Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 635.01 million, representing a year-on-year increase from RMB 561.85 million in 2022, with a growth rate of approximately 13.0%[48]. - The group's net profit for the year ended December 31, 2023, was approximately RMB 162.3 million, an increase of about 9.0% compared to approximately RMB 148.9 million for the year ended December 31, 2022[74]. - The company's profit attributable to shareholders for the year ended December 31, 2023, was approximately RMB 171.1 million, up about 10.9% from RMB 154.3 million for the year ended December 31, 2022[167]. - The company's gross profit for the year ended December 31, 2023, was approximately RMB 333.6 million, reflecting a year-on-year increase of about 6.6%[93]. - The group's operating cash flow for the year ended December 31, 2023, was approximately RMB 299.3 million, an increase of about 84.9% compared to RMB 161.9 million for the year ended December 31, 2022[167]. Revenue Breakdown - Revenue from entrusted management services was RMB 406.37 million, accounting for 64.0% of total revenue, while brand and management output services generated RMB 145.03 million, contributing 22.8%[48]. - Revenue from entrusted management services for the year ended December 31, 2023, was approximately RMB 406.4 million, representing a year-on-year growth of about 6.5% and accounting for approximately 64.0% of total revenue[91]. - Revenue from brand and management output services for the year ended December 31, 2023, was approximately RMB 145.0 million, an increase of about 5.2% year-on-year, accounting for approximately 22.8% of the group's total revenue[65]. - Income from the leasing service model increased by approximately 97.9% year-on-year to RMB 83.61 million, driven by new projects opening in recent years[49]. Operational Metrics - The average occupancy rate for retail commercial properties was 92.8% as of December 31, 2023, slightly up from 92.5% in 2022[15]. - The company has established contracts to provide services for 55 commercial property projects, including 27 operational retail properties with a total operational area of approximately 1.7 million square meters[2]. - The company's trade receivables decreased to RMB 12,911 thousand from RMB 32,660 thousand in 2022, indicating improved collection efficiency[189]. Cost and Expenses - For the year ended December 31, 2023, the group's gross profit margin was approximately 52.5%, a decrease of about 3.2 percentage points from approximately 55.7% in the same period of 2022, primarily due to an increased revenue share from lower-margin leasing services[51]. - The gross profit margin for leasing services was approximately 7.1%, down about 7.6 percentage points from approximately 14.7% in the same period of 2022, mainly due to rent-free periods granted to merchants for newly opened leasing projects[52]. - The group's administrative expenses for the year ended December 31, 2023, were approximately RMB 75.8 million, a decrease of about 8.2% year-on-year, mainly due to reduced preparation costs for leasing projects[71]. - The company reported a total of RMB 208,642 thousand in employee costs, which is a 14.5% increase compared to RMB 182,322 thousand in 2022[185]. Strategic Plans - The company plans to enhance its customer service system and optimize its membership system to improve operational capabilities and service quality in 2024[43]. - The company aims to introduce new brands and innovative business formats to enhance project quality and attract high-quality tenants[42]. - The group plans to focus on quality improvement and strategic optimization in 2024, emphasizing product innovation and consumer experience enhancement[58]. - The company plans to allocate approximately 55% or RMB 463 million of the net proceeds for strategic acquisitions and investments in other small to medium-sized commercial property operation service providers[83]. Corporate Governance and Compliance - The company has complied with the corporate governance code and principles as outlined in the listing rules for the year ending December 31, 2023[123]. - The company aims to maintain high levels of corporate governance and compliance with statutory and regulatory requirements to maximize shareholder returns[141]. - The company's audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2023[124]. Shareholder Information - The board has proposed a final dividend of HKD 0.13 per ordinary share for the year ending December 31, 2023, subject to approval at the annual general meeting on June 7, 2024[116]. - The board proposed a final dividend of HKD 0.13 per ordinary share for the year ended December 31, 2023, with a payout ratio of approximately 70.0%[167]. - The company repurchased a total of 3,847,000 shares at a total cost of approximately HKD 5.42 million for the year ending December 31, 2023, which is expected to enhance net asset value and earnings per share[121]. Market Presence - The company is focused on expanding its market presence in the Greater Bay Area and other regions, with a strategic emphasis on high-growth potential projects[2]. - The company primarily provides commercial property management services in China, focusing on shopping centers and commercial complexes[154].

Financial Performance - The net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 96,962,000, compared to RMB 96,089,000 for the same period in 2022, representing a slight increase [10]. - The company reported overdue trade receivables totaling RMB 8,018,000 as of June 30, 2023, down from RMB 21,632,000 in 2022, indicating a significant improvement in receivables management [16]. - The total liabilities as of June 30, 2023, were RMB 200,011,000, compared to RMB 187,203,000 as of December 31, 2022, showing an increase of 6.8% [22]. - The group's revenue for the six months ended June 30, 2023, was approximately RMB 288.5 million, representing a year-on-year growth of about 11.1% [140]. - For the six months ended June 30, 2023, the group's profit was approximately RMB 92.0 million, a year-on-year decrease of about 2.5% [155]. - The core profit attributable to the owners of the company for the same period was approximately RMB 124.4 million, representing a year-on-year increase of about 12.6% [158]. - The group's gross profit for the six months ended June 30, 2023, was approximately RMB 164.6 million, representing a year-on-year growth of about 9.9% [145]. - The overall gross profit margin was approximately 57.1%, a decrease of about 0.6 percentage points compared to the same period in 2022 [146]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.07 per share for the year ended December 31, 2022, totaling approximately HKD 71,297,000 (approximately RMB 64,802,000), which was paid on July 7, 2023 [8]. - The company has not proposed any interim dividend for the six months ending June 30, 2023 [9]. - The company did not declare an interim dividend for the six months ended June 30, 2023, compared to an interim dividend of HKD 0.035 per share for the same period in 2022 [181]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 1,376,912 thousand, an increase from RMB 1,322,952 thousand as of December 31, 2022, reflecting a growth of approximately 4.1% [197]. - Total liabilities were RMB 370,111 thousand, an increase from RMB 292,821 thousand, representing a growth of around 26.4% [197]. - The company's equity increased to RMB 1,204,753 thousand from RMB 1,180,703 thousand, marking a rise of about 2.0% [197]. - Trade and other payables rose to RMB 224,239 thousand, compared to RMB 208,054 thousand, reflecting an increase of approximately 7.8% [197]. - Lease liabilities increased to RMB 39,159 thousand from RMB 28,321 thousand, indicating a growth of around 38.3% [197]. Share Capital and Incentives - The weighted average number of ordinary shares used to calculate basic earnings per share was 1,016,782,000 for the six months ended June 30, 2023, slightly