4月29日，康桥悦生活集团有限公司(以下简称"康桥悦生活"或"公司")正式发布《2024年环境、社会及管 治报告》(以下简称"ESG报告"或"报告")，披露了其在环境、社会及企业管治等方面的思考与理念，展 现了其践行低碳环保、构建可持续社区和城市、履行社会责任的举措与成效。 一、业绩稳增 成长韧性凸显 二、党建引领 勇担社会责任 在快速发展中，康桥悦生活始终将党建工作与企业发展相融合，持续开展多样化的公益活动和志愿服务 活动，承担企业社会责任，践行为人民服务的宗旨。2024年12月18日，中共康桥悦生活服务集团有限公 司总支部委员会升格为中共康桥悦生活服务集团有限公司委员会，并完成换届选举工作，开启新的征 程。 在集团党委的带领和组织下，公司秉承"商业向善"使命，先后开展一系列党建及公益活动。2024年5 月，公司党员、入党积极分子等，从开封步行30多公里前往兰考，开展学习焦裕禄精神主题党日活动。 此外，爱心早餐志愿服务活动、敬老爱老志愿服务活动、爱心助农活动等，也受到广大业主和社会的认 可与称赞。 作为具有社会责任感的企业，康桥悦生活不仅心系社会公益，还将这份责任感用在了为客户提供品牌特 色服务及个性化体验 ...

Contents 目錄 | 2 | Company Profile | | --- | --- | | | 公司簡介 | | 3 | Corporate Information | | | 公司資料 | | 7 | Chairman's Statement | | | 主席報告 | | 14 | ManagementDiscussion andAnalysis | | | 管理層討論及分析 | | 29 | BiographicalDetails of Directors andSeniorManagement | | | 董事及高級管理層履歷詳情 | | 36 | Directors' Report | | | 董事會報告 | | 59 | Corporate Governance Report | | | 企業管治報告 | | 87 | Independent Auditor's Report | | | 獨立核數師報告 | | 95 | ConsolidatedStatement of Comprehensive Income | | | 綜合全面收益表 | | 97 | Consolidated Ba ...

在房地产行业深度调整的背景下，物管行业正经历从"规模红利"向"效率红利"转型。在此背景下，物管 股的估值逻辑由过往以规模"马首是瞻"，锚定到物企综合经营质素，基于此，中小物企具备了价值重估 的机遇。 港股市场上，康桥悦生活作为物管"独立"样本，展现出良好的价值成长机遇，不妨透过公司近期公布的 财报来看其经营亮点所在。 1·财务基础扎实，盈利增长稳健 近期，康桥悦生活(02205.HK)交出了一份稳中有进的年度成绩单。财报数据显示，2024年公司实现收入 约9.61亿元人民币，同比增加2.9%；净利润约0.69亿元，同比增长30.8%；归母净利润约0.48亿元，同比 增长25.8%。 从行业情况来看，根据此前相关统计，共计20家物企发布了2024年业绩预告或年报，总体来看录得利润 下滑、由盈转亏或持续亏损的企业占到七成。 由此不难看出，康桥悦生活的业绩在行业中可谓独树一帜。 透过财报细节可以看到，公司持续夯实财务状况，实现了有质量的增长。 从四大业务板块情况来看，2024年，公司物业管理服务收入约为6.81亿元，占总收入70.9%，同比增长 14.7%；非业主增值服务收入为8640.2万元，占总收入9%；社区增 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承擔任何責任。 Kangqiao Service Group Limited 康 橋 悅 生 活 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2205） 截 至 2024年12月31日止年度 之 經 審 核 全 年 業 績 公 告 本 年度財務摘要 – 1 – 1. 本年度（定義如下）的收入為約人民幣960.8百萬元，較2023年增加2.9%。 2. 本年度收入按業務線劃分如下： （1） 物業管理服務收入為約人民幣681.3百萬元，佔總收入70.9%，較2023年增 加14.7%； （2） 非業主增值服務收入為約人民幣86.4百萬元，佔總收入9.0%，較2023年下 降37.6%； （3） 社區增值服務收入為約人民幣113.4百萬元，佔總收入11.8%，較2023年下 降16.9%；及 （4）城市服務收入為約人民幣79.7百萬元， ...

