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佈的內容概不 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 佈 全部或任何部份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。 寶龍商業管理控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，董 事 會 會 議將於二零二五年八月二十八日（星 期 四）於中華人民共和國上海市閔行區新 鎮 路1399號寶龍大廈7樓701會 議 室 舉 行，藉 以（其 中 包 括）(i)考慮並批准本公司 及 其 附 屬 公 司 於 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 及 其 發 佈； (ii)考慮宣派中期股息（如 有）；及(iii)處理任何其他交易及事項（如 有）。 承董事會命 寶龍商業管理控股有限公司 主 席 許華芳 香 港，二 零 二 五 年 八 月 十 八 日 於 本 公 佈 日 期， 本 公 司 執 行 董 事 為 許 華 芳 先 生； 本 公 司 非 執 行 董 事 為 許 華 芬 女 士 及 許 華 琳 女 士；以 及 本 公 ...

截至月份: 2025年7月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 寶龍商業管理控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09909 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

前有万科核心管理层"大换血"，"万达元老"张霖、肖广瑞卸任商管板块要职，再有香港置地内地战略转型大调整、太古地产三位内地高管擢升 战略要职，后有凌常峰、田维龙创业，郑志刚彻底退出新世界管理层……今年，商业地产高管圈依然充满看点与变数！ 据赢商网不完全统计，2025上半年，商业地产高管圈至少发生53起人事变动（不含监事、董事、非执行董事职务变动），同时涉及近20家开发 商/运营商企业。其中，跳槽/新上任22起，占比最多，达41%；内部调任15起，占比28%；辞任/退休14起，自主创业2起。 01. 万科、华润、龙湖、大悦城... 近10家企业扎堆组织变革 据赢商网不完全统计，2025年来，已有万科集团、华润置地、香港置地、龙湖集团、大悦城控股、华发股份、中国金茂、招商蛇口等近10家开 发商/运营商企业轮番开启组织变革，大到调整经营策略触及规模人事变动，再有收缩区域公司以精简架构，细至聚焦商业板块实现部门职能 专业化。 内地商管公司：商业与资管团队升级齐头并进 在行业加速洗牌的新周期，内地头部商管公司已经组建起"懂商业更懂资管"的复合型团队，并率先在组织效率提升和产品迭代取得了双重突 破。 ■ 万科商业板块/印力 ...

Group 1: Economic Growth and Urban Development - Hangzhou's GDP grew from over 1 trillion yuan in 2015 to over 2 trillion yuan in 2023, with a projected 21,860 billion yuan in 2024, marking a 117.4% increase over ten years [2][4] - The city has seen a significant expansion in its shopping center space, increasing from 338.18 million square meters in 2015 to 1,345.15 million square meters by 2024, nearly tripling in size [2][4] - The number of shopping centers in Hangzhou rose from 36 in 2015 to 149 in 2024, indicating a robust growth in commercial real estate [2][4] Group 2: Commercial Landscape Transformation - The commercial real estate sector in Hangzhou experienced explosive growth from 2015 to 2017, with a peak annual supply of 173.59 million square meters in 2017, a 44% year-on-year increase [4] - Post-2020, the market shifted towards light-asset operations and smaller commercial entities, with non-standard projects gaining traction [4][5] - By 2024, the per capita shopping center area in Hangzhou is expected to reach 1.08 square meters per person, ranking fifth nationally, indicating a saturation in commercial space [4] Group 3: Local Giants and Their Evolution - Local commercial giants like Hangzhou Tower Shopping City and in银泰商业 have adapted to market changes, with in银泰商业 achieving over 3 billion annual visitors and 35 billion yuan in sales by 2024 [5][8] - Hangzhou Tower has focused on luxury brands, becoming the first shopping center in Zhejiang to surpass 10 billion yuan in sales in 2021 [6][7] - in银泰商业 has expanded its footprint across multiple cities, with a focus on innovative product lines and maintaining high customer traffic [8][10] Group 4: Competition from National Chains - Major national players such as Longfor, China Resources, and Wanda have established a strong presence in Hangzhou, with Longfor planning to open multiple shopping centers in the coming years [16][19][24] - China Resources has developed a comprehensive product matrix in Hangzhou, including high-end malls and innovative commercial formats, with sales exceeding 10 billion yuan in 2024 [21][22] - Wanda has shifted towards a light-asset model, focusing on innovative designs and community engagement to maintain its competitive edge [24][26] Group 5: Emerging Trends and Innovations - The rise of non-standard commercial projects and urban renewal initiatives has led to a diversification of Hangzhou's commercial landscape, with new business models emerging [32][34] - The integration of live-streaming and digital commerce has become a significant trend, with Hangzhou's digital economy generating 1.8737 trillion yuan in revenue in 2023 [32][33] - New commercial formats, such as the 24-hour live-streaming theme park, are being developed to enhance the shopping experience and attract younger consumers [33][34]

