Financial Performance - For the year ended December 31, 2023, the group reported a gross profit of RMB 757.1 million, a decrease of 27.4% compared to RMB 1,043.2 million in 2022, resulting in a gross margin decline from approximately 33.1% to about 26.6%, a drop of 6.5 percentage points [20]. - Revenue for the year ended December 31, 2023, was RMB 2,844.7 million, a decrease of 9.6% compared to 2022 [36]. - Net loss for the year was RMB 577.9 million, compared to a net profit of RMB 571.2 million in 2022, resulting in a net loss margin of 20.3% [36]. - Loss attributable to shareholders for the year was RMB 574.4 million, while in 2022, profit attributable to shareholders was RMB 562.3 million [36]. - The total comprehensive income for the year was RMB (576.1) million, compared to RMB 605.9 million in 2022 [38]. - The company's loss before tax for the year ended December 31, 2023, was RMB 696,175 thousand, compared to a profit of RMB 759,180 thousand in 2022, indicating a significant decline in performance [55]. - The company reported a decrease in retained earnings to RMB 1,084,638 thousand in 2023 from RMB 1,693,148 thousand in 2022, a drop of about 36.0% [64]. - The company’s total liabilities increased to RMB 2,688,729 thousand in 2023 from RMB 2,275,689 thousand in 2022, marking an increase of about 18.2% [64]. - The company’s total assets decreased to RMB 4,851,078 thousand in 2023 from RMB 5,334,808 thousand in 2022, a reduction of approximately 9.0% [64]. Shareholder Information - The board of directors does not recommend the declaration of a final dividend for the year [36]. - The company declared an interim dividend of HKD 0.0871 per ordinary share, amounting to approximately HKD 113,275,000 (equivalent to RMB 103,089,000) for the six months ending June 30, 2023 [81]. - The company distributed dividends totaling RMB 326,261,000 to shareholders in 2023, down from RMB 604,217,000 in 2022 [91]. - The company has maintained a 5% withholding tax rate on dividends declared from profits earned after January 1, 2008, due to compliance with tax treaty arrangements between China and Hong Kong [75]. Asset Management - As of December 31, 2023, the total area under management was 181.8 million square meters, an increase of 25.1 million square meters or 16.0% from the previous year [8]. - The total constructed area was 181.8 million square meters, and the contracted construction area reached 288.3 million square meters, representing growth of 16.0% and 6.2% respectively compared to December 31, 2022 [36]. - The total net book value of goodwill as of December 31, 2023, was RMB 114,589 thousand, unchanged from the previous year [61]. - The total net book value of customer relationships as of December 31, 2023, was RMB 104,831 thousand, down from RMB 119,778 thousand in 2022, indicating a decrease in this asset category [61]. - The total net book value of property, plant, and equipment was RMB 52,419,000, a decrease from RMB 51,022,000 at the end of 2022 [82]. Operational Highlights - The group managed over 1,066 properties, serving more than 2.6 million owners and residents across 18 cities in Henan Province and seven other provinces [17]. - The average property management fee for residential projects slightly increased to approximately RMB 1.74 per square meter per month, compared to RMB 1.72 per square meter per month in 2022 [8]. - Property management service revenue reached RMB 1,992.2 million, an increase of 16.0% from RMB 1,717.4 million in 2022 [163]. - Community value-added service revenue decreased by 10.8% to RMB 658.9 million, down from RMB 738.6 million in 2022, primarily due to weak real estate sales [165]. - Non-owner value-added service revenue fell by 72.0% to RMB 193.5 million, compared to RMB 692.2 million in 2022, reflecting a strategic adjustment in focus [166]. Financial Liabilities - The group’s trade and other payables amounted to RMB 1,384.3 million, an increase from RMB 1,245.2 million in the previous year [6]. - The trade and other payables as of December 31, 2023, were RMB 604,666 thousand, compared to RMB 576,806 thousand in 2022 [124]. - Borrowings decreased by 29.7% to RMB 52.0 million as of December 31, 2023, down from RMB 74.0 million in 2022 [180]. Employee and Operational Strategy - The company’s employee benefit expenses were RMB 548,091 thousand in 2023, down from RMB 645,373 thousand in 2022, a decrease of approximately 15.1% [73]. - The company has implemented several stock option and share incentive plans to motivate and reward employees [189]. - The company emphasizes professional ethics and work capability as core standards for employee selection and recruitment [190]. - The company is committed to enhancing its internal training system and supports employees in continuing education for comprehensive growth and development [190]. - The company plans to focus on enhancing life services and expanding service categories in 2024 [129]. Future Outlook - The company plans to focus on expanding its property management services and enhancing community value-added services in the Chinese market [66]. - The company aims to leverage new technologies in its service offerings to improve operational efficiency and customer satisfaction [66]. - The company plans to enhance regional market competitiveness by improving service quality and establishing strong customer relationships in 2024 [159]. - The company aims to optimize loss-making projects while maintaining a core focus on improving project profit margins [130]. - The company has adopted a cautious development approach in business expansion due to challenges from the pandemic and real estate fluctuations [183].

