預期將於未來確認的各期間結束時現有客戶合同產生的收入 就物業管理服務及非業主增值服務而言，本集團按其有權開具發票且直接對應迄今已完成 的履約價值的金額確認收入。本集團選擇可行權宜方法，即不披露該等類型合同的剩餘履 約責任。大多數物業管理協議無固定期限。一般而言，當對手方通知本集團不再需要有關 服務時，非業主增值服務合同的期限將到期。 5. 分部資料 (a) 分部報告 本集團按根據業務線（包括物業管理服務及相應增值服務、酒店業務及長租公寓業 務）劃分的分部管理其業務。本集團已按與就分配資源及評估表現向本集團主要營運 決策者（「主要營運決策者」）內部匯報資料一致的方式呈列以下分部。 10 － 物業管理服務及相應增值服務：該分部包括物業管理服務、非業主增值服務及 社區增值服務（包括諮詢及交付前服務以及其他服務）產生的收入。 － 酒店業務服務：該分部包括酒店營運、租賃酒店樓宇內的商業購物商場以及於 該等場所提供食品及飲料以及配套服務產生的收入。 － 長租公寓業務：該分部包括於服務公寓樓宇內經營長租公寓。 (b) 分部業績、資產及負債 為評估分部表現及於分部間分配資源，本集團高級行政管理層按以下基準監察各報 告分部應佔 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 136,180 thousand, representing a 4.1% increase from RMB 130,760 thousand in the same period of 2022[1] - Gross profit decreased to RMB 27,333 thousand, down 31.0% from RMB 39,626 thousand year-on-year, resulting in a gross margin of 20.1%, a decline of 10.2 percentage points[1] - Profit for the period fell to RMB 5,781 thousand, a decrease of 70.3% compared to RMB 19,451 thousand in the previous year, with a profit margin of 4.2%, down 10.7 percentage points[1] - Net profit attributable to equity shareholders was RMB 4,496 thousand, down 76.5% from RMB 19,168 thousand in the same period last year[1] - The group's revenue for the period was RMB 5.8 million, a decline of 70.3% compared to RMB 19.5 million in the same period of 2022[136] Assets and Liabilities - Cash and cash equivalents increased by 63.8% to RMB 179,065 thousand from RMB 109,289 thousand as of December 31, 2022[70] - Total assets slightly decreased by 0.2% to RMB 529,021 thousand from RMB 529,976 thousand as of December 31, 2022[70] - Current liabilities decreased by 4.3% to RMB 172,929 thousand from RMB 180,670 thousand as of December 31, 2022[70] - Trade and other receivables increased by 34.3% to RMB 278.5 million as of June 30, 2023, compared to RMB 207.3 million as of December 31, 2022, mainly due to an increase in receivables from third parties[142] - The group's impairment loss on trade and other receivables was RMB 16.8 million, an increase of 1,100% from RMB 1.4 million in the same period of 2022[145] Property Management Services - Property management service revenue reached RMB 96.8 million, accounting for 71.1% of total revenue, with a 4.0% increase from RMB 93.0 million in 2022[89] - Residential property management service revenue was RMB 78.2 million, a 5.5% increase from RMB 74.1 million in the same period of 2022[89] - The area under management as of June 30, 2023, was 8,999 thousand square meters, a decrease of 2.9% from 9,266 thousand square meters in 2022[88] - The company managed 58 projects as of June 30, 2023, an increase from 56 projects in 2022[88] Value-Added Services - Non-owner value-added service revenue was RMB 19.3 million, representing 14.1% of total revenue, down 13.8% from RMB 22.4 million in the same period of 2022[79] - Community value-added service revenue amounted to RMB 10.5 million, primarily from property maintenance and community space services[80] - Community value-added services revenue fell by 5.4% to RMB 10.5 million, representing 7.7% of total revenue, mainly due to decreased income from decoration services[118] Future Outlook and Strategy - The company is optimistic about the future development of the property management industry despite the negative impacts of the real estate downturn[83] - The company plans to enhance service quality and innovate to minimize direct ties with the real estate sector during the industry downturn[86] - The company plans to focus on enhancing property management services and expanding its management areas while adhering to macro policies and regulations in the real estate industry[97] - The company aims to improve service quality and develop smart community projects to strengthen its revenue base[103] Corporate Governance and Shareholder Information - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[170] - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[196] - Major shareholders hold a total of 2,280,000,000 shares, representing approximately 71.25% of the company's equity[189] - The stock option plan allows for a maximum of 320,000,000 shares to be issued, which is 10% of the total shares issued post-listing[193] IPO and Fund Utilization - Approximately 48% of the net proceeds from the IPO, amounting to around RMB 133.2 million, will be used for acquisitions and investments in property management services in the Yangtze River Delta region[166][184] - The company has utilized about 15.3% of the funds for investments in a joint venture and an associate company, with plans to fully utilize these funds by December 31, 2023[184] - 15% of the funds are allocated for creating smart communities through advanced technology, with all funds already used for developing an AIoT platform and upgrading mobile applications[185] - The company has allocated approximately 55.2% of the funds for expanding community value-added services, primarily for childcare and elderly care services, with full utilization expected by December 31, 2023[185] Employee Information - The group employed 630 staff as of June 30, 2023, down from 689 staff as of June 30, 2022, with employee costs totaling RMB 37.3 million[151] Other Information - The company has no plans to declare an interim dividend for the period[169] - The company has no significant acquisitions or disposals during the reporting period[183] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the reporting period[198] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[197] - The company appointed a new executive director on July 4, 2023, following the resignation of another executive director on April 14, 2023[199][200]

香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公告的內容概不負責, 對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sundy Service Group Co. Ltd 宋都服務集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:9608) 截至2023年6月30日止六個月中期業績公告 宋都服務集團有限公司(「本公司」)董事(「董事」)會(「董事會」)欣然宣佈本公司 及其附屬公司(統稱「本集團」)截至2023年6月30日止六個月(「期內」)之未經審核 綜合業績,連同2022年同期的比較數字。本集團期內之業績已經本公司審核委員 會(「審核委員會」)審閱並經董事會於2023年8月31日批准。 本公告所載若干金額及百分比數字已約整或已四捨五入至小數點後一位或兩位 數。任何表格、圖表或其他地方所示總額與所列數額總和如有任何差異乃因四捨 五入所致。 業績摘要 本集團的財務業績 ➢ 期內,本集團實現收入人民幣136.2百萬元,較2022年同期收入人民幣 130.8百萬元上升4.1%。 1 ➢ 期內四類業務 ...

