Financial Performance - For the year ended December 31, 2022, Poly Property Services Co., Ltd. reported revenue of approximately RMB 13,686.7 million, an increase of 26.9% compared to RMB 10,782.5 million in 2021[2][3]. - The gross profit for the same period was approximately RMB 2,573.8 million, reflecting a growth of 27.8%, with a gross margin of 18.81%, up 0.13 percentage points from the previous year[2][3]. - The net profit for the year was approximately RMB 1,133.3 million, representing a 30.1% increase from RMB 870.9 million in 2021, with a net margin of 8.3%, up 0.2 percentage points[2][3]. - The profit attributable to owners of the company was approximately RMB 1,112.9 million, an increase of 31.6% compared to RMB 845.7 million in the prior year[2][3]. - Basic earnings per share for the year were RMB 2.014, up 31.8% from RMB 1.528 in 2021[2][3]. - The total comprehensive income for the year was RMB 1,133.3 million, compared to RMB 877.9 million in 2021[7]. - The company’s total tax expense for 2022 was RMB 388,998,000, an increase from RMB 300,542,000 in 2021, reflecting higher profitability[25]. - The group's profit for the year ended December 31, 2022, was approximately RMB 1,133.3 million, representing a growth of about 30.1% from RMB 870.9 million in the same period of 2021[88]. Revenue Breakdown - Revenue contributions from the three main business segments included property management services at RMB 8,428.4 million (up 26.4%), value-added services to non-owners at RMB 2,194.6 million (up 21.2%), and community value-added services at RMB 3,063.6 million (up 33.1%) compared to 2021[3]. - Total revenue for the year ended December 31, 2022, was RMB 13,686,662 thousand, representing an increase of 27.5% from RMB 10,782,549 thousand in 2021[19]. - Property management services generated revenue of RMB 8,428,388 thousand, up 26.4% from RMB 6,670,397 thousand in the previous year[19]. - Community value-added services revenue increased to RMB 3,063,633 thousand, a rise of 33.2% compared to RMB 2,300,921 thousand in 2021[19]. - Non-owner value-added services, including event coordination services, contributed RMB 1,787,099 thousand, reflecting an increase of 18.6% from RMB 1,506,387 thousand in 2021[19]. - The revenue from community retail amounted to approximately RMB 907.5 million, accounting for about 29.6% of total community value-added services revenue[73]. - The revenue from home improvement services was approximately RMB 557.9 million, representing about 18.2% of total community value-added services revenue[72]. - The revenue from parking services was approximately RMB 325.2 million, accounting for about 10.6% of total community value-added services revenue[74]. - The revenue from space operation services reached approximately RMB 327.9 million, representing about 10.7% of total community value-added services revenue[75]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 7,924.5 million, compared to RMB 7,001.8 million in the previous year[8]. - The equity attributable to owners of the company increased to RMB 7,690.6 million from RMB 6,785.7 million in 2021[10]. - The company's total assets as of December 31, 2022, were RMB 4,677,113,000, compared to RMB 4,302,489,000 in 2021, showing growth in asset base[24]. - The trade receivables from related parties and third parties amounted to RMB 620,170,000 and RMB 1,733,871,000 respectively as of December 31, 2022, compared to RMB 389,073,000 and RMB 1,092,643,000 in 2021[31]. - Trade payables as of December 31, 2022, were approximately RMB 1,574.9 million, reflecting a significant increase of about 96.0% from RMB 803.6 million as of December 31, 2021[95]. - Accrued expenses and other payables as of December 31, 2022, were approximately RMB 1,988.9 million, an increase of about 11.7% from RMB 1,780.8 million as of December 31, 2021[96]. Cash Flow and Financing - Cash and cash equivalents as of December 31, 2022, were approximately RMB 8,956.3 million, an increase of 16.5% from RMB 7,690.6 million in 2021[2][3]. - The company’s financing costs related to lease liabilities increased to RMB 4,629,000 in 2022 from RMB 2,992,000 in 2021, indicating a rise in lease obligations[24]. - The total employee cost for the year ending December 31, 2022, was approximately RMB 4,677.1 million, with 43,433 employees as of that date[100]. - The company raised approximately HKD 5,218.2 million from the issuance of H shares, with HKD 3,690.7 million utilized by December 31, 2022, leaving HKD 1,527.5 million unutilized[98]. Strategic Initiatives - The company aims to enhance service quality and brand reputation through improved service standards and quality control systems[79]. - The company plans to focus on five core industries to drive sustainable development and explore new business models[80]. - The company is committed to digital transformation to enhance operational efficiency and management precision[80]. - The company aims to enhance property