Investment Rating - The investment rating for the company is adjusted to "Neutral" [1]. Core Views - The company has been recognized as the top property management company in Henan region, indicating its leading position in the Central Plains area [1]. - The company is actively expanding its business, covering 18 cities in Henan and managing over 1.7 billion square meters of property, with a significant portion of new contracts coming from third-party projects [1]. - Despite a decrease in revenue and profit in the first half of 2023, the company has improved its property management gross margin due to scale effects [1]. - The company is gradually reducing its reliance on real estate-related transactions, which is expected to stabilize trade receivables [1]. Summary by Sections Business Overview - The company operates in 18 cities in Henan, managing 953 properties and serving over 2.5 million owners, with a total managed area of 1.7 billion square meters, an increase of 10.98 million square meters from the end of 2022 [1]. - The company added 9.49 million square meters of contracted area in the first half of 2023, with 81.7% coming from third-party projects [1]. Financial Performance - In the first half of 2023, the company reported revenue of approximately 1.35 billion yuan, a year-on-year decrease of 13.5%, and a gross profit of 380 million yuan, down 23.7% [1]. - The gross margin for property management improved from 18.9% in the same period of 2022 to 25.7% in 2023 [1]. - The company recorded a net profit attributable to shareholders of -300 million yuan, primarily due to significant impairment provisions for trade receivables [1]. Profit Forecast and Valuation - The profit forecast for 2023-2024 has been adjusted to -320 million yuan and 320 million yuan respectively, with a new forecast for 2025 set at 350 million yuan [1]. - The expected EPS for 2023-2025 is -0.25, 0.24, and 0.27 yuan respectively [1].

Financial Performance - For the six months ended June 30, 2023, the revenue was RMB 1,353.3 million, a decrease of 13.5% compared to RMB 1,565.3 million in the same period of 2022[13]. - The net loss for the period was RMB 298.9 million, while in the same period of 2022, there was a net profit of RMB 301.5 million[13]. - The loss attributable to shareholders for the period was RMB 299.6 million, compared to a profit of RMB 289.8 million in the same period of 2022[13]. - The core net profit attributable to shareholders was RMB 205.0 million, down from RMB 313.2 million in the same period of 2022[13]. - The basic loss per share for the period was RMB 0.23, while in the same period of 2022, the basic earnings per share were RMB 0.23[13]. - The group reported a pre-tax profit decrease in lifestyle and commercial services due to the impact of the macroeconomic situation and a sluggish real estate market[48]. - The group’s net loss was RMB 298.9 million, compared to a net profit of RMB 301.5 million in the same period last year, resulting in a net loss margin of 22.1%[181]. - The gross profit for the group was RMB 379.7 million, a decrease of 23.7% from RMB 497.6 million in the same period last year, with a gross profit margin declining from approximately 31.8% to about 28.1%[188]. Revenue Breakdown - Property management and related services revenue increased to RMB 1,041,819 thousand, up 7.2% from RMB 971,879 thousand year-over-year[35]. - For the six months ended June 30, 2023, the group's revenue from the construction group accounted for 11% and 33% of total revenue respectively[50]. - Community value-added service revenue decreased by 12.1% to RMB 297.6 million, primarily due to weak real estate sales[171]. - Revenue from non-owner value-added services was RMB 105.1 million, a decrease of 74.2% from RMB 407.2 million in the same period last year, mainly due to proactive adjustments based on the collection situation of related party receivables[185]. Assets and Liabilities - As of June 30, 2023, the total assets amounted to RMB 5,053.1 million, a decrease from RMB 5,334.8 million as of December 31, 2022[17]. - Total liabilities increased to RMB 2,515,209 thousand as of June 30, 2023, compared to RMB 2,275,689 thousand at the end of 2022[39]. - The company's total liabilities decreased to RMB 2,916,845,000 as of June 30, 2023, from RMB 2,784,437,000 as of December 31, 2022, representing a decline of about 4.5%[120]. - The total amount of other receivables as of June 30, 2023, was RMB 726,943,000, significantly higher than RMB 247,695,000 as of December 31, 2022, marking an increase of approximately 194.5%[120]. Dividends - The board proposed an interim dividend of 8.71 HKD cents per share, to be paid from the company's share premium account[13]. - The board has proposed an interim dividend of HKD 0.0871 per share for the six months ended June 30, 2023, compared to HKD 0.211 per share for the same period in 2022[64]. - The company declared a final dividend of HKD 0.191 per share, amounting to approximately HKD 243.998 million (equivalent to RMB 223.172 million) for the year ended December 31, 2022[129]. Employee and Corporate Governance - As of June 30, 2023, the company had 5,492 full-time employees, primarily located in Henan Province[85]. - The company continues to optimize its compensation incentive system, aligning it with market salary levels and performance-based management principles[87]. - The company emphasizes employee training and career development, providing extensive career pathways and opportunities for key talent retention[85]. - The company maintains a strong commitment to corporate governance