Membership and Customer Engagement - In 2022, the company upgraded its membership system, adding over 5 million new members, bringing the total to nearly 10 million[5] - The company achieved a 130% year-on-year increase in membership, reaching nearly 10 million members, and online sales exceeded RMB 500 million, a 25-fold increase year-on-year[101] - User data showed a growth of 20% year-over-year, indicating strong customer engagement and retention[198] - Customer satisfaction ratings have improved, with a reported increase of 15% in positive feedback from users[198] Financial Performance - The group's revenue for the year was approximately RMB 2.549 billion, representing a year-on-year growth of 3.5%[36] - The overall revenue for the company in 2022 was RMB 2,549.258 million, compared to RMB 2,463.996 million in 2021, marking a growth of 3.5%[126] - The total revenue for the year ended December 31, 2022, was approximately RMB 2,549.3 million, an increase of about 3.5% compared to approximately RMB 2,464.0 million for the year ended December 31, 2021[169] - The company reported a profit attributable to shareholders of approximately RMB 443.1 million for the year ended December 31, 2022, an increase of 1.1% from RMB 438.1 million in 2021[179] Property Management and Operations - The company delivered residential property management services for 92 projects, covering a total area of approximately 19.4 million square meters, with 140 signed projects totaling about 30.7 million square meters[90] - The total delivered building area reached approximately 19.4 million square meters, an increase of 1.7 million square meters compared to 17.7 million square meters in the same period of 2021[110] - The company has ongoing projects with a total built area of 574,065 square meters, including 305,216 square meters of shopping malls and 218,578 square meters of parking lots[60] - The company has expanded its project portfolio with new openings, including Hangzhou Technology City Baolong Plaza and Xiamen Tong'an Baolong Plaza, adding a total area of 208,889 square meters[65] Strategic Goals and Market Expansion - The company aims to become a respected century-old enterprise and a global leader in urban space operations, creating broader value for customers and investors[25] - The company continues to focus on expanding its presence in economically vibrant urban clusters in the Yangtze River Delta region[9] - The group plans to continue focusing on the Yangtze River Delta as a core strategic area while exploring other high-quality opportunities and increasing recruitment efforts in six major cities[160] - The company plans to enhance business development and improve smart commercial operations in 2023, anticipating better consumer sentiment compared to 2022 due to the easing of pandemic restrictions[114] Project Development and New Openings - The company has signed several new projects, including the successful opening of Taizhou Jiaojiang Powerlong City in June 2022[29] - The company plans to open 13 new projects in 2023, covering approximately 1.0 million square meters, aiming to establish more benchmark projects[138] - New projects include significant developments in cities such as Ningbo, Xuzhou, and Hangzhou, with various management models[42] - The company successfully opened 8 new projects in 2022, including Taizhou Jiaojiang Baolong City and Xiamen Tong'an Baolong Plaza, both achieving a rental rate of 98%[56] Operational Efficiency and Technology - The company introduced an AI digital employee for performance tracking and risk monitoring, enhancing operational efficiency and risk prediction capabilities[47] - The company upgraded its management system to AI stage, enabling automated tracking and calculation of performance metrics[81] - The company is focusing on expanding its property management services and seeking flexible cooperation models for commercial retail projects[87] - The company emphasizes technological innovation through smart business applications to improve service quality and operational performance[114] Revenue Streams and Profitability - Revenue from residential property management services for the year ended December 31, 2022, was approximately RMB 491.0 million, an increase of 9.9% year-on-year, accounting for about 19.2% of total revenue[146] - The commercial operation services generated revenue of RMB 710,711 with a gross margin of 34.5%[97] - The total revenue for the commercial operation services segment reached approximately RMB 2,058.3 million for the year ended December 31, 2022, an increase of 2.0% from RMB 2,017.1 million in 2021[126] - Revenue from property leasing services for the year ended December 31, 2022, was approximately RMB 144.7 million, a decrease of 26.1% year-on-year, accounting for about 5.7% of total revenue[145] Challenges and Future Outlook - The overall economic environment in 2022 faced challenges, yet the GDP still achieved a growth of 3%[55] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 15%[198] - The company aims to improve operational efficiency, targeting a 5% reduction in costs through process optimization[198] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 10 million set aside for this purpose[198]

保隆商业非执行董事张云峰先生保隆商业副总裁唐建峰先生保隆商业副总裁兼首席财务官贺旭光先生 在影商业面积1055万平方米同比增长6.2%签约的商业面积1519万平方米同比增长8%新开了8个商业项目开业面积65万平方米其中我们新开的台州交江宝龙城和厦门同安宝龙广场是非常优质的两个项目 各位可以通过登录录影中观看PPT和直播如线上的各位想参与提问环节可在录影中进行文字提问现场的嘉宾可以举手进行提问 谢谢出席本次会议的管理成友保隆商业执行董事兼总裁陈德利先生 2012年由于长时间的疫情影响对整个商业的影响是巨大的那也是非常艰难的一年充满挑战的一年好在我们的团队始终团结一心维持拼搏奋斗的精神不断地创新突破使得公司能够稳定地发展同时还是取得了一些不错的成绩接下来我想跟大家分享一下我们这一年取得的主要成绩和未来的发展方向首先是财务指标 2022年年末会员数总数达到接近1000万同比增长了130%2022年的线上销售额接近5个亿同比翻了5倍建议分派末期的股息是0.15港元 我们主要看一下购物中心的主要业态的表现首先我们看一下零售整个零售业前三季度的关键率非常高实际上到了第四季度一直到现在零售业态的关键还在持续不变持续地不断其 ...