down from 1,018,610,000 for the same period in 2022 [10]. - The company has granted a total of 19,650,000 restricted share units during the period, with 300,000 units forfeited, resulting in 19,350,000 units remaining unexercised [33]. - The company has adopted a share incentive plan on April 17, 2023, granting a total of 54,800,000 shares to 136 eligible participants, including 19,650,000 shares to qualified participants [36]. - No stock options were granted under the stock option plan as of June 30, 2023, with a total of 100,000,000 shares available for grant, representing approximately 9.80% of the issued share capital [178]. Operational Performance - The company provides services to 58 commercial property projects across 22 cities in China, covering a total contracted area of approximately 2.95 million square meters [90]. - The average occupancy rate for retail commercial properties was 93.5% as of June 30, 2023, with COCO Park achieving 96.6% [125]. - The company aims to enhance operational performance and increase revenue through the entrusted management service model, which provides a higher level of autonomy [96]. - The company signed new commercial operation service contracts for a total of 12,000 square meters in the first half of 2023, including 7,000 square meters in Shenzhen and 5,000 square meters in Shanghai [112]. - The company is focusing on strategic and regional concentration, particularly in the Greater Bay Area and Yangtze River Delta [128]. Expenses and Costs - Selling expenses increased by approximately 208.1% to about RMB 4.9 million, primarily due to increased marketing costs for new leasing projects [150]. - Administrative expenses increased by approximately 27.5% to about RMB 35.8 million, mainly due to preparation costs for new leasing projects [151]. - Financing costs increased by approximately 312.1% to about RMB 19.1 million, primarily due to increased interest expenses related to leasing liabilities for new projects [152]. Cash Flow and Receivables - As of June 30, 2023, the group's cash and cash equivalents were approximately RMB 453.6 million, a decrease of about 6.1% compared to December 31, 2022 [160]. - The group's trade and other receivables as of June 30, 2023, were approximately RMB 26.3 million, a decrease of about 43.1% compared to December 31, 2022, due to active collection efforts [158]. - The expected credit loss reversal under the expected credit loss model for the six months ended June 30, 2023, was approximately RMB 2.4 million, compared to a net impairment loss of approximately RMB 5.2 million for the same period in 2022 [170]. Strategic Initiatives - The company is actively seeking acquisition targets but faces increased risks due to the fluctuating domestic pandemic situation and changes in the real estate market [64]. - The company’s board of directors has decided to change the intended use of the net proceeds to seize opportunities in the leasing service market [64]. - The company plans to utilize 10% of the net proceeds for general corporate purposes and working capital, amounting to RMB 84.2 million [66].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 288,487,000, an increase of 11.1% compared to RMB 259,586,000 for the same period in 2022[3] - Gross profit for the same period was RMB 164,608,000, representing a gross margin of 57.1%, up from RMB 149,730,000 in 2022[3] - Net profit attributable to the owners of the company was RMB 96,962,000, slightly up from RMB 96,089,000 in the previous year[3] - Basic earnings per share increased to RMB 9.54 from RMB 9.43, reflecting a growth of 1.2%[3] - Other income for the period was RMB 19,556,000, slightly up from RMB 19,315,000 in the previous year[3] - The profit attributable to the owners of the company for the six months ended June 30, 2023, was RMB 96,962,000, a slight increase from RMB 96,089,000 in the same period of 2022[51] - For the six months ended June 30, 2023, the group's profit was approximately RMB 92.0 million, a year-on-year decrease of about 2.5%[162] - The core profit attributable to the company's owners for the same period was approximately RMB 124.4 million, representing a year-on-year increase of about 12.6%[162] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 1,872,633,000, compared to RMB 1,849,036,000 at the end of 2022[6] - The company’s cash and cash equivalents stood at RMB 453,568,000, down from RMB 482,835,000 at the end of 2022[4] - Trade receivables as of June 30, 2023, amounted to RMB 11,794,000, reflecting a decrease from RMB 31,650,000 as of December 31, 2022[57] - Trade and other payables increased to RMB 224,239,000 as of June 30, 2023, compared to RMB 208,054,000 as of December 31, 2022[58] - The asset-liability ratio as of June 30, 2023, was approximately 46.3%, slightly up from about 44.9% on December 31, 2022[169] - The group has no bank loans or other borrowings as of June 30, 2023[168] Revenue Breakdown - The total revenue for the commercial property operation services reached RMB 271,316,000 for the six months ended June 30, 2023, representing an increase of 7.3% compared to RMB 252,804,000 for the same period in 2022[34] - The operating management services revenue decreased to RMB 169,292,000, down 3.3% from RMB 175,737,000 year-on-year[34] - The value-added services revenue increased significantly to RMB 52,774,000, up 37.7% from RMB 38,351,000 in the previous year[34] - Revenue from entrusted management services for the six months ended June 30, 2023, was RMB 189.98 million, accounting for 65.9% of total revenue, with a year-on-year increase of 0.6%[148] - Revenue from brand and management output services was RMB 63.32 million, representing a year-on-year growth of approximately 7.7% and accounting for 21.9% of total revenue[148] Operational Performance - The average occupancy rate for the group's shopping centers as of June 30, 2023, was 93.5%, compared to 92.3% in the same period of 2022[117] - The group operated a total of 58 properties with a contracted building area of 2,946,000 square meters as of June 30, 2023, compared to 65 properties with a contracted building area of 3,700,000 square meters as of December 31, 2022[133] - The group reported a total of 1,013,750 square meters of shopping center area, with 394,448 square meters of parking space, resulting in a total operational building area of 1,408,198 square meters[136] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[3] - The group plans to enhance operational management and customer satisfaction through strategies focused on member restructuring, precision marketing, and smart retail[124] - The group aims to maintain a "one store, one policy" leasing strategy to strengthen operational management and improve project profitability and asset value[123] - The group will continue to focus on high-quality expansion, emphasizing quality over quantity in its operational models and suitable development areas[121] - The group has adjusted its strategy in response to changes in the real estate industry, resulting in the termination of contracts for five projects to focus resources on high-quality developments[88] Cost Management - The company reported a decrease in financing costs to RMB 19,094,000 from RMB 4,633,000, indicating increased financial leverage[3] - The income tax expense for the period was RMB 29,815,000, down from RMB 34,841,000 in the previous year[46] - Sales expenses for the six months ended June 30, 2023, were approximately RMB 4.9 million, a year-on-year increase of about 208.1% due to increased marketing costs for new projects[156] - Administrative expenses for the same period were approximately RMB 35.8 million, reflecting a year-on-year increase of about 27.5% due to preparation costs for new rental projects[157] Market Position and Future Outlook - The group emphasizes high-quality development and strategic focus on the Greater Bay Area and Yangtze River Delta regions[141] - The group aims to enhance brand influence by establishing new benchmark projects, including the Shenzhen Xinghe WORLD • COCO Park[143] - The group has been actively seeking acquisition targets since its listing, but faces increased risks due to the fluctuating domestic pandemic situation[171] - The board has revised the intended use of net proceeds to seize opportunities in the leasing service market, aiming for long-term sustainable income from leasing projects[171]

