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].

Commercial Projects and Expansion - The company added 10 new commercial projects in 2023, with a total new opening area of approximately 840,000 square meters, and signed 4 new third-party projects, adding a contracted area of approximately 450,000 square meters[5] - The total opened commercial building area exceeded 10.0 million square meters, and the total contracted commercial building area exceeded 15.0 million square meters, with 94 projects in the Yangtze River Delta region, accounting for 68% of the total contracted projects[5] - As of December 31, 2023, the company had 95 opened retail commercial properties with a total opened building area of approximately 10.8 million square meters, and 138 signed retail commercial properties with a total contracted building area of approximately 15.1 million square meters[10] - The company successfully opened new projects such as Jinhua Jinyi Powerlong Plaza and Xuzhou Hexin Powerlong Plaza in September 2023, and signed new light-asset projects like Shengzhou Powerlong Plaza in November 2023[13] - The company plans to open 12 new projects in 2024, covering approximately 1.17 million square meters, with a focus on third-party light-asset projects[30] - The total expected construction area for new projects in 2024 is 1,167,561 square meters, with 891,561 square meters from Powerlong Plaza and 276,000 square meters from Powerlong Xinghui[28] - In 2023, the company added 4 new contracted projects, totaling approximately 450,000 square meters, all from third-party light-asset projects[30] - The company acquired a third-party operational project in November 2023, which will undergo renovation and upgrade after the contract signing[40] - The company plans to open 31 retail commercial property projects starting in 2025, with a total estimated construction area of 2,993,248 square meters[170] - Total newly opened projects in 2023 cover a combined building area of 838,161 square meters, including 341,286 square meters of commercial space, 207,230 square meters of South Street area, and 289,645 square meters of parking space[172] - The Quanhua Quanyi Baolong Plaza, opened in September 2023, has a total building area of 122,926 square meters, with 90,355 square meters dedicated to commercial space and 32,571 square meters for parking[172] - Xuzhou Hexin Plaza, also opened in September 2023, spans 197,251 square meters, including 80,931 square meters of commercial space and 116,320 square meters of parking[172] - Jingdezhen Baolong Plaza, opened in October 2023, covers 129,209 square meters, with 80,000 square meters of commercial space and 30,000 square meters of parking[172] - Qizhou Baolong Plaza, opened in December 2023, has a total building area of 129,514 square meters, including 90,000 square meters of commercial space and 39,514 square meters of parking[172] - The Baolong Tiandi projects, including Zhoushan Putuo Baolong Tiandi, Xiamen Guoboyuan Baolong Tiandi, and Xiamen Wenxing Tiandi, collectively cover 123,915 square meters, with 72,615 square meters dedicated to South Street area and 51,300 square meters for parking[172] - The operational projects, such as Haiyan North Street and Tiantai Cultural Center Baolong Tiandi, have a combined area of 135,346 square meters, with 115,406 square meters allocated to South Street area and 19,940 square meters for parking[172] - Total opened building area reached 10.8 million square meters as of December 31, 2023, with a signed area of 15.1 million square meters, solidifying the company's leading position in the industry[178] - The company completed the opening of 4 Powerlong Malls and 6 block-style projects in 2023, including the Jinhua Jinyi Powerlong Mall, the first Powerlong Mall in Xuzhou, and the Jingdezhen Powerlong Mall, the first in Jiangxi[178] - The total building area of all projects is 8,758,724 square meters, with 5,289,132 square meters dedicated to shopping malls, 692,378 square meters to commercial streets, and 2,777,214 square meters to parking lots[173] - The company's total building area for Powerlong Malls is 8,759,000 square meters, with an average occupancy rate of 90.6% as of December 31, 2023[174] Residential Property Management - The company's residential property management services had 109 delivered projects with a total delivered building area of approximately 21.1 million square meters, and 147 signed projects with a total contracted building area of approximately 31.2 million square meters[20] - The company's residential property management services expanded