Financial Performance - The group's revenue for the year ended December 31, 2022, was approximately RMB 2,549.3 million, representing a growth of about 3.5% compared to RMB 2,464.0 million for the year ended December 31, 2021[2]. - The group's gross profit for the year ended December 31, 2022, was approximately RMB 834.4 million, an increase of about 1.5% from RMB 821.8 million for the year ended December 31, 2021[2]. - The profit attributable to shareholders for the year ended December 31, 2022, was approximately RMB 443.1 million, up about 1.1% from RMB 438.1 million for the year ended December 31, 2021[2]. - The core profit attributable to shareholders for the year ended December 31, 2022, was approximately RMB 517.1 million, an increase of about 4.8% from RMB 493.3 million for the year ended December 31, 2021[2]. - Total segment revenue for the year ended December 31, 2022, was RMB 2,549,258 thousand, an increase from RMB 2,463,996 thousand in 2021, representing a growth of approximately 3.5%[31]. - Customer contract revenue for the year was RMB 2,404,515 thousand, up from RMB 2,268,047 thousand in 2021, indicating a year-over-year increase of about 6.0%[31]. - The annual profit before tax was RMB 613,397 thousand, with a tax expense of RMB 174,284 thousand, resulting in a net annual profit of RMB 439,113 thousand[31]. - The effective income tax rate for the group was 28.41% for the year ended December 31, 2022, compared to 27.92% in 2021[66]. - The company reported a total of RMB 232,463,000 in trade receivables after accounting for impairment provisions of RMB 43,960,000 as of December 31, 2022[77]. - The company reported interest income of RMB 53,462 thousand and interest expenses of RMB 57,803 thousand, resulting in a net interest expense of RMB 2,341 thousand[31]. Assets and Liabilities - The total assets as of December 31, 2022, amounted to RMB 5,213.3 million, compared to RMB 5,072.4 million as of December 31, 2021[10]. - The total equity as of December 31, 2022, was RMB 2,736.1 million, an increase from RMB 2,470.7 million as of December 31, 2021[16]. - The total liabilities as of December 31, 2022, were RMB 2,477.1 million, a decrease from RMB 2,601.7 million as of December 31, 2021[16]. - Total liabilities decreased to RMB 2,477,138 thousand from RMB 2,601,670 thousand in 2021, representing a reduction of about 4.8%[36]. - The company's cash and bank balances increased to RMB 3,300,950 thousand from RMB 2,770,721 thousand in 2021, showing a growth of approximately 19.1%[36]. Dividends - The board proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2022, totaling HKD 0.30 per share including the interim dividend[2]. - The company declared a final dividend of HKD 0.15 per share, amounting to approximately RMB 84,635,000, pending shareholder approval[75]. Business Segments - The group has two business segments: Commercial Operations Services and Residential Property Management Services[28]. - The majority of the group's consolidated revenue and performance is derived from the Chinese market[29]. - The commercial operation services segment generated total revenue of approximately RMB 2,058.3 million for the year ended December 31, 2022, representing a 2.0% increase from RMB 2,017.1 million in 2021[104]. - The residential property management services segment achieved a gross profit of RMB 123.7 million with a gross margin of 25.2% for the year ended December 31, 2022, up from RMB 111.2 million and a gross margin of 24.9% in 2021[102]. Market Expansion and Projects - The company managed 92 residential projects with a total delivered area of approximately 1.94 million square meters as of December 31, 2022, and signed contracts for 140 projects totaling approximately 3.07 million square meters[88]. - The company has signed contracts for property management services, indicating ongoing market expansion efforts[88]. - The company continues to expand its presence in the Yangtze River Delta region, with multiple projects launched in cities like Hangzhou and Taizhou[108]. - The company is focusing on strategic management models, including entrusted management for its commercial properties[108]. - The company plans to launch 13 new projects in 2023, also approximately 1.0 million square meters, aiming to establish more benchmark projects[195]. Technology and Innovation - The company upgraded its management system to AI and implemented intelligent applications, enhancing operational efficiency[168]. - The intelligent security system developed in collaboration with Tencent has an automated identification rate of over 90% for incidents such as fights, crowd gatherings, and road congestion[156]. - The smart energy management platform, developed in collaboration with Tencent, has achieved over 60% reduction in energy consumption through efficient management[188]. - The introduction of AI technology has enabled the company to implement a digital employee, the "Business Risk Control Officer," for 360-degree performance tracking and risk monitoring[187]. Customer Engagement and Satisfaction - The Baolong Youyou membership system saw significant growth in 2022, adding over 5 million new members, bringing the total to nearly 10 million members[170]. - The company aims to enhance its core competitiveness by improving owner satisfaction and increasing collection and clearance rates[198]. - The company plans to leverage AI technology to enhance consumer interaction and activate the spending potential of nearly 10 million members[196]. Economic Environment - The overall economic environment in China showed resilience with a GDP growth rate of 3% in 2022, supporting the company's long-term development strategy[174]. - The group anticipates a better consumer sentiment in 2023, driven by the gradual recovery of offline consumption following the shift in pandemic policies[129].