and compliance with listing rules and regulations[88]. Cash Flow and Investments - As of June 30, 2023, the group's cash and cash equivalents amounted to approximately RMB 1,538.3 million, a decrease of 25.0% from RMB 2,049.1 million as of December 31, 2022[104]. - The total amount of funds raised for strategic investments, collaborations, and acquisitions was RMB 1,253,216,000, with 60% allocated to this category[76]. - The group plans to invest RMB 313,304,000 (15% of total funds) in enhancing operations and platforms to optimize user experience[76]. - The group has not incurred any significant contingent liabilities or capital commitments as of June 30, 2023[83]. Impairment and Losses - Financial asset impairment losses for the period were RMB 641,228 thousand, significantly higher than RMB 13,857 thousand in the previous year[35]. - The group's financial asset impairment loss amounted to RMB 641.2 million, an increase of RMB 627.4 million compared to the same period last year, primarily due to credit risk arising from the real estate sector downturn[178]. - The company reported a loss attributable to shareholders of RMB 299,610,000 for the six months ended June 30, 2023, compared to a profit of RMB 289,815,000 for the same period in 2022[91]. Operational Efficiency - The company has adopted a flat organizational structure to enhance operational efficiency and responsiveness to changes[85]. - The company is focusing on enhancing service quality and expanding its service radius to improve customer satisfaction[136]. - The company aims to leverage technology to revitalize its smart service offerings[137]. - The company is focusing on diversifying its service offerings to meet the varied needs of property owners[171].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 3,148,141,000, a decrease from RMB 3,598,918,000 in 2021, representing a decline of approximately 12.5%[3] - Gross profit for the year was RMB 1,043,196,000, down from RMB 1,183,222,000 in the previous year, indicating a decrease of about 11.8%[3] - Operating profit decreased to RMB 759,411,000 from RMB 814,322,000, reflecting a decline of approximately 6.7%[3] - Net profit attributable to shareholders was RMB 562,260,000, compared to RMB 619,559,000 in 2021, representing a decrease of around 9.2%[3] - The total comprehensive income for the year was RMB 605,929,000, down from RMB 631,205,000 in the previous year, indicating a decrease of about 4.0%[22] - Basic earnings per share for the year were RMB 0.44, compared to RMB 0.49 in 2021, reflecting a decrease of approximately 10.2%[22] - The group reported a net profit for the year of RMB 571.2 million, a decrease of 12.6% from RMB 653.4 million in 2021, with a net profit margin of 18.1%[54] - Revenue for the year ended December 31, 2022, was RMB 3,148.1 million, a decrease of 12.5% compared to 2021[164] - Net profit for 2022 was RMB 571.2 million, down 12.6% from RMB 653.4 million in 2021[76] Liabilities and Assets - Total liabilities increased to RMB 2,275,689,000 from RMB 1,980,452,000, marking an increase of approximately 14.9%[9] - As of December 31, 2022, the group's cash and cash equivalents amounted to RMB 2,049.1 million, a decrease from RMB 2,264.4 million as of December 31, 2021[43] - Trade and other receivables reached RMB 2,674.4 million, representing a 24.2% increase from RMB 2,153.7 million as of December 31, 2021, primarily due to slower collections influenced by the real estate industry and economic conditions[44] - Trade and other payables increased by 16.7% to RMB 1,073.2 million from RMB 919.3 million as of December 31, 2021, driven by an increase in construction area and more services subcontracted to independent third-party suppliers[46] - Total assets as of December 31, 2022, amounted to RMB 5,334.8 million, compared to RMB 5,036.98 million in 2021[167] Operational Highlights - The company has maintained a focus on property management and value-added services, with plans for market expansion in China[25] - The group’s total revenue from property management and consulting services was RMB 3,200.0 million, with external customer revenue of RMB 3,148.1 million[40] - Property management and value-added services revenue reached RMB 2,881.2 million in 2022, a decrease of 5.3% from RMB 3,040.8 million in 2021, primarily due to the impact of recurring domestic COVID-19 outbreaks and the ongoing downturn in the real estate sector[88] - The company manages a commercial property portfolio that includes five cultural tourism complexes and ten hotels, with a total area of approximately 10.5 million square meters and 0.3 million square meters, respectively[85] - The company provides smart community solutions to property developers and residents, enhancing the quality of life for managed properties[83] Employee and Governance - The total number of full-time employees as of December 31, 2022, was 6,086, primarily located in Henan Province[127] - The company has implemented employee stock option and share reward plans to incentivize and reward employees[135] - The company emphasizes sustainable human resource policies and continuous employee training to enhance workforce quality[136] - The board of directors confirmed compliance with the corporate governance code regarding the separation of roles between the chairman and the CEO[137] Dividends and Shareholder Matters - The board has proposed a final dividend of HKD 0.191 per share, totaling approximately HKD 243.998 million (equivalent to RMB 217.956 million), subject to shareholder approval[55] - The proposed final dividend is HKD 0.191 per