17.5% and a profit growth of 5.5%, reaching a contract amount target of 605 million under challenging market conditions[9]. - The group recorded revenue of approximately RMB 1,480.8 million, representing a year-on-year growth of 17.5%, and achieved a net profit attributable to shareholders of RMB 226.8 million, an increase of 5.5% compared to the same period last year[14]. - The company achieved a revenue of RMB 1,480.8 million for the year ending December 31, 2024, representing a 17.5% increase from RMB 1,260.7 million in the previous year[36]. - The life services segment generated revenue of RMB 355.6 million, a 22.4% increase from RMB 290.6 million, accounting for 24.0% of total revenue[38]. - The property management services segment remains the largest revenue source, contributing RMB 837.5 million, which is 56.5% of total revenue[37]. - The commercial operation services segment reported a revenue decline of 5.0%, totaling RMB 145.97 million, down from RMB 153.64 million[30]. - Non-owner value-added services revenue decreased by 16.4% to RMB 141.69 million, compared to RMB 169.49 million in the previous year[32]. - The group achieved a total contracted amount of RMB 215 million from strategic partnerships in 2024, representing a growth of 168.7% year-on-year[14]. - The total contracted amount for various projects reached RMB 605 million, a significant increase of 192% year-on-year, covering property management, commercial operations, and group catering services[14]. Strategic Initiatives - The "Property+" strategy has been successfully implemented, enhancing operational efficiency and profitability in areas such as commercial operations and life services[10]. - The company plans to deepen its "Property+" strategy by strengthening partnerships with commercial brands and expanding its business scope in group catering services[10]. - The company is focused on expanding its market share by exploring potential customer groups and optimizing market layout[9]. - The group has implemented a "property + modular service" strategy, enhancing customer engagement and expanding service offerings, including partnerships with banks for catering services[22]. - The company aims to enhance customer satisfaction by continuously optimizing existing service offerings and improving service quality[9]. Digital Transformation - Significant progress has been made in digital operations, with investments in advanced information technology to optimize business processes and improve efficiency[11]. - The company is leveraging AI tools and automation technologies to achieve intelligent processing of certain business processes[11]. - The company has made significant progress in digital operations, aiming to enhance operational efficiency and reduce costs through advanced information technology[35]. Cost Management - The company is committed to cost control through a refined cost management system, focusing on each business segment to achieve cost reduction and efficiency improvement[11]. - The management expense ratio decreased by 3.9 percentage points to 9.5% compared to the same period last year, indicating improved operational management efficiency[14]. - Total sales cost increased by approximately RMB 210.2 million or 25.6% to approximately RMB 1,030.7 million for the year ending December 31, 2024, compared to approximately RMB 820.5 million for the year ended December 31, 2023[41]. - Administrative expenses decreased by approximately RMB 28.3 million or 16.8% to approximately RMB 140.2 million for the year ending December 31, 2024, from approximately RMB 168.5 million for the year ended December 31, 2023[48]. Corporate Governance - The company has a strong focus on corporate governance and sustainability, with Mr. Jiang Zhiwu holding multiple professional qualifications in accounting and corporate governance[81]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[89]. - The company has adopted the principles and code provisions of the Corporate Governance Code as its governance framework since its listing[89]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors[91]. - The company has established a risk management system to monitor financial performance and ensure compliance with governance standards[90]. - The board has met all applicable code provisions of the Corporate Governance Code as of the report date[89]. - The company has mechanisms in place to protect shareholder rights, including independent resolutions presented at shareholder meetings[145]. Leadership and Management - The company has been expanding its leadership team with experienced professionals from various sectors, enhancing its strategic direction and operational efficiency[77]. - The board includes members with diverse backgrounds in finance, management, and corporate governance, contributing to a well-rounded decision-making process[76]. - The company has implemented a robust internal control and risk management system[95]. - The board is responsible for the overall leadership and supervision of the group's strategic decisions and business performance[95]. - The company has a dedicated company secretary to assist the board in governance and compliance matters[87]. Employee and Social Responsibility - The group continues to provide sufficient vocational training to employees, focusing on key operational areas[68]. - The company is committed to maintaining competitive salary and benefits levels for employees, regularly reviewing its compensation policies[68]. - The leadership team is committed to social responsibility, with members actively involved in various philanthropic initiatives[77]. - The employee gender ratio is approximately 1.1:1, with senior management at 1.5:1, indicating a relatively balanced gender distribution[128]. - The company has implemented measures to promote gender diversity at all levels, aiming for a balanced representation in senior management and the board[127]. Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and transparency[148]. - The board has reviewed and confirmed the effectiveness of the shareholder communication policy[150]. - The company proposed a final dividend of RMB 0.076 per share for the year ended December 31, 2024, compared to RMB 0.091 for the previous year[159]. - As of December 31, 2024, the company's distributable reserves amounted to approximately RMB 762 million[164]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special meeting within two months[146].