Company Operations - As of June 30, 2022, the company operated 91 retail commercial properties with a total gross floor area of approximately 10.2 million square meters[9]. - The company has signed contracts for 140 retail commercial properties, totaling approximately 14.7 million square meters of gross floor area[9]. - The residential property management services have delivered 87 projects with a total gross floor area of approximately 18.3 million square meters as of June 30, 2022[9]. - There are 139 signed residential property management projects, with a total signed gross floor area of approximately 30.6 million square meters[9]. - The number of operational projects increased to 91, up by 20 projects from 71 in the same period last year[16]. - The total area of newly contracted projects as of the report date is approximately 584,906 square meters, including both group-owned and third-party projects[24]. - The total operating area of the group as of June 30, 2022, was approximately 10.2 million square meters, an increase of about 1.4 million square meters from the previous year[16]. - The average occupancy rate for the group's retail commercial properties was 93.4% as of June 30, 2022, compared to 92.3% on the same date in 2021[27]. Financial Performance - For the six months ended June 30, 2022, the group's revenue was approximately RMB 1,266.4 million, an increase of about RMB 95.8 million compared to RMB 1,170.6 million for the same period in 2021, representing an increase of approximately 8.2%[39]. - Revenue from commercial operation and management services was approximately RMB 854.4 million, an increase of about 21.4% year-on-year, accounting for approximately 67.5% of total revenue[42]. - Revenue from residential property management services increased by approximately 5.9% year-on-year to RMB 241.8 million, representing about 19.1% of total revenue[44]. - The total revenue from the commercial operation services segment for the first half of 2022 was RMB 1,024,538 thousand, compared to RMB 942,253 thousand in the same period of 2021[17]. - The group's gross profit was approximately RMB 430.4 million, an increase of about 12.3% year-on-year, with a gross margin of 34.0%, up 1.2 percentage points from 32.8% for the same period in 2021[50]. - The gross profit for commercial operation services was RMB 367,983 thousand with a gross margin of 35.9%, compared to RMB 327,029 thousand and a gross margin of 34.7% in the previous year[15]. - The residential property management segment achieved total revenue of approximately RMB 241.8 million for the six months ended June 30, 2022, an increase of about 5.9% compared to RMB 228.3 million for the same period in 2021[29]. - The company reported a profit attributable to the owners of the company of approximately RMB 240.3 million, an increase of about 18.2% compared to approximately RMB 203.3 million for the same period in 2021[56]. Strategic Goals and Initiatives - 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[6]. - The company plans to open 9 new projects in the second half of 2022, including the key project Xiamen Tong'an Baolong Plaza[35]. - The company will continue to enhance its digital ecosystem to improve operational efficiency and reduce costs, focusing on a "1+1+N" strategic layout centered on the Yangtze River Delta[36]. - The company plans to strengthen its commercial light asset project expansion and explore more flexible cooperation models[35]. - The company aims to maintain an overall occupancy rate target of 96% for the year despite a slight decline in the first half of 2022 due to the pandemic[34]. Shareholder Information - As of June 30, 2022, the total issued shares of the company were 642,900,000, with significant shareholdings by directors and related parties[67]. - Major shareholder Mr. Xu Jiankang controls 405,000,000 shares, accounting for 63.00% of the total issued shares[76]. - Mr. Xu Huafang holds a total of 46,500,000 shares, representing approximately 7.23% of the total issued shares[67]. - The company proposed an interim dividend of HKD 0.15 per share, totaling HKD 94.7 million for the six months ending June 30, 2022[80]. - The share transfer registration will be suspended from November 29, 2022, to December 2, 2022, to determine the eligibility of shareholders for the interim dividend[81]. Cash Flow and Capital Expenditure - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (135,155) thousand, a significant decrease from RMB 443,588 thousand in the same period of 2021[111]. - The company recorded a net cash inflow from investing activities of RMB 913,795 thousand for the six months ended June 30, 2022, compared to a net cash outflow of RMB (5,649) thousand in the same period of 2021[111]. - The capital expenditure for the six months ended June 30, 2022, was RMB 190,967,000, significantly higher than RMB 54,226,000 for the same period in 2021, indicating an increase of approximately 251.78%[136]. Awards and Recognition - The company has received various awards, including "Most Socially Responsible Listed Company" from 智通财经 in March 2022[9]. - The company emphasizes its mission of "Let Space Be Filled with Love" and adheres to corporate values of simplicity, authenticity, and win-win cooperation[6]. Risk Management and Compliance - The group has maintained its risk management policies since December 31, 2021, focusing on minimizing financial performance risks[124]. - The group continues to evaluate the impact of new and revised accounting standards on its financial statements[122].

Company Operations - Powerlong Commercial Management Holdings Limited operates 88 retail commercial properties with a total built area of approximately 9.9 million square meters as of December 31, 2021[5]. - The group has signed contracts for 136 retail commercial properties, totaling approximately 14.1 million square meters of built area[5]. - The residential property management services cover 82 delivered properties with a total built area of about 17.7 million square meters, and 136 signed properties with a total signed built area of approximately 30.0 million square meters[5]. - The overall occupancy rate of shopping centers reached 95.3% by the end of 2021, with average foot traffic increasing by approximately 27% compared to 2020 and 8% compared to 2019[28]. - The average sales per store increased by about 28% year-on-year compared to 2020 and 10% compared to 2019[28]. - The company opened 22 new projects in 2021, with over 90% located in the core strategic area of the Yangtze River Delta, achieving an overall occupancy rate of over 96% for new shopping centers[28]. - New signed commercial area reached a record high of 2.76 million square meters in 2021, including 490,000 square meters from third-party projects[28]. - The company has laid out 142 retail commercial properties across the country, with 88 already operational, covering a total area of approximately 9.9 million square meters[41]. - The company opened 13 new retail properties in 2021, totaling 1,112,264 square meters, with a commercial area of 724,825 square meters and parking space of 382,779 square meters[66]. - The company has also acquired third-party projects for renovation and upgrade, enhancing its portfolio[67]. - The company continues to focus on expanding its presence in the Yangtze River Delta region, which includes cities like Taizhou and Shaoxing[66]. Financial Performance - Revenue for 2021 increased by approximately 28.3% compared to 2020, while core operating net profit grew by about 53.6% year-on-year[28]. - For the fiscal year ending December 31, 2021, the total revenue from commercial operation services was approximately RMB 2,017.1 million, an increase of 29.1% compared to RMB 1,562.9 million for the fiscal year ending December 31, 2020[60]. - The gross profit for commercial operation services was RMB 710,623 thousand with a gross margin of 35.2% in 2021, compared to RMB 511,921 thousand and a gross margin of 32.8% in 2020[58]. - The total gross profit for the company was RMB 821,830 thousand with a gross margin of 33.4% in 2021, up from RMB 594,546 thousand and a gross margin of 30.9% in 2020[58]. - The company's service costs amounted to approximately RMB 1,642.2 million, reflecting a year-on-year increase of 23.8% due to business expansion[125]. - The group reported a total of 1,214,971 square meters of newly opened commercial space across various projects[77]. - The residential property management services segment achieved total revenue of approximately RMB 446.9 million for the year ended December 31, 2021, representing a 24.7% increase from RMB 358.3 million for the year ended December 31, 2020[98]. - The total area of commercial properties opened by the company reached 9.9 million square meters, a year-on-year increase of 15.1%[114]. - The group's gross profit was approximately RMB 821.8 million, representing a year-on-year increase of 38.2%[126]. - The gross profit margin for the group increased to 33.4% for the year ended December 31, 2021, up from 30.9% in the previous year, an increase of 2.5 percentage points[126]. Strategic Initiatives - The company aims to enhance its market presence through new product development and strategic collaborations[14]. - The company plans to enhance services and promotional activities for merchants and consumers in 2022, aiming to further improve occupancy rates[32]. - The company aims to strengthen its market position through continuous expansion and property management improvements[66]. - The company is actively pursuing new strategies for market expansion and project development in key cities[85]. - The company is committed to enhancing its operational efficiency through strategic management practices[86]. - The management expects continued growth in retail commercial property development in the upcoming years[85]. - The company plans to open 37 retail property projects in 2023 and beyond, with a total projected construction area of 3,184,642 square meters[87]. - The company is exploring potential acquisitions to further enhance its market presence, targeting a 10% increase in market share by 2023[75]. Technology and Innovation - The company is investing in new technology for property management, which is expected to enhance operational efficiency by 25%[75]. - The collaboration with Tencent has been upgraded to cover business operations, providing digital support for operational teams, consumers, merchants, and investors[91]. - The management system has undergone a significant upgrade, achieving integration of "business, finance, and taxation," enhancing operational efficiency and real-time performance tracking[92]. - The