Project Management and Resource Allocation - The company terminated contracts with 6 projects (Zhanjiang Xinghe COCO City, Nanchang Boneng Xinghe iCO, Nanchang Shanglian Xinghe COCO Park, Shanghai Bowan Lanyun Xinghe COCO City, Putian Xinghe COCO Park, Ningxiang Xinghe COCO City) to focus resources on high-quality projects, enhancing sustainable development[1] - The company successfully signed commercial operation service contracts for 5 third-party projects in 2022, including Maoming Xinyi Xinghe COCO City, Jining Xinghe COCO City, Jining Xinghe iCO, Shanshui Outlets · Lu'an Xinghe COCO City, and Zhuhai Lailai Xinghe COCO City[30] - In 2022, the company successfully opened four new projects: Enshi COCO City, Jiaxing COCO City, Guannan Hengji COCO City, and Guangzhou Dachong COCO Garden[51] - The company plans to complete the grand opening of 5-7 projects in 2023, supported by a "Guaranteed Opening Task Force" mechanism[112] - The company transitioned the operation model of 4 projects (Shenzhen Galaxy WORLD COCO Park Phase II, Shenzhen Guangming Galaxy COCO City, Nanjing Galaxy COCO City, Jiangyin Galaxy COCO City) from "entrusted management services" to "whole leasing services" with a pure revenue-sharing rental model (no fixed rent)[101] Business Performance and Financials - The company achieved a profit attributable to shareholders of RMB 15.15 per share in 2022[50] - The company declared a final dividend of HKD 0.07 per share, with a full-year dividend payout ratio of approximately 62%[50] - Revenue for the year ended December 31, 2022, was approximately RMB 561.9 million, a decrease of 1.8% year-on-year[166] - Revenue from entrusted management services was approximately RMB 381.7 million, an increase of 8.5% year-on-year, accounting for 67.9% of total revenue[167] - Gross profit margin for entrusted management services increased to 53.9% in 2022 from 49.1% in 2021[170] - Gross profit margin for brand and management output services remained relatively stable compared to 2021[171] - Other income for the year ended December 31, 2022, was approximately RMB 40.0 million, an increase of 28.5% year-on-year, mainly due to increased bank interest income[172] - Sales expenses for the year ended December 31, 2022, were approximately RMB 12.0 million, an increase of 41.4% year-on-year, primarily due to increased marketing expenses for the Jiaxing Xinghe COCO City project[173] - Total contracted building area as of December 31, 2022, was 3,700 thousand square meters, with a total revenue of RMB 561.854 million[119] - The Greater Bay Area accounted for 81.4% of the total revenue, generating RMB 457.541 million from 39 properties[119] - The Yangtze River Delta region contributed 9.8% of the total revenue, with RMB 55.186 million from 9 properties[119] Operational Strategies and Innovations - The company plans to deepen consumer demand research, enhance product competitiveness, and achieve breakthrough product innovation in 2023, while balancing innovative design and cost control[4] - The company will prioritize efficiency and promote collaboration between headquarters, regions, and projects, ensuring project design novelty and layout rationality through "one store, one strategy" to achieve accurate project positioning and high-quality openings[9] - The company aims to use data to drive consumer and brand demand alignment, leveraging intelligent empowerment for more precise marketing and decision-making[33] - The company is committed to building a digital platform to become a data-driven, open, and asset-light operation platform[54] - The company will use digital operation systems to monitor sales and foot traffic data in real-time, enabling refined operation and timely assistance for tenants[55] - The company plans to construct a smart business operation system, digitizing on-site customers and building a full-scenario data chain to improve operational efficiency[55] - The company aims to achieve a rental rate of no less than 95% in 2023 by deepening strategic joint development opportunities and introducing first-entry brands and innovative formats[109] - The company will focus on refining and solidifying operational highlights, creating benchmark merchants such as "Million-Yuan Stores" and "Ten Million-Yuan Stores" to enhance performance[111] - The company will enhance the value of the membership management system, which will serve as a "ballast stone" for shopping center performance[111] - The company plans to focus on quality and efficiency improvements in 2023, aiming for high-quality development[124] - The company's core strategy for 2023 includes prioritizing efficiency, cooperation, and high-quality expansion[127][128] Brand and Market Position - The company ranked 10th in the "2022 China Commercial Real Estate Top 100 Enterprises" and was awarded the "2022 China Commercial Real Estate Operation Top 10 Enterprises" and "2022 China Commercial Real Estate Operation Excellent Brand" by the China Index Research Institute[21] - The company's COCO Park brand was recognized as one of the "2022 China Commercial Real Estate Project Brand Value Top 10"[21] - The company's Shenzhen Futian Xinghe COCO Park was awarded the "Annual Night Economy Landmark Project" at the China Commercial Real Estate Golden Tripod Awards[21] - The company's brand system includes urban shopping centers "COCO Park," regional shopping centers "COCO City" and "iCO," community shopping centers "COCO Garden," and high-end home furnishing shopping centers "Third Space"[40] - The company's core brands include "COCO Park," "COCO City," "iCO," and "COCO Garden," reflecting its commitment to urban development and quality of life[57] Geographic and Operational Coverage - As of December 31, 2022, the company provided services to 65 commercial property projects (including 13 consulting service projects) across 24 cities in China, with a total contracted building area of approximately 3.7 million square meters, 60.0% of which were developed or owned by independent third parties[13] - The company provided services to 65 commercial property projects across 24 cities in China as of December 31, 2022, with 26 projects in operation and 39 projects not yet operational[60] - The total contracted building area reached approximately 3.7 million square meters, excluding 13 consulting service projects[79] - In 2022, the company signed commercial operation service agreements for 5 third-party projects, adding a contracted area of 408,000 square meters[98] - The Greater Bay Area accounted for 39 projects, while the Yangtze River Delta region had 9 projects[59][84] - The company operates the largest number of shopping centers in Shenzhen and has a scale advantage in core cities of the Greater Bay Area[36] Revenue and Operational Models - The company's revenue sources include fixed fees for market positioning, design, and tenant recruitment, as well as a predetermined percentage of income or profit from operational management services[89][93] - The company's operational models include entrusted management, brand and management output, and leasing services, with varying levels of involvement and cost structures[87][90][94][96] - The company's consulting service projects serve as a foundation for future sustainable operations and stable growth[79] - In 2022, the company's related parties contributed an additional contracted area of 32,000 square meters[98] - The company's operational management services include strategy formulation, marketing