share, compared to HKD 0.337 per share for the fiscal year ending December 31, 2021[152] - The interim dividend paid for the six months ending June 30, 2022, was HKD 0.211 per share, an increase from HKD 0.145 per share for the same period in 2021[155] - The company will distribute the final dividend on or around May 31, 2023, to shareholders registered by May 19, 2023[152] Market Conditions and Future Outlook - The impact of COVID-19 on the company's financial performance has been minimal as of the reporting date[11] - The company plans to enhance property expansion efforts and increase investment in smart property technology to improve efficiency and reduce costs[96] - The group anticipates that the unutilized proceeds will be used for specified purposes within the designated timeframe, although these purposes may change with market conditions[51]

Company Overview - As of June 30, 2022, the company managed properties covering 18 prefecture-level cities in Henan and 101 out of 102 county-level cities, serving over 2.4 million property owners and residents across 803 properties[13]. - The company ranked 11th among the Top 100 Property Management Companies in China for both 2021 and 2022[15]. - The total gross floor area (GFA) under management positioned the company as the largest property management service provider in central China as of December 31, 2021[12]. - The company has a diversified portfolio including residential properties, shopping malls, cultural tourism complexes, commercial apartments, office buildings, schools, hospitals, and governmental properties[13]. - The company was listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 15, 2020, and included in the Hang Seng Composite Index on September 7, 2020[11]. - The company aims to enhance living quality and lifestyle experiences for residents in Henan, leveraging its established brand and operational history[12]. - The company has expanded its services beyond Henan to include provinces such as Shaanxi, Shanxi, Hebei, Anhui, Hubei, Xinjiang, and Hainan[13]. - The company reported significant growth in its business operations over more than two decades[12]. Financial Performance - The Group achieved revenue of RMB1,565.3 million for the six months ended June 30, 2022, representing a slight increase of approximately 0.1% from RMB1,563.8 million in 2021[20]. - Net profit for the same period amounted to RMB301.5 million, reflecting an increase of 11.3% compared to RMB270.8 million in 2021[20]. - The gross profit margin decreased to 31.8% from 32.1% year-on-year, while the net profit margin improved to 19.3% from 17.3%[53]. - The total cash, including cash equivalents and restricted bank deposits, decreased by 13.0% to RMB 1,971.5 million from RMB 2,266.3 million at the end of 2021[55]. - The Group's total assets increased slightly by 0.1% to RMB 5,043.4 million as of June 30, 2022, compared to RMB 5,037.0 million at the end of 2021[55]. - The Group recorded a revenue of RMB1,565.3 million for the period, representing a slight increase of 0.1% compared to RMB1,563.8 million in the corresponding period of 2021[73]. Property Management Metrics - As of June 30, 2022, the Group managed 803 projects with a total Gross Floor Area (GFA) of 142.13 million square meters, a year-on-year increase of 23.6%[27]. - The contracted GFA reached 254.74 million square meters, representing a year-on-year increase of 22.1%[27]. - The area under management from third parties was 77 million square meters, accounting for 54.2% of the total managed area[27]. - The total managed area of the Group's property management projects reached 142.13 million square meters, a year-on-year increase of 23.6%, with third-party managed area accounting for 54.2%[30]. - The total contracted area of the Group was 254.74 million square meters, up 22.1% year-on-year, with third-party contracted area making up 62.8%[30]. Market Position and Challenges - The Group ranked 16th in the "China Top 50 Property Management Service Companies for New Contracted GFA" for the first half of 2022[28]. - It also ranked 15th in the "China TOP 50 Property Management Service Companies for Third-party Market Expansion" during the same period[28]. - The property management industry faced challenges due to the liquidity crisis of real estate companies, but the Group is expected to benefit from market policies and growing demand[21]. - The Group's competitive advantages are strengthened through market-oriented expansion and brand building[21]. - The management scale continues to improve, with a focus on high-quality growth in the property management sector[26]. Community Engagement and Services - In the first half of 2022, the Group conducted 2,591 community activities, attracting 345,479 participants, which enhanced owner satisfaction[34]. - The Group received 1,257 pennants, 742 thank-you letters, and 5,030 commendation calls from owners in the first half of 2022, indicating strong owner appreciation[34]. - The "Unique Henan, Land of Dramas" cultural tourism project attracted nearly 500 million exposures through marketing activities in the first half of 2022[41]. Digital Transformation and Innovation - As of June 30, 2022, Jianye+ platform has accumulated 6.89 million registered users, with 1.054 million new users added in the first half of 2022[29]. - The gross merchandise value (GMV) of the Jianye+ platform reached RMB 654 million in the first half of 2022, with an average monthly user reach of 24.29 million[29]. - The Jianye+ platform collaborates with over 1,019 suppliers, including well-known brands listed on NASDAQ or the Stock Exchange, enhancing service offerings[62]. - The company plans to enhance the Jianye+ platform to optimize user experience, allocating 15% of total proceeds (RMB 313.3 million) for this purpose[129]. Employee and Organizational Development - As of June 30, 2022, the company had 6,576 full-time employees, primarily located in Henan province[138]. - The company is undergoing organizational changes to create a flatter management structure and is focusing on recruiting young talent[139]. - The overall remuneration system will be adjusted to optimize the existing system and ensure competitiveness and equity in employee remuneration[141]. - The company emphasizes employee training and career development to retain key talent and enhance organizational capabilities[142]. Shareholder Information - Mr. Wang Jun holds 45,398,000 shares, representing approximately 3.58% of the company's issued share capital[145]. - Ms. Wu Lam Li has a significant interest, holding 848,092,944 shares, which is about 66.82% of the company's issued share capital[145]. - The total number of shares issued by the company as of June 30, 2022, is 1,269,206,000[146]. - The company granted post-IPO share options for a total of 11,738,000 shares, with 92,381,000 shares (approximately 7.28% of the issued share capital) remaining unexercised as of June 30, 2022[178]. Corporate Governance - The audit committee of the company is exclusively composed of independent non-executive directors, ensuring direct access to external auditors when necessary[195]. - The company confirmed that all directors complied with the Model Code for Securities Transactions during the period[196]. - Following the appointment of Mr. Shi Shushan as the chief executive officer on February 14, 2022, the company complied with code provision C.2.1 of the Corporate Governance Code[194].

Company Overview - Central China New Life Limited is the largest property management service provider in central China by total gross floor area under management as of December 31, 2020[13]. - The company was incorporated in the Cayman Islands on October 16, 2018, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 15, 2020[11]. - The principal place of business in the PRC is located in Zhengzhou, Henan Province[8]. - The company has established a trusted and reputable brand over more than two decades of operating history[13]. Market Position and Achievements - As of December 31, 2020, the company had a total revenue for the year ended December 31, 2020, which contributed to its leading position in the market[14]. - On April 19, 2021, the company was included as a constituent in the Hang Seng Property Service and Management Index[12]. - The company was included as a constituent in the Hang Seng Composite Index and Stock Connect Southbound on September 7, 2020[11]. - The company was ranked 11th among the Top 100 Property Service Companies in China in 2021, improving from 12th in 2020[19]. Services and Operations - The company aims to improve living quality and meet diverse customer needs through a full spectrum of services[14]. - The company has a commitment to pursuing better living experiences and lifestyles for people in central China[14]. - As of December 31, 2021, the company provided property management and value-added services across 18 prefecture-level cities in Henan and 100 of 102 county-level cities, serving over 2.1 million property owners and residents in 729 properties[15]. - The company focuses on a diverse range of property types, including residential, commercial, and government properties, enhancing its service offerings[15]. Financial Performance - CCNL recorded full-year revenue of RMB3,598.9 million for 2021, an increase of approximately 35.6% from RMB2,654.5 million in 2020[76]. - The net profit for 2021 amounted to RMB653.4 million, representing a rise of 48.2% from RMB440.7 million in 2020[76]. - Revenue from property management and value-added services reached RMB3,040.8 million, an increase of 38.3% from RMB2,198.5 million in 2020[136]. - The gross profit margin improved to 32.9% in 2021, up from 32.4% in 2020, reflecting a 0.5% increase[121]. Community Engagement and Social Responsibility - CCNL actively participated in community governance during the heavy rains in July, coordinating supplies and delivering essential goods to over 3,000 households in more than 40 communities in Zhengzhou[45]. - The company provided 24,825 books and school supplies worth approximately RMB 110,000 to 7,225 impoverished students through its charity initiatives[106]. - The company has established 13 "children's libraries" in Henan, conducting over 100 charity activities to spread positive energy[106]. Strategic Initiatives and Innovations - The company introduced nine standard management systems to enhance service standards, establishing a benchmark for the property management industry[25]. - The property cloud billing system developed by CCNL was fully implemented across all managed communities by May 31, indicating the company has core intellectual property rights for the system[42]. - The company launched several innovative businesses, including Jianye Housekeeper and Community Subscription, to enhance community services[93][95]. Employee and Organizational Development - As of December 31, 2021, the Group had 6,007 full-time employees, primarily located in Henan province[194]. - The Group has optimized its remuneration and incentive system to be performance-oriented, ensuring competitiveness and internal equity in employee remuneration[195]. - The Group emphasizes employee training and career development to enhance organizational capability[197]. Future Plans and Goals - In 2022, the company aims to streamline management from "five-level management" to "three-level management" to enhance operational efficiency[112]. - The company plans to enhance its digital and intelligent management capabilities to provide higher quality services to property owners[114]. - The company aims to develop "super service capability" through intelligentization to improve community management and services[114].