company aims to leverage Tencent's resources to create leading digital capabilities in the industry, significantly reducing digitalization costs[91]. - The company launched two major intelligent projects in collaboration with Tencent, achieving over 90% recognition rate for the smart security project, which is expected to reduce security costs by 60%-70%[94]. - The smart receipt recognition product reached an 87% recognition rate and is expected to significantly lower management costs after further testing[94]. - The company plans to enhance its digital ecosystem and reduce costs while improving efficiency through the integration of smart business solutions in 2022[106]. Corporate Governance - The company has maintained compliance with all applicable principles and code provisions of the Corporate Governance Code as of December 31, 2021[186]. - The board consists of a balanced mix of executive directors and independent non-executive directors to ensure strong independent elements for effective judgment[186]. - The company emphasizes the importance of good corporate governance elements in its management structure and internal control processes[186]. - The company has a strong management team with over 20 years of experience in the commercial real estate market[177]. - The company has implemented strategies for investor relations management and investment management[181]. - The company has a commitment to accountability through effective governance practices[186].

Financial Performance - The total revenue for the six months ended June 30, 2021, was approximately RMB 942.3 million, an increase of 34.5% compared to RMB 700.4 million for the same period in 2020[15]. - The group's total revenue for the six months ended June 30, 2021, was approximately RMB 1,170.6 million, an increase of about RMB 302.0 million compared to RMB 868.6 million for the same period in 2020[44]. - Revenue from commercial operation and management services was approximately RMB 704.0 million, a year-on-year increase of 36.8%, accounting for about 60.1% of total revenue[47]. - Revenue from residential property management services increased by 35.7% to approximately RMB 228.3 million, representing about 19.5% of total revenue[49]. - The company reported a profit of RMB 203,338 thousand for the six months ended June 30, 2021, compared to RMB 144,912 thousand for the same period in 2020, representing an increase of approximately 40.4%[120]. - The net profit for the six months ended June 30, 2021, was approximately RMB 204.8 million, a 41.3% increase from RMB 144.9 million in the prior year[61]. - The gross profit for the six months ended June 30, 2021, was approximately RMB 383.4 million, representing a 50.5% increase year-on-year[55]. - The gross profit margin improved to 32.8%, up from 29.3% in the same period last year, reflecting effective cost control and business growth[55]. Operational Highlights - As of June 30, 2021, the company operated 71 retail commercial properties with a total built area of approximately 8.8 million square meters and signed contracts for 126 retail commercial properties with a total contracted built area of about 13.5 million square meters[3]. - The total area of operational buildings reached 8.8 million square meters, up from 7.0 million square meters in the same period of 2020, an increase of 1.8 million square meters[15]. - The number of operational projects increased to 71, adding 20 new projects compared to 51 in the same period of 2020[15]. - The company has delivered property management services for 69 residential properties with a total delivered built area of approximately 16.4 million square meters as of June 30, 2021[7]. - The company has signed contracts for 125 residential properties with a total contracted built area of about 28.0 million square meters[7]. - The company added 418,777 square meters of new operational retail commercial properties in the first half of 2021[20]. - The average occupancy rate for the group's retail properties as of June 2021 was 92.3%, an increase from 87.1% in June 2020[26]. - The total area of opened properties reached 8,839 thousand square meters, with the highest occupancy rate recorded at 98.7% for Baolong Yicheng[26]. Strategic Initiatives - The company aims to enhance the quality of life and promote urbanization in China through its commercial operation services[3]. - The company plans to open several new retail properties in the second half of 2021, totaling an estimated construction area of 1,154,361 square meters[30]. - The group plans to open 18 new projects in the second half of 2021, following the completion of 3 shopping plazas and 1 commercial street in the first half[40]. - The group aims to enhance its market influence by focusing on several potential projects to establish them as city benchmarks[41]. - The company is focusing on advancing smart business and enhancing occupancy rates as part of its operational strategy[38]. - The company has established a partnership with Tencent to accelerate research and development in smart business solutions[34]. Shareholder Information - The company proposed an