significantly, with 109 delivered projects and 147 signed projects, covering a total building area of 21.1 million square meters and 31.2 million square meters respectively[20] - Residential property management services revenue increased by 1.5% to RMB 498.4 million, with delivered GFA increasing by 1.7 million square meters to 21.1 million square meters[53] - Residential property management services revenue was RMB 498.356 million, accounting for 18.9% of the total revenue[194] Financial Performance - The company's commercial operation services generated the majority of its revenue, with retail commercial properties contributing significantly through rental income, operational management fees, diversified business income, and parking fees[10][24] - The commercial operation service segment achieved a gross profit of RMB 760.631 million in 2023, with a gross margin of 35.6%, up from 34.5% in 2022[39] - The total gross profit for 2023 was RMB 887.021 million, with a gross margin of 33.7%, compared to RMB 834.422 million and 32.7% in 2022[39] - The company's total revenue from commercial operation services in 2023 was approximately RMB 2,137.4 million, a 3.8% increase from RMB 2,058.3 million in 2022[39] - Revenue for the year ended December 31, 2023, was approximately RMB 2,635.7 million, an increase of 3.4% compared to RMB 2,549.3 million in 2022[47] - The company's profit attributable to shareholders increased by 2.2% to RMB 453.0 million in 2023 compared to RMB 443.1 million in 2022[61] - Operating lease and trade receivables increased by 77.4% to RMB 412.4 million, primarily due to business growth[61] - Prepayments and other receivables decreased by 45.0% to RMB 328.9 million, mainly due to the recovery of exclusive sales agency deposits[61] - Trade and other payables increased slightly by 0.3% to RMB 1,097.4 million, reflecting the company's scale expansion[62] - The actual tax rate decreased to 26.0% in 2023 from 28.4% in 2022, a reduction of 2.4 percentage points[51] - Other income and net gains decreased by 29.5% to RMB 55.7 million, mainly due to reduced penalty income[63] - Financial asset impairment losses increased by 72.9% to RMB 48.3 million, reflecting prudent provisioning for trade and other receivables[63] - The company's asset-liability ratio improved to 0.46 as of December 31, 2023, compared to 0.48 in 2022[64] - Revenue from external customers accounted for approximately 85.0% of the company's total revenue, reaching RMB 2,242.7 million for the year ended December 31, 2023[69] - Sales and marketing expenses increased by 44.0% year-on-year to RMB 78.6 million, primarily due to increased promotional activities[70] - Service costs rose by 2.0% to RMB 1,748.7 million, in line with business expansion[71] - Gross profit increased by 6.3% to RMB 887.0 million, with a gross margin of 33.7%, up 1.0 percentage point from the previous year[72] - Commercial operation services contributed RMB 760.6 million in gross profit with a gross margin of 35.6%, while residential property management services contributed RMB 126.4 million with a gross margin of 25.4%[73] - Administrative expenses increased by 4.1% to RMB 222.9 million, driven by business scale expansion[82] - Contract liabilities increased by 31.3% to RMB 301.0 million, reflecting the company's growth[86] - The company had no interest-bearing borrowings as of December 31, 2023[87] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures were made during the year[89] - Revenue from the Yangtze River Delta region accounted for 58.5% of commercial operation services revenue, totaling RMB 1,541.99 million[81] - Operating cash flow for the year ended December 31, 2023, was RMB 486.8 million, a 69.6% increase from RMB 287.1 million in 2022, primarily due to enhanced collection efforts[99] - Cash and bank balances as of December 31, 2023, were RMB 3,881.9 million, a 12.4% increase from RMB 3,452.7 million in 2022, driven by improved collection efforts[108] - Total employee costs for the year ended December 31, 2023, were RMB 882.2 million, compared to RMB 857.6 million in 2022[110] - The company had 5,798 employees as of December 31, 2023, up from 5,726 in 2022[110] - The company's total revenue for the year was RMB 2,635.746 million, with commercial operation services contributing 81.1% of the total revenue[194] - The company has no significant contingent liabilities as of December 31, 2023[190] - The company's net financing income was approximately RMB 19.1 million, compared to a net financing cost of RMB 4.3 million in the previous year, primarily due to increased