Property Management and Operations - As of December 31, 2021, the total GFA of residential and commercial properties under management reached approximately 164.8 million sq.m.[16] - The GFA of shopping malls and office buildings under commercial operational services was approximately 9.0 million sq.m.[16] - The company managed 754 residential projects and 1,041 contracted projects as of the end of 2021[11] - The number of opened shopping malls under commercial operational services was 69, while the number of opened offices was 25[11] - The total contracted GFA for commercial operational services was 185.9 million sq.m.[11] - The contracted gross floor area (GFA) for residential property management services increased by 30.1% to 185,904 thousand square meters in 2021 from 142,922 thousand square meters in 2020[24] - The number of projects for contracted GFA in residential property management services rose by 21.9% to 1,041 in 2021 from 854 in 2020[24] - The GFA under management grew by 37.8% to 146,833 thousand square meters in 2021 compared to 106,563 thousand square meters in 2020[24] - The Group's shopping mall operation and property management services covered 68 cities with 71 projects under operation, while the office building operation and property management business covered 40 cities with 25 projects[28] - The Group's property management business expanded its managed area by 320.5% YoY, focusing on urban public space operations[29] - The Group's total revenue from property management services increased significantly due to the expansion of management scale and service offerings[38] Financial Performance - Revenue for the year reached RMB 8,875 million, reflecting a year-on-year growth of 30.9% from RMB 6,779 million in 2020[24] - Gross profit increased by 51.0% to RMB 2,759 million in 2021, up from RMB 1,827 million in 2020[24] - Profit attributable to owners of the parent surged by 110.9% to RMB 1,725 million in 2021, compared to RMB 818 million in 2020[24] - The total assets of the company amounted to RMB 21,592 million, representing a 13.2% increase from RMB 19,076 million in 2020[24] - The core net profit attributable to owners of the parent increased by 108.5% to RMB 1,702 million in 2021 from RMB 816 million in 2020[24] - The Group achieved a consolidated revenue of RMB8.875 billion in 2021, representing a YoY increase of 30.9%, and a core net profit of RMB1.702 billion, a significant increase of 108.5% YoY[28] - The annual retail sales of shopping malls under management hit a record high, with a YoY increase of 43.8%, exceeding RMB100 billion, and operating profit margin rose by 9.9 percentage points YoY[28] - The property management business generated revenue of RMB5.31 billion, reflecting a YoY growth of 36.7%, with community value-added service revenue increasing by 86.9% YoY[29] Strategic Initiatives and Future Plans - The company aims to become the leading brand in commercial operational management in China, focusing on high-end shopping malls[15] - Future investments will prioritize technology and innovation to enhance the integrated ecosystem and urban development[16] - The company plans to selectively acquire property management and commercial operational service providers to enhance market share and achieve economies of scale[60] - The company aims to strengthen its collaboration with CR Land to secure new property management contracts for residential and commercial properties[62] - The company intends to promote a membership system to attract third-party merchants and enhance customer loyalty through integrated services[67] - The company plans to advance digital initiatives to improve operational efficiency and user experience through technology empowerment[71] Corporate Governance and Leadership - The Board of Directors comprises four executive directors, two non-executive directors, and four independent non-executive directors as of January 1, 2021[142] - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended December 31, 2021[141] - The Company has established three committees: the Audit Committee, Remuneration Committee, and Nomination Committee, each with defined written terms of reference[157] - The Company recognizes the importance of maintaining high standards of corporate governance for the long-term stable development of the Group[141] - The Company has adopted a Dividend Policy aiming for an annual dividend payout of not less than 35% of the annual core net profit available for distribution[176] Employee and Management Information - As of December 31, 2021, the company employed 28,654 full-time employees, an increase from 27,077 employees as of December 31, 2020[106] - The company provides performance bonuses and other employee benefits, including provident fund, insurance, and medical coverage[106] - Mr. Yu has approximately 29 years of experience in real estate investment, commercial operation, and corporate management[108] - Mr. Wang has extensive experience in real estate and corporate management, having held various positions in China Northern Airlines and China Southern Airlines[113] Market Expansion and Acquisitions - The company is expanding its market presence in southern China, targeting a 25% increase in market share within the next two years[116] - The company has initiated a strategic acquisition of a local competitor, which is expected to enhance its service offerings and customer base[116] - The Group signed 11 new commercial operational projects and successfully acquired 12 third-party shopping mall projects in major cities[28] Shareholder Engagement and Communication - The Company ensures shareholders' views are communicated to the Board during annual general meetings[193] - Shareholders are encouraged to participate in general meetings or appoint proxies to vote on their behalf[193] - The Company regularly monitors and reviews the general meeting process to meet shareholders' needs[193]