activities, tenant management, property management, and rent collection[62] - Rental income from the company's daily operations is recognized as revenue[134] Financial and Accounting Policies - Government grants are recognized in the income statement on a systematic basis, offsetting related costs[139] - Deferred tax assets and liabilities are recognized based on temporary differences between the book value and tax base of assets and liabilities[144] - The company's financial assets are measured at fair value, with changes recognized in profit or loss unless they meet specific criteria for amortized cost or other comprehensive income[180] - The company recognizes expected credit losses for trade receivables and lease receivables, with individual assessments for each asset[159] - The company's investment properties are measured at cost less accumulated depreciation and impairment losses[175] - The company's financial assets are measured at amortized cost, and interest income is recognized using the effective interest method, unless the financial asset subsequently becomes credit-impaired[182] - The company assesses whether there has been a significant increase in credit risk since initial recognition by comparing the risk of default at the reporting date with the risk of default at initial recognition[185] - The company considers both quantitative and qualitative information, including historical experience and forward-looking information, when assessing credit risk[185] Organizational Structure and Leadership - The company's board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors as of the annual report date[194] - Huang Delin, the Chairman and Executive Director, is responsible for overall business development and the formulation and implementation of the company's business strategies[195] - Tao Muming, the Executive Director and President, oversees business development, strategy implementation, and daily operations of the company[196] - Wen Yi, the Executive Director and General Manager of the Financial Management Center, is responsible for the company's overall financial management, IT systems, legal affairs, and contract management[200] Employee and Workforce Management - The company's total number of employees increased significantly to 826 in 2022, up from 436 in 2021, primarily due to increased self-managed property services and project preparations[190] Strategic and Market Analysis - The company optimized its city strategy, identifying 4 "breakthrough cities," 23 "deep cultivation cities," and 8 "reserve cities" based on commercial attractiveness and strategic layout[164] - The company aims to deepen emotional connections with consumers and explore co-creation of product content, targeting the "Z Generation" as the future main consumer group[53] Operational Metrics and Performance - Total contracted construction area decreased from 3,900 thousand square meters in 2021 to 3,700 thousand square meters in 2022, with the number of properties decreasing from 84 to 65[101] - The total operating retail commercial properties as of December 31, 2022, had a combined shopping center area of 1,451,866 square meters and a parking area of 456,614 square meters, totaling 1,908,480 square meters[108] - Ordos Galaxy COCO City Phase I suspended operations due to an accident, reducing the operating construction area by 48,000 square meters[108] - The average occupancy rate for COCO Park was 96.0% in 2022, down from 98.3% in 2021[121] - The total operating shopping center area as of December 31, 2022, was 1,452 thousand square meters, excluding parking areas[121] Investments and Acquisitions - The company did not have any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2022[191]

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[Performance Highlights](index=1&type=section&id=Performance%20Highlights) This section summarizes the company's 2022 financial performance, key operational metrics, and strategic outlook. [2022 Annual Performance Overview](index=1&type=section&id=2022%20Annual%20Performance%20Overview) In 2022, total revenue slightly decreased by 1.8% to RMB 561.9 million, gross profit margin declined to 55.7%, while core profit attributable to owners increased by 6.0%. 2022 Key Financial Indicators | Indicator | 2022 | 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 561.9 million | RMB 572.2 million | -1.8% | | Gross Profit | RMB 313.0 million | RMB 330.4 million | -5.3% | | Gross Profit Margin | 55.7% | 57.7% | -2.0pp | | Profit Attributable to Owners of the Company | RMB 154.3 million | RMB 184.9 million | -16.6% | | Core Profit Attributable to Owners of the Company | RMB 198.9 million | RMB 187.6 million | +6.0% | - As of December 31, 2022, the Group's contracted GFA for commercial operation services was approximately **3.7 million sq.m.**, with **60.0%** developed or owned by independent third parties; GFA in operation was approximately **1.908 million sq.m.**[81](index=81&type=chunk) - The Board proposed a final dividend of **HKD 0.07 per share**, making the total annual dividend **HKD 0.105 per share** including the interim dividend[81](index=81&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's 2022 business operations, strategic initiatives, and detailed financial performance. [Overview and Business Review](index=16&type=section&id=Overview%20and%20Business%20Review) The Group maintained its leading position in Greater Bay Area commercial property operations, expanding nationwide with 65 contracted projects totaling 3.7 million sq.m. - As of December 31, 2022, the Group had **65 contracted projects** covering **24 cities**, with a total contracted GFA of approximately **3.7 million sq.m.**, of which **60.0%** were developed or owned by independent third parties[160](index=160&type=chunk) - The Group possesses a comprehensive brand system, including urban "COCO Park", regional "COCO City" and "iCO", and community "COCO Garden" shopping centers[208](index=208&type=chunk) - In 2022, the Group ranked **10th** among "Top 100 Chinese Commercial Real Estate Enterprises" and received "Top 10 Chinese Commercial Real Estate Operators in 2022" awards[329](index=329&type=chunk) [Business Models](index=17&type=section&id=Business%20Models) The company offers commercial property operation services via entrusted management, brand and management output, and master lease models, each with distinct characteristics. Comparison of Three Business Models | Business Model | Role & Services | Revenue Sources | Cost Structure | Characteristics | | :--- | :--- | :--- | :--- | :--- | | **Entrusted Management Services** | Full management, including positioning, tenant sourcing, operation management, and value-added services | Fixed fees, revenue/profit sharing, management fees, value-added service fees | Bears all operating costs | High autonomy, enables ideal operational performance | | **Brand and Management Output Services** | Professional manager, dispatches core management team | Fixed fees, revenue/profit sharing | Bears only partial staff costs, owner bears main operating costs | Asset-light model, high gross profit margin, conducive to rapid regional expansion | | **Master Lease Services** | Leases properties then subleases, fully responsible for management and operation | Tenant rents, management fees, value-added service fees | Bears all operating costs and rent to property owner | Maximizes revenue, but carries higher risks | [Project Expansion and Operational Performance](index=19&type=section&id=Project%20Expansion%20and%20Operational%20Performance) In 2022, the Group added 5 third-party projects, increasing contracted area by 408,000 sq.m., while total contracted GFA decreased due to strategic terminations. - In 2022, **5 third-party commercial operation service agreements** were signed, adding **408,000 sq.m.