Company Overview - As of June 30, 2021, the company managed a total of 586 properties, serving over 1.8 million property owners and residents across 18 prefecture-level cities in Henan and 100 of the 102 county-level cities[7]. - The company was incorporated on October 16, 2018, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 15, 2020[5]. - The company has expanded its services beyond Henan Province to include 7 other provinces, enhancing its market reach[7]. - The company has a diversified portfolio that includes residential properties, shopping malls, cultural tourism complexes, commercial apartments, office buildings, schools, hospitals, and governmental properties[7]. Market Position and Recognition - The company ranked 12th and 11th among the Top 100 Property Management Companies in China in 2020 and 2021, respectively[7]. - The total gross floor area (GFA) under management positioned the company as the largest property management service provider in central China as of December 31, 2020[6]. - The company was awarded the "2021 Leading Enterprise in Market Development Capabilities of Listed Property Companies in China" and ranked 8th in the "2021 China TOP20 Listed Property Service Company Financial Performance"[11]. - The company has received numerous awards recognizing its service quality and financial performance, reflecting its strong market position[11]. Financial Performance - For the six months ended 30 June 2021, the company achieved a revenue of RMB 1,563.8 million, representing an increase of approximately 47.4% from RMB 1,061.2 million for the same period in 2020[42]. - Net profit for the same period reached RMB 270.8 million, an increase of over 43.3% from RMB 189.0 million in the prior year[42]. - Revenue from property management and value-added services amounted to RMB 1,286.1 million, reflecting a 52.4% increase from RMB 843.8 million in the same period last year[71]. - The gross profit for the Group was RMB 501.8 million, a 36.5% increase from RMB 367.5 million in the corresponding period of 2020, while the gross profit margin decreased from 34.6% to 32.1%[97]. Customer Engagement and Services - The company aims to enrich its service offerings by understanding customer needs through data analytics and frequent interactions, thereby improving customer satisfaction[8]. - The total number of registered users for the "Jianye+" membership system reached 4.70 million, with a total transaction volume of RMB 622 million in the first half of 2021[19]. - The company serves over 1.8 million property owners, 4.7 million "Jianye+" users, and 50 million business visitors, providing a range of lifestyle services[24]. - The company emphasizes its competitive advantage through a wide range of lifestyle services and deep understanding of market demands and data analysis capabilities[10]. Strategic Initiatives - The launch of the property smart supply chain project aimed at reducing costs, improving quality, and enhancing efficiency through digital transformation[19]. - The company aims to expand its market presence in the Greater Central China region, with a strategy centered around Zhengzhou and a 500-kilometer radius[27]. - The company plans to leverage the synergistic development of multiple business segments to provide serialized product services for cities, aiming for high-standard and high-quality development[62]. - The company aims to enhance its organizational learning ability and improve overall competitiveness to better serve the Greater Central China region[45]. Operational Efficiency - The company has a strong resource consolidation and online-to-offline synergy, which enhances its cross-selling capabilities[8]. - The company is committed to digital and intelligent transformation to reduce costs and enhance efficiency, accelerating strategic, management, and service upgrades[32]. - The company has established a property management and value-added service system covering six major service units, focusing on community value-added services and smart community solutions[33]. Employee and Governance - The company has over 6,800 full-time employees, primarily located in Henan province, as of June 30, 2021[123]. - The company has implemented a performance-oriented remuneration and incentive system to enhance employee motivation and retention[124]. - The company emphasizes employee training and career development to improve overall organizational capability[126]. - The company is committed to continuously improving its corporate governance practices[155]. Future Outlook - The property management industry is expected to experience unprecedented development opportunities in local lifestyle services due to urbanization and technological advancements[22]. - The company aims to achieve steady development in residential property services, commercial property services, and urban public services through technological empowerment[62]. - The company will continue to explore various business models to build a community value-added service ecosystem, focusing on diverse and differentiated services[66].