Financial Performance - The Group achieved consolidated revenue of RMB 4.01 billion, representing a year-on-year increase of 28.1%[11] - Net profit for the Group reached RMB 806.0 million, a significant year-on-year increase of 138.1%[11] - Earnings per share attributable to shareholders were RMB 0.353, with core profit per share at RMB 0.341[11] - The total revenue for the Group for the six months ended June 30, 2021, was RMB 4,014.4 million, compared to RMB 3,134.0 million in the same period of the previous year[30] - Gross profit for the six months ended June 30, 2021, was RMB 1,292.7 million, with a gross profit margin of 32.2%, marking a 71.1% increase in gross profit and an 8.1 percentage point increase in margin year-on-year[75] - For the six months ended 30 June 2021, the total gross profit was RMB 1,292.7 million, representing a 70.8% increase compared to RMB 755.3 million in the same period last year[77] Retail and Commercial Operations - The domestic retail sales of consumer goods grew by 23% year-on-year, indicating strong consumption as a key economic driver[13] - The Group's managed shopping malls achieved retail sales of RMB 56 billion in the first half of 2021, representing a year-on-year increase of 84.4%[16] - The total retail sales of eight luxury shopping malls operated by the Group grew by 88.5% year-on-year, consolidating its leading position in the high-end market[16] - The operating profit margin for shopping malls increased by 16.9 percentage points year-on-year, driving a 126.9% year-on-year increase in revenue from shopping mall operational services[16] - The Group signed nine new commercial operational projects and opened seven new shopping malls in the first half of 2021, entering Nanchang, Jiaxing, and Nanjing for the first time[16] Property Management Services - The Group's property management services recorded revenue of RMB 2.39 billion in the first half of 2021, a year-on-year increase of 42.3%[19] - For the six months ended June 30, 2021, the revenue from property management services amounted to RMB 1,736.2 million, representing a 31.8% increase year-over-year and accounting for 43.2% of total revenue[32] - The gross profit margin of basic property management services improved to 13.3%, while revenue from community value-added services increased by 149.4%[19] - The overall residential property management fee collection rate improved to 81.0%, an increase of 6.4 percentage points compared to the previous year[32] - The total GFA under management for property management services was 7,088 thousand sq.m. in 2021, compared to 5,141 thousand sq.m. in 2020, with the number of projects increasing from 73 to 93[55] Strategic Focus and Development - The Group is focusing on four core strategies: scale expansion, efficiency enhancement, income increase through innovation, and membership management[14] - The Group aims to become a trustworthy urban quality-life service provider, focusing on quality service and basic property management as key development cornerstones[22] - The Group plans to strategically invest in national or regional service providers with synergistic businesses to enhance customer loyalty and broaden the customer base[62] - The Group aims to develop an integrated membership program to create more business opportunities and enhance customer loyalty through cross-business functions[63] - The Group intends to promote digitization initiatives to improve operational efficiency and user experience through technology empowerment[64] Market Trends and Opportunities - The rise of the new middle class and Generation Z in China is driving luxury consumption growth, presenting new opportunities for high-end commercial operations[13] - The property management industry has seen its total market capitalization exceed HK$ 1 trillion, marking a significant transformation[13] - The Group's operational strategies are aligned with the national policy of "houses are for living in, not for speculation," which is reshaping the real estate industry[10] Financial Position and Investments - As of June 30, 2021, total bank deposits and cash amounted to RMB12,761.6 million, representing a 19.5% increase from the end of the previous year[91][94] - The debt-to-asset ratio was 34.8%, an increase of 0.1 percentage points compared to 31 December 2020[96][98] - The company plans to utilize RMB 6,960.3 million (60%) of the net proceeds for strategic investments and acquisitions to expand property management and commercial operations by December 2025[102] - The total planned use of net proceeds amounts to RMB 11,600.4 million, with RMB 1,220.4 million utilized during the reporting period[103] Employee and Shareholder Information - The Group employed 26,845 full-time employees in Mainland China and Hong Kong as of June 30, 2021, with compensation based on performance, experience, and market salary levels[118] - Major shareholders include China Resources Company Limited, holding 1,682,666,000 shares, representing approximately 73.72% of the total shares[133] - The total number of shares issued as of June 30, 2021, was 2,282,500,000[134] Connected Transactions and Agreements - The initial term of the property leasing framework agreement with China Resources Land is from the listing date until December 31, 2022, with the possibility of renewal[151] - The annual cap for the CR Land Property Management Services Framework Agreement for 2021 is RMB 1,193,951 thousands, with actual transaction amounts of RMB 337,709 thousands for the six months ended June 30, 2021[179] - The services provided under the CRH Commercial Operational Services Framework Agreement include pre-opening management and operation management services[170] - The annual cap for community value-added services in 2021 is RMB 91,700 thousand, with an actual transaction amount of RMB 25,913 thousand for the six months ended June 30, 2021[187]