Core Insights - The latest shareholder equity disclosures for several companies, including Runmind-B, Asia Pacific Financial Investment, UBTECH, Baolong Commercial, and Youbo Holdings, were made on June 30, 2025 [1] Group 1: Runmind-B (02297) - Shenzhen Futian Tongchuang Weiye Great Health Investment Fund reduced its holdings from 83.304 million shares to 81.939 million shares, representing a decrease in ownership from 5.94% to 5.85% [2] - Huang Li decreased his holdings from 113 million shares to 111 million shares, with ownership dropping from 8.05% to 7.95% [2] - Shenzhen Tongchuang Weiye Venture Capital also reduced its holdings from 113 million shares to 111 million shares, with a similar decrease in ownership percentage [2] Group 2: Asia Pacific Financial Investment (08193) - Zhu Xiaoge and Liu Shengnan both reduced their holdings from 54.3772 million shares to 46.6372 million shares, resulting in a decrease in ownership from 19.43% to 16.67% [2] Group 3: UBTECH (09880) - Wang Lin's holdings remained stable at approximately 29.893 million shares, maintaining an ownership percentage of 8.05% [2] Group 4: Baolong Commercial (09909) - Xu Huafang decreased his holdings from 19.192 million shares to 18.942 million shares, with ownership dropping from 2.99% to 2.95% [2] Group 5: Youbo Holdings (08N22069) - Tang Yuantao slightly increased his holdings from 359 million shares to 360 million shares, with ownership increasing from 70.12% to 70.14% [2]

Core Insights - The 2024 China Shopping Center Enterprise TOP100 list has been released, highlighting the leading companies in the industry [1][2] - The industry is transitioning from a development-driven model to an operation-driven model, with over 400 new shopping centers expected to open nationwide in 2024 [2] Group 1: Industry Overview - The top ten companies in the 2024 China Shopping Center Enterprise TOP100 include Zhuhai Wanda Commercial Management Group, Injoy Group, New Town Wuyue Commercial Management Group, China Resources Vientiane Life, and others [1] - As of December 31, 2024, the TOP100 companies operate 3,067 shopping centers, covering a total construction area of approximately 33.906 million square meters, with an average project size of 105,000 square meters [1] Group 2: Market Dynamics - The concentration of leading shopping center enterprises is increasing, with the top four companies each operating over 100 shopping centers, collectively accounting for 33.4% of the total projects in the TOP100 [2] - The top five groups for new shopping center openings in 2024 are Zhuhai Wanda (25 centers), China Resources Vientiane Life (21 centers), New Town Wuyue (15 centers), Longfor Group (10 centers), and China Merchants Commercial Management (10 centers) [2] - For 2025, the companies with the highest planned openings include Zhuhai Wanda (30 centers), Aegean Group (13 centers), Longfor Group (12 centers), China Merchants Commercial Management (10 centers), and Injoy Group (9 centers) [2]

Financial Performance - In 2024, the company achieved a total revenue of approximately RMB 2.617 billion, with commercial operation service revenue accounting for 81.8% at approximately RMB 2.140 billion[20]. - The net profit attributable to shareholders decreased by 52.3% year-on-year to approximately RMB 216 million, while the core net profit, excluding certain factors, was approximately RMB 435 million[20]. - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 2,617.3 million, a decrease of about 0.7% compared to RMB 2,635.7 million for the fiscal year ending December 31, 2023[71]. - Revenue from commercial operation and management services was approximately RMB 1,863.2 million, representing an increase of 0.1% and accounting for about 71.2% of total revenue[74]. - Revenue from residential property management services was approximately RMB 477.2 million, a decrease of 4.3%, representing about 18.2% of total revenue[78]. - The group's gross profit for the year ended December 31, 2024, was approximately RMB 834.0 million, a decrease of 6.0% year-on-year, with a gross profit margin of 31.9%, down 1.8 percentage points from 33.7% in 2023[86][87]. - The gross profit from commercial operation services was approximately RMB 728.7 million, a decrease of 4.2% year-on-year, with a gross profit margin of 34.1%, down 1.5 percentage points from 35.6% in 2023[86][87]. - The gross profit from residential property management services was