Financial Performance - In 2022, the company's revenue was RMB 268,581,000, a decrease of 15.1% compared to 2021[29] - The gross profit for 2022 was RMB 58,059,000, reflecting a significant decline of 49.3% year-over-year[29] - The net profit attributable to the owners of the company was RMB 32,900,000, down 39.8% from the previous year[29] - The company's revenue for the fiscal year 2022 was RMB 268.6 million, a decrease of 15.1% compared to RMB 316.2 million in fiscal year 2021[88] - The company's pre-tax profit was RMB 40.3 million, down 47.3% from RMB 76.4 million in fiscal year 2021, primarily due to a decline in gross profit[99] - The company's net income for the year was RMB 33.8 million, a decrease of 38.4% compared to RMB 54.9 million in fiscal year 2021[101] - The gross profit from property management services decreased by 24.1% to RMB 36.8 million in fiscal year 2022, with a gross margin decline from 28.1% to 19.6%[73] - The gross profit from community value-added services fell by 50.5% to RMB 10.1 million, with a gross margin decrease of 19.0 percentage points to 38.1%[74] Revenue Breakdown - Property management services generated RMB 188,216,000 in revenue, accounting for 70.1% of total revenue, an increase from 54.5% in 2021[36] - Non-owner value-added services contributed RMB 39,491,000, representing 14.7% of total revenue, down from 28.6% in 2021[36] - Community value-added services generated RMB 26,544,000, which is 9.9% of total revenue, compared to 11.3% in 2021[36] - Revenue from residential property management services was RMB 1,499.90 million, accounting for 79.7% of total revenue, while non-residential property management services generated RMB 382.26 million, making up 20.3%[64] - Community value-added services revenue decreased by 25.8% to RMB 26.5 million compared to RMB 35.7 million in 2021, representing 9.9% of total revenue[46] Operational Highlights - The total managed area reached 9.6 million square meters, with a total contracted area of 11.4 million square meters[36] - The number of managed projects remained stable at 58, with a total managed building area of 9,592 thousand square meters, an increase from 9,168 thousand square meters in 2021[62] - The company operates in 19 cities in China, with 19 subsidiaries and 26 branches, primarily located in Zhejiang Province[36] - The company is expanding its community value-added services, including elderly care, property management, and retail services[34] - The company continues to focus on property management as a core service while enhancing customer satisfaction through feedback and inspections[34] Future Plans and Strategies - The company plans to diversify its service offerings to include elderly care facilities, kindergartens, and healthcare services in response to changing owner demands[44] - The company aims to expand its management area and actively pursue third-party project development to mitigate the impact of macroeconomic policies on the real estate sector[69] - The company plans to enhance advanced technology to improve smart community services, aligning with government initiatives to enhance living environments[87] - The company has established a new three-year cooperation with local streets for future community pilot projects, focusing on old community projects in Hangzhou[38] Financial Position and Investments - Trade and other receivables increased by 63.1% to RMB 207.3 million as of December 31, 2022, compared to RMB 127.1 million as of December 31, 2021, mainly due to business expansion[85] - The company's cash and cash equivalents reached RMB 109.3 million as of December 31, 2022, a decline of 65.7% from RMB 318.2 million at the end of fiscal year 2021[81] - The total equity of the company increased by 12.3% to RMB 348.0 million as of December 31, 2022, compared to RMB 310.0 million as of December 31, 2021, mainly due to an increase in retained earnings[102] - The company did not engage in any major investments or acquisitions during the reporting period[110][111] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes as per the Hong Kong Stock Exchange[113] - The group has maintained strict compliance with relevant laws and regulations affecting its operations, with no serious violations reported during the reporting period[192][193] - The company is closely monitoring foreign exchange and interest rate risks due to its operations primarily in RMB and the listing proceeds in HKD[121] Employee and Compensation - The total employee cost for the reporting period was RMB 74.5 million, slightly up from RMB 74.1 million in 2021[108] - The company has adopted a share option scheme to ensure competitive compensation for its employees[108] Dividends - The board did not recommend any final dividend for the fiscal year 2022, similar to 2021[123] - The company has an effective dividend policy allowing for dividends to be declared in any currency, subject to board recommendations and shareholder approval[200] - The actual dividend amount distributed to shareholders will depend on the company's profitability, financial condition, operational requirements, and other relevant conditions as deemed by the board[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 1 Sundy Service Group Co. Ltd 宋都服務集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:9608) 截止2022年12月31日止之全年業績公告 宋都服務集團有限公司(「本公司」)董事會(「董事會」)欣然宣佈本公司及其附屬 公司(統稱「本集團」)截止2022年12月31日止年度(「本報告期」或「2022財年」) 之綜合業績,連同截止2021年12月31日止年度(「2021財年」)之比較數字。本集 團本報告期之全年業績已經本公司審核委員會(「審核委員會」)審閱並經董事會於 2023年3月31日批准。 本報告所載若干金額及百分比數字已約整或已四捨五入至小數點後一位或兩位 數。任何表格、圖表或其他地方所示總額與所列數額總和如有任何差異乃因四捨 五入所致。 業績摘要 摘要 本集團財務表現 於2022財年實現收入人民幣268.6百萬元,較2021財年收入人民幣316.2百 萬 ...