康橋悅生活 th KANGQIAO SERVICE GROUP 康橋悅生活集團有限公司 Kangqiao Service Group Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) STOCK CODE 股份代號：2205 2024 Interim Report 中 期 報 告 Contents 目錄 2 Company Profile 公司簡介 4 Chairman's Statement 主席報告 9 Corporate Information 公司資料 13 Financial Highlights 財務摘要 15 Management Discussion and Analysis 管理層討論與分析 30 Corporate Governance/Other Information 企業管治╱其他資料 39 Interim Condensed Consolidated Statement of Comprehensive Income 中期簡明綜合全面收益表 41 Interim ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Kangqiao Service Group Limited 康 橋 悅 生 活 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2205） 截 至 2024年6月30日 止 六 個 月 之 中 期 業 績 公 告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The Group's total revenue for 2023 was approximately RMB 934.0 million, representing an increase of 17.8% compared to RMB 792.9 million in 2022[48]. - Gross profit increased by 15.5% to approximately RMB 220.7 million, while net profit attributable to the company decreased by 28.9% to RMB 38.5 million[17]. - Revenue from property management services amounted to approximately RMB 594.1 million, an increase of 23.5% from approximately RMB 480.9 million in 2022[88]. - Revenue from community value-added services reached approximately RMB 136.6 million, reflecting a 1.9% increase from approximately RMB 134.0 million in 2022[70]. - Revenue from city services surged to approximately RMB 64.9 million, marking a significant increase of 145.1% compared to approximately RMB 26.5 million in 2022[70]. - Revenue from value-added services to non-property owners decreased to approximately RMB 138.4 million, down 8.7% from approximately RMB 151.5 million in 2022[99]. - The Group's cost of sales was approximately RMB 713.3 million, representing an increase of 18.5% compared to approximately RMB 601.9 million in 2022[103]. - The gross profit margin for the Group was approximately 23.6%, a decrease of 0.5% from approximately 24.1% in 2022[98]. - The gross profit margin for property management services improved to 21.9%, up from 16.3% in 2022[109]. - The gross profit margin for value-added services to non-property owners decreased to 25.2%, down from 33.0% in 2022[111]. - Other income for the Group was approximately RMB 9.5 million, a decrease of 1.4% from approximately RMB 9.7 million in 2022, mainly due to reduced government subsidies[111]. - The Group's profit for the Year was approximately RMB 52.6 million, representing a decrease of approximately 20.0% compared to RMB 65.7 million for the corresponding period in 2022[123]. - Profit attributable to the owners of the Company was approximately RMB 38.5 million, a decrease of approximately 28.9% from RMB 54.1 million in 2022, primarily due to increased credit impairment losses[123]. Operational Metrics - As of December 31, 2023, the Group's contracted gross floor area (GFA) increased to approximately 67.1 million sq.m., representing a growth of approximately 6.0% compared to 63.3 million sq.m. in 2022[32]. - The GFA under management rose to approximately 41.0 million sq.m., reflecting a significant increase of approximately 28.5% from 31.9 million sq.m. in the previous year[32]. - The GFA under management of non-residential properties increased by 59.8% to approximately 6.6 million sq.m. compared to 4.2 million sq.m. in 2022[32]. - The GFA managed from third-party property developers accounted for approximately 81.3% of the total contracted GFA[32]. - The Group managed a total of 278 projects across 34 cities in China as of December 31, 2023[32]. - New total contract amounts from third parties reached approximately RMB 330 million, with new contract GFA from third parties achieving approximately 6.52 million sq.m.[10]. Strategic Focus and Development - The Group's strategic focus for the next four years includes expanding non-residential property and city services product lines, aiming for balanced development across three pillars: "Joyful Living," "Joyful Commercial Property Management," and "Joyful City Services"[38]. - The Group aims to enhance its "Five Capabilities" which include Service Capability, Operational Capability, Organizational Strength, Digital Science Strength, and Brand Power[39]. - The Group's strategy includes rapid expansion of contracted GFA and increasing the portion of GFA from third-party property developers to enhance market capitalization[61]. - The Group did not implement any new merger