interim dividend of HKD 0.15 per share, totaling approximately HKD 94.9 million (around RMB 79.0 million) for the six months ending June 30, 2021[87]. - As of June 30, 2021, the total issued shares of the company were 644 million, with major shareholders holding significant stakes, including Mr. Xu Jian Kang with 62.89%[83]. - The company has a share incentive plan adopted on September 10, 2020, aimed at recognizing and incentivizing eligible participants for their contributions[89]. - The company’s major shareholder, Bao Long Real Estate (Viking) Holdings Limited, also holds 62.89% of the shares[84]. Financial Position - The total assets as of June 30, 2021, amounted to RMB 4,878,341, an increase from RMB 4,520,423 as of December 31, 2020[116]. - The total liabilities increased to RMB 2,573,747 thousand as of June 30, 2021, up from RMB 2,354,520 thousand as of December 31, 2020, representing an increase of approximately 9.3%[117]. - The company's total equity reached RMB 4,878,341 thousand as of June 30, 2021, compared to RMB 4,520,423 thousand as of December 31, 2020, reflecting a growth of about 7.9%[117]. - The group's cash and cash equivalents as of June 30, 2021, were approximately RMB 3,796.4 million, an increase of 10.1% from RMB 3,449.1 million as of December 31, 2020, attributed to business growth[70]. Employee and Talent Management - The total number of employees increased to 6,012 as of June 30, 2021, up from 5,390 as of December 31, 2020, indicating a focus on talent acquisition and retention[76]. - The company plans to utilize HKD 82 million for hiring additional management personnel, with HKD 52 million remaining unutilized as of June 30, 2021[108]. Compliance and Governance - The company has complied with all applicable code provisions under Appendix 14 of the Listing Rules as of June 30, 2021[101]. - The company has adopted the corporate governance code as the basis for its corporate governance practices since its listing date[100].

報 | 让空间有爱 202 ANNUA REPORT 寶龍商業管理控股有限公司 POWERLONG COMMERCIAL MANAGEMENT HOLDINGS LIMITED (Incorporated in the Cayman Islands with Limited Liabilty) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 9909.HK DAVE NG POWERLONG P | 让空间有爱 | --- | --- | --- | --- | |-------|-------------------|-------|-------| | | | | | | | | | | | | 目錄 | | | | | | | | | | 集團簡介 公司資料 | | 2 3 | | | 歷程及獎項 | | 4 | | | 主席報告 | | 8 | | | 業務概覽 | | 10 | | | 管理層討論與分析 | | 12 | | | 董事及高級管理層 | | 34 | | | 企業管治報告 | | 39 | | | | | | | | 董事會報告 | | 48 | | | 獨立核數師 ...

Business Operations - As of June 30, 2020, the company managed 51 retail commercial properties with a total managed area of approximately 7.0 million square meters and signed 85 retail commercial properties with a total contracted area of 9.9 million square meters[5]. - The company also managed 52 residential property management projects with a total managed area of approximately 11.6 million square meters and signed 87 projects with a total contracted area of 19.9 million square meters as of June 30, 2020[5]. - The main source of revenue for the company comes from commercial operation services, which include full-chain services for shopping centers and shopping streets[6]. - The company provides market research, tenant recruitment, and opening preparation services to property developers or owners before the opening of retail commercial properties[8]. - The company offers property management services for residential properties, office buildings, and serviced apartments[9]. - The company managed a total of 51 projects in commercial operation services, an increase of 6 projects from 45 in 2019[12]. - The company plans to open several new projects in the second half of 2020, with a total expected construction area of 1,351,532 square meters[20]. - The company aims to replicate its successful light-asset business model by forming strategic partnerships with leading property developers to secure new retail property management contracts[30]. - The company is focused on expanding its commercial operations through selective acquisitions and investments in small to medium-sized commercial service providers with strong growth potential[31]. Financial Performance - For the six months ended June 30, 2020, the total revenue from commercial operation management was approximately RMB 700.4 million, an increase of 12.7% compared to RMB 621.2 million for the same period in 2019[12]. - The residential property management services segment achieved total revenue of approximately RMB 168.2 million, a 31.5% increase from RMB 127.9 million in the same period of 2019[23]. - The group's revenue for the six months ended June 30, 2020, was approximately RMB 868.6 million, an increase of about RMB 119.5 million compared to RMB 749.1 million for the same period in 2019[33]. - Revenue from market research and positioning, tenant recruitment, and opening preparation services was approximately RMB 90.9 million, a year-on-year increase of 87.1%, accounting for about 10.5% of total revenue[35]. - Revenue from business operation and management services was approximately RMB 514.7 million, a year-on-year increase of 