Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 170,728,000, a decrease of 0.24% from RMB 172,147,000 in 2022[7] - Gross profit for the same period was RMB 47,141,000, down 4.0% from RMB 49,086,000 in 2022[7] - Net profit increased to RMB 13,345,000, representing a 42.4% increase compared to RMB 9,356,000 in 2022[7] - Basic earnings per share rose to 3.29 RMB cents, up from 2.29 RMB cents in the previous year[7] - Gross profit for H1 2023 was approximately RMB47.1 million, a decrease of approximately RMB2.0 million or about 4.1% compared to RMB49.1 million in H1 2022[69] - Gross profit margin for H1 2023 was 27.6%, down from 28.5% in H1 2022, primarily due to an increase in revenue from residential properties with lower margins[69] - Revenue from property management services for the first half of 2023 was approximately RMB147.7 million, a slight increase of about RMB2.3 million or 1.6% compared to the same period in 2022[52] - Revenue from residential property management services was approximately RMB120.8 million, up by approximately RMB4.6 million or 4.0% year-over-year, attributed to an increase in managed projects and newly delivered properties[52] - Revenue from non-residential property management services decreased by approximately RMB2.3 million or 7.9% due to the expiration of service agreements for five non-residential properties[52] - Revenue from property developer related services decreased by approximately RMB5.1 million or about 62.2%, from approximately RMB8.2 million in H1 2022 to approximately RMB3.1 million in H1 2023[60] - Revenue from sales assistance services decreased by approximately RMB4.5 million or about 64.3%, from approximately RMB7.0 million in H1 2022 to approximately RMB2.5 million in H1 2023[60] - Revenue from pre-delivery cleaning and preparation services decreased by approximately RMB0.2 million or about 66.7%, from approximately RMB0.3 million in H1 2022 to approximately RMB0.1 million in H1 2023[60] - Revenue from post-delivery maintenance services decreased by approximately RMB0.8 million or about 80.0%, from approximately RMB1.0 million in H1 2022 to approximately RMB0.2 million in H1 2023[60] - Other income for H1 2023 amounted to approximately RMB1.0 million, a decrease of approximately RMB0.4 million or about 28.6% compared to RMB1.4 million in H1 2022[70] - Income tax expenses for H1 2023 were approximately RMB3.2 million, compared to approximately RMB2.2 million in H1 2022[70] - The net profit of the Group was approximately RMB13.3 million, representing an increase of approximately RMB3.9 million or about 41.5% compared to approximately RMB9.4 million for the six months ended 30 June 2022[80] Property Management Operations - The Group managed a total revenue-bearing GFA of 12.1 million sq.m. as of June 30, 2023, consistent with December 31, 2022[21] - Contracted GFA was approximately 15.4 million sq.m. as of June 30, 2023[21] - The number of managed residential properties was 56, accounting for 92.9% of total revenue-bearing GFA[21] - The total revenue-bearing GFA under management increased from approximately 11.8 million sq.m. as of June 30, 2022, to approximately 12.1 million sq.m. as of June 30, 2023[52] - The number of properties managed increased to 69 as of June 30, 2023, compared to 72 in 2022, indicating a strategic focus on enhancing service quality rather than quantity[23] - The Group's property management services were provided across 15 cities in various provinces, including Beijing-Tianjin-Hebei Region and Hainan Province[17] - The Group aims to enhance its position as a leading property management service provider in the PRC, focusing on service quality and customer satisfaction[17] - The Group has been recognized as one of the Top 100 Property Management Companies in the PRC for six consecutive years since 2016[17] Strategic Initiatives and Services - The Group is actively expanding value-added services, including cleaning, greening, and elderly care, to enhance service offerings and meet diverse customer needs[27] - The "family service system" was reiterated, covering 16 major categories of services with a total of 101 service details designed to cater to residents' needs throughout their living cycle[30] - The Group aims to strengthen its established business standard system and expand diversified business services to meet the growing living needs of customers in the second half of 2023[42] - Total selling expenses for H1 2023 were approximately RMB2.5 million, an increase of approximately RMB1.9 million or about 316.7% compared to RMB0.6 million in H1 2022[70] - Administrative expenses for H1 2023 were approximately RMB24.5 million, an increase of approximately RMB0.6 million or about 2.5% compared to RMB23.9 million in H1 2022[70] Financial Position and Capital Management - Contract liabilities increased by approximately RMB30.0 million or about 43.4% to approximately RMB99.1 million as at 30 June 2023, primarily due to the increase in the number of properties managed[98] - The liabilities to assets ratio remained stable at 0.50 as at 30 June 2023, compared to 0.49 as at 31 December 2022[98] - As at 30 June 2023, the Group had no outstanding bank borrowings and undrawn banking facilities[83] - The right-of-use assets decreased by approximately RMB0.2 million or about 22.2% from approximately RMB0.9 million as at 31 December 2022 to approximately RMB0.7 million as at 30 June 2023[90] - Goodwill remained stable at approximately RMB29.7 million as at 30 June 2023, unchanged from 31 December 2022[91] - The net proceeds from the Listing amounted to approximately HK$129.4 million (equivalent to approximately RMB116.2 million) after deducting underwriting