** of contracted GFA[194](index=194&type=chunk) Changes in Contracted GFA and Project Count (as of year-end) | Indicator | 2022 | 2021 | | :--- | :--- | :--- | | Contracted Projects | 65 | 84 | | Total Contracted GFA | 3.7 million sq.m. | 3.9 million sq.m. | - The Group proactively terminated **6 projects** in 2022 to reallocate resources to high-quality projects, ensuring sustainable development[197](index=197&type=chunk) Average Occupancy Rate of Operational Retail Properties | Product Type | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | COCO Park | 96.0% | 98.3% | | COCO City and iCO | 91.1% | 92.4% | | Others | 94.8% | 95.0% | | **Total** | **92.5%** | **94.0%** | [2023 Work Plan](index=25&type=section&id=2023%20Work%20Plan) For 2023, the Group plans to focus on "Operation Year" initiatives, emphasizing quality, efficiency, and high-quality expansion, targeting an occupancy rate of no less than 95%. - **Focus on "Operation Year"**: Emphasizing dual improvement in quality and efficiency for high-quality development[298](index=298&type=chunk)[273](index=273&type=chunk) - **Stabilize and support merchants**: Strengthen brand reserves, introduce first-time brands and innovative formats, targeting an occupancy rate of **no less than 95%**[26](index=26&type=chunk) - **Quality openings**: Plan to complete the opening of **5-7 projects** in 2023, ensuring timely openings through a "Special Project Opening Team"[274](index=274&type=chunk) - **High-quality expansion**: Focus on acquiring premium projects in core tiered cities (4 breakthrough, 23 deep-cultivation, 8 reserve cities) under a "quality-first" strategy[300](index=300&type=chunk)[28](index=28&type=chunk)[275](index=275&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) In 2022, total revenue slightly decreased to RMB 561.9 million, gross profit margin declined, and expenses increased, yet the company maintained a stable financial position with increased cash. [Revenue Analysis](index=27&type=section&id=Revenue%20Analysis) Total revenue decreased by 1.8% to RMB 561.9 million in 2022, driven by entrusted management growth, significant master lease expansion, and a decline in brand and management output services. 2022 Revenue Breakdown by Business Model | Business Model | 2022 Revenue (RMB thousands) | Revenue Share | 2021 Revenue (RMB thousands) | Revenue Share | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Entrusted Management Services | 381,701 | 67.9% | 351,650 | 61.5% | +8.5% | | Brand and Management Output Services | 137,904 | 24.6% | 198,495 | 34.7% | -30.5% | | Master Lease Services | 42,249 | 7.5% | 22,064 | 3.8% | +91.5% | | **Total** | **561,854** | **100.0%** | **572,209** | **100.0%** | **-1.8%** | [Gross Profit and Gross Profit Margin Analysis](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin%20Analysis) Gross profit decreased by 5.3% to RMB 313.0 million, with overall gross profit margin falling to 55.7% due to changes in business mix and master lease services' margin decline. 2022 Gross Profit and Gross Profit Margin by Business Model | Business Model | 2022 Gross Profit (RMB thousands) | 2022 Gross Profit Margin | 2021 Gross Profit (RMB thousands) | 2021 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Entrusted Management Services | 205,686 | 53.9% | 172,559 | 49.1% | | Brand and Management Output Services | 101,134 | 73.3% | 148,820 | 75.0% | | Master Lease Services | 6,219 | 14.7% | 9,053 | 41.0% | | **Total/Overall** | **313,039** | **55.7%** | **330,432** | **57.7%** | [Expense and Profit Analysis](index=28&type=section&id=Expense%20and%20Profit%20Analysis) Service, selling, administrative, and finance costs, along with expected credit losses, all increased in 2022, leading to a 19.1% decrease in profit for the year. - Service costs increased by **2.9%** year-on-year to **RMB 248.8 million**, mainly due to increased operating costs from the Jiaxing Xinghe COCO City master lease project opening[31](index=31&type=chunk) - Selling expenses increased by **41.4%** to **RMB 12.0 million**, and administrative expenses increased by **16.1%** to **RMB 82.6 million**, both related to new master lease projects[85](index=85&type=chunk)[60](index=60&type=chunk) - Finance costs surged by **503.3%** to **RMB 23.3 million**, primarily due to increased interest expenses on lease liabilities from new master lease projects[36](index=36&type=chunk) - Expected credit losses (net of reversal) increased by **108.0%** to **RMB 21.4 million**, due to higher provision rates for certain projects[59](index=59&type=chunk) - Profit for the year decreased by **19.1%** year-on-year to **RMB 148.9 million**; profit attributable to owners of the Company decreased by **16.6%** year-on-year to **RMB 154.3 million**[285](index=285&type=chunk) [Financial Position and Liquidity](index=31&type=section&id=Financial%20Position%20and%20Liquidity) As of year-end 2022, the Group's financial position remained stable, with significant growth in investment properties and an increased gearing ratio due to new master lease projects. - Investment properties increased by **1,515.0%** to **RMB 767.5 million**, mainly due to the recognition of lease assets from new Jiaxing and Xiamen master lease projects[64](index=64&type=chunk) - Bank balances and cash increased by **8.2%** to **RMB 482.8 million**, with management confident in sufficient financial resources for current operations and future expansion[91](index=91&type=chunk) - Gearing ratio significantly increased from **20.5%** (end of 2021) to **44.9%** (end of 2022), primarily due to the recognition of substantial lease assets and liabilities from master lease projects[314](index=314&type=chunk) - The Board resolved to change the use of IPO proceeds, reallocating approximately **55%** originally planned for acquisitions to lease fees and renovations under the master lease service model[68](index=68&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, detailing its financial performance, position, and key accounting notes. [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In 2022, revenue decreased to RMB 561.9 million, gross profit declined, and profit before tax fell to RMB 208.3 million, resulting in a 19.1% decrease in profit for the year. Consolidated Statement of Profit or Loss Summary (For the year ended December 31) | Item | 2022 (RMB thousands) | 2021 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 561,854 | 572,209 | | Gross Profit | 313,039 | 330,432 | | Profit Before Tax | 208,345 | 252,396 | | Profit for the Year | 148,882 | 183,922 | | Profit Attributable to Owners of the Company | 154,275 | 184,924 | | Basic Earnings Per Share (RMB cents) | 15.15 | 18.48 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of December 31, 2022, total assets increased to RMB 2.142 billion, driven by investment properties, while total liabilities grew to RMB 961.1 million due to increased lease liabilities. Consolidated Statement of Financial Position Summary (As at December 31) | Item | 2022 (RMB thousands) | 2021 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 818,905 | 112,029 | | Current Assets | 1,322,952 | 1,320,317 | | **Total Assets** | **2,141,857** | **1,432,346** | | **Liabilities** | | | | Current Liabilities | 292,821 | 230,343 | | Non-current Liabilities | 668,333 | 63,354 | | **Total Liabilities** | **961,154** | **293,697** | | **Total Equity** | **1,180,703** | **1,138,649** | [Notes to the Financial Statements (Excerpts)](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements%20(Excerpts)) These notes detail the company's accounting policies, revenue breakdown, dividend distributions, and changes in trade receivables and credit loss provisions. Revenue by Operating Model Category | Operating Model | 2022 (RMB thousands) | 2021 (RMB thousands) | | :--- | :--- | :--- | | Entrusted Management Services | 381,701 | 351,650 | | Brand and Management Output Services | 137,904 | 198,495 | | Master Lease Services | 42,249 | 22,064 | | **Total** | **561,854** | **572,209** | - Total dividends