12.2%, accounting for about 59.3% of total revenue[36]. - The company's total comprehensive income for the six months ended June 30, 2020, was RMB 144,912 thousand, compared to RMB 87,136 thousand for the same period in 2019, indicating a growth of approximately 66.5%[102]. - The net profit for the six months ended June 30, 2020, was approximately RMB 144.9 million, representing a 66.4% increase from RMB 87.1 million in the same period of 2019[51]. - The gross profit for the period was RMB 254.8 million, up from RMB 197.9 million, reflecting a gross margin improvement[97]. - Operating profit reached RMB 190.2 million, compared to RMB 138.9 million in the previous year, indicating a growth of 37%[97]. Growth and Expansion - The company has been recognized as a high-growth commercial real estate enterprise for the year 2019 by various online platforms in June 2020[5]. - The total managed building area increased to 7.0 million square meters, up from 6.4 million square meters in 2019, representing an increase of 0.6 million square meters[12]. - The contracted building area increased to 9.9 million square meters, up from 7.5 million square meters in 2019, an increase of 2.4 million square meters[12]. - The number of managed projects in residential property management increased to 52, up from 44 in 2019, adding 8 new projects[23]. - The company plans to continue investing heavily in the Yangtze River Delta region, particularly in key economic hubs like Shanghai, Hangzhou, Ningbo, and Nanjing, to solidify its leadership position[30]. Shareholder Information - As of June 30, 2020, the company had a total of 621,500,000 shares issued, with Mr. Xu Huafang holding 45,000,000 shares, representing approximately 7.24%[65]. - Major shareholder Mr. Xu Jiankang holds 405,000,000 shares, accounting for 65.16% of the company's total shares[70]. - The board proposed an interim dividend of HKD 0.1 per share, totaling approximately HKD 62.2 million (equivalent to about RMB 56.8 million)[74]. - The company will suspend share transfer registration from November 20 to November 25, 2020, to determine eligibility for the interim dividend[75]. - The company has established a share incentive plan to retain talent and promote long-term sustainable development[76]. Cash Flow and Liquidity - The group's cash and cash equivalents were approximately RMB 2,950.4 million, an increase of 12.8% from RMB 2,616.1 million as of December 31, 2019[58]. - Operating cash flow for the six months ended June 30, 2020, was approximately RMB 262.4 million, compared to RMB 200.0 million in the same period last year[60]. - The company reported a net cash inflow from financing activities of RMB 55,398 thousand for the first half of 2020, compared to a net outflow of RMB 124,544 thousand in the same period of 2019[105]. - Cash and cash equivalents at the end of June 30, 2020, amounted to RMB 2,950,420 thousand, a significant increase from RMB 134,277 thousand at the end of June 30, 2019[105]. Investment and Acquisitions - The company acquired a 60% stake in Zhejiang Xinghui Commercial Management Co., Ltd. for RMB 40.6 million, which manages 14 retail projects with a total construction area of approximately 890,000 square meters[26]. - The company plans to use the net proceeds from its IPO for strategic acquisitions and investments in other business service providers[64]. - Approximately 50% of the net proceeds are planned for strategic acquisitions of other small to medium-sized business service providers to expand the business operations[84]. - The company plans to invest approximately HKD 64.9 million to acquire over 51% of a business operation service provider between January 1, 2020, and June 30, 2020[88]. Risk Management and Compliance - The company confirmed compliance with all applicable corporate governance codes as of June 30, 2020[79]. - The company has not detected any violations of the securities trading standards by directors during the reporting period[80]. - The company has maintained its risk management policies without any changes since the end of the previous financial year[117]. Employee and Talent Management - The company is committed to providing systematic training and career development opportunities to attract and retain talent, recognizing employees as key to its success[32]. - Employee costs for the six months ended June 30, 2020, were RMB 290,234 thousand, a decrease from RMB 297,133 thousand in the same period of 2019, representing a reduction of approximately 0.3%[140]. Other Financial Metrics - The total managed building area for commercial properties was 7.0 million square meters, a year-on-year increase of 9.4%[36]. - The total managed building area for residential properties increased to 11.6 million square meters, also a year-on-year increase of 9.4%[38]. - The gross profit margin for the six months ended June 30, 2020, was 29.3%, an increase of 2.9% compared to 26.4% for the same period in 2019[43]. - The total liabilities increased to RMB 1,832,904 thousand as of June 30, 2020, compared to RMB 1,503,916 thousand as of December 31, 2019, reflecting a rise of about 22%[127].