Company Overview - As of December 31, 2020, Central China New Life Limited managed a total Gross Floor Area (GFA) covering all 18 prefecture-level cities in Henan and served over 1.5 million property owners and residents across 427 properties[8]. - Central China New Life Limited was incorporated on October 16, 2018, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 15, 2020[6]. - The company has established a strong brand reputation over more than two decades, which supports its growth and service offerings[7]. - The company operates in a competitive market, emphasizing its extensive network and cross-selling capabilities to deliver tailored services[9]. - The company has a significant presence in various provinces, including Henan, Hubei, Hunan, Jiangxi, Shanxi, and Anhui, making it the largest property management service provider in central China by total GFA[7]. Financial Performance - In 2020, the company's revenue reached RMB 2,654.5 million, a 51.3% increase from RMB 1,754.4 million in 2019[106]. - Net profit for 2020 was RMB 440.7 million, representing a 93.5% increase compared to RMB 227.8 million in 2019[110]. - Total cash, including cash equivalents and restricted bank deposits, increased by 279.2% to RMB 2,218.8 million in 2020 from RMB 585.1 million in 2019[108]. - Total assets grew by 190.4% to RMB 4,250.0 million in 2020, up from RMB 1,463.4 million in 2019[108]. - The company's total equity increased by 612.0% to RMB 2,717.4 million in 2020, compared to RMB 381.6 million in 2019[108]. Growth and Expansion - The total GFA under management reached approximately 100 million sq.m., an increase of 75.5% from 57 million sq.m. in 2019[44]. - The contracted GFA of the Company's property management services reached approximately 187 million sq.m., representing a 62.7% increase from 115 million sq.m. in 2019[44]. - The company plans to manage 12 cultural tourism complexes, 19 shopping malls, and 6 hotels as part of its future management service plan[54]. - The company aims to expand its service scope and user base through the development of the "Jianye+" platform[64]. - The company plans to continue expanding its property management services and improve operational efficiency through digital reforms[94]. Service Offerings - Central China New Life Limited aims to enhance customer experience by offering a wide range of lifestyle services and leveraging data analytics to understand market demands[9]. - The company focuses on expanding its service portfolio to meet diverse customer needs, including residential, commercial, and urban services[8]. - The "Jianye+" platform has been a key driver in enhancing customer satisfaction and service offerings[40]. - The company has upgraded its service offerings from basic property services to value-added services and customized solutions[39]. - The lifestyle services segment includes travel services and management services provided in Cuisine Henan Foodcourts, which hosted over 453 vendors as of 31 December 2020[114][115]. Market Recognition - The company was ranked 12th among the Top 100 Property Service Enterprises in the PRC in 2020, up from 13th in 2019[8]. - Central China New Life was awarded "Leading Property Service Enterprises in Henan in terms of Service Quality" and ranked 9th nationwide for diversified operation in 2020[28]. - The company was recognized as "Most Promising IPO of the Year" at the "2020 Best Listed Companies in Greater China" ceremony[35]. - The company achieved full coverage of 122 cities above county level in Henan by 2019, demonstrating its extensive regional influence[81]. Technology and Innovation - The company focuses on technology empowerment to reduce costs and enhance efficiency, improving service quality and labor cost management[57]. - The "Jianye+" platform had a total of 3,670,000 registered users, with 1,490,000 new users added in 2020, reflecting a year-on-year increase of 30.3%[48]. - The company aims to enhance management efficiency through digital reform, focusing on cost reduction and efficiency enhancement measures[92]. - The Group plans to increase investment in intelligent properties to reduce costs and improve efficiency[183]. Corporate Governance - The roles of chairman and CEO are held by Mr. Wang Jun to ensure consistent leadership and effective strategy execution[188]. - The Board consists of two executive Directors and five non-executive Directors, with three being independent, ensuring a balanced composition of skills and experience[193]. - The independent non-executive Directors provide sufficient checks and balances to safeguard the interests of the Group and its Shareholders[198]. - The Company has complied with all corporate governance code provisions and mandatory disclosure requirements up to December 31, 2020[185]. Employee and Talent Management - The Group emphasizes employee training and career development to retain talent for key positions[179]. - The overall remuneration system will be regularly adjusted to ensure competitiveness and internal equity[178]. - As of December 31, 2020, the Group had 5,413 full-time employees, primarily located in Henan province[176].