management market share and deepen community value-added services through lean management and digital empowerment[76]. - The strategy includes expanding market presence by focusing on quality regions and core business areas, optimizing business structure, and enhancing customer resource development[77]. - The company is transitioning towards a high-quality development model, focusing on core product and service capabilities to improve community living standards[55]. Market Position and Growth - The group ranked third in the 2022 China Property Service Top 100 Companies and first among state-owned enterprises in property management[58]. - The total area of contracted management projects as of December 31, 2022, was approximately 771.6 million square meters, with a total of 2,721 projects, covering 210 cities across 29 provinces and municipalities[59]. - The area managed from third-party projects increased to approximately 458.4 million square meters, representing a growth of about 81.1 million square meters year-on-year, and accounted for 59.4% of total contracted management area[60]. - Non-residential markets are expected to become a significant growth engine, with increasing demand for commercial, public, and urban services[56]. Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ended December 31, 2022, ensuring compliance with accounting principles and internal controls[105]. - The company has adopted the Corporate Governance Code and has complied with all applicable provisions as of December 31, 2022[107]. - The group did not have any significant investments, acquisitions, or sales during the year ended December 31, 2022[97].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 6,449.4 million, a 25.1% increase from RMB 5,153.1 million in the same period of 2021[18]. - Gross profit for the same period was RMB 1,304.9 million, with a gross margin of 20.23%, slightly up from 20.02% in 2021[18]. - Net profit attributable to shareholders was RMB 628.3 million, representing a 27.0% increase compared to RMB 490.8 million in the previous year[18]. - The total revenue for the group was approximately RMB 3,954.9 million for the period, compared to RMB 3,143.4 million in the same period of the previous year, reflecting a strong growth trajectory[28]. - The group's gross profit for the six months ended June 30, 2022, was approximately RMB 1,304.9 million, a 26.5% increase from RMB 1,031.5 million in 2021[50]. - Profit for the period was approximately RMB 635.5 million, an increase of about 25.8% from RMB 505.1 million in the same period of 2021, with a net profit margin of approximately 9.9%[54]. - Basic and diluted earnings per share for the period were RMB 1.14, compared to RMB 0.89 in the previous year, reflecting a 28.1% increase[88]. Revenue Breakdown - The property management services segment accounted for approximately 61.3% of total revenue, generating RMB 3,954.9 million, a 25.8% increase year-on-year[24]. - Revenue from third-party property management services was approximately RMB 1,486.4 million, a significant increase of about 41.9% year-on-year, accounting for approximately 37.6% of total property management service revenue[29]. - The non-residential property management revenue reached approximately RMB 1,539.5 million, a year-on-year increase of about 37.3%, with its proportion in total property management revenue rising by approximately 3.2 percentage points to about 38.9%[30]. - The residential community management area was approximately 229.7 million square meters, accounting for about 43.9% of the total managed area, with revenue from this segment reaching approximately RMB 2,415.4 million, a year-on-year increase of about 19.5%[33]. - Non-owner value-added services generated approximately RMB 1,092.2 million in revenue, a growth of about 35.4% compared to the previous year, driven by increased scale in agency services and rapid growth in office leasing[39]. - Community value-added services revenue was approximately RMB 1,402.3 million, reflecting a growth of about 16.6% year-on-year, supported by the expansion of management scale and user growth[40]. Assets and Liabilities - The total assets of the company as of June 30, 2022, were RMB 12,419.7 million, up from RMB 11,137.9 million at the end of 2021[19]. - Current assets as of June 30, 2022, were approximately RMB 11,294.9 million, an increase of about 13.1% from RMB 9,990.6 million as of December 31, 2021[55]. - Trade receivables and notes receivable increased to approximately RMB 2,262.7 million as of June 30, 2022, up about RMB 837.9 million from RMB 1,424.8 million as of December 31, 2021[59]. - Trade payables increased to approximately RMB 1,233.4 million as of June 30, 2022, a rise of about 53.5% from RMB 803.6 million as of December 31, 2021[61]. - The company’s total liabilities increased to RMB 1,761,260,000 as of June 30, 2022, compared to RMB 1,668,510,000 as of December 31, 2021, marking a rise of 