distributed in 2022 amounted to **RMB 118.0 million**, comprising the 2022 interim dividend and 2021 final dividend[151](index=151&type=chunk) - Trade receivables increased from **RMB 29.14 million** in 2021 to **RMB 32.66 million** in 2022, with credit loss provisions significantly rising from **RMB 18.39 million** to **RMB 38.89 million**[153](index=153&type=chunk) [Other Company Information](index=36&type=section&id=Other%20Company%20Information) This section covers the company's dividend policy, share repurchase activities, and adherence to corporate governance standards, including the review of annual results. [Dividend Policy and Arrangements](index=36&type=section&id=Dividend%20Policy%20and%20Arrangements) The Board proposed a final dividend of HKD 0.07 per share for 2022, subject to AGM approval on June 8, 2023, with specific share transfer registration suspension dates. - The Board proposed a final dividend of **HKD 0.07 per ordinary share**[342](index=342&type=chunk) - The Annual General Meeting is scheduled for **June 8, 2023**[320](index=320&type=chunk) - Share transfer registration will be suspended from **June 5 to 8, 2023** for AGM attendance eligibility, and from **June 15 to 16, 2023** for final dividend entitlement[73](index=73&type=chunk)[344](index=344&type=chunk) [Share Repurchases](index=37&type=section&id=Share%20Repurchases) In 2022, the company repurchased 915,000 shares for approximately HKD 1.35 million, subsequently cancelled to enhance shareholder value. 2022 Share Repurchase Details | Repurchased Shares | Total Consideration (net of expenses) | Repurchase Month | Cancellation Date | | :--- | :--- | :--- | :--- | | 915,000 shares | Approximately HKD 1.35 million | November 2022 | January 17, 2023 | [Corporate Governance and Performance Review](index=37&type=section&id=Corporate%20Governance%20and%20Performance%20Review) The company maintains high corporate governance standards, with directors complying with securities trading codes, and the audit committee, along with Deloitte, reviewing annual results. - The company has adopted and complied with the **Model Code for Securities Transactions by Directors** under the Listing Rules[322](index=322&type=chunk) - The company's Audit Committee has reviewed the annual results[325](index=325&type=chunk) - Auditor Deloitte confirmed that the financial data in the preliminary announcement aligns with the audited consolidated financial statements[78](index=78&type=chunk)

Company Overview - As of June 30, 2022, the group provided services to 92 commercial property projects across 29 cities in China, covering a total contracted gross floor area of approximately 4.2 million square meters[6]. - The group operates 25 retail commercial properties with a total operational gross floor area of about 1.9 million square meters[6]. - The group was ranked 10th among the "Top 100 Commercial Real Estate Enterprises in China" and 6th among the "Top 10 Commercial Real Estate Operation Enterprises in China" as of March 2022[6]. - The group has a comprehensive brand system, including urban shopping centers "COCO Park" and community shopping centers "COCO Garden" targeting different consumer demographics[7]. Operational Models - The group employs three operational models: entrusted management, brand and management output, and whole leasing, allowing for varied levels of involvement in property management[8]. - The entrusted management model allows for higher autonomy in managing projects, potentially leading to better operational performance and increased revenue[14]. - The brand and management output model enables rapid geographic expansion with generally higher gross margins due to lower capital and human resource requirements[18]. - The company operates under three service models: entrusted management, brand and management output, and whole rental services, with the whole rental service model contributing to a contracted area of 279,000 square meters as of June 30, 2022, up from 199,000 square meters in the previous year[27]. Financial Performance - For the six months ended June 30, 2022, the company's revenue was approximately RMB 259.6 million, representing a year-on-year growth of about 0.8%[61]. - Revenue from entrusted management services was approximately RMB 188.8 million, a year-on-year increase of about 10.4%, accounting for approximately 72.7% of total revenue[62]. - The gross profit for the six months ended June 30, 2022, was approximately RMB 149.7 million, reflecting a year-on-year growth of about 2.6%[67]. - The overall gross margin increased to approximately 57.7%, up from about 56.7% in the same period of 2021, marking an increase of approximately 1.0%[69]. - For the six months ended June 30, 2022, the group's profit was approximately RMB 94.4 million, representing a year-on-year increase of about 14.4%[84]. Growth and Expansion - As of June 30, 2022, the total contracted building area reached approximately 4.2 million square meters, an increase from 3.5 million square meters as of June 30, 2021, representing a growth of 20.6%[27]. - The number of properties under management increased to 92 as of June 30, 2022, compared to 69 properties as of June 30, 2021, reflecting a growth of 33.3%[27]. - The company aims to achieve a target of no less than 700,000 square meters of contracted area for the year 2022[49]. - The company is focusing on expanding in first and second-tier cities, identifying 8 first-tier and 28 second-tier cities for future projects[48]. Revenue Sources - Revenue sources include fixed fees for consulting services, a percentage of income or profit from operational management, and management fees from tenants[13]. - The company has a diverse client base, including tenants and clients related to value-added services, generating revenue from rent, management fees, and public space usage fees[23]. - The Greater Bay Area projects account for 59 properties with a contracted construction area of 1,671,000 square meters, contributing RMB 213,091,000 in revenue, which is 82.1% of the total[36]. Cash and Assets - As of June 30, 2022, the group's cash and cash equivalents and time deposits were approximately RMB 1,310.9 million, an increase of about 4.0% compared to December 31, 2021[88]. - The total assets as of June 30, 2022, amounted to RMB 1,831,228 thousand, compared to RMB 1,202,003 thousand as of December 31, 2021[150]. - The investment property value surged to RMB 657,537 thousand from RMB 47,524 thousand, indicating significant asset growth[150]. Dividends and Share Capital - The company declared an interim dividend of HKD 0.035 per ordinary share for the six months ended June 30, 2022, compared to HKD 0 for the same period in 2021[137]. - The total issued share capital of the company was 1,020,039,000 ordinary shares as of June 30, 2022[119]. - The profit attributable to the company's owners for the six months ended June 30, 2022, was RMB 96,089,000, compared to RMB 83,065,000 for the same period in 2021, representing a year-on-year increase of approximately 15.4%[183]. Challenges and Strategic Focus - Since the fourth quarter of 2021, the real estate market has been sluggish, leading to significant valuation discrepancies during negotiations for potential acquisitions[101]. - The company has decided to shift the focus from potential acquisitions to long-term rental opportunities to ensure sustainable revenue[102]. - The company plans to maintain quality while promoting scalable expansion in the second half of 2022[48]. Employee and Governance - As of June 30, 2022, the total number of employees increased to 457 from 436 as of December 31, 2021[108]. - The company has adhered to corporate governance codes and regulations to maximize shareholder returns and enhance transparency[116]. - The interim financial information for the six months ending June 30, 2022, has been reviewed by the auditors and complies with applicable accounting standards[118].