Company Overview - The company was successfully listed on the Hong Kong Stock Exchange on December 30, 2019, raising a net amount of approximately RMB 1.24 billion[29]. - The company was registered as an exempted limited company in the Cayman Islands on March 25, 2019, and its shares were listed on the main board of the Stock Exchange on December 30, 2019[198]. - The board of directors includes key executives such as Mr. Xu Huafang (Chairman and CEO) and Mr. Zhang Yunfeng (Chief Executive Officer)[197]. Property Management and Operations - As of December 31, 2019, the company managed 51 retail commercial properties with a total managed gross floor area of 7.0 million square meters, and had signed contracts for 72 retail commercial properties totaling 8.9 million square meters[5]. - The company also managed 51 residential properties with a total managed gross floor area of approximately 11.5 million square meters, and had signed contracts for 86 properties totaling approximately 19.5 million square meters[6]. - The residential property management services segment achieved total revenue of approximately RMB 285.3 million for the year ended December 31, 2019, representing a 29.2% increase from RMB 220.8 million for the year ended December 31, 2018[69]. - The group provides property management services for residential properties, office buildings, and serviced apartments, including pre-sale management and post-delivery management services[199]. Financial Performance - For the year ended December 31, 2019, the group achieved revenue of approximately RMB 1,620.5 million, representing a year-on-year increase of 35.0%[31]. - The net profit for the same period was approximately RMB 178.6 million, and if excluding listing expenses, the net profit was approximately RMB 208.0 million, reflecting a year-on-year increase of about 56.0%[31]. - Revenue from business operation and management services was approximately RMB 986.5 million, accounting for 60.9% of total revenue, with a year-on-year increase of 37.1%[82]. - The company's revenue from property leasing services was approximately RMB 205.4 million, a slight decrease of 1.3%, contributing 12.7% to total revenue[82]. Strategic Initiatives and Partnerships - The company has established a strategic partnership with Tencent to enhance its digital service offerings[24]. - The group launched the "Button Plan" and successfully implemented the world's first "Micro-Calculus" function, enhancing customer experience through technology[31]. - The company aims to leverage opportunities arising from the COVID-19 pandemic for business upgrades and potential mergers and acquisitions in 2020[32]. - The company has established a joint venture, Shanghai Baoshen Digital Technology Co., to further advance digital operations in commercial management[62]. Market Expansion and Development - The group opened 6 new projects in 2019, with 5 located in the Yangtze River Delta, reinforcing its market leadership in the region[31]. - The company plans to expand its footprint with new projects in cities such as Hangzhou, Ningbo, and Wenzhou, with several projects scheduled to open by the end of 2021[59]. - The company is currently preparing for the Haiyang Baolong Tiandi project, which is still in the planning stage[58]. - The company aims to replicate its successful light-asset business model with leading property developers nationwide to gain new retail property management contracts[75]. Technology and Innovation - The company launched its first generation digital platform "Powerlong Didi Card" mobile application in 2015, indicating a focus on technological innovation[19]. - The company is focused on leveraging AI and big data technologies to optimize business operations and improve customer experiences through its strategic initiatives[62]. - The "Pay and Earn Points" feature, launched in January 2020, resulted in a 37% increase in member growth and a 22% increase in consumption frequency within the first month of activation[64]. Leadership and Governance - The company has a strong leadership team with extensive experience in finance, operations, and strategic management across various sectors[127]. - The company has established a Nomination Committee to regularly review the structure, size, and composition of the Board and to recommend changes[173]. - The company has implemented a board diversity policy, considering various factors such as skills, experience, and demographics in the nomination process[179]. - The company has made appropriate arrangements for employees to confidentially raise concerns regarding financial reporting and internal controls[169]. Awards and Recognition - The company received multiple awards in 2019, including the Outstanding Management Company Award from the China Shopping Center Association[26]. - The group has been recognized for its contributions to the real estate industry, with several awards highlighting its leadership and influence[124]. Employee and Talent Management - The company plans to continue providing competitive compensation to attract and retain talent, emphasizing the importance of employee development for operational performance and innovation[78]. - The company employed 5,019 staff as of December 31, 2019, slightly down from 5,052 in 2018, emphasizing the importance of attracting and retaining high-quality employees for business growth[116]. Risk Management and Compliance - The board has established a risk management and internal control system, which is reviewed annually, and considers it effective and adequate for managing significant risks[188]. - The Audit Committee reviewed the company's financial reporting system, compliance procedures, internal controls, and risk management systems on March 9, 2020, and discussed the reappointment of external auditors[167]. Future Outlook - The company provided an optimistic outlook for the next quarter, projecting a revenue growth of 25%[129]. - The management team emphasized the importance of sustainability, committing to a 50% reduction in carbon emissions by 2025[131].