Financial Performance - First Service Holding Limited reported a strong performance with a revenue increase of 23% year-over-year for the first half of 2021[29]. - Total revenue for the six months ended June 30, 2021, was approximately RMB 508.8 million, representing an increase of about 53.7% compared to RMB 330.9 million for the same period in 2020[31]. - Profit before tax for the same period was RMB 93.2 million, up approximately 100.0% from RMB 46.3 million in 2020[31]. - Net profit for the six months ended June 30, 2021, was approximately RMB 71.8 million, reflecting a growth of about 109.9% compared to RMB 34.2 million in 2020[40]. - The company achieved a net profit margin of 14.1%, an increase of approximately 0.7 percentage points compared to the same period in 2020[40]. - Revenue increased by approximately 53.8% from RMB 330.9 million in the six months ended June 30, 2020, to RMB 508.8 million in the same period of 2021[48]. - Property management service revenue rose by about 74.2% from RMB 139.2 million to RMB 242.4 million, driven by a 245.3% increase in managed building area from 15.4 million square meters to 53.2 million square meters[49]. - The company recorded total assets of RMB 1,405.0 million as of June 30, 2021, compared to RMB 1,213.8 million as of December 31, 2020[31]. - The company’s equity attributable to owners was approximately RMB 673.7 million, an increase from RMB 652.9 million in the previous year[31]. - The company reported a significant increase in cash and cash equivalents, totaling RMB 548,468 thousand, compared to RMB 734,040 thousand at the end of 2020[142]. Operational Expansion - The company expanded its operational footprint to cover 103 cities across 25 provinces, establishing 10 regional companies by June 30, 2021[30]. - The company managed a total contracted area of approximately 73.0 million square meters and a total area under management of about 53.2 million square meters as of June 30, 2021[37]. - The company expanded its property management services to 103 cities across 25 provinces, municipalities, and autonomous regions in China[37]. - The number of managed properties surged from 30 to 369 due to acquisitions, enhancing the diversity of property types managed[49]. - The total number of contracted property management projects increased to 555, with a total contracted building area of 72,994 thousand square meters[51]. - The total number of managed properties increased to 457 with a managed building area of 53,202 thousand square meters, representing a 21.4% increase from 2020[53]. - The number of contract projects rose to 555, with a total contract building area of 72,994 thousand square meters, marking a 25.7% increase compared to the previous year[54]. Strategic Initiatives - Future outlook includes continued investment in green technology and digital integration to enhance customer living experiences[29]. - The company is focused on expanding its service offerings in residential, villa, office, hospital, university, and industrial park sectors[30]. - First Service Holding Limited aims to leverage its comprehensive management capabilities and green technology brand advantages for market growth[30]. - The company is committed to providing green and healthy living experiences through its technology-driven services[29]. - First Service Holding Limited's strategic initiatives include enhancing community operation services and building technology consulting capabilities[29]. - The company plans to further penetrate the market by developing new products and technologies to meet evolving customer needs[29]. - The company plans to strategically acquire or invest in small to medium-sized property management companies, focusing on regions such as Beijing-Tianjin-Hebei and the Yangtze River Delta[42]. - The company aims to develop smart communities and enhance its IT systems to improve management efficiency and user experience[42]. - The company is committed to continuous research and commercialization of green technology, aligning with national dual carbon strategies[43]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions[100]. - The company has established an audit committee to review the integrity and accuracy of financial information[103]. - The board of directors did not recommend any interim dividend for the six months ended June 30, 2021[102]. - The company has no record of purchasing, selling, or redeeming any of its listed securities during the reporting period[105]. - The company has no changes in the board of directors that require disclosure under the listing rules[104]. - The company has no additional disclosures regarding the interests of directors and senior management in shares or related securities as of June 30, 2021[116]. Employee and Talent Management - As of June 30, 2021, the company had a total of 3,502 employees, all located in China[93]. - The company is focused on attracting and nurturing talent to ensure long-term sustainable growth[44]. - The company aims to attract and cultivate talent, with plans to expand recruitment activities for its talent programs[95]. Cash Flow and Investments - The company experienced a net cash outflow from investing activities of RMB 176,250,000, compared to a cash inflow of RMB 120,484,000 in the previous year[152]. - The company raised RMB 22,076,000 from bank borrowings during the reporting period[154]. - The company incurred a net cash outflow of RMB 5,400,000 from financing activities, a decrease from RMB 129,108,000 in the previous year[154]. - The company’s cash and cash equivalents decreased by approximately 25.3% from RMB 734.0 million as of December 31, 2020, to RMB 548.5 million as of June 30, 2021, mainly due to cash used for acquisitions[79]. Shareholder Information - Major shareholder Zhang Lei owns 395,559,000 shares (39.56%) and his spouse, Yu Jinmei, holds the same amount[118]. - The total shares held by the family group, including Zhang Peng and Zhang Lei, account for approximately 57.46% of the company's issued shares as of June 30, 2021[113]. - The interests of major shareholders in shares and related securities have been disclosed, with significant holdings from entities controlled by Zhang Lei and other related parties[119]. Compliance and Reporting - The company’s financial report for the six months ending June 30, 2021, complies with the International Accounting Standard 34 for interim financial reporting[135]. - The review of the interim financial report was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards, confirming no significant issues were found[135]. - The group has applied several revised international financial reporting standards during the current accounting period, but these revisions did not have a significant impact on the group's performance or financial position[159].
第一服务控股(02107) - 2021 - 中期财报