5.6%[140]. Strategic Initiatives - The company is actively promoting a "big property" strategy, expanding its management services across residential, commercial, and public properties[23]. - The company aims to enhance its service offerings through technology and innovation, positioning itself as a leading player in the property management sector in China[22]. - The company is focusing on enhancing service quality and standardization across all property management sectors to improve efficiency and effectiveness[32]. - The company is actively expanding its service offerings in commercial and office properties, public and other properties, with a focus on differentiated service products tailored to client needs[33]. - The company established joint ventures with two state-owned platforms to enhance market opportunities through resource and capability complementarity[27]. Employee and Governance - As of June 30, 2022, the total employee cost was approximately RMB 2,354.1 million, with 42,827 employees, a decrease from 44,102 employees as of June 30, 2021[71]. - The company has implemented a restricted stock incentive plan aimed at enhancing governance and retaining key employees, with the first grant executed on April 26, 2022[76]. - The company has adopted a competitive, performance-oriented compensation plan to incentivize employee value creation[71]. - The company has emphasized the recruitment of high-quality talent and continuous training programs to align with strategic goals[72]. - The company has complied with all applicable corporate governance codes during the reporting period[74]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was a net outflow of RMB 2,346,989 thousand, a significant decrease from a net inflow of RMB 626,457 thousand in the same period of 2021[94]. - The company incurred a total of RMB 93,928 thousand in cash outflow from investing activities for the six months ended June 30, 2022, compared to RMB 853,864 thousand in the same period of 2021[94]. - The company raised approximately HKD 5,218.2 million from the issuance of 153,333,400 H-shares, with HKD 3,588.1 million utilized by June 30, 2022, leaving HKD 1,630.1 million unutilized[68]. - The company has focused on strategic investment opportunities and further acquisitions, with a total of HKD 965.4 million allocated for such purposes[69]. Shareholder Information - As of June 30, 2022, the total number of issued shares of the company was 553,333,400, comprising 400,000,000 domestic shares and 153,333,400 H shares[79]. - Major shareholders include China Poly Group, which holds 400,000,000 domestic shares, representing 72.29% of the total issued shares[81]. - The beneficial owner, Poly Development Holdings, holds 380,000,000 shares, accounting for 68.68% of the total issued shares[81]. - The company has not declared an interim dividend for the six months ending June 30, 2022[73]. Market and Customer Insights - Revenue from a major customer, Poly Developments and Holdings Group, accounted for 14.7% of total revenue in 2022, up from 12.6% in 2021[101]. - The company reported service income from Poly Developments Holdings Group of RMB 60,065,000 for property management services, an increase from RMB 55,659,000 in the same period of 2021[154].

Financial Performance - The company reported a revenue of RMB 10,782.5 million for the year ended December 31, 2021, representing a 34.3% increase from RMB 8,037.2 million in 2020[11]. - Gross profit for the same period was RMB 2,014.6 million, with a gross margin of 18.68%, slightly up from 18.65% in 2020[11]. - Net profit attributable to shareholders was RMB 845.7 million, an increase of 25.5% compared to RMB 673.5 million in 2020[11]. - The total assets of the company reached RMB 11,137.9 million as of December 31, 2021, up from RMB 9,444.2 million in 2020[12]. - The company reported a return on equity of 13.1% for the year ended December 31, 2021, compared to 11.4% in 2020[11]. - The total revenue for the year ended December 31, 2021, was approximately RMB 10,782.5 million, an increase of about 34.2% compared to RMB 8,037.2 million in 2020[61]. - The net profit for the year was approximately RMB 870.9 million, representing a growth of about 25.1% compared to RMB 696.1 million in 2020, with a net profit margin of approximately 8.1%[68]. - The administrative expenses totaled approximately RMB 1,006.0 million, an increase of about 30.7% from RMB 769.7 million in 2020, accounting for about 9.3% of total revenue[66]. Operational Expansion - The company managed a total project area of approximately 465.3 million square meters across 1,786 projects as of December 31, 2021[6]. - The company has expanded its operations to 196 cities across 29 provinces, autonomous regions, and municipalities in China[6]. - The total contracted management area reached approximately 656.3 million square meters, with 2,428 contracted projects as of December 31, 2021[22]. - The company signed new third-party