Core Viewpoint - The collaboration between New Hope Services East China and Senyu Holdings aims to promote health and wellness concepts within communities through a comprehensive approach that includes community building, health services integration, and cultural exchange [1][3][4] Group 1: Partnership Details - A brand cooperation agreement was signed between New Hope Services East China and Senyu Holdings in Ningbo, focusing on building health and wellness communities and integrating health resources [1] - The first event, "Spring Neighborhood Health Fair," was launched, featuring activities such as traditional Chinese medicine consultations, food tasting, and hands-on experiences with Dendrobium planting [3] Group 2: Community Health Initiatives - The partnership will focus on four main areas: community health construction, integrated wellness services, cultural exchange, and interconnected health resources [3] - In 2023, Senyu will assist New Hope Services in creating five demonstration health service communities in Ningbo and Hangzhou, incorporating traditional Chinese medicine and proactive health management strategies [3] Group 3: Cultural and Social Impact - The collaboration represents a practical implementation of the "Healthy China" initiative at the community level, aiming to transform health services from abstract concepts into tangible lifestyle practices [4] - Activities will include interactive experiences to engage residents of all ages, fostering a sense of community and enhancing health management awareness among residents [4]

Company and Industry Summary Company Overview - The company discussed in the conference call is New Hope Service, which operates in the property management and life services industry. Key Performance Highlights - In 2024, the company achieved a net profit of 227 million, reflecting a 5.5% increase year-over-year [2] - Third-party revenue accounted for 78.2% of total revenue, indicating a strong market validation [2] - The company’s gross profit margin and net profit margin remain relatively high, showcasing effective operational management [2] - The company’s overall strength improved, ranking 18th nationally, up four positions from the previous year [3] Financial Metrics - The company maintained a dividend payout ratio of 60%, up from 35% in previous years, with an expected earnings per share of 0.28 yuan [5] - Operating cash flow was reported at 162 million, with cash and cash equivalents at 1 billion [5] - Accounts receivable turnover days increased by two days to 94 days, indicating a stable performance in the industry [5][17] Business Segments and Growth - The property management segment saw a revenue increase of 29.4%, the highest among the four business segments [8] - The company’s strategic focus on first-tier and strong second-tier cities resulted in 96% of revenue coming from these areas, with significant contributions from Chengdu [7] - Life services grew by 22.4%, driven by market expansion and increased customer base [19] Strategic Initiatives - The company is focusing on strategic partnerships, with 2.15 billion in revenue generated through total-to-total strategic collaborations [9] - The average property management fee increased by 12.2% to 3.31 yuan per square meter, with a 51% increase in external project fees [23][24] - The company aims to enhance its market share in cities like Suzhou, leveraging existing projects and reputation [32] Market Trends and Challenges - The competitive landscape is intensifying, impacting profit margins and necessitating a focus on customer satisfaction and service quality [39][41] - The company anticipates fluctuations in gross and net profit margins due to market pressures but remains committed to maintaining cash flow and operational efficiency [41][42] Future Outlook - The management expressed confidence in achieving a contract signing target of 700 million for 2025, supported by a differentiated service model [30] - The company plans to continue expanding its service offerings and enhancing customer satisfaction to drive future growth [20][28] Additional Insights - The company has been recognized for its agile team and brand communication strategies, maintaining a leading position in social media engagement [4] - The management emphasized the importance of digital transformation and AI in improving operational efficiency and customer satisfaction [15][40] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price revised down by 4% to HK$2.67, reflecting lower earnings forecasts [1][8]. Core Insights - New Hope Services' FY24 revenue grew 17% YoY to RMB 1,480 million, exceeding CMBI estimates by 5%, driven