Financial Performance - Revenue for the first half of 2022 was RMB 130,760,000, a decrease of 6.2% compared to RMB 139,370,000 in the same period of 2021[29] - Gross profit for the first half of 2022 was RMB 39,626,000, down 17.0% from RMB 47,738,000 in the previous year[29] - The gross margin decreased to 30.3%, down 4.0 percentage points from 34.3% in the same period last year[29] - Net profit attributable to equity shareholders was RMB 19,168,000, representing an 18.2% decline from RMB 23,434,000 in 2021[29] - Total revenue for the period reached RMB 130.8 million, a decrease of 6.2% compared to RMB 139.4 million in the same period of 2021[60] - Net profit for the period was RMB 19.5 million, down 17.0% from RMB 23.5 million in the same period of 2021[81] - Basic and diluted earnings per share for the period were RMB 0.60, down from RMB 0.75 in the same period of 2021[132] - Total comprehensive income for the period was RMB 20,456,000, compared to RMB 22,719,000 in the previous year, reflecting a decline of 10.0%[132] Cash Flow and Liquidity - Cash and cash equivalents decreased by 53.5% to RMB 148,000,000 from RMB 318,169,000 at the end of 2021[31] - The current ratio as of June 30, 2022, was 2.54, slightly down from 2.59 at the end of 2021[31] - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (159,611) thousand, compared to RMB (22,900) thousand for the same period in 2021, indicating a significant increase in cash outflow[141] - The company incurred a net cash outflow from investing activities of RMB (11,455) thousand for the six months ended June 30, 2022, compared to RMB (27,148) thousand in the prior year, showing an improvement in cash flow management[141] Assets and Liabilities - Total assets increased by 7.9% to RMB 526,412,000 compared to RMB 488,065,000 at the end of 2021[31] - Total liabilities increased to RMB 192,421 thousand as of June 30, 2022, compared to RMB 177,895 thousand at the end of 2021, reflecting an increase of about 8.2%[135] - Trade and other receivables increased by 44.0% to RMB 183.0 million from RMB 127.1 million as of December 31, 2021[90] - The company reported a total equity of RMB 333,627 thousand as of June 30, 2022, up from RMB 310,003 thousand at the end of 2021, marking an increase of approximately 7.6%[138] Business Operations - The company managed properties across 19 cities, providing services to 56 communities as of June 30, 2022[35] - Property management service revenue reached RMB 92.3 million, with residential property management contributing RMB 74.1 million, reflecting a growth of 23.9% from RMB 59.8 million in 2021[45] - The total managed building area increased to approximately 9.3 million square meters, up from 7.7 million square meters in 2021, representing a growth of 20.5%[41] - The number of managed projects rose to 56, an increase of 13 projects compared to 49 in the previous year[41] - The company operates in 19 cities across China, with 17 subsidiaries and 24 branch offices, primarily located in Zhejiang Province[40] Strategic Initiatives - The company aims to continue expanding its management area and reduce the proportion of related party projects to achieve business growth[40] - The company plans to enhance its service and operational systems to create more value for property owners, society, and shareholders[39] - The company plans to focus on expanding its business in the Yangtze River Delta region through partnerships and acquisitions to increase market share[57] - The company has implemented a "1+1+N" smart community service model, integrating residents, vehicles, and various devices on a smart IoT platform[39] Recognition and Awards - The company was recognized as one of the "Top 48 Property Service Companies" in 2022 and ranked in the "Top 10 Excellent Service Companies" in Hangzhou[35] - The company was recognized as the 48th among the "Top 100 Property Service Enterprises in China" in 2022[40] Employee and Administrative Costs - As of June 30, 2022, the group employed 689 staff, a decrease from 740 staff as of June 30, 2021[99] - Employee costs for the six months ended June 30, 2022, amounted to RMB 37.6 million, compared to RMB 33.1 million for the same period in 2021[99] - Administrative expenses decreased by 5.4% to RMB 13.9 million from RMB 14.7 million in the same period of 2021[74] Related Party Transactions - The group entered into several major related party transactions during the six months ended June 30, 2022, involving companies controlled by the major shareholder[198] - The related party transactions include agreements with various joint ventures and associates controlled by the major shareholder, indicating ongoing strategic partnerships[198]

Financial Performance - The company reported a revenue of RMB 316,237 thousand for the year 2021, representing a year-on-year growth of 23.2%[10] - Gross profit for 2021 was RMB 114,541 thousand, with a significant increase of 47.1% compared to the previous year[10] - The gross margin improved to 36.2% in 2021, up from 30.3% in 2020, reflecting a 5.9 percentage point increase[10] - Net profit attributable to shareholders reached RMB 54,626 thousand, marking a 67.3% increase year-on-year[10] - The company's total revenue for the fiscal year 2021 reached RMB 316.2 million, a year-on-year increase of 23.2% from RMB 256.7 million in 2020[48] - The company reported a net profit margin of 12% for 2021, an increase from 10% in the previous year, indicating improved operational efficiency[114] Revenue Breakdown - Revenue from property management services was RMB 172.4 million, accounting for 54.5% of total revenue, up from 49.9% in 2020[28] - Non-owner value-added services generated RMB 90.4 million, representing 28.6% of total revenue, an increase from 26.9% in 2020[28] - Community value-added services contributed RMB 35.7 million, which is 11.3% of total revenue, down from 16.6% in 2020[28] - Property management services generated revenue of RMB 172.4 million in fiscal year 2021, up 34.5% from RMB 128.2 million in 2020, accounting for 54.5% of total revenue[48] - Revenue from residential property management services increased by 53.9% to RMB 131.0 million in fiscal year 2021, compared to RMB 85.1 million in 2020[31] - Non-residential property management services revenue was RMB 41.4 million, representing 24.0% of total property management revenue in fiscal year 2021[33] Assets and Liquidity - Cash and cash equivalents increased to RMB 318,169 thousand by the end of 2021, up from RMB 192,195 thousand in 2020[13] - Current assets rose to RMB 461,034 thousand in 2021, compared to RMB 252,520 thousand in 2020[13] - The current ratio improved significantly to 2.59 in 2021, indicating a strong liquidity position[13] - Current assets increased by 82.6% to RMB 4.61 billion as of December 31, 2021, compared to RMB 2.53 billion a year earlier[68] - Cash and cash equivalents rose by 65.6% to RMB 3.18 billion as of December 31, 2021, from RMB 1.92 billion in FY2020[68] - Trade and other receivables increased by 148.7% to RMB 1.27 billion as of December 31, 2021, compared to RMB 511 million in FY2020[73] Business Expansion and Strategy - The company successfully expanded its contracted construction area to over 10 million square meters during the reporting period[17] - The company aims to enhance its core business and explore partnerships with quality property brands to expand service scale[21] - The company plans to implement smart upgrades in community development and old community operations to establish business characteristics[21] - The strategic focus is on a "one body, two wings, two products" model, emphasizing mergers and acquisitions to expand business scale and enhance comprehensive service capabilities[20] - The company plans to expand its business scale and market share in the Yangtze River Delta region through various channels[43] - The company has successfully completed the acquisition of a regional competitor, which is expected to contribute an additional $10 million in annual revenue[99] Listing and Capital Utilization - The company raised approximately HKD 133.2 million through its listing on the Hong Kong Stock Exchange on January 18, 2021[17] - The company has received a net amount of approximately HKD 133.2 million from its listing, with about 48% allocated for acquiring property management companies in the Yangtze River Delta region, specifically in Hangzhou[96] - Approximately 12% of the listing proceeds will be invested in expanding community pilot programs, with no funds utilized as of the report date and full utilization expected by December 31, 2023[96] - The company plans to allocate about 15% of the proceeds to create smart communities using advanced technology, with no funds utilized as of the report date and full utilization expected by December 31, 2023[96] - Another 15% of the funds will be used to explore and expand community value-added services, with no funds utilized as of the report date and full utilization expected by December 31, 2023[96] - Approximately 10% of the proceeds will provide funding for operational capital and other general corporate purposes, with 67.9% already utilized for intermediary service fees related to the listing, and full utilization expected by December 31, 2023[96] Operational Efficiency and Customer Engagement - The company reported a significant increase in operational efficiency, with a 15% reduction in operational costs year-over-year[99] - User engagement metrics improved, with a 20% increase in active users compared to the previous quarter[99] - Customer satisfaction ratings improved to 85%, reflecting the effectiveness of recent service enhancements[99] Future Outlook - The company anticipates a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[99] - The company has set a revenue guidance of RMB 1.8 billion for the fiscal year 2022, reflecting an expected growth of 20%[114] - New product launches are expected to contribute an additional RMB 300 million in revenue in 2022, driven by innovative features and market demand[114] - The company plans to expand its market presence in three new cities, aiming for a 10% increase in market share by the end of 2022[114] - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing service efficiency and customer satisfaction[114] - A strategic acquisition of a local competitor is anticipated to close in Q2 2022, expected to increase the company's market share by 5%[114] Governance and Compliance - The board has not recommended any final dividend for the fiscal year 2021, consistent with the previous year[83] - The company has maintained sufficient public float, with at least 25% of its total issued share capital held by the public as of the report date[91] - The audit committee has reviewed the annual performance and the accounting policies adopted by the company, ensuring compliance with financial reporting standards[86] Shareholder Information - As of December 31, 2021, Mr. Yu holds 2,280,000,000 shares, representing approximately 71.25% of the company's equity[186] - The company has a stock option plan that allows eligible participants to acquire up to 10% of the total issued shares, which amounts to 320,000,000 shares[190] - No stock options have been granted, exercised, or canceled under the stock option plan from the listing date to the report date[195] - The company has not purchased, sold, or redeemed any of its listed securities from the listing date to December 31, 2021[197] - There are no provisions for preemptive rights in the company's articles of association or under Cayman Islands law[198]

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 139,370,000, representing a 19.4% increase from RMB 116,729,000 in the same period of 2020[28]. - Gross profit for the same period was RMB 47,738,000, up 48.3% from RMB 32,183,000 in 2020, with a gross margin of 34.3%[28]. - Profit attributable to equity shareholders was RMB 23,434,000, a 44.7% increase compared to RMB 16,190,000 in the previous year[28]. - The group achieved total revenue of RMB 1.394 billion, a 19.5% increase from RMB 1.167 billion in 2020[69]. - The net profit for the period was RMB 23.5 million, a significant increase of 43.3% from the previous year's RMB 16.4 million[38]. - Operating profit increased to RMB 31,624,000, up 43.9% from RMB 21,936,000 year-on-year[139]. - Pre-tax profit increased by 43.1% to RMB 32.2 million from RMB 22.5 million, consistent with the growth rate of gross profit[89]. - Basic and diluted earnings per share were RMB 0.75, compared to RMB 0.67 in the same period last year[139]. Assets and Liabilities - Total assets grew by 55.4% to RMB 437,037,000 from RMB 281,161,000 at the end of 2020[31]. - As of June 30, 2021, current assets amounted to RMB 408.8 million, a 61.9% increase from RMB 252.5 million on December 31, 2020[93]. - The total equity as of June 30, 2021, was RMB 281,057 thousand, an increase from RMB 117,273 thousand as of December 31, 2020[149]. - The total liabilities of the reportable segments as of June 30, 2021, were RMB 147,762,000, a slight decrease from RMB 155,661,000 as of December 31, 2020[175]. Cash Flow and Liquidity - Cash and cash equivalents increased by 45.5% to RMB 279,712,000 from RMB 192,195,000 as of December 31, 2020[31]. - The company reported a net cash outflow from investing activities of RMB (27,148) thousand for the six months ended June 30, 2021, compared to a net cash inflow of RMB 2,303 thousand for the same period in 2020[152]. - The cash and cash equivalents increased by RMB 87,814 thousand for the six months ended June 30, 2021, compared to an increase of RMB 15,263 thousand for the same period in 2020[152]. - The bank cash balance increased significantly to RMB 292,937 thousand as of June 30, 2021, from RMB 200,679 thousand as of December 31, 2020, reflecting a growth of 46.0%[199]. Business Operations - The company has established 13 subsidiaries and 19 branches across 19 cities in China, providing property management services for 49 properties[48]. - Revenue from property management services amounted to RMB 79.5 million, while non-owner value-added services generated RMB 40.1 million[53]. - The company is actively exploring management models for aging communities, aiming to become a leading property management service provider in the Yangtze River Delta region[48]. - The company is implementing an AIoT strategy to enhance service delivery and operational efficiency, focusing on smart community applications[42]. - The group plans to expand its service radius for community value-added services and utilize smart IoT to enhance operational efficiency[68]. Employee and Administrative Costs - The company employed 740 staff as of June 30, 2021, compared to 603 staff a year earlier, with employee costs amounting to RMB 33.1 million, up from RMB 24.5 million in the same period of 2020[107]. - Administrative expenses rose by 23.5% to RMB 14.7 million from RMB 11.9 million, primarily due to business expansion and increased staff numbers[86]. - Employee costs increased to RMB 33,132,000 in the six months ended June 30, 2021, from RMB 24,466,000 in the same period of 2020, representing a growth of approximately 35%[180]. Shareholder Information - As of June 30, 2021, Mr. Yu Jianwu holds 2,280,000,000 shares, representing 71.25% of the company's equity[119]. - The board does not recommend any interim dividend for the six months ended June 30, 2021[113]. - The company has adopted a share option scheme aimed at incentivizing eligible participants, including employees and directors, to enhance performance[122]. Market Outlook and Strategy - The property management industry is expected to continue recovering in the second half of 2021, supported by favorable government policies[36]. - The company is positioned to benefit from the national push for high-quality and diversified service upgrades in the property management sector[37]. - The company plans to allocate approximately 48% of the net proceeds from its listing, around HKD 133.2 million, for acquisitions and investments in property management services in the Yangtze River Delta region[105].

[Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's financial performance, assets, and liabilities over recent fiscal years [Performance Summary](index=5&type=section&id=Performance%20Summary) Company's 2020 revenue increased by 15.4% year-on-year to RMB 257 million, but profit for the year decreased by 6.8% year-on-year to RMB 32.85 million, with gross profit margin rising to 30.3% while net profit margin declined to 12.8% Historical Performance Summary (For the year ended December 31) | Metric | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenue (RMB thousand)** | 83,960 | 132,950 | 222,474 | 256,703 | | Revenue YoY Growth Rate | N/A | 58.3% | 67.3% | 15.4% | | **Gross Profit (RMB thousand)** | 24,975 | 37,576 | 64,869 | 77,858 | | Gross Profit Margin | 29.7% | 28.3% | 29.2% | 30.3% | | **Profit for the Year (RMB thousand)** | 13,965 | 20,889 | 35,236 | 32,852 | | Profit Margin | 16.6% | 15.7% | 15.8% | 12.8% | [Assets and Liabilities Summary](index=6&type=section&id=Assets%20and%20Liabilities%20Summary) As of end-2020, total assets increased to RMB 281 million, total liabilities were RMB 164 million, cash and cash equivalents significantly increased to RMB 192 million, and current ratio improved from 1.44 to 1.54, indicating good liquidity and a net cash position Historical Assets and Liabilities Summary (As at December 31) | Metric | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Assets (RMB thousand)** | 102,495 | 170,689 | 215,658 | 281,161 | | **Total Liabilities (RMB thousand)** | 76,713 | 162,798 | 131,719 | 163,888 | | **Cash and Cash Equivalents (RMB thousand)** | 68,546 | 65,864 | 137,559 | 192,195 | | **Total Equity attributable to Owners of the Company (RMB thousand)** | 25,782 | 7,891 | 83,345 | 115,995 | | **Current Ratio** | 1.51 | 0.85 | 1.44 | 1.54 | - Gearing ratio is not applicable as the company maintained a net cash position from 2017 to 2020[31](index=31&type=chunk) [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) The Chairman's Statement reviews 2020 achievements and challenges, highlighting the successful listing on HKEX in January 2021, raising approximately HKD 133.2 million net proceeds, business expansion, COVID-19 community prevention contributions, and future growth plans under favorable policies [Business Development and Listing](index=7&type=section&id=Business%20Development%20and%20Listing) The company successfully listed on January 18, 2021, raising approximately HKD 133.2 million net proceeds, while business grew steadily with GFA under management reaching 8.2 million sq.m., a 39.0% year-on-year increase, and total contracted GFA reaching 11.3 million sq.m., alongside active national expansion and diversified project types - The company listed on the Main Board of the Stock Exchange of Hong Kong on January 18, 2021, raising net proceeds of approximately **HKD 133.2 million**[35](index=35&type=chunk) - As at December 31, 2020, the Group's GFA under management reached **8.2 million sq.m.**, a **39.0% year-on-year increase**; total contracted GFA reached **11.3 million sq.m.**[35](index=35&type=chunk) [COVID-19 Response and Social Responsibility](index=7&type=section&id=COVID-19%20Response%20and%20Social%20Responsibility) During the 2020 COVID-19 pandemic, the company responded swiftly, undertaking community prevention responsibilities, especially in the complex Caihe Street Future Community project, achieving "zero suspected, zero confirmed, zero unmanaged" prevention results, and earning the "Anti-Epidemic Pioneer" title - The company was awarded the "Anti-Epidemic Pioneer" title for its outstanding contributions during the pandemic, achieving "three zeros" (zero suspected, zero confirmed, zero unmanaged) in the complex environment of 36 old residential communities with over 80,000 permanent residents under its management[36](index=36&type=chunk) [Policy Opportunities and Future Outlook](index=8&type=section&id=Policy%20Opportunities%20and%20Future%20Outlook) The report notes that the "Notice on Strengthening and Improving Residential Property Management" issued by ten ministries and commissions at the end of 2020 brings policy benefits to the industry, and the company will seize opportunities to focus on old community renovation, mergers and acquisitions, smart property, and "property services + lifestyle services" models to achieve scale and brand operation, creating greater returns for shareholders - The company will closely follow policies, actively participate in future community development and old community renovation, and establish business characteristics[38](index=38&type=chunk)[39](index=39&type=chunk) - The company plans to develop property service applications, explore the "property services + lifestyle services" model, linking online platforms with offline value-added services to seek new business growth points[38](index=38&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the company's operational performance, financial results, and strategic outlook for the reporting period [Performance Review](index=9&type=section&id=Performance%20Review) As a well-known comprehensive property management service provider in Zhejiang Province, the company ranked 56th among China's Top 100 Property Service Enterprises in 2020, managing 46 properties in 17 cities with total GFA under management increasing by 37.9% to 8.2 million sq.m., and total revenue for FY2020 growing by 15.4% to RMB 257 million, primarily from four business lines Changes in GFA Under Management and Number of Projects | Metric | December 31, 2019 | December 31, 2020 | | :--- | :--- | :--- | | GFA under Management (thousand sq.m.) | 5,948 | 8,152 | | Number of Projects under Management | 29 | 46 | Revenue Composition for FY2019-2020 (RMB thousand) | Business Line | 2019 | % of Total Revenue | 2020 | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 95,659 | 43.0% | 128,183 | 49.9% | | Non-owner Value-added Services | 51,548 | 23.2% | 69,129 | 26.9% | | Community Value-added Services | 54,587 | 24.5% | 42,462 | 16.6% | | Other Businesses | 20,680 | 9.3% | 16,929 | 6.6% | | **Total** | **222,474** | **100.0%** | **256,703** | **100.0%** | [Property Management Services](index=10&type=section&id=Property%20Management%20Services) As a core business, property management service revenue increased by 34.0% year-on-year to RMB 128 million, accounting for 49.9% of total revenue, driven by an increase in managed projects and business