project contracts worth approximately RMB 1,900.9 million during the year, with a further increase in the proportion of non-residential projects[22]. - The company secured new public service project contracts worth RMB 950 million, with over 60% from three core business segments[23]. Service Offerings and Revenue Streams - Revenue from property management services accounted for approximately 61.9% of total revenue, amounting to about RMB 6,670.4 million, a year-on-year increase of approximately 34.8%[31]. - Revenue from third-party property management services was approximately RMB 2,294.2 million, a significant year-on-year increase of about 75.8%, accounting for 34.4% of total property management service revenue[36]. - The revenue from non-owner value-added services reached approximately RMB 1,811.2 million for the year ended December 31, 2021, representing a growth of about 35.0% compared to RMB 1,341.3 million in 2020[49]. - Community value-added services generated revenue of approximately RMB 2,300.9 million, reflecting a growth of about 31.6% year-on-year[50]. - The revenue from public and other properties was approximately RMB 1,461.9 million, a year-on-year increase of about 81.8%, accounting for approximately 21.9% of total property management revenue[46]. Governance and Compliance - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Listing Rules since December 19, 2019, and has complied with these principles during the year ended December 31, 2021[98]. - The board of directors is responsible for the overall governance of the group, including formulating business strategies and monitoring financial performance to maximize long-term shareholder value[101]. - The company emphasizes the separation of responsibilities between the chairman and the general manager to ensure a balance of power and maintain impartial judgment[102]. - The company has a clear governance structure with various committees to enhance corporate governance standards and protect shareholder interests[96]. - The company has maintained compliance with the standards for securities trading as outlined in the Listing Rules throughout the reporting period[99]. Employee and Talent Management - As of December 31, 2021, the group had 44,415 employees, an increase from 44,351 employees in 2020, with total employee costs approximately RMB 4,302.5 million for the year[195]. - The group emphasizes talent recruitment and provides continuous training and career development opportunities, including five key talent teams for comprehensive position training[196]. - The company aims to maintain a gender-balanced management team and provides equal employment opportunities for all[111]. Risk Management - The company has optimized its comprehensive risk management system, integrating compliance and integrity risks into its framework, which now includes five major risks: strategic, market, financial, legal, and operational risks[127]. - The audit committee oversees the risk management and internal control systems, ensuring that management fulfills its responsibilities in establishing effective systems[127]. - The company has established a three-line defense model for risk management, enhancing its processes in line with its "14th Five-Year Plan" strategy[127]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for 2022, projecting a revenue growth of 10-15% driven by market expansion and new service offerings[37]. - The company plans to focus on high-quality market expansion in key cities and core business areas to enhance market share and competitive capabilities[56]. - The management team emphasized a focus on sustainability initiatives, aiming for a 40% reduction in carbon footprint by 2025[37]. - The company aims to accelerate digital and technological capabilities to support strategic implementation, including the establishment of a digital platform for comprehensive urban services[59].

Financial Performance - For the six months ended June 30, 2021, the company reported revenue of RMB 5,153.1 million, a 43.0% increase from RMB 3,600.9 million in the same period of 2020[10]. - Gross profit for the same period was RMB 1,031.5 million, with a gross margin of 20.0%, slightly down from 20.4% in 2020[10]. - The net profit attributable to shareholders was RMB 490.8 million, representing a 22.8% increase from RMB 399.6 million in the prior year[10]. - Total revenue for the group reached approximately RMB 5,153.1 million, representing a 43.1% increase compared to RMB 3,600.9 million in the same period of 2020[39]. - The net profit for the period was approximately RMB 505.1 million, a 23.0% increase from approximately RMB 410.7 million in the same period of 2020, with a net profit margin of 9.8%[47]. - Basic and diluted earnings per share increased to RMB 0.89 from RMB 0.72, reflecting a 23.6% growth[83]. Revenue Breakdown - Revenue from property management services accounted for approximately 61.0% of total revenue, amounting to