Business Operations - As of December 31, 2021, the company provided services to 84 commercial property projects, covering 25 cities in China, with a total contracted gross floor area of approximately 3.9 million square meters[4]. - The occupancy rate of the company's properties maintained a healthy level of 94% in 2021, with same-store sales increasing by approximately 21% compared to 2020[19]. - The number of cooperative merchants exceeded 4,300, achieving a positive cycle of brand leasing, operational enhancement, and sales growth[19]. - The company has established a comprehensive and widely recognized brand system, including various shopping center formats such as "COCO Park" and "COCO City" targeting different consumer demographics[4]. - The company has successfully navigated challenges during its first year of listing, establishing a solid foundation for long-term development[19]. - The company is committed to enhancing its organizational structure, market expansion, and operational capabilities to support future growth[19]. - The company aims to create exceptional value for consumers, partners, and shareholders by focusing on competitive products and services[5]. - The company has a strategic focus on new consumption, new services, and new technologies as key drivers for future growth[19]. - The company aims to develop benchmark projects in various regions, such as Guangzhou Health Port COCO Park and Xiamen COCO Park, to meet high-quality living and shopping demands[25]. - The company conducted over 100 live broadcasts during the pandemic, accumulating over 3 million online followers, enhancing its operational capabilities[27]. Financial Performance - In 2021, the company achieved revenue of approximately RMB 572.2 million, representing a year-on-year growth of about 29.5%[21]. - The profit attributable to shareholders was approximately RMB 184.9 million, reflecting a year-on-year increase of approximately 45.8%[21]. - The total revenue from continuing operations for the year ended December 31, 2021, was RMB 572.2 million, representing a significant increase compared to RMB 442.0 million in 2020[70]. - The company's gross profit for the fiscal year was approximately RMB 330.4 million, reflecting a year-on-year growth of about 32.9%[103]. - The gross profit margin increased to 57.7%, up approximately 1.4 percentage points from 56.3% in the previous year[104]. - Other income increased by approximately 168.9% to about RMB 31.1 million, primarily due to increased bank interest income[105]. - The company's net profit for the fiscal year was approximately RMB 183.9 million, a year-on-year increase of about 44.2%[115]. - Revenue from entrusted management services was approximately RMB 351.7 million, accounting for about 61.5% of total revenue, with a year-on-year increase of approximately 13.9%[96]. - Revenue from brand and management output services was approximately RMB 198.5 million, accounting for about 34.7% of total revenue, with a year-on-year increase of approximately 74.2%[97]. Market Expansion and Strategy - The company has a strategic focus on regional expansion, particularly in the Greater Bay Area, with 57 projects in that region alone[36]. - The Greater Bay Area accounted for 86.5% of the total revenue, with a total contracted area of 1.6 million square meters[70]. - The company aims to achieve a target of no less than 700,000 square meters of contracted area in 2022, focusing on first and second-tier cities for expansion[84]. - A total of 8 projects are planned for grand openings in 2022, with a dedicated team established to ensure timely launches[85]. - The company targets a rental rate of no less than 95% in 2022 through a tiered leasing mechanism and strategic partnerships[88]. - The company plans to enhance sales growth by improving member operations and developing sales support plans for merchants[88]. - The company will focus on creating 1-2 unique features for each project to enhance quality and attractiveness[89]. - Marketing campaigns will be strategically planned to meet the increasingly personalized consumer demands, aiming to boost both foot traffic and sales[89]. Corporate Governance - The company was listed on the Hong Kong Stock Exchange on January 26, 2021, issuing 250 million new shares at an offer price of HKD 3.86 per share[176]. - The company has adopted the corporate governance code and has complied with all applicable provisions since its listing date[178]. - The company emphasizes the importance of good corporate governance to enhance investor confidence and accountability[177]. - The company has arranged appropriate liability insurance for its directors and senior management, which is reviewed annually[189]. - The company’s management structure separates the roles of the chairman and the CEO, with Mr. Huang Delin as chairman and Mr. Tao Muming as CEO[188]. - All independent non-executive directors confirmed their independence in accordance with Listing Rule 3.13, and the company considers them to be independent individuals[197]. - Each executive director has entered into a service contract with the company for an initial period of 3 years from the date of listing[198]. - Non-executive directors and independent non-executive directors have signed appointment letters with the company for an initial period of 3 years from the date of listing[199]. - The company held two general meetings during the year ended December 31, 2021[195]. Innovation and Future Outlook - The company plans to explore innovative community business models and various cooperation modes in 2022 to enhance operational efficiency and profitability[90]. - The company aims to develop a series of benchmark projects with regional and urban influence, focusing on new consumption trends and opportunities for long-term growth[91]. - The company is investing in R&D for new technologies, allocating $D million towards innovation initiatives[156]. - Market expansion plans include entering E new regions, aiming for a market share increase of F% in those areas[156]. - The company is considering strategic acquisitions to enhance its market position, with potential targets identified[156]. - A new marketing strategy is being implemented, expected to increase brand awareness by G% over the next year[156]. - The management team emphasized the importance of sustainability initiatives, with a budget of $I million allocated for green technology development[156].