expansion, with significant progress in reducing reliance on related parties as revenue from independent third-party developers surged by 378.8% year-on-year - Revenue from residential property management services increased by **44.2%** from RMB 59.0 million in FY2019 to **RMB 85.1 million** in FY2020[46](index=46&type=chunk) - Property management revenue from properties developed by independent third parties significantly increased by **378.8%** from RMB 8.0 million in FY2019 to **RMB 38.3 million** in FY2020[46](index=46&type=chunk) Property Management Revenue and GFA Under Management by Developer Type | Developer Type | 2020 Revenue (RMB thousand) | 2020 GFA Under Management (thousand sq.m.) | 2019 Revenue (RMB thousand) | 2019 GFA Under Management (thousand sq.m.) | | :--- | :--- | :--- | :--- | :--- | | Songdu Co., Ltd. Group | 89,919 | 4,797 | 87,695 | 3,352 | | Independent Third Parties | 38,264 | 3,355 | 7,964 | 2,596 | [Non-owner Value-added Services](index=12&type=section&id=Non-owner%20Value-added%20Services) This business, primarily providing consulting and sales assistance services to real estate developers, served as an important growth engine, with revenue increasing by 34.2% year-on-year to RMB 69.1 million, and the company securing 19 reserve projects totaling 3.1 million sq.m. and 5 new projects from independent third-party developers by year-end - Revenue from non-owner value-added services increased by **34.2%** from RMB 51.5 million in FY2019 to **RMB 69.1 million** in FY2020[52](index=52&type=chunk) [Community Value-added Services](index=12&type=section&id=Community%20Value-added%20Services) Community value-added services revenue was RMB 42.5 million, a 22.2% year-on-year decrease, mainly due to reduced demand for standardized rough-house renovation services as the Zhejiang Provincial Government encouraged delivery of fitted-out homes, prompting the company to transform this business by developing online applications and upgrading management systems - Revenue from community value-added services decreased by **22.2%** from RMB 54.6 million in FY2019 to **RMB 42.5 million** in FY2020[64](index=64&type=chunk) - The company has established a centralized back-end control center and collaborated with software companies to develop lifestyle service applications to upgrade value-added service management and expand service offerings[53](index=53&type=chunk) [Other Businesses](index=13&type=section&id=Other%20Businesses) Other businesses, including hotel and long-term rental apartments, generated total revenue of RMB 16.9 million, an 18.4% year-on-year decrease, with hotel business revenue at RMB 15.0 million primarily impacted by the pandemic, and the company adjusting its long-term rental apartment business model towards a lighter-asset, centralized management service - Hotel business FY2020 revenue was **RMB 15.0 million**, and long-term rental apartment business revenue was **RMB 1.9 million**[56](index=56&type=chunk)[57](index=57&type=chunk) - The decrease in other business revenue was primarily attributable to fewer hotel customers due to the pandemic[64](index=64&type=chunk) [Future Outlook](index=13&type=section&id=Future%20Outlook) The company's future focus will be on four strategic directions: deepening presence in the Yangtze River Delta, seizing opportunities from government-driven future community and old community renovation, leveraging advanced technology to create smart communities, and expanding community value-added service types to meet diverse customer needs - The company plans to expand its management scale and brand value in old community renovation by participating in government-driven future community pilot projects[58](index=58&type=chunk)[60](index=60&type=chunk) - The company plans to leverage advanced technology to create smart communities and expand value-added services such as renovation, maintenance, and housekeeping, with this business expected to continue growing[59](index=59&type=chunk)[60](index=60&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) In FY2020, total revenue increased by 15.4% year-on-year to RMB 257 million, gross profit grew by 20.0% to RMB 77.9 million, and gross profit margin improved by 1.1 percentage points to 30.3%, while profit before tax and profit for the year decreased by 6.5% due to a significant increase in listing expenses, though adjusted net profit increased by 12.9% year-on-year, with robust financial health reflected in cash and cash equivalents growing by 39.7% to RMB 192 million and current ratio improving to 1.54 Key Financial Indicators for FY2019-2020 (RMB million) | Metric | 2019 FY | 2020 FY | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 222.5 | 256.7 | +15.4% | | **Gross Profit** | 64.9 | 77.9 | +20.0% | | Gross Profit Margin | 29.2% | 30.3% | +1.1 ppt | | **Administrative Expenses** | 19.2 | 36.2 | +88.5% | | Of which: Listing Expenses | 8.7 | 19.0 | +118.4% | | **Profit for the Year** | 35.2 | 32.9 | -6.5% | | **Adjusted Net Profit (excluding listing expenses)** | 41.7 | 47.1 | +12.9% | Liquidity Indicators (As at December 31) | Metric | 2019 | 2020 | | :--- | :--- | :--- | | **Cash and Cash Equivalents (RMB million)** | 137.6 | 192.2 | | **Current Ratio** | 1.44 | 1.54 | [Human Resources and Other Disclosures](index=19&type=section&id=Human%20Resources%20and%20Other%20Disclosures) As of end-2020, the Group employed 694 staff with staff costs of RMB 55.3 million, faced limited foreign exchange risk from HKD-denominated listing proceeds, and the Board did not recommend a final dividend for 2020, with the company completing its IPO on January 18, 2021, and experiencing executive director changes on March 1 post-reporting period - As at December 31, 2020, the Group employed a total of **694 staff**, with staff costs of **RMB 55.3 million**[93](index=93&type=chunk) - The Board did not recommend the payment of any final dividend for the year ended December 31, 2020[97](index=97&type=chunk) - Net proceeds from the listing of approximately **HKD 133.2 million** are planned for acquisition investments (48%), future community services (12%), smart community construction (15%), community value-added services (15%), and working capital (10%); as of the reporting date, only **8.3%** of the working capital portion had been utilized[105](index=105&type=chunk) [Directors and Senior Management](index=22&type=section&id=Directors%20and%20Senior%20Management) This