RMB 3,143.4 million, a 37.5% increase year-on-year[17]. - The total revenue from property management services for the first half of 2021 was approximately RMB 3,143.4 million, a significant increase from RMB 2,285.9 million in the same period of 2020, representing a growth of approximately 37.5%[21]. - Revenue from third-party property management services reached approximately RMB 1,047.3 million, a substantial increase of about 89.9% year-on-year, accounting for approximately 33.3% of total property management service revenue[22]. - Non-residential property management service revenue recorded approximately RMB 1,121.5 million, a growth of 71.2% compared to the same period in 2020, contributing to about 35.7% of total property management service revenue[23]. - Property management service revenue from residential communities for the six months ended June 30, 2021, was approximately RMB 2,022.0 million, an increase of about 24.0% compared to the same period in 2020, representing approximately 64.3% of the total property management service revenue[25]. - Community value-added services achieved revenue of RMB 1,202.9 million, making up 23.3% of total revenue, with a significant growth rate of 58.0% year-on-year[40]. Assets and Liabilities - The total assets of the company as of June 30, 2021, were RMB 10,366.2 million, up from RMB 9,444.2 million at the end of 2020[11]. - Current assets as of June 30, 2021, were approximately RMB 9,126.6 million, a 2.6% increase from approximately RMB 8,898.7 million as of December 31, 2020[48]. - Trade receivables increased to approximately RMB 1,298.6 million, up approximately RMB 410.5 million from RMB 888.1 million as of December 31, 2020, due to business expansion[52]. - Trade payables increased to approximately RMB 574.7 million, a 44.7% increase from approximately RMB 397.1 million as of December 31, 2020[53]. - Accrued expenses and other payables were approximately RMB 1,706.0 million, a 36.8% increase from approximately RMB 1,246.8 million as of December 31, 2020[54]. Strategic Initiatives - The company is actively pursuing a "big property" strategy, which includes various business models and market expansion through acquisitions and partnerships[17]. - The company aims to enhance its service quality and brand influence while expanding into commercial and office properties, public and other properties, particularly in urban scenic areas[23]. - The company is focusing on deepening core industries and enhancing diversified, high-quality, and professional value-added service capabilities[36]. - The company plans to accelerate digital transformation and increase investment in information technology and smart solutions[38]. - The company aims to enhance operational management efficiency through organizational restructuring and talent development[37]. Corporate Governance - The company has adopted the Corporate Governance Code as per the Listing Rules and complied with all applicable provisions during the reporting period[71]. - The audit committee reviewed the consolidated financial statements for the six months ended June 30, 2021, and discussed accounting principles and internal controls with management[70]. - The audit committee consists of non-executive directors and independent non-executive directors, with a focus on financial reporting and risk management[70]. Shareholder Information - As of June 30, 2021, the total number of issued shares of the company was 553,333,400, consisting of 400,000,000 domestic shares and 153,333,400 H shares[79]. - The company reported a significant shareholder structure, with Poly Group holding 100% of the domestic shares and Poly Development Holdings holding 95% of the shares[79]. - GIC Private Limited holds 9,169,400 H shares, representing 5.98% of the total H shares issued[78]. - The company declared dividends amounting to RMB 237,933 thousand during the period, reflecting a commitment to returning value to shareholders[86]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2021, was RMB 626,457,000, a significant increase of 510% compared to RMB 102,721,000 for the same period in 2020[89]. - The net cash used in investing activities was RMB 853,864,000 for the six months ended June 30, 2021, compared to a net cash inflow of RMB 36,218,000 in the same period of 2020[89]. - The group reported a decrease in cash and cash equivalents of RMB 320,656,000 for the six months ended June 30, 2021, compared to an increase of RMB 682,077,000 in the same period of 2020[90]. Employee and Talent Management - The total employee cost for the six months ending June 30, 2021, was approximately RMB 2,087.7 million, with a workforce of 44,102 employees[68]. - The company has implemented a recruitment initiative named "Fire Action" to attract high-quality management and professional talent[69]. - The company is advancing its corporate culture construction and exploring effective practices to enhance the organizational atmosphere[69].