Company Overview - As of June 30, 2020, the company managed a total of 341 properties, serving over 1.2 million property owners and residents[7]. - The company ranked 12th among the Top 100 Property Management Companies in China in 2020[7]. - The company covers all 18 prefecture-level cities in Henan and has expanded services to Haikou, Hainan, and Korla, Bayingol, Xinjiang[7]. - The company reported a significant growth in business operations over more than two decades, establishing a trusted brand in the property management sector[6]. - The company offers a diversified portfolio of properties, including residential, commercial, and governmental properties[7]. - The company is the largest property management service provider in central China by total GFA under management as of December 31, 2019[6]. Customer Engagement and Technology - The company focuses on enhancing customer experience through a wide range of goods and services tailored to market demands[8]. - The company has a strong capability in data analytics, allowing for better understanding and catering to customer needs[8]. - The company has 2.8 million users on the "Jianye+" platform, enhancing customer engagement and service delivery[21]. - The "Jianye+" platform integrates Internet and IoT technologies to streamline services and improve user experience[26]. - Intelligent property technology is utilized to improve service quality and reduce labor costs, enhancing overall efficiency[25]. Financial Performance - Central China New Life achieved a half-year revenue of RMB1,061.2 million, an increase of approximately 56.1% from RMB680.0 million in the same period in 2019[34][42]. - Net profit for the period reached RMB189.0 million, representing an increase of more than 91.6% from RMB98.6 million in the same period in 2019[34][42]. - The gross profit margin slightly decreased to 34.6% from 35.6% in the previous year[42]. - Total cash increased significantly by 370.6% to RMB2,753.3 million from RMB585.1 million as of December 31, 2019[44]. - Total assets reached RMB3,863.6 million, a 164.0% increase from RMB1,463.4 million at the end of 2019[44]. Strategic Initiatives - The company aims to continuously refine its offerings to better satisfy customer needs through resource consolidation and cross-selling capabilities[8]. - Future strategies will focus on leading customer needs and enhancing service innovation to create a better lifestyle for residents in Central China[39][40]. - The Group plans to strengthen property development efforts and focus on mergers and acquisitions in the second half of the year[58]. - Increased investment in intelligent properties is a key strategy to reduce costs and enhance efficiency moving forward[59]. Share Capital and Governance - As of June 30, 2020, the company had a total of 1,245,000,000 shares issued[104]. - The company granted two batches of share options totaling 45,000,000 shares under the Pre-IPO Share Option Scheme, which represents approximately 3.61% of the issued share capital as of June 30, 2020[109]. - The roles of chairman and chief executive officer are held by Mr. Wang Jun, which the board believes ensures consistency and effective leadership[128]. - The company has complied with all code provisions of the Corporate Governance Code from the Listing Date to June 30, 2020, except for code provision A.2.1[128]. Employee and Operational Insights - The Group had over 4,600 full-time employees as of June 30, 2020, primarily located in Henan province[100]. - The Company has implemented a performance-oriented remuneration and incentive system to enhance employee motivation and retention[100]. - Employee benefit expenses increased to RMB 312,551 thousand, up 47.9% from RMB 211,297 thousand in 2019[171]. Taxation and Financial Position - The general corporate income tax rate in Mainland China is 25%, while three subsidiaries qualified as "High and New Technology Enterprises" enjoy a preferential rate of 15% for three years[175]. - Income tax expenses for the six months ended June 30, 2020, included RMB 50,114,000 for current PRC corporate income tax and RMB 4,000,000 for PRC withholding income tax[178]. - The effective withholding income tax rate for dividends distributed from PRC profits to foreign investors is generally 10%, with a reduced rate of 5% applicable under certain conditions[176]. Segment Performance - The Group operates three reportable segments: Property management and value-added services, Lifestyle services, and Commercial property management and consultation services[144]. - Gross segment revenue for the period reached RMB 1,061,186 thousand, with contributions of RMB 843,778 thousand from one segment, RMB 172,801 thousand from another, and RMB 44,607 thousand from the third segment[146]. - Revenue from property management and related services reached RMB 463,356 thousand, up 45.7% from RMB 317,825 thousand in 2019[157].