bank deposit interest income[189] - Revenue from market research, tenant recruitment, and opening preparation services decreased to RMB 100.019 million, down from RMB 177.743 million in the previous year, due to a reduction in the number of retail commercial properties served[184][194] - Gross profit from commercial operation services reached approximately RMB 760.6 million, a year-on-year increase of 7.0%, with a gross margin of 35.6%, up 1.1 percentage points from the previous year[188] - Commercial operation and management service revenue increased by 7.2% year-on-year to approximately RMB 1,860.9 million, accounting for 70.6% of the company's total revenue[191] Awards and Recognition - The company received multiple awards in 2023, including "Top 10 in China's Commercial Real Estate Top 100 Enterprises" and "2023 Brand Influence Enterprise"[10][18] - The company was awarded "2023 Top 8 Comprehensive Strength in Retail Real Estate Enterprises" by Winshang[150] - The company was awarded "2023 Best Human Resources Team" by Hroot[154] Business Model and Strategy - The company's business model involves fully entrusting retail commercial properties to the group for management, with the group bearing all operational costs and sharing a percentage of net profits with the property owners as variable rental costs[16] - The company's commercial operation services are primarily focused on the Yangtze River Delta region, with 94 projects accounting for 68% of the total contracted projects[5] - The company plans to use 50% of the net proceeds from its IPO for strategic acquisitions of small and medium-sized commercial operation service providers to expand its business[109] - 25% of the IPO net proceeds will be allocated to upgrading IT systems for digital and intelligent operations to enhance consumer experience and operational efficiency[109] - 10% of the IPO net proceeds will be used for equity investments in certain tenants to establish strategic partnerships[109] - 5% of the IPO net proceeds will be used for renovating retail commercial properties under a light-asset business model[109] - The remaining 10% of the IPO net proceeds will be used for general business purposes and working capital[109] - The company has no plans for other significant investments or capital asset increases beyond the disclosed use of IPO proceeds[111] - The company aims to become a globally leading urban space operator and create broader value for customers and investors[132] - The company plans to focus on "slowing down and improving quality" in 2024, with a strategic focus on the Yangtze River Delta and simultaneous development in South China[178] - The company will implement four major income enhancement measures in 2024: improving occupancy rates, adjusting expired stores, increasing income from low-rent projects, and restructuring anchor tenant layouts[178] - The company's strategic focus for 2024 includes optimizing business formats, adjusting brand categories, and creating commercial spaces that provide emotional value[178] - The company focuses on cost reduction and efficiency improvement, aiming to enhance per capita efficiency and optimize organizational performance through digital systems[182] - The company plans to expand through light-asset projects, prioritizing third-party project quality and focusing on talent development and team rejuvenation[182] Leadership and Governance - The company's board currently consists of 2 executive directors, 3 non-executive directors, and 3 independent non-executive directors[120] - Xu Huafang, aged 46, was appointed as Chairman and Executive Director in 2019, responsible for overseeing business development and strategy implementation[120] - Chen Deli, aged 50, joined as CEO and Executive Director in 2020, bringing extensive experience from leading roles at companies like Dalian Wanda Commercial Properties and CapitaLand[122] - Zhang Yunfeng transitioned from CFO to Non-Executive Director in 2023 after serving in various senior roles since joining in 2015[124] - Tang Jianfeng, aged 46, joined as Vice President in 2020, bringing over 26 years of experience in commercial real estate market operations[128] - The company's independent non-executive directors include Ms. Wu Yiqin, who has extensive experience in various listed companies[130] - The company's audit committee is chaired by Ms. Wu Yiqin[135] - The company's financial statements and reports are audited by Kaiyuan Xinde Certified Public Accountants[135] Regional Focus - The company's commercial operation services are primarily focused on the