by stable managed GFA growth and strong retail & catering services [1][8]. - Net profit increased by 5% YoY to RMB 230 million, aligning with the company's guidance, despite a decline in gross margin and a reduction in SG&A ratio [1][8]. - The company reported impressive third-party expansion, with new contract value reaching RMB 600 million, a 192% increase YoY, and expects FY25 third-party expansion to rise by 16% to RMB 700 million [1][8]. Financial Performance Summary - FY24 revenue: RMB 1,481 million, a 17.5% increase YoY [2]. - FY24 net profit: RMB 227 million, a 5% increase YoY [2]. - EPS for FY24: RMB 0.28, reflecting a 5.5% growth YoY [2]. - Average PM fee for new third-party projects rose by 51% to RMB 2.63, indicating a shift towards higher-end projects [1][8]. - The company expects a dividend yield of 9.6% in 2025E based on the current price [1][8]. Earnings Forecast - Revenue projections for FY25E: RMB 1,644 million, with a YoY growth of 11% [2][10]. - Net profit projections for FY25E: RMB 250 million, with a YoY growth of 10.4% [2][10]. - The gross margin is expected to decline to 29.5% in FY25E from 30.4% in FY24A [10][11]. Shareholder Structure - Golden Rose Developments holds a 66.9% stake in New Hope Services, indicating a strong controlling interest [4]. Market Data - Current market capitalization: HK$ 1,619.9 million [3]. - The stock is currently trading at a P/E ratio of 6.0x for FY25E [3][11]. Share Performance - The stock has shown a 1.5% decline over the past month and a 0.5% increase over the past three months [5].

新希望服务：今年合约目标7亿元，目前有5个重点关注的收并购项目 3月24日，新希望服务（03658.HK）披露2024年全年业绩情况。 数据显示，2024年公司收入约14.8亿元，同比增加17.5%。其中，物业管理服务实现收入约8.37亿元，占总收入56.5%，同比增加29.4%；生活服务 实现收入约3.55亿元，占总收入24%，同比增加22.4%；商业运营服务实现收入约1.46亿元，占总收入9.9%，同比减少5%；非业主增值服务实现收 入约1.41亿元，占总收入9.6%，同比减少16.4%。 2024年公司毛利约4.5亿元，同比增加2.2%；权益股东应占盈利约为2.26亿元，同比增加5.5%。 截至2024年末，新希望服务签约项目数量为256个，签约面积3900万平方米，同比增长约2.1%。在管项目数量242个，在管建筑面积约3510万平方 米，同比增长约8.9%。 2024年完成各类项目的签约金额6.05亿元，同比增长192%。2024年获取的合同金额约为2.15亿元，同比增长168.7%。 从区域来看，截至2024年12月31日，西南区域的物业管理收入约为3.88亿元，占总物业管理收入的46.4%，同比 ...

Financial Performance - The group's revenue reached RMB 1,480.8 million, an increase of 17.5% compared to RMB 1,260.7 million in the same period of 2023[2] - The group's gross profit was RMB 450.0 million, a 2.2% increase from RMB 440.2 million in 2023[3] - Profit attributable to equity shareholders for the reporting period was RMB 226.8 million, up 5.5% from RMB 215.0 million in 2023[3] - The group reported a pre-tax profit of RMB 303,573,000 for 2024, compared to RMB 283,934,000 in 2023, indicating a growth of 6.6%[22] - The group’s gross profit for 2024 was RMB 450,042,000, compared to RMB 440,214,000 in 2023, showing a slight increase of 2.0%[22] - The net profit attributable to shareholders was RMB 226.8 million, an increase of 5.5% compared to the previous year[46] - Net profit rose by approximately RMB 15.3 million or 6.4% to about RMB 255.9 million for the year ended December 31, 2024[90] Revenue Breakdown - Property management services generated revenue of RMB 837.5 million, accounting for 56.5% of total revenue, up 29.4% from RMB 647.0 million in 2023[2] - The life services segment generated revenue of RMB 355.6 million, a 22.4% increase compared to RMB 290.6 million in the prior year[59] - The community life services contributed RMB 157.8 million, accounting for 44.4% of the life services revenue, with an 8.7% growth from the previous year[59] - Revenue from independent third-party developers was RMB 31,613.9 million, accounting for 37.8% of total revenue, with a year-on-year growth of 27.0%[56] - Property management revenue from the Southwest region amounted to RMB 38,864.7 million, accounting for 46.4% of total property management revenue, with a year-on-year growth of 26.7%[50] - The East China region generated RMB 30,674.3 million in property management revenue, representing 36.6% of total revenue, with a year-on-year growth of 25.2%[50] - Revenue from new first-tier cities reached RMB 42,344.0 million, accounting for 50.5% of total revenue, with a revenue growth of 44.9%[53] Expenses and Costs - Employee costs decreased to RMB 350,764,000 in 2024 from RMB 371,933,000 in 2023, a reduction of 5.7%[26] - Sales costs rose by approximately RMB 210.2 million or 25.6% to about RMB 1,030.7 million, outpacing revenue growth due to a higher contribution from property management services[75] - Administrative expenses decreased by approximately RMB 28.3 million or 16.8% to about RMB 140.2 million, attributed to improved management efficiency[85] Assets and Liabilities - The group's cash and cash equivalents amounted to RMB 1,057.8 million, down from RMB 