and acquisition projects during the year due to stricter risk control requirements[10]. - The Group plans to use part of the net proceeds from the global offering to acquire property management and professional service companies, and collaborate with local investment companies or property developers[177]. Employee and Organizational Development - As of December 31, 2023, the Group had a total of 2,088 employees, an increase from 1,831 employees on December 31, 2022[159]. - The total remuneration cost incurred by the Group was RMB 198.3 million for the year ended December 31, 2023, compared to RMB 177.3 million for the year ended December 31, 2022, reflecting an increase of approximately 11.3%[159]. - The Group emphasizes a well-established recruitment and internal promotion system to attract talented employees through competitive wages, bonuses, and systematic training opportunities[159]. - Employee benefits include housing allowances, cultural and social events, as well as holiday and birthday gifts, promoting work-life balance and diversity within the organization[159]. - The Group's organizational efficiency has improved through structural adjustments and management optimization, although net profit per capita and personnel cost ratio slightly declined due to additional listing-related expenses[40]. Risk Management and Governance - The Group emphasizes the importance of risk management practices to mitigate operational and financial risks effectively[200]. - The board includes independent directors with extensive experience in finance and securities, contributing to governance and strategic oversight[187]. - The Group is committed to maintaining safety standards for projects, property owners, and employees, ensuring quality service corresponding to price[38]. Leadership and Management - Mr. Dai Wei has over 11 years of experience in property management services and was appointed as executive director on January 20, 2021[183]. - Ms. Wang Na has been the vice executive general manager since November 28, 2018, and was appointed as executive president on January 20, 2021[185]. - The management team has a diverse background in real estate and property management, enhancing operational efficiency[185]. - The company aims to leverage its experienced leadership to drive future growth and market expansion[183]. Financial Position and Assets - The Group's current assets as of December 31, 2023, were approximately RMB 1,069.2 million, reflecting a 6.6% increase from RMB 1,003.0 million in 2022[145]. - Cash and cash equivalents amounted to approximately RMB 355.7 million, an increase of 2.8% from RMB 345.9 million in 2022[145]. - The asset-liability ratio as of December 31, 2023, was 39.0%, an increase of 3.7% from 35.3% in 2022[145]. - As of December 31, 2023, trade and other receivables amounted to approximately RMB 690.5 million, an increase of 15.3% from RMB 598.9 million in 2022, due to slow recovery in collections[127]. Events and Acquisitions - The Group did not hold any significant investments during the Year and plans to utilize proceeds from the global offering for future acquisitions and joint ventures[155]. - The Group acquired 51% equity interests in Dingfeng Property in October 2021, which provided a guarantee for a loan of RMB 30,000,000[173]. - As of February 9, 2023, the bank accounts of Dingfeng Property were frozen, and approximately RMB 12.5 million in the frozen account has been enforced in July and August 2023[173]. - Jiatian transferred certain car parking spaces to the Group to compensate for the loss of bank deposits amounting to approximately RMB 12.5 million, with a fair value of RMB 15.5 million as of December 31, 2023[173]. - As of December 31, 2023, the Group has not provided other guarantees or made significant investments or acquisitions[174]. - No significant events affecting the Company occurred after the end of the reporting period up to the date of this annual report[179].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承擔任何責任。 Kangqiao Service Group Limited 康 橋 悅 生 活 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2205） 截 至 2023年12月31日止年度 之 經 審 核 全 年 業 績 公 告 及 建 議 修 訂 本 公 司 組 織 章 程 大 綱 及 細 則 | --- | --- | --- | |-------|-------|-------------------------------------------------------------------------------------------------------------| | | | | | 本 | | 年度財務摘要 | | 1. | | 本年度（定義如下）的收入為約人民幣 934.0 百萬元，較 2022 年增加 ...