section details the personal resumes of the company's Board members and senior management, including executive directors, independent non-executive directors, and the chief financial officer, covering their age, positions, responsibilities, educational backgrounds, and professional experience in property management, real estate, finance, and law [Directors' Report](index=32&type=section&id=Directors'%20Report) This report provides an overview of the company's business, financial performance, corporate governance, and other key disclosures for the reporting period [Business and Financial Overview](index=32&type=section&id=Business%20and%20Financial%20Overview) This section outlines the company's main businesses, including property management, non-owner value-added services, community value-added services, and other businesses, confirming the successful global offering on January 18, 2021, reiterating no recommendation for a final dividend for 2020, and mentioning the company's dividend policy, environmental policy, and providing a financial summary for the past four fiscal years - The company listed on the Main Board of the Stock Exchange of Hong Kong on January 18, 2021, issuing **800 million shares** and raising net proceeds of approximately **HKD 133.2 million**[146](index=146&type=chunk) - The Board did not recommend the payment of any final dividend for the year ended December 31, 2020[150](index=150&type=chunk) [Major Customers and Suppliers](index=34&type=section&id=Major%20Customers%20and%20Suppliers) The report discloses that in 2020, sales to the top five customers accounted for 54.8% of total revenue, an increase from 42.4% in 2019, indicating higher customer concentration, with the largest customer, Songdu Holdings Group, contributing 36.2% of revenue, while supplier concentration was lower, with purchases from the top five suppliers accounting for 25.9% of total purchases Customer and Supplier Concentration | Concentration Metric | 2019 | 2020 | | :--- | :--- | :--- | | **Top 5 Customers as % of Total Revenue** | 42.4% | 54.8% | | **Largest Customer as % of Total Revenue** | 35.7% | 36.2% | | **Top 5 Suppliers as % of Total Purchases** | 27.5% | 25.9% | | **Largest Supplier as % of Total Purchases** | 8.1% | 8.8% | [Directors and Equity Structure](index=36&type=section&id=Directors%20and%20Equity%20Structure) This section lists the Board members during and up to the reporting date, confirming the independence of independent non-executive directors, and details major shareholders' holdings, with controlling shareholder Mr. Yu Jianwu holding a total of 71.25% of the company's equity through trusts and holding companies - As at December 31, 2020, controlling shareholder Mr. Yu Jianwu held **2,280,000,000 shares**, representing **71.25%** of the total share capital, through a trust (trustee being CMB Wing Lung Trust) and his controlled entities (Shunji Group, Songdu Heyi)[194](index=194&type=chunk) [Share Option Scheme and Non-Competition Undertaking](index=40&type=section&id=Share%20Option%20Scheme%20and%20Non-Competition%20Undertaking) The company adopted a share option scheme on December 21, 2020, to incentivize and retain qualified participants, with a scheme limit of 10% of total issued shares post-listing, though no share options were granted as of the reporting date, and controlling shareholder Mr. Yu and Songdu Heyi entered into a non-competition undertaking to protect the Group from potential business competition - The company adopted a share option scheme on December 21, 2020, but no share options were granted, exercised, or cancelled from the listing date to the reporting date[197](index=197&type=chunk)[203](index=203&type=chunk) - Controlling shareholder Mr. Yu and Songdu Heyi entered into a non-competition undertaking, committing that they and their close associates will not engage in restricted businesses that compete with the Group's business[210](index=210&type=chunk)[211](index=211&type=chunk) [Continuing Connected Transactions](index=43&type=section&id=Continuing%20Connected%20Transactions) This section details the Group's continuing connected transactions with related parties, primarily Songdu Co., Ltd. Group, including property leasing, property management services, and non-owner and community value-added services, confirming all transactions were within annual caps and reviewed by independent non-executive directors Actual Amounts and Annual Caps of Major Continuing Connected Transactions for 2020 (RMB thousand) | Transaction Type | Counterparty | Annual Cap | Actual Transaction Amount | | :--- | :--- | :--- | :--- | | **Property Lease (Group as Lessee)** | Songdu Co., Ltd. Group | 4,450 | 2,890 | | **Property Management Services (Group as Service Provider)** | Songdu Co., Ltd. Group | 22,000 | 21,906 | | | Zhizhonghe Group | 1,670 | 1,598 | | | Songdu Sunshine Kindergarten | 70 | 36 | | **Value-added and Other Services (Group as Service Provider)** | Songdu Co., Ltd. Group | 70,300 | 69,313 | [Corporate Governance Report](index=49&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance practices, including board structure, committee functions, and risk management, ensuring compliance with relevant codes and regulations [Board Structure and Operation](index=50&type=section&id=Board%20Structure%20and%20Operation) At the end of the reporting period, the Board comprised four executive directors and three independent non-executive directors, meeting listing rules for independent non-executive director numbers and proportion, with the company confirming compliance with the Corporate Governance Code and separating the roles of Chairman and CEO to ensure clear responsibilities, and disclosing Board meeting attendance since listing - From the listing date to the reporting date, the company has complied with all applicable code provisions under the Corporate Governance Code[247](index=247&type=chunk) - The roles of Chairman and Chief Executive Officer are held by different individuals (Ms. Yu Yun and Ms. Zhu Jin), complying with the Corporate Governance Code requirements[257](index=257&type=chunk) [Board Committees](index=53&type=section&id=Board%20Committees) The company established Audit, Remuneration, and Nomination Board Committees, with the Audit and Remuneration Committees composed entirely of independent non-executive directors, and the Nomination Committee having a majority of independent non-executive directors, all