Financial Performance - Revenue for the year 2020 was RMB 6,779 million, an increase from RMB 5,868 million in 2019, reflecting a year-on-year growth[36]. - The gross profit for 2020 was RMB 1,827 million, up from RMB 942 million in 2019[36]. - Profit attributable to owners of the parent for 2020 was RMB 818 million, a significant increase of 124.1% from RMB 365 million in 2019[36]. - The core net profit attributable to owners of the parent reached RMB 816 million in 2020, compared to RMB 329 million in 2019, marking a 148.0% increase[36]. - The total assets as of 2020 amounted to RMB 19,076 million, up from RMB 6,070 million in 2019, indicating a growth of 168.6%[36]. - The gross profit margin improved to 27.0% in 2020 from 16.1% in 2019, while the net profit margin increased to 12.1% from 6.2%[36]. - The Group achieved a consolidated revenue of RMB 6.78 billion in 2020, representing a year-on-year increase of 15.5%[41]. - The net profit for the year was RMB 817.7 million, marking a significant year-on-year growth of 124.1%[41]. - The Group's total revenue for the year ended December 31, 2020, was RMB 6,778.9 million, representing a 15.5% increase from RMB 5,868.1 million in 2019[55]. - Revenue from residential property management services was RMB 2,922.6 million, accounting for 43.1% of total revenue, with a year-on-year growth of 9.6%[57]. - The gross profit margin for basic property management services is being improved as part of the Group's strategy to enhance operational efficiency[49]. - The overall property management fee collection rate was 93.1%, an increase of 0.6 percentage points from the previous year[58]. Property Management and Operations - As of December 31, 2020, the total Gross Floor Area (GFA) of residential and commercial properties under management reached approximately 118.6 million sq.m.[23]. - The GFA of shopping malls under commercial operational services was approximately 6.1 million sq.m.[23]. - The contracted GFA for residential property management services increased to 142,922 thousand sq.m. in 2020 from 118,089 thousand sq.m. in 2019, representing a year-on-year growth[36]. - The number of projects for contracted GFA in residential property management services rose to 854 in 2020, up from 713 in 2019[36]. - The GFA under management for residential properties reached 106,563 thousand sq.m. in 2020, compared to 92,085 thousand sq.m. in 2019[36]. - The Group's residential and other property management services covered 79 cities, with a total contracted area of 142.9 million sq.m. and managed area of 106.6 million sq.m. by the end of 2020[45]. - The Group provided commercial operational services to 57 opened shopping mall projects with a total GFA of 6.1 million sq.m. as of December 31, 2020[68]. - The contracted GFA for shopping malls increased to 10,099 thousand sq.m. with 99 projects, compared to 3,954 thousand sq.m. and 31 projects in 2019[66]. - The number of managed residential and other non-commercial properties increased by 83 to a total of 553, with a total managed area of 106.6 million square meters, up by 14.5 million square meters[57]. Strategic Initiatives and Growth - The company aims to increase investment in technology and prioritize technological innovation as a core competitive advantage for future growth[23]. - The company plans to enhance its integrated ecosystem to create greater value for customers through continuous innovation[23]. - The Group plans to expand community value-added services and explore new business opportunities in consulting and consumption investment[48]. - The Group aims to establish a one-stop membership system integrating member information, rights, and value, enhancing customer engagement and loyalty[48]. - The Group is focused on building five key capabilities: investment, operation, technology, organization, and brand to strengthen its market position[48]. - The Group intends to integrate its managed residential communities, shopping malls, and office buildings to create more business opportunities and enhance customer experience[84]. - The Group plans to selectively acquire property management and commercial operational service providers to enhance its market position and operational scale[81]. - Strategic investments will be pursued in service providers with synergistic businesses, such as brokerage and asset management, to build a comprehensive service ecosystem[82]. Leadership and Management - Mr. Yu Linkang has approximately 28 years of experience in real estate investment, commercial operation, and corporate management, having been appointed as the Group's president in August 2020[118]. - Mr. Wang Haimin, appointed as executive Director and vice president in August 2020, has extensive experience in real estate and corporate management[123]. - The company has undergone a reorganization, leading to new appointments in key management positions to enhance operational efficiency[131]. - The company aims to strengthen its business operations through strategic leadership changes in the executive team[134]. - The management team is expected to leverage their extensive experience to drive growth and operational improvements in the company[131]. - The company is committed to enhancing its market position through effective management and strategic initiatives[134]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions from December 9, 2020, to December 31, 2020[161]. - The board composition includes a balanced mix of executive and independent non-executive directors to ensure strong independent judgment[161]. - The Company has established audit, remuneration, and nomination committees post-listing, although no meetings were held by these committees in 2020[178]. - The Company aims to provide shareholders with an annual dividend payout of not less than 35% of the annual core net profit available for distribution, subject to the Board's discretion[198]. - The Company recognizes the importance of good corporate governance in achieving effective accountability within its management structures[160]. - The Company has implemented a Model Code for Securities Transactions by Directors to regulate securities dealings by directors and relevant employees[161].