fees and relevant expenses[102] - The planned utilization of net proceeds includes approximately 65.0% for the development and enhancement of information systems and technological initiatives[102] - As of June 30, 2023, approximately RMB47.0 million, representing about 36.3% of the actual net proceeds, was utilized for the expansion of geographic presence and scale of operations in the PRC, including the acquisition of Jiangsu Wanhao[107] - Approximately RMB3.2 million, representing about 2.5% of the actual net proceeds, was utilized for the development and enhancement of the information system and technological initiatives[107] - Approximately RMB4.2 million, representing about 3.2% of the actual net proceeds, was utilized for the expansion of value-added services, including the establishment of a business development team[107] - Approximately RMB1.0 million, representing about 1.0% of the actual net proceeds, was utilized for staff development, focusing on strengthening staff learning and development[107] - Approximately RMB5.7 million, representing about 4.4% of the actual net proceeds, was utilized for general working capital[107] - The Group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[108] - The unutilized proceeds as of June 30, 2023, were deposited in bank accounts, with an expected timeline for utilization of one year, subject to market conditions[113] Corporate Governance and Compliance - The Group complied with all applicable code provisions set out in the Corporate Governance Code, except for a deviation regarding the separation of the roles of chairman and CEO[127] - The company has no directors or chief executives with interests or short positions in shares or debentures of the company or its associated corporations as of June 30, 2023[147] - Beijing Herun has made an annual declaration of compliance with a non-competition deed established on July 23, 2019, to eliminate competing business[156] - There are no other matters regarding compliance with the non-competition undertakings that need to be brought to the attention of shareholders as of the date of the interim report[156] - The company is committed to ensuring compliance with the Securities and Futures Ordinance (SFO) regarding shareholder disclosures[164] Shareholding Structure - As of June 30, 2023, Mr. Zhao Weihao holds a total of 237,780,000 shares in Ascendor Futur, representing 100% ownership[140] - Winz Strategy Company Limited, wholly owned by Ms. Li Yin Ping, holds 44,370,000 shares, also representing 100% ownership[141] - As of June 30, 2023, Ascendor Futur holds 237,780,000 shares, representing 58.67% of the total shareholding[159] - Will Full, Ms. Wu Hong, and Mr. Zhao Bin also have interests in the same number of shares as Ascendor Futur, indicating a concerted control over the company[161] - Winz Strategy holds 44,370,000 shares, accounting for 10.95% of the total shareholding, beneficially owned by Ms. Li Yin Ping[159] - The shareholding structure indicates a concentrated ownership, with key individuals holding significant stakes in the company[159] Share Option Scheme - The share option scheme was approved on February 17, 2020, allowing the company to grant options to eligible participants, linking their interests with the company's[165] - The share option offers remain open for acceptance for 21 days from the date of the offer, with a non-refundable remittance of HK$1.0 required[167] - The total number of options available for grant under the Share Option Scheme was 40,000,000, representing approximately 9.87% of the issued Shares[179] - The maximum number of Shares that may be granted under the Share Option Scheme is capped at 40,000,000, which is 10% of the issued Shares at the Listing Date[175] - The Share Option Scheme is valid for a period of 10 years, commencing from February 17, 2020, with approximately 6 years and 6 months remaining as of the report date[193] - No options have been granted, agreed to be granted, outstanding, exercised, cancelled, or lapsed under the Share Option Scheme as of June 30, 2023[195] - The subscription price of Shares under the Share Option Scheme will not be less than the highest of the closing price on the offer date, the average closing price for the preceding five business days, or the nominal value of a Share[174] - Eligible Participants may accept an offer for less than the total number of Shares offered, provided it is in respect of a board lot or an integral multiple thereof[173] - The Company may seek approval from Shareholders to refresh the 10% limit on the number of Shares available for issue under the Share Option Scheme[175] - The exercise of options must occur within a period determined by the Board, but no later than 10 years from the date of grant[187] - The Company must allot the relevant number of Shares to the grantee within 21 days after receiving the exercise notice and the required payment[188] - The Share Option Scheme allows for the exercise of options without a specified minimum holding period or performance target, subject to the Directors' discretion[190] Financial Reporting - Ye Xing Group Holdings Limited's unaudited condensed interim consolidated financial statements cover the six-month period ended June 30, 2023[198] - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[198] - The review of the financial information is conducted under Hong Kong Standard on Review Engagements 2410, which is less comprehensive than a full audit[200] - The directors are responsible for the preparation and presentation of the financial statements[199] - The report does not express an audit opinion due to the nature of the review conducted[200]
烨星集团(01941) - 2023 - 中期财报