committee chairpersons being independent non-executive directors, and their terms of reference complying with the Corporate Governance Code, ensuring independence and professionalism in corporate governance - The Audit Committee comprises three independent non-executive directors, with Mr. Liu Guohui as Chairman, possessing the required accounting and relevant financial management expertise[267](index=267&type=chunk) - The Remuneration Committee comprises three independent non-executive directors, with Mr. Zhang Jingzhong as Chairman[270](index=270&type=chunk) - The Nomination Committee comprises the Board Chairman Ms. Yu Yun and three independent non-executive directors, with Ms. Yu Yun as Chairman[275](index=275&type=chunk) [Risk Management and Internal Control](index=57&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board confirms its ultimate responsibility for establishing and maintaining sound risk management and internal control systems, and has authorized the Audit Committee for continuous oversight, having reviewed the effectiveness of the Group's internal control and risk management systems, covering financial, operational, and compliance controls, and deemed them effective and appropriate - The Board confirms its responsibility to ensure the establishment and maintenance of sound risk management and internal control systems and has conducted an annual review of their effectiveness[289](index=289&type=chunk) - For the purpose of listing, the Board has reviewed the effectiveness of the Group's internal control systems and considers them effective and appropriate in terms of financial, operational, and compliance controls[291](index=291&type=chunk) [Independent Auditor's Report](index=61&type=section&id=Independent%20Auditor's%20Report) This report, issued by KPMG, provides an unqualified opinion on the company's consolidated financial statements for the year ended December 31, 2020, confirming they present a true and fair view of the Group's financial position, performance, and cash flows, and were properly prepared in accordance with International Financial Reporting Standards, identifying "Expected Credit Loss Provision for Trade Receivables" as a key audit matter [Audit Opinion](index=61&type=section&id=Audit%20Opinion) KPMG, the auditor, believes that the consolidated financial statements present a true and fair view of the Group's consolidated financial position as at December 31, 2020, and its financial performance and cash flows for the year then ended, and have been properly prepared in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance - The auditor issued an unqualified opinion on the consolidated financial statements[304](index=304&type=chunk) [Key Audit Matters](index=62&type=section&id=Key%20Audit%20Matters) The auditor identified "Expected Credit Loss Provision for Trade Receivables" as a key audit matter due to the significant management judgment and subjectivity involved in its recognition, and the material impact of trade receivables balance on the financial statements, with total trade receivables from third parties at RMB 29.0 million and an expected credit loss provision of RMB 7.9 million as of end-2020 - The key audit matter is "Expected Credit Loss Provision for Trade Receivables" due to significant management judgment involved in its recognition and the materiality of the balance[307](index=307&type=chunk)[311](index=311&type=chunk) [Consolidated Financial Statements and Notes](index=67&type=section&id=Consolidated%20Financial%20Statements%20and%20Notes) This section presents the Group's audited core financial statements for the year ended December 31, 2020, along with detailed explanatory notes, providing a comprehensive view of the company's financial performance, position, and cash flows [Key Financial Statements](index=67&type=section&id=Key%20Financial%20Statements) This section contains the Group's audited core financial statements for the year ended December 31, 2020, including the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity, and Consolidated Statement of Cash Flows, which comprehensively reflect the company's financial performance, financial position, and cash flow situation Key Data from Consolidated Statement of Profit or Loss for FY2020 (RMB thousand) | Metric | 2019 | 2020 | | :--- | :--- | :--- | | **Revenue** | 222,474 | 256,703 | | **Gross Profit** | 64,869 | 77,858 | | **Operating Profit** | 45,066 | 42,407 | | **Profit Before Tax** | 46,516 | 43,524 | | **Profit for the Year** | 35,236 | 32,852 | | **Profit attributable to Owners of the Company** | 35,142 | 32,658 | Key Data from Consolidated Statement of Financial Position as at End-2020 (RMB thousand) | Metric | 2019 | 2020 | | :--- | :--- | :--- | | **Total Assets** | 215,658 | 281,161 | | Non-current Assets | 30,769 | 28,641 | | Current Assets | 184,889 | 252,520 | | **Total Liabilities** | 131,719 | 163,888 | | Current Liabilities | 128,263 | 163,880 | | Non-current Liabilities | 3,456 | 8 | | **Total Equity** | 83,939 | 117,273 | | **Equity attributable to Owners of the Company** | 83,345 | 115,995 | [Notes to Financial Statements](index=71&type=section&id=Notes%20to%20Financial%20Statements) The notes to financial statements provide detailed explanations and supplementary information for key financial statement items, including revenue and segment reporting (Note 3), trade and other receivables (Note 16), and significant related party transactions (Note 27) - Note 3(b) discloses that the Group primarily operates in China, with all revenue and non-current assets located in China, and businesses are divided into three reportable segments: property management services and related value-added services, hotel business services, and long-term rental apartment business[468](index=468&type=chunk)[475](index=475&type=chunk) - Note 16 discloses that as at end-2020, net trade receivables amounted to **RMB 29.7 million**, of which **RMB 8.55 million** was from related parties and **RMB 21.15 million** from third parties[528](index=528&type=chunk)[530](index=530&type=chunk) - Note 27 details significant transactions with entities controlled by the controlling shareholder (e.g., Songdu Co., Ltd. Group), including **RMB 21.91 million** in property management service revenue, **RMB 49.02 million** in non-owner value-added service revenue, and **RMB 2.89 million** in variable lease payments[607](index=607&type=chunk)[612](index=612&type=chunk)