Employee Information - As of June 30, 2023, the Group had a total of 1,965 employees, an increase from 1,720 employees as of June 30, 2022[9] - Employee benefit expenses for the six months ended June 30, 2023, amounted to RMB 95.9 million, compared to RMB 80.6 million for the same period in 2022, reflecting a year-on-year increase of approximately 19.6%[9] Financial Performance - The profit for the period was approximately RMB 59.5 million, representing a 4.9% increase compared to the same period in 2022[62] - The profit attributable to the owners of the company was approximately RMB 50.9 million, an increase of 2.8% year-on-year[62] - The total comprehensive income for the period included a profit of RMB 49.5 million and currency translation differences of RMB 5.6 million, totaling RMB 55.0 million[39] - The company declared dividends of RMB 21 million to shareholders during the reporting period[39] - The profit for the period was RMB 50,858 thousand, contributing to a total comprehensive income of RMB 59,462 thousand for the first half of 2023[83] - Gross profit for the reporting period was approximately RMB 112.0 million, an increase of 5.9% compared to the same period in 2022[198] - Gross margin was 25.2%, a decrease of 3.2% compared to the same period in 2022[198] Revenue Breakdown - The Group's revenue from property management services was approximately RMB282.7 million, accounting for 63.5% of total revenue, representing a 26.0% increase compared to the same period in 2022[64] - Revenue from community value-added services reached approximately RMB74.3 million, an increase of 25.4% compared to approximately RMB59.2 million for the corresponding period in 2022[65] - Revenue from city services was approximately RMB28.4 million, reflecting a significant increase of 192.9% compared to approximately RMB9.7 million for the same period in 2022[65] - Revenue from value-added services to non-property owners was approximately RMB 59.6 million, representing a decrease of 24.4% compared to RMB 78.8 million for the same period in 2022, attributed to a shrinking real estate business[94] - Revenue from property management services was RMB 154,117 thousand for the six months ended June 30, 2023, compared to RMB 103,596 thousand in the same period of 2022[126] - Community value-added services revenue increased to RMB 10,354 thousand for the six months ended June 30, 2023, from RMB 5,728 thousand in the same period of 2022[126] Corporate Governance - The Group's management has committed to enhancing corporate governance practices to safeguard shareholder interests and improve accountability[14] - The management of each subsidiary is required to submit monthly performance reports to the Board as part of a rectification measure[14] Shareholder Information - As of June 30, 2023, Mr. Song Gewei held 498,750,000 shares, representing 71.25% of the company's equity interest[26] - The ultimate controlling entity of the Group is Hung Fai Property Limited, controlled by Mr. Song Gewei[134] Cash Flow and Financial Position - Cash and cash equivalents at the end of the period on June 30, 2023, were RMB 372,733 thousand, down from RMB 513,433 thousand at the end of June 30, 2022[127] - The Group's net cash used in financing activities for the six months ended June 30, 2023, was RMB 8,042 thousand, compared to RMB 2,774 thousand in the same period of 2022[127] - The Group's cash flows from financing activities included dividends paid of RMB 7,360 thousand for the six months ended June 30, 2023, compared to RMB 2,560 thousand in the same period of 2022[127] - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 4,296 thousand, a decrease of 47.3% compared to RMB 8,126 thousand for the same period in 2022[149] - Cash flows from investing activities generated RMB 30,370 thousand, a significant improvement compared to a cash outflow of RMB 33,220 thousand in the same period of 2022[149] Strategic Initiatives - The Group aims to enhance living experiences for property owners and residents through comprehensive community value-added services[65] - The Group aims to redefine urban living through smart technology and community engagement initiatives[161] - The Group has focused on three strategic directions: urban deep cultivation, commercial deep cultivation, and surrounding area cultivation, enhancing operational capacity[176] - The Group emphasizes the importance of quality service as the foundation for survival and growth in a challenging real estate market[171] - The Group has adopted a performance incentive system to encourage employees to work together towards expansion goals[176] Market Position and Recognition - The Group's overall industry strength ranking increased by two places to 27th in the "2023 China Top 100 Property Management Companies" by China Index Academy[64] - The Group was recognized for its effective improvement in business operations, particularly in non-residential property management services[64] - High-quality service has been recognized by cooperative property developers, extending the service industry chain to third-party property developers[176] Miscellaneous - The Group did not declare any interim dividend for the six months ended June 30, 2023[18] - The interim report was approved and signed by the board of directors on August 31, 2023[33] - The Group's interim financial information has not been audited, and it is presented in Renminbi (RMB) unless otherwise stated[149] - The Group's total assets were primarily located in the PRC as of June 30, 2023[121] - None of the Group's customers contributed 10% or more of the Group's revenue during the six months ended June 30, 2023[123] - The Group's revenue for the six months ended June 30, 2023, was derived entirely from operations in the PRC[121]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Kangqiao Service Group Limited 康 橋 悅 生 活 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2205） 截至2023 年6 月30 日止六個月之中期業績公告 財務摘要 1. 截至2023年6月30日止六個月的收入達約人民幣444.9百萬元，較2022年同期增長 19.6%。 2. 報告期內收入按業務範疇分佈如下：(i)物業管理服務收入為約人民幣282.7百萬 元，佔總收入63.5%，較2022年同期增長26.0%