1,145.3 million in 2023[5] - Non-current assets increased to RMB 453.6 million from RMB 409.5 million in 2023[5] - The net asset value of the group rose to RMB 1,328.3 million, compared to RMB 1,256.7 million in 2023[6] - Trade receivables increased by approximately RMB 131.3 million or 41.3% to RMB 448.9 million, driven by business growth and an increase in managed floor area[93] - Trade payables increased by approximately RMB 18.6 million or 9.6% to RMB 213.3 million, reflecting business expansion[96] Dividends - The total dividend for the year is RMB 0.159 per share, with a dividend payout ratio of 60%[3] - The company proposed a final dividend of RMB 0.076 per share, down from RMB 0.091 per share in the previous year[39] - The board proposed a final cash dividend of RMB 0.076 per share for the year ending December 31, 2024, compared to RMB 0.091 for the year ending December 31, 2023[121] Strategic Initiatives - The company aims to enhance its "Property+" strategy, focusing on commercial operations, group catering, and life services to drive revenue growth[67] - The company plans to deepen digital operations to improve efficiency and reduce costs, leveraging advanced information technology and AI tools[69] - The company has developed a modular service combination strategy, including "Property + Catering" and "Property + Commercial," to enhance customer engagement and expand service offerings[55] Market Position and Growth - The number of signed projects increased to 256, with a signed area of 39.0 million square meters, representing a growth of approximately 2.1%[3] - The total contract amount signed for various projects reached RMB 605 million, a significant increase of 192% year-on-year[46] - The number of properties under management increased to 242 as of December 31, 2024, representing a growth rate of 5.2% compared to 230 properties in 2023[49] - The total managed floor area reached 3,512.8 million square meters, an increase of 8.9% from 3,225.8 million square meters in 2023[49] Compliance and Governance - The audit committee has reviewed and agreed on the group's financial performance for the year ending December 31, 2024[125] - The external auditor, KPMG, has confirmed the figures in the preliminary announcement for the financial statements for the year ending December 31, 2024[125] - The company plans to hold its 2024 Annual General Meeting on June 16, 2025, ensuring compliance with regulatory requirements[120]

Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately RMB 709.0 million, an increase of 18.2% compared to the same period last year[9]. - The net profit attributable to shareholders for the same period was RMB 118.1 million, reflecting a growth of 7.9% year-on-year[9]. - Total revenue increased by RMB 109.2 million or approximately 18.2% from RMB 599.8 million for the six months ended June 30, 2023, to RMB 709.0 million for the six months ended June 30, 2024[29]. - The company reported a net profit of RMB 118,135 thousand for the six months ended June 30, 2024, compared to RMB 0 in the same period of 2023[87]. - The profit attributable to equity shareholders for the six months ended June 30, 2024, was RMB 118,135,000, an increase from RMB 109,499,000 in 2023, representing a growth of approximately 7.5%[36]. Revenue Breakdown - The company achieved a contract amount of RMB 353 million in the first half of 2024, exceeding the annual target of RMB 300 million, representing a growth of 227% year-on-year[10]. - The company’s revenue from Chengdu, Kunming, and Wenzhou accounted for 62.7% of total revenue, with managed floor area from these regions making up 57.1% of the total[9]. - Revenue from independent third-party developers reached RMB 15,442.6 million, accounting for 38.1% of total revenue, with a revenue growth of 54.8%[17]. - Revenue from new first-tier cities was RMB 20,366.8 million, representing 50.2% of total revenue, with a significant revenue growth of 42.5%[15]. - The living services segment generated revenue of RMB 170.4 million for the six months ended June 30, 2024, representing a 26.1% increase compared to RMB 134.0 million in the same period last year[19]. Cost and Profitability - Sales costs increased by approximately RMB 103.1 million or 27.6% to about RMB 476.7 million, outpacing revenue growth due to a higher contribution from property management services[33]. - Gross profit increased by RMB 6.1 million or 2.7% to RMB 232.3 million, with a gross margin decrease of 4.9 percentage points compared to the previous year[34]. - The gross margin for property management services decreased by 3.2%, primarily due to an increase in lower-margin third-party property management