approximately RMB 105.2 million, a decrease of 16.7% year-on-year, with a gross profit margin of 22.1%, down 3.3 percentage points from 25.4% in 2023[86][87]. Operational Expansion - The company opened 11 new commercial projects in 2024, adding approximately 840,000 square meters of operational space, bringing the total operational area to over 11.0 million square meters[20]. - The company signed 5 new third-party projects, adding approximately 350,000 square meters of signed area, with a total signed area of approximately 14.5 million square meters[20]. - The company operates 98 retail commercial properties, with a total operational building area of about 11.07 million square meters as of December 31, 2024[26]. - The total area of operational buildings increased to approximately 11.1 million square meters, up by 0.3 million square meters from 10.8 million square meters in 2023[45]. - The company plans to expand its operational footprint with new projects in various cities, including Taizhou, Hangzhou, and Shanghai, scheduled to open in 2024[48]. - The company has opened a total of 41 retail commercial properties as of December 31, 2024, with a total construction area of approximately 6,000,000 square meters[50]. - The company continues to focus on the development of new projects, with several properties in the pipeline for future openings[51]. Market Strategy and Positioning - The company emphasizes precise brand selection and marketing strategies to enhance project attractiveness and consumer loyalty[22]. - The company aims to strengthen its brand influence and industry reputation through differentiated positioning and quality service[22]. - The company is transitioning from a "space operator" to a "lifestyle service provider" to adapt to market changes and development needs[23]. - The company aims to build future competitiveness by attracting and nurturing young talents passionate about business[21]. - The company continues to focus on consumer demand, enhancing service quality to create benchmark commercial projects favored by consumers[19]. Corporate Governance - The company has adopted the Corporate Governance Code as its own governance framework, ensuring a balanced board composition of executive and independent non-executive directors[135]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors as of the report date[139]. - The company has complied with all applicable provisions of the Corporate Governance Code for the year ending December 31, 2024, except for the provision regarding the roles of Chairman and CEO being held by the same person[135]. - The company has established three committees under the board: audit committee, remuneration committee, and nomination committee, each with defined responsibilities[159]. - The board of directors is responsible for overseeing the company's business strategies and performance, ensuring objective decision-making for shareholder interests[157]. Human Resources and Management - The company is actively expanding its management team with experienced professionals from various sectors to enhance its operational capabilities[130]. - The company has a strong focus on human resources management, with Mr. Guo overseeing this area as Vice President and General Manager of the Human Resources Center[127]. - As of December 31, 2024, the group employed 5,566 employees, a decrease from 5,798 employees in 2023[109]. - Total employee costs for the year ending December 31, 2024, were approximately RMB 771.2 million, down from RMB 882.2 million in 2023[109]. Financial Management - The company increased the provision for accounts receivable due to the liquidity crisis in the real estate sector, reflecting a cautious approach[20]. - The net impairment loss on financial assets was approximately RMB 219.4 million, an increase of 353.9% year-on-year, mainly due to prudent impairment testing on trade receivables[89]. - The actual income tax rate for the year was 32.2%, an increase of 6.2 percentage points from 26.0% in 2023[91]. - Cash and bank balances increased by 6.4% to approximately RMB 4,131.6 million as of December 31, 2024, compared to RMB 3,881.9 million in 2023, mainly due to enhanced collection efforts[99]. Awards and Recognition - The company has received multiple awards in 2024, including "Leading Enterprise in Commercial Real Estate" and "Top 100 New Quality Property Brand Value" from various organizations[26]. Future Outlook - The company aims for high-quality development in 2025, focusing on product excellence, refined operations, asset efficiency, and organizational strengthening[22]. - The group plans to focus on "product quality, refined operations, asset efficiency, and organizational strengthening" as its development strategy for 2025[66]. - The company anticipates continued growth in occupancy rates and property management efficiency as new projects come online in 2025[60].