Business Operations - As of June 30, 2021, the group provided services to 69 commercial property projects, covering 24 cities in China, with a total contracted gross floor area of approximately 3.5 million square meters[5]. - The group operates 22 retail commercial properties with a total operational gross floor area of about 1.7 million square meters[5]. - The group was ranked 13th in the "Top 100 Chinese Commercial Real Estate Enterprises" and 7th in the "Top 10 Chinese Commercial Property Operation Enterprises" in 2021[5]. - The group has a comprehensive brand system including urban shopping centers "COCO Park" and community shopping centers "COCO Garden" targeting different consumer demographics[6]. - The company has established five regional business units to expand its operations into the Yangtze River Delta and other economically developed cities in the central and western regions[30]. - The company plans to enhance its operational quality while expanding its business scale, focusing on high-quality expansion in the Greater Bay Area and entering the Southwest market[42]. - The company aims to actively seek acquisition targets that meet its internal standards for commercial property operation service providers[42]. Operational Models - The group employs three operational models: entrusted management, brand and management output, and full leasing services, each with varying levels of management involvement[7][19]. - The entrusted management model allows the group to have a high level of autonomy in managing projects, which is believed to enhance operational performance and increase revenue[12]. - The brand and management output model generally results in higher gross margins and facilitates rapid regional expansion due to lower capital and human resource requirements[16]. - The full leasing service model involves the group leasing commercial properties from owners and subleasing to tenants, taking full responsibility for management and operational performance[19]. - The company is focusing on diversifying its operational models, including entrusted management, brand management, and overall leasing, to acquire more commercial properties[42]. Financial Performance - The company's revenue for the six months ended June 30, 2021, was RMB 257.4 million, an increase of 27.8% compared to RMB 201.4 million for the same period in 2020[49]. - Revenue from entrusted management services was RMB 171.0 million, a growth of 21.2% from RMB 141.1 million in the previous year, driven by successful operations of newly opened projects[50]. - Revenue from brand and management output services reached RMB 74.0 million, up 44.2% from RMB 51.3 million in 2020, attributed to increased project operations and a rise in consultancy service offerings[51]. - The company's gross profit for the six months ended June 30, 2021, was RMB 145.9 million, a 29.2% increase from RMB 112.9 million in the same period last year[55]. - The gross profit margin improved to 56.7%, up 0.7 percentage points from 56.0% in 2020, mainly due to a higher proportion of revenue from higher-margin brand and management output services[56]. - The company's profit for the six months ended June 30, 2021, was RMB 82.5 million, representing a 40.3% increase from approximately RMB 58.8 million in the same period of 2020[70]. - The company reported a profit before tax of RMB 113,607,000, up from RMB 80,529,000 in the previous year, indicating a year-over-year increase of 40.9%[114]. - Net profit attributable to the owners of the company for the period was RMB 83,065,000, compared to RMB 58,084,000 in 2020, marking a growth of 42.9%[114]. Revenue Sources - The revenue from the Greater Bay Area for the six months ended June 30, 2021, was RMB 223.1 million, accounting for 86.7% of total revenue, compared to RMB 365.3 million for the entire year of 2020, which was 82.7% of total revenue[32]. - The total contracted building area in the Greater Bay Area was 1.38 million square meters, with 44 properties, contributing significantly to the company's revenue[32]. - Customer contract revenue accounted for RMB 249,629 thousand, up from RMB 196,313 thousand in the previous year[137]. - The total revenue from commercial property operation services was RMB 249,629,000, an increase of 27.1% compared to RMB 196,313,000 for the same period in 2020[139]. Cash Flow and Assets - As of June 30, 2021, the group's cash and cash equivalents were approximately RMB 416.2 million, a 193.8% increase from approximately RMB 141.7 million as of December 31, 2020, attributed to proceeds from the global offering and increased operating income[76]. - The net cash generated from operating activities for the six months ended June 30, 2021, was RMB 46,183,000, compared to RMB 23,464,000 for the same period in 2020, reflecting a 96.5% increase[121]. - The company reported a total equity of RMB 1,028,062,000 as of June 30, 2021, up from RMB 163,255,000 at the end of 2020, indicating a substantial growth in shareholder value[118]. - The total assets minus current liabilities amounted to RMB 1,094,638,000, a significant increase from RMB 232,678,000 as of December 31, 2020[116]. Expenses and Liabilities - The group's administrative expenses for the six months ended June 30, 2021, were RMB 26.2 million, a 6.9% increase from approximately RMB 24.5 million in the same period of 2020, mainly due to increased employee costs and routine administrative activities as a result of the COVID-19 pandemic recovery[67]. - The total employee costs rose to RMB 72,151,000, reflecting a 35% increase from RMB 53,432,000 in the same period of 2020[153]. - The total trade and other payables as of June 30, 2021, were RMB 132,905,000, a decrease from RMB 170,233,000 as of December 31, 2020, representing a reduction of approximately 22%[172]. - The group had no contingent liabilities as of June 30, 2021[75]. Shareholder Information - As of June 30, 2021, the total issued share capital was 1,020,640,000 ordinary shares[98]. - Major shareholders included Mr. Huang with a total of 600,000,000 shares, representing 58.79% of the issued share capital[109]. - The company did not recommend any interim dividend for the six months ended June 30, 2021, consistent with the previous year[111]. - The company declared dividends totaling RMB 50,574,000 for the year 2020, with a distribution of HKD 0.045 per share for ordinary shares[153]. Strategic Initiatives - The company plans to enhance its operational management capabilities and digital platform construction to drive efficiency and support scalable development[46]. - The company is committed to a brand strategy and digital transformation to improve operational efficiency and customer experience[48]. - The company plans to expand its operations through strategic partnerships and joint ventures in the Chinese market[200]. Compliance and Governance - The company has established an audit committee to review the interim report, ensuring compliance with applicable accounting standards[97]. - The management collaborates closely with independent valuation professionals to ensure appropriate valuation techniques and input data for financial reporting[196]. - The company has established a framework for measuring the fair value of financial instruments using observable market data[196].

E-STAR COMMERCIAL MANAGEMENT COMPANY LIMITED 星盛商業管理股份有限公司 （於開曼群島註冊成立的有限公司） 股份代號：6668 目 錄 | 集團簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 獎項 | 4 | | 主席報告 | 6 | | 業務概覽 | 8 | | 管理層討論與分析 | 9 | | 董事及高級管理層 | 21 | | 企業管治報告 | 27 | | 董事會報告 | 37 | | 獨立核數師報告 | 50 | | 綜合損益及其他全面收益表 | 54 | | 綜合財務狀況表 | 55 | | 綜合權益變動表 | 57 | | 綜合現金流量表 | 59 | | 綜合財務報表附註 | 61 | | 四年財務摘要 | 124 | 集團簡介 星盛商業管理股份有限公司（「星盛商業」或「本公司」）連同其附屬公司（「本集團」）是大灣區領先的商用物業運營服務供應商，並 具有全國佈局。截至2020年12月31日，本集團訂立合約以向53個商用物業項目提供服務，覆蓋中國20個城市，總合約建築面 積（「建築面積」）約3.28百萬平方米，當中61.6%由 ...