income[36]. - Operating profit increased to RMB 143,508 thousand, compared to RMB 135,227 thousand in the previous year, reflecting a growth of 6.5%[79]. Operational Efficiency - The management expense ratio decreased by 3.8 percentage points to 9.8%, and accounts receivable turnover days decreased by 6 days compared to the previous year[9]. - The company continues to focus on enhancing service quality and customer satisfaction to support its expansion strategy[17]. - The company aims to enhance digital capabilities to improve service quality and operational efficiency, targeting a digital satisfaction score of 86[28]. Market Expansion and Strategy - The company continues to focus on regional development strategies, particularly in Southwest and East China[9]. - The company plans to continue expanding its business scale through market development, strategic partnerships, and acquisitions, with a target signed contract amount of RMB 600 million for the full year 2024[25]. - The company successfully expanded its market presence by securing key projects in Chengdu and Kunming, enhancing its competitive edge in high-potential cities[17]. Corporate Governance and Shareholder Information - The company remains committed to maintaining high standards of corporate governance and has complied with all relevant codes during the reporting period[59]. - The company proposed an interim dividend of HKD 0.090 per share for the six months ending June 30, 2024, compared to HKD 0.073 per share for the same period in 2023, reflecting a 22.1% increase[70]. - As of June 30, 2024, major shareholders include Adventure Way Pte. Ltd. and Liu Yonghao, each holding 544,800,000 shares, representing 66.92% of the total equity[67]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,608,388 thousand, compared to RMB 1,551,223 thousand at the end of 2023, indicating an increase of 3.7%[82]. - Trade receivables increased by approximately RMB 178.8 million or 56.3% to RMB 496.4 million as of June 30, 2024, compared to RMB 317.6 million as of December 31, 2023, driven by business growth and an increase in managed floor area[47]. - Trade payables increased by approximately RMB 36.5 million or 18.7% to approximately RMB 231.2 million as of June 30, 2024, compared to approximately RMB 194.7 million as of December 31, 2023, due to business growth[49]. Future Outlook - Future strategies include continued market expansion and the development of new services to meet evolving customer needs[27]. - The company plans to continue expanding its market presence in key urban areas, particularly in the Chengdu-Chongqing area and East China[57].

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price of HK$2.79, indicating a potential upside of 60.1% from the current price of HK$1.74 [1][2]. Core Insights - The company's 1H24 earnings met expectations, with revenue and net profit increasing by 18% and 8% year-over-year, respectively. The gross profit margin (GPM) contracted to 32.8%, still above the industry average of over 20% [1]. - New contract value surged by 227% year-over-year in 1H24, driven by strategic resource leverage, with expectations for full-year new contract value to exceed RMB600 million [1]. - Catering services demonstrated cyclical resilience, contributing significantly to the profit of the owner value-added services (VAS) segment, which is expected to expand further [1]. Financial Performance - Revenue for 1H24 reached RMB709 million, driven by a 22% increase in managed gross floor area (GFA). Basic property management and owner VAS rose by 28% and 26% year-over-year, respectively [1][4]. - The GPM for the four segments declined due to intensified competition, but the net profit margin only declined by 1.6 percentage points to 16.7%, reflecting an 8% year-over-year increase in net profit [1][4]. - The company expects managed GFA to grow by 20% in FY24E, supported by the strong new contract value [1]. Segment Analysis - Catering services revenue grew by 45% year-over-year to RMB74 million, significantly boosting overall VAS revenue by 26% year-over-year [1][4]. - The number of catering projects increased to 25, contributing a record-high of 43% to owner-VAS revenue [1]. - Accounts receivable increased to RMB496 million, primarily due to seasonal factors and new contracts, but management indicated a return to normal levels [1][4]. Valuation Metrics - The company is currently trading at a P/E ratio of 5.5x for 2024E, compared to a target P/E of 8x, indicating potential for valuation expansion [1][5]. - The projected net profit for FY24E is RMB235.3 million, with an EPS of RMB0.29, reflecting a 9.4% year-over-year growth [3][9].