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 2,617.3 million, a decrease of about 0.7% compared to RMB 2,635.7 million for the year ended December 31, 2023[5]. - The group's gross profit for the year ended December 31, 2024, was approximately RMB 834.0 million, down about 6.0% from RMB 887.0 million for the year ended December 31, 2023[5]. - The profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 216.0 million, a decrease of about 52.3% from RMB 453.0 million for the year ended December 31, 2023[5]. - The operating profit for the year ended December 31, 2024, was RMB 346.9 million, down from RMB 591.6 million for the year ended December 31, 2023[7]. - The earnings per share attributable to shareholders for the year ended December 31, 2024, was RMB 33.89, a decrease from RMB 71.33 for the year ended December 31, 2023[7]. - The group reported a net profit before tax of RMB 330,940,000 in 2024, down from RMB 611,688,000 in 2023, indicating a decrease of 46.0%[36]. - The actual income tax rate for 2024 was 32.2%, compared to 26.0% in 2023, showing an increase in the effective tax burden[36]. - The group recorded financial assets impairment losses for the year ended December 31, 2024, amounting to approximately RMB 219.4 million, an increase of 353.9% year-on-year[108]. Revenue Breakdown - Total segment revenue for the year ending December 31, 2024, was RMB 2,617,305 thousand, with commercial operation services contributing RMB 2,140,138 thousand and management services contributing RMB 477,167 thousand[21]. - Customer contract revenue amounted to RMB 2,410,850 thousand, with RMB 1,933,683 thousand from commercial operation services and RMB 477,167 thousand from management services[21]. - Revenue from external customers was RMB 2,360,512 thousand, representing an increase from RMB 2,242,728 thousand in 2023, while revenue from related parties decreased to RMB 230,611 thousand from RMB 368,313 thousand[29]. - Revenue from commercial operation and management services was approximately RMB 1,863.2 million, representing an increase of 0.1% and accounting for about 71.2% of total revenue[95]. - Revenue from commercial property leasing services increased by 17.0% to approximately RMB 206.5 million, contributing about 7.9% to total revenue[96]. - Revenue from residential property management services was approximately RMB 477.2 million, a decrease of 4.3%, accounting for about 18.2% of total revenue[98]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 6,040.5 million, an increase from RMB 5,613.1 million as of December 31, 2023[9]. - The total equity as of December 31, 2024, was RMB 3,224.8 million, compared to RMB 3,057.5 million as of December 31, 2023[11]. - Total liabilities rose to RMB 2,815,702 thousand in 2024, up from RMB 2,555,599 thousand in 2023, indicating an increase of about 10.2%[25]. - The asset-liability ratio was 0.47 as of December 31, 2024, compared to 0.46 on December 31, 2023[118]. - Trade and other payables as of December 31, 2024, were approximately RMB 1,028.9 million, a decrease of 6.2% from RMB 1,097.4 million in 2023[114]. Operational Metrics - As of December 31, 2024, the contracted gross floor area of the commercial operation services segment was approximately 14.5 million square meters, with the operational gross floor area being approximately 11.1 million square meters[5]. - The total area of operational retail properties is 11,067,103 square meters, with 8,914,000 square meters attributed to "宝龙广场" alone[77]. - The average occupancy rate for retail properties as of December 31, 2024, is 91.5%, up from 91.2% in 2023[77]. - The total delivered building area increased to approximately 24.0 million square meters, up from 21.1 million square meters in the same period of 2023, representing an increase of 2.9 million square meters[82]. - The total number of delivered projects reached 131, an increase of 22 projects compared to 109 in the same period of 2023[82]. Business Segments - The company has identified two main business segments: commercial operation services and residential property management services, focusing primarily on the Chinese market[19][20]. - The residential property management services segment reported total revenue of approximately RMB 477.2 million for the year ended December 31, 2024, a decrease of 4.3% compared to RMB 498.4 million for the year ended December 31, 2023[82]. - The gross profit margin for residential property management services was 22.1% in 2024, down from 25.4% in 2023[62]. Strategic Initiatives - The company plans to enhance operational efficiency by leasing nearby retail properties and subleasing them for long-term rental income[20]. - The company aims to create a respected century-old enterprise and a global leader in urban space operations, adhering to its mission of "making space full of love"[54]. - The group plans to adopt a "product thinking" approach by 2025, focusing on continuous iteration and user-centered value creation[88]. - The company plans to focus on "product quality, refined operations, asset efficiency, and organizational strengthening" as its development strategy for 2025[86]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the reporting period ending December 31, 2024[134]. - The audit committee has reviewed the audited consolidated annual performance for the year ending December 31, 2024, confirming compliance with applicable accounting standards[138]. - The external auditor, Zhongrui He Xin, has agreed to the publication of the consolidated financial statements for the year ending December 31, 2024[139]. Future Outlook - The company plans to open several new projects in 2024, including the Taizhou Duqiao Baolong Plaza and Hangzhou Gongshu Baolong Plaza, contributing to the expansion of its operational footprint[66]. - The company plans to reassess and revise the timeline for the utilization of the IPO proceeds as necessary[122]. - The company will publish its annual report for the year ending December 31, 2024, on its website and the Hong Kong Stock Exchange's website[142].

Business Operations - As of June 30, 2024, the company operates 97 retail commercial properties with a total built area of approximately 10.8 million square meters and has signed contracts for 138 retail commercial properties with a total contracted built area of about 14.9 million square meters[12]. - The company has delivered property management services for 127 residential properties, totaling approximately 23.2 million square meters, and has signed contracts for 147 residential properties with a total contracted built area of about 31.2 million square meters[14]. - The total revenue for the business operations service reached approximately RMB 1,076.9 million for the six months ended June 30, 2024, representing an increase of about 2.8% compared to RMB 1,047.9 million for the same period in 2023[16]. - The total operating area increased to approximately 10.8 million square meters, up from about 10.7 million square meters in the same period of 2023, reflecting a growth of approximately 0.1 million square meters[16]. - The number of operational projects increased to 97, a net increase of 2 projects compared to 95 in the same period of 2023[16]. - The contracted construction area decreased to approximately 14.9 million square meters, down from about 15.3 million square meters in the same period of 2023, a reduction of approximately 0.4 million square meters[16]. - The company provides comprehensive commercial operation services, including market research, tenant recruitment, and operational management for shopping centers and streets[14]. Financial Performance - For the six months ended June 30, 2024, the gross profit from commercial operation services was RMB 384.7 million, with a gross margin of 35.7%, compared to RMB 378.3 million and a gross margin of 36.1% for the same period in 2023[15]. - The gross profit from residential property management services was RMB 64.7 million, with a gross margin of 25.3%, compared to RMB 59.9 million and a gross margin of 26.4% for the same period in 2023[15]. - The total gross profit for the company for the six months ended June 30, 2024, was RMB 449.4 million, with an overall gross margin of 33.7%, compared to RMB 438.2 million and a gross margin of 34.4% for the same period in 2023[15]. - For the six months ended June 30, 2024, the group's revenue was approximately RMB 1,332.9 million, an increase of about RMB 58.1 million compared to RMB 1,274.8 million for the same period in 2023[30]. - Revenue from commercial operation and management services was approximately RMB 930.6 million, a year-on-year increase of about 2.0%, accounting for approximately 69.8% of total revenue[32]. - Revenue from commercial property leasing services was approximately RMB 103.5 million, a year-on-year increase of about 18.9%, accounting for approximately 7.8% of total revenue[32]. - Revenue from residential property management services was approximately RMB 256.1 million, a year-on-year increase of about 12.8%, accounting for approximately 19.2% of total revenue[32]. - The profit attributable to shareholders for the six months ended June 30, 2024, was approximately RMB 194.5 million, a decrease of about 24.3% year-on-year[42]. - The company's total equity rose to RMB 3,269,232 thousand from RMB 3,057,539 thousand, reflecting an increase of 6.9%[69]. Market and Strategic Focus - The company aims to become a respected century-old enterprise and a global leader in urban space operations, continuously creating broader value for customers and investors[14]. - The company focuses on the Yangtze River Delta region, targeting economically vibrant urban clusters to enhance its market presence[12]. - The company aims to adapt to market changes by creating distinctive consumer experience scenarios to attract the younger consumer demographic[26]. - The company emphasizes the importance of enhancing operational management and improving brand combinations to mitigate operational risks[27]. Awards and Recognition - The company received several awards in 2024, including being named one of the "Top 30 Most Influential Commercial Real Estate Enterprises" and "Leading Enterprise in Commercial Real Estate"[14]. Shareholding and Corporate Governance - As of June 30, 2024, the total issued shares of the company are 642,900,000, with significant shareholdings reported by directors[47]. - Major shareholder Mr. Xu Jiankang controls 405,000,000 shares, representing 63.00% of the total issued shares[51]. - The company has adopted a share incentive plan since December 31, 2020, which is managed by Huifeng Management[53]. - The board of directors does not recommend the payment of an interim dividend for the six months ending June 30, 2024, compared to HKD 0.15 per share for the same period in 2023[54]. - The company aims to enhance investor confidence and accountability through effective corporate governance practices[59]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 145,444 thousand, a substantial increase of 94.5% compared to RMB 74,673 thousand for the same period in 2023[72]. - The company's cash and bank balances were approximately RMB 3,963.2 million, an increase of about 2.1% from RMB 3,881.9 million as of December 31, 2023[45]. - The company reported a total comprehensive income of RMB 200,002 thousand for the six months ended June 30, 2024, compared to RMB 256,259 thousand for the same period in 2023, reflecting a decrease of approximately 22%[71]. Operational Challenges - The company reported a total of 234,950 square meters of terminated contracts for retail commercial properties during the six months ended June 30, 2024[19]. - The company reported a share of profits from joint ventures as a loss of RMB 232 thousand, indicating challenges in this area compared to a profit of RMB 159 thousand previously[82]. Future Plans - The company plans to open several retail projects in the second half of 2024, with a total projected construction area of 631,711 square meters across various locations[23]. - The company intends to invest in the development of three leasing projects in Shaoxing, Hangzhou, and Taizhou, with an expected allocation of HKD 109.4 million by December 31, 2026[65].