Yangtze River Delta region, with 94 projects accounting for 68% of the total contracted projects[5] - The company has 94 projects in the Yangtze River Delta region[140] - Revenue from the Yangtze River Delta region accounted for 58.5% of commercial operation services revenue, totaling RMB 1,541.99 million[81] - The company's commercial operation properties and residential management properties are mainly located in the Yangtze River Delta region[187] Operational Efficiency and Technology - The company launched the industry's first automated operation system, improving operational efficiency through precise forecasting of arrears and operational risks[155] - The company's IP activities, such as "Baolong Four Seasons," have steadily expanded their influence through collaborations with external resources like Tencent and Douyin, enhancing public traffic resources and building a value ecosystem[167] - The company focuses on cost reduction and efficiency improvement, aiming to enhance per capita efficiency and optimize organizational performance through digital systems[182] Market and Industry Trends - China's total retail sales of consumer goods reached approximately RMB 47 trillion in 2023, a year-on-year increase of 7.2%[166] - The occupancy rate of retail commercial properties is calculated based on internal records, reflecting the actual leased area divided by the available leasing area, with fluctuations possible throughout the year[169] - The average occupancy rate for Powerlong Malls was 90.6% as of December 31, 2023, compared to 92.2% in 2022[174] - Revenue from commercial operation and management services increased due to the expansion of total opened building area and improved operational capabilities[180] Property Details - Total building area of Baolong Tiandi projects is 548,243 square meters, with commercial streets accounting for 405,847 square meters and parking lots for 142,396 square meters[146] - Total building area of Baolong Xinghui projects is 719,944 square meters, with shopping malls accounting for 317,966 square meters, commercial streets for 297,115 square meters, and parking lots for 104,863 square meters[146] - Total building area of Qingdao Chengyang Powerlong Plaza is 443,262 square meters, with a shopping mall area of 335,506 square meters and a parking area of 107,756 square meters[163] - Zhengzhou Powerlong Plaza has a total building area of 235,606 square meters, including a shopping mall area of 198,108 square meters and a commercial street area of 6,565 square meters[163] - Bengbu Powerlong Plaza, located in the Yangtze River Delta, has a total building area of 346,880 square meters, with a shopping mall area of 222,966 square meters and a commercial street area of 48,503 square meters[163] - Wuxi Powerlong Plaza has a total building area of 192,865 square meters, with a shopping mall area of 142,753 square meters and a parking area of 50,112 square meters[163] - Anxi Powerlong Plaza has a total building area of 85,374 square meters, with a shopping mall area of 55,489 square meters and a commercial street area of 28,034 square meters[163] - Suqian Powerlong Plaza has a total building area of 150,660 square meters, with a shopping mall area of 120,645 square meters and a parking area of 30,015 square meters[163] - Yancheng Powerlong Plaza has a total building area of 199,409 square meters, with a shopping mall area of 135,112 square meters and a commercial street area of 29,720 square meters[163] - Qingdao Jimo Powerlong Plaza has a total building area of 175,513 square meters, with a shopping mall area of 130,462 square meters and a parking area of 45,051 square meters[163] - Luoyang Powerlong Plaza has a total building area of 138

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was approximately RMB 2,635.7 million, an increase of about 3.4% compared to RMB 2,549.3 million for the fiscal year ending December 31, 2022[50]. - The total revenue for the year ended December 31, 2023, was RMB 2,635,746 thousand, an increase from RMB 2,549,258 thousand in 2022, representing a growth of approximately 3.4%[105]. - The profit attributable to shareholders for the fiscal year ending December 31, 2023, was approximately RMB 453.0 million, representing a growth of about 2.2% from RMB 443.1 million for the fiscal year ending December 31, 2022[102]. - The company's profit attributable to shareholders for the year ended December 31, 2023, was RMB 452,952,000, an increase from RMB 443,075,000 in 2022, representing a growth of approximately 2%[186]. - The net profit before tax for the year ended December 