Financial Performance - The total revenue for the year ended December 31, 2020, was RMB 8,037.2 million, an increase of 34.7% from RMB 5,966.8 million in 2019[9]. - The net profit for the year was RMB 696.1 million, representing a growth of 38.3% compared to RMB 503.2 million in the previous year[9]. - Gross profit for the year was approximately RMB 1,499.1 million, an increase of 23.8% year-on-year[15]. - The company achieved a gross profit margin of 18.7%, down from 20.3% in 2019[9]. - Revenue from property management services accounted for about 61.6% of total revenue, amounting to approximately RMB 4,947.6 million, representing a year-on-year increase of 28.7%[21]. - The company reported a total comprehensive income of RMB 688,115 thousand, up from RMB 505,382 thousand in the previous year[200]. - Other income and net gains increased by approximately 510.1% to RMB 210.5 million from RMB 34.5 million in 2019, mainly due to increased interest income and government subsidies[52]. - The service costs for the year were approximately RMB 6,538.1 million, representing a 37.5% increase from RMB 4,756.1 million in 2019[48]. Assets and Equity - The total assets as of December 31, 2020, amounted to RMB 9,444.2 million, an increase of 24.7% from RMB 7,571.1 million in 2019[10]. - The total equity increased to RMB 6,246.8 million, up from RMB 5,122.2 million in 2019, reflecting a growth of 21.9%[10]. - Current assets as of December 31, 2020, were approximately RMB 8,898.7 million, a growth of about 21.8% from RMB 7,303.3 million in 2019[54]. - Trade receivables increased by approximately RMB 496.7 million to RMB 888.1 million from RMB 391.4 million in 2019, attributed to the expansion of managed areas and project numbers[58]. Project Management and Expansion - The company managed a total project area of approximately 380.1 million square meters across 1,389 projects as of December 31, 2020[4]. - As of December 31, 2020, the company managed a total area of approximately 567.2 million square meters across 1,948 projects, with a management area of approximately 380.1 million square meters in 1,389 projects[16]. - The company has entered 184 cities across 29 provinces, municipalities, and autonomous regions in China[16]. - The company has established a presence in 26 provinces for public service markets, managing approximately 201.3 million square meters across 393 projects, with 127 new projects added year-on-year[16]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules since December 19, 2019, and has complied with the relevant principles and code provisions for the year ended December 31, 2020[81]. - The board of directors is responsible for the overall governance of the group, formulating business and management strategies, and monitoring financial performance to maximize long-term shareholder value[83]. - The company has established a clear governance structure through its general meetings, supervisory board, board of directors, and specialized committees, ensuring compliance with the Listing Rules of the Hong Kong Stock Exchange[79]. - The company has a strong commitment to maintaining high levels of corporate governance, which is deemed essential for sustainable development and stable performance growth[79]. Shareholder Communication and Dividends - The company emphasizes effective communication with shareholders through various channels, including annual and interim results announcements and performance briefings[113]. - The company proposed a final dividend of RMB 0.43 per share for 2020, up from RMB 0.30 per share in 2019[15]. - The proposed annual dividend for the year ended December 31, 2020, is RMB 0.43 per share, with a payout ratio of approximately 35.3%[118]. - The company has a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[114]. Digital Transformation and Innovation - The company is focusing on digital transformation, enhancing internal control systems and project management to improve efficiency and profitability[17]. - The company believes that embracing digital transformation is essential for enhancing market competitiveness and achieving smart operations[18]. - The company aims to enhance operational management capabilities and increase investment in digital and intelligent technologies to build a complementary service resource ecosystem[42]. - Future strategies include accelerating digital transformation and increasing investments in information technology and smart solutions to improve service quality and efficiency[45]. Risk Management - The company has established a comprehensive risk management and internal control framework to manage and mitigate business risks effectively[103]. - In 2020, the company conducted a risk assessment based on five major risk categories, identifying significant risk points and implementing control measures to reduce potential impacts[105]. - The company will continue to strengthen its risk management framework and control procedures moving forward[105]. Employee Management - The total employee cost was approximately RMB 3,526.7 million, with 44,351 employees, an increase from 38,774 employees as of December 31, 2019[168]. - The company has established a competitive, performance-oriented compensation plan to incentivize employee value creation[168]. - The company actively recruits talent and provides continuous training and development opportunities for employees[169]. Related Party Transactions - The company has ongoing related party transactions, including property leasing agreements with Poly Development Holdings, with minimum annual rent of approximately RMB 36.56 million and RMB 184.50 million for the years ending December 31, 2020, and December 31, 2021, respectively[147]. - The company has entered into a related party framework agreement with Poly Development Holdings, effective from the listing date until December 31, 2021, covering ongoing related party transactions[150]. - The independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[165]. Environmental and Social Responsibility - The group emphasized sustainable development and environmental protection, promoting effective resource utilization and compliance with environmental laws[176]. - The company is committed to enhancing transparency and accountability to stakeholders through an independent Environmental, Social, and Governance report[177].