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 1,332.9 million, an increase of about 4.6% compared to RMB 1,274.8 million for the same period in 2023[1]. - The group's gross profit for the same period was approximately RMB 449.4 million, up about 2.5% from RMB 438.2 million in 2023[1]. - The profit attributable to shareholders for the six months ended June 30, 2024, was approximately RMB 194.5 million, a decrease of about 24.3% from RMB 257.0 million in 2023[1]. - The operating profit for the six months ended June 30, 2024, was RMB 280.5 million, down from RMB 337.0 million in the same period of 2023[4]. - The basic earnings per share attributable to shareholders for the six months ended June 30, 2024, were RMB 30.63, down from RMB 40.63 in the same period of 2023[4]. - The group reported a net profit of RMB 256,259,000 for the six months ended June 30, 2024, compared to a profit of RMB 349,701,000 before tax for the same period in 2023[14]. - The company reported a net profit of RMB 194,505 thousand for the six months ended June 30, 2024, down from RMB 256,978 thousand in the same period of 2023, a decrease of 24.3%[34]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 6,103.2 million, an increase from RMB 5,613.1 million as of December 31, 2023[6]. - The total liabilities as of June 30, 2024, were RMB 2,833.9 million, an increase from RMB 2,555.6 million as of December 31, 2023[6]. - The total equity as of June 30, 2024, was RMB 3,269.2 million, up from RMB 3,057.5 million as of December 31, 2023[6]. - The group's contract liabilities as of June 30, 2024, amounted to RMB 328,613,000, compared to RMB 301,035,000 as of December 31, 2023, indicating a growth of 9.2%[23]. - The total trade and other payables were RMB 1,024,479,000 as of June 30, 2024, down from RMB 1,097,366,000 as of December 31, 2023, indicating a decrease of 6.6%[41]. Revenue Breakdown - Total segment revenue for the six months ended June 30, 2024, was RMB 1,332,942 thousand, with commercial operations contributing RMB 1,076,863 thousand and residential property management contributing RMB 256,079 thousand[12]. - Revenue from commercial operation services reached RMB 198,802 thousand for the six months ended June 30, 2024, up from RMB 175,959 thousand in the same period of 2023, representing an increase of 12.4%[25]. - Revenue from residential property management services was RMB 64,451 thousand for the six months ended June 30, 2024, compared to RMB 53,363 thousand in the same period of 2023, reflecting a growth of 20.8%[25]. - The group's income from property management services reached RMB 202,277,000 for the six months ended June 30, 2024, up from RMB 171,137,000 in the same period of 2023, an increase of 18.2%[21]. - Revenue from external customers reached approximately RMB 1,186.5 million for the six months ended June 30, 2024, an increase of approximately RMB 111.9 million compared to RMB 1,074.6 million for the same period in 2023, representing about 89.0% of total revenue[68]. Operational Highlights - The company managed 97 retail commercial properties with a total area of approximately 10.8 million square meters as of June 30, 2024, and signed contracts for 138 retail properties totaling approximately 14.9 million square meters[45]. - The residential property management services delivered 127 projects with a total area of approximately 23.2 million square meters as of June 30, 2024, and signed contracts for 147 projects totaling approximately 31.2 million square meters[45]. - The average occupancy rate for retail commercial properties as of June 30, 2024, was 91.5%, compared to 91.2% on December 31, 2023[55]. - The company opened three new shopping centers in the first half of 2024, with the Hangzhou Gongshu Baolong Plaza performing particularly well[59]. - The company aims to focus on creating unique consumer experiences to cater to the younger demographic in the evolving consumption landscape[59]. Strategic Initiatives - The group aims to enhance operational efficiency by leasing nearby retail properties and subletting them for long-term rental income[12]. - The company continues to expand its service offerings in the Yangtze River Delta and Pearl River Delta regions, focusing on professional commercial operation services[48]. - The company plans to strengthen its operational management team by fostering a culture of innovation and vitality through initiatives like "Business UP DAY"[62]. - The group emphasized the importance of talent development, focusing on building a robust talent pipeline through both external recruitment and internal cultivation[62]. - The company is shifting its招商思路 (recruitment strategy) to enhance its core competitiveness by innovating recruitment resources and improving operational management[61]. Accounting and Compliance - The group has adopted revised accounting standards, which did not have a significant impact on the financial statements presented[9]. - The financial data presented is unaudited and was approved for publication by the board on August 27, 2024[8]. - The audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards[86]. Corporate Governance - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[82]. - Non-executive director Zhang Yunfeng has resigned to focus on personal matters, effective August 27, 2024[87]. - Xu Hualin has been appointed as the new authorized representative effective August 27, 2024[87]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors[87].