31, 2023, was RMB 611,688 thousand, slightly down from RMB 613,397 thousand in 2022, indicating a decrease of about 0.3%[149]. - The company reported a significant increase in customer contract revenue, reaching RMB 2,459,236 thousand, compared to the previous year's figures[117]. Revenue Breakdown - Revenue from commercial operations and management services for the year ended December 31, 2023, was approximately RMB 1,860.9 million, an increase of 7.2% year-on-year, accounting for about 70.6% of total revenue[31]. - Revenue from property leasing services for the year ended December 31, 2023, was approximately RMB 176.5 million, an increase of 21.9% year-on-year, accounting for about 6.7% of total revenue[32]. - Revenue from residential property management services was approximately RMB 498.4 million, representing a year-on-year increase of 1.5%, accounting for about 18.9% of total revenue[55]. - The group's main revenue source is from commercial operation services, which include full-chain services for shopping centers and retail streets[196]. Operational Metrics - The total operational area of opened projects reached approximately 10.8 million square meters, a slight increase of 0.2 million square meters from 10.6 million square meters in the same period of 2022[9]. - The number of opened projects increased to 95, netting an addition of 2 projects compared to 93 in the same period of 2022[9]. - The average occupancy rate for opened properties as of December 31, 2023, was 91.2%, down from 92.6% in the previous year[20]. - The total area of newly opened retail commercial projects in 2023 was detailed in the report, indicating ongoing market expansion efforts[21]. - The group completed the opening of 4 Baolong Plaza and 6 district projects in 2023, with a total area of over 210,000 square meters for the Jin Hua Jin Yi Baolong Plaza[27]. Future Plans and Strategies - The group plans to open 12 new projects in 2024, with an estimated total area of approximately 1,170,000 square meters[29]. - The group aims to secure no less than 500,000 square meters of management area from new third-party projects in the future[29]. - The group will focus on enhancing project quality and operational efficiency as part of its strategy for 2024, emphasizing "slowing down and improving quality"[27]. - The group plans to implement targeted upgrades for projects with longer opening times to ensure freshness and create more industry benchmarks[29]. - The company plans to optimize its business structure and enhance rental income through various initiatives, including improving occupancy rates and adjusting store layouts[47]. Profitability and Margins - The gross profit from residential property management services was approximately RMB 126.4 million, with a gross profit margin of 25.4%, up 0.2 percentage points from the previous year[57]. - The gross profit from commercial operation services was approximately RMB 760.6 million, with a gross profit margin of 35.6%, an increase of 1.1 percentage points year-on-year[70]. - The group's gross profit for the fiscal year ending December 31, 2023, was approximately RMB 887.0 million, reflecting a growth of about 6.3% from RMB 834.4 million for the fiscal year ending December 31, 2022[102]. - The gross profit margin for the fiscal year ending December 31, 2023, was approximately 33.7%, an increase of about 1.0 percentage point from 32.7% for the fiscal year ending December 31, 2022[102]. Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 5,613,138 thousand, compared to RMB 5,213,267 thousand in 2022, reflecting a growth of about 7.7%[106]. - The group's liabilities as of December 31, 2023, totaled RMB 2,555.6 million, compared to RMB 2,477.1 million as of December 31, 2022[89]. - Total liabilities increased to RMB 2,555,599 thousand from RMB 2,477,138 thousand, indicating a growth of about 3.2%[107]. - The total trade receivables as of December 31, 2023, amounted to RMB 490,645,000, significantly higher than RMB 276,423,000 in 2022, indicating an increase of approximately 77%[177]. Market Position and Recognition - The company received multiple awards in 2023, including being ranked in the Top 10 of China's commercial real estate companies by the China Index Academy[182]. - The company is focusing on expanding its market presence and enhancing its service offerings in the residential property management sector[116]. - The company has identified two main business segments: commercial operations services and residential property management services, focusing on market research and tenant management[135].

Revenue and Profitability - For the six months ended June 30, 2023, the total revenue from commercial operation services was approximately RMB 1,047.9 million, an increase of about 2.3% compared to RMB 1,024.5 million for the same period in 2022[31]. - The gross profit for commercial operation services was RMB 378.3 million with a gross margin of 36.1%, compared to RMB 368.0 million and a gross margin of 35.9% in the previous year[12]. - The company's revenue for the six months ended June 30, 2023, was approximately RMB 1,274.8 million, an increase of about RMB 8.4 million compared to RMB 1,266.4 million for the same period in 2022[64]. - Revenue from commercial property leasing services was approximately RMB 87.1 million, representing a year-on-year growth of about 15.7%, accounting for approximately 6.8% of total revenue[68]. - The gross profit from commercial operations services was approximately RMB 378.3 million, with a gross profit margin of 36.1%, an increase of 0.2 percentage points compared to the same period in 2022[55]. - The company's net profit for the six months ended June 30, 2023, was RMB 256,978, compared to RMB 240,344 for the same period in 2022, reflecting an increase of about 6.9%[186]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 40.63, up from RMB 38.05 in the previous year, indicating a growth of approximately 6.8%[186]. Residential Property Management - The residential property management services generated total revenue of approximately RMB 226.9 million, a decrease of about 6.2% from RMB 241.8 million in the same period last year[19]. - The total delivered building area for residential property management services was approximately 20.1 million square meters, an increase of 1.8 million square meters compared to 18.3 million square meters in the same period of 2022[19]. - The group signed contracts for 139 residential properties with a total contracted building area of approximately 29.8 million square meters, a decrease of about 0.8 million square meters from 30.6 million square meters in the previous year[19]. - The gross profit from residential property management services was approximately RMB 59.9 million for the six months ended June 30, 2023, a decrease of about 4.1% year-on-year, while the gross profit margin increased to 26.4% from 25.8% in the same period last year[96]. Operational Performance - As of June 30, 2023, the group had 95 operational retail commercial properties with a total operational area of approximately 10.7 million square meters, an increase of about 0.5 million square meters from the previous year[31]. - The average occupancy rate for operational properties as of June 30, 2023, was 90.8%, down from 92.6% at the end of 2022[36]. - The total operational area of commercial properties increased to approximately 10.7 million square meters, a year-on-year increase of about 4.9%[67]. - The company delivered a total of 29,796 square meters of contracted construction area in the first half of 2023, compared to 20,079 square meters in the same period of 2022, indicating a significant increase in delivery volume[1]. Strategic Initiatives - The group plans to open new retail commercial properties in the second half of 2023, including projects with a total estimated building area of 228,000 square meters[37]. - The company plans to continue enhancing project management quality and commercial atmosphere in the second half of 2023, focusing on optimizing the operational efficiency of existing projects[41]. - The company will implement the YOUNG plan in the second half of 2023, aimed at selecting young talents to adapt to new commercial developments[42]. - The company aims to continue expanding its presence in economically vibrant urban clusters in the Yangtze River Delta region[4]. - The company aims to further explore high-quality opportunity regions while maintaining a core strategic focus on the Yangtze River Delta[42]. Financial Position - The group's profit attributable to shareholders for the six months ended June 30, 2023, was approximately RMB 257.0 million, representing a growth of about 6.9% from approximately RMB 240.3 million for the same period in 2022[78]. - The group's cash and bank balances were approximately RMB 3,528.5 million as of June 30, 2023, reflecting a growth of about 2.2% from approximately RMB 3,452.7 million as of December 31, 2022, mainly due to enhanced collection efforts[83]. - The total liabilities of the company stood at RMB 2,477,138 thousand as of June 30, 2023, with non-current liabilities accounting for a significant portion[154]. - The company's debt-to-asset ratio is 0.45, a decrease from 0.48 as of December 31, 2022[101]. - The company has no interest-bearing borrowings as of June 30, 2023, consistent with the previous year[103]. Awards and Recognition - The company received multiple awards in 2023, including being ranked in the "Top 10 of China's Commercial Real Estate 100" by the China Index Academy[28]. Market Environment - The company experienced a GDP growth of 5.5% and an 8.2% increase in total retail sales of consumer goods in the first half of 2023, reflecting a recovering economic environment[150]. - The company plans to leverage macroeconomic policies aimed at boosting consumption to further enhance its market strategies[150].

Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately RMB 1,274.8 million, an increase of about 0.7% compared to RMB 1,266.4 million for the same period in 2022[12]. - The group's gross profit for the six months ended June 30, 2023, was approximately RMB 438.2 million, reflecting a growth of about 1.8% from RMB 430.4 million in the same period of 2022[12]. - The profit attributable to the company's shareholders for the six months ended June 30, 2023, was approximately RMB 257.0 million, up by about 6.9% from RMB 240.3 million in the same period of 2022[12]. - The core profit attributable to the company's shareholders for the six months ended June 30, 2023, was approximately RMB 288.0 million, representing a growth of about 7.5% compared to RMB 268.0 million in the same period of 2022[12]. - The group's operating profit for the six months ended June 30, 2023, was approximately RMB 337.0 million, slightly down from RMB 338.4 million in the same period of 2022[14]. - The company reported a net profit of RMB 256,259 thousand, compared to RMB 239,809 thousand in the previous period, marking an increase of approximately 6.85%[53]. - The company reported a net profit of RMB 256,978,000 for the six months ended June 30, 2023, compared to RMB 240,344,000 in the same period of 2022, reflecting an increase of about 6.9%[67]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 5,379.964 million, an increase from RMB 5,213.267 million as of December 31, 2022[15]. - The cash and bank balances as of June 30, 2023, were RMB 3,528.484 million, compared to RMB 3,452.680 million as of December 31, 2022[15]. - As of June 30, 2023, total equity amounted to RMB 2,932,308 thousand, an increase from RMB 2,736,129 thousand as of December 31, 2022, representing a growth of approximately 7.2%[16]. - Total liabilities decreased to RMB 2,447,656 thousand as of June 30, 2023, down from RMB 2,477,138 thousand as of December 31, 2022, reflecting a reduction of about 1.2%[16]. - Current liabilities, including trade and other payables, were reported at RMB 1,038,709 thousand as of June 30, 2023, a decrease from RMB 1,094,089 thousand as of December 31, 2022[16]. - The group's net financial asset impairment loss for the six months ended June 30, 2023, was approximately RMB 14.2 million, an increase of about 0.1% year-on-year[163]. - Contract liabilities rose to RMB 290,951,000 as of June 30, 2023, compared to RMB 229,322,000 at the end of 2022, showing a growth of approximately 26.9%[59]. Revenue Breakdown - The group's revenue from the retained group accounted for 14.7% of total revenue for the six months ended June 30, 2023, compared to 17.0% for the same period in 2022[36]. - Customer contract revenue amounted to RMB 1,187,713 thousand, compared to RMB 1,191,081 thousand in the prior period, indicating a slight decrease of about 0.28%[53]. - Revenue from commercial operation services was RMB 48,042,000, while market research and positioning services generated RMB 912,730,000, up from RMB 94,883,000 in the previous year, indicating significant growth in service offerings[59]. - Revenue from commercial operation and management services was approximately RMB 912.7 million, representing a year-on-year increase of 6.8% and accounting for 71.6% of total revenue[149]. - Revenue from commercial property leasing services increased by 15.7% to approximately RMB 87.1 million, contributing 6.8% to total revenue[150]. - Revenue from residential property management services decreased to approximately RMB 171.1 million, a decline of 10.4% year-on-year, primarily due to a slowdown in contracted area growth in the real estate sector[153]. Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.15 per ordinary share for the six months ended June 30, 2023[12]. - The company declared a final dividend of HKD 96,435,000 (approximately RMB 87,924,000) for the year ended December 31, 2022, which will be paid on October 25, 2023[69]. - Basic earnings per share increased to RMB 40.63, up from RMB 38.05 in the previous year, indicating improved profitability on a per-share basis[67]. - Basic earnings per share for the six months ended June 30, 2023, were RMB 40.63, an increase of 7.1% from RMB 37.94 in 2022[95]. Operational Highlights - As of June 30, 2023, the contracted gross floor area for the group's commercial operation services was approximately 15.3 million square meters, with the operational gross floor area being approximately 10.7 million square meters[12]. - The average occupancy rate for Baolong Yicheng was 99.4% as of June 30, 2023, while Baolong City had an occupancy rate of 97.9%[113]. - The group plans to enhance operational efficiency by leasing several retail properties and subleasing them to generate long-term rental income[25]. - The group plans to open several retail commercial property projects in the second half of 2023, with specific opening dates subject to project progress[115]. - The group operates under four main brands: Baolong Yicheng, Baolong City, Baolong Plaza, and Baolong Tiandi, providing professional commercial operation services[108]. Market and Strategic Initiatives - The GDP growth rate for the first half of 2023 was 5.5%, and the total retail sales of consumer goods increased by 8.2% year-on-year, indicating a recovery in the overall consumption market[118]. - The group plans to continue focusing on the Yangtze River Delta region while exploring opportunities in other high-quality areas, including the establishment of six new city leasing centers[146]. - The group will implement the YOUNG program in the second half of 2023 to nurture young talent for business development in the new era[146]. - The group is committed to optimizing its brand portfolio and has established deep collaborations with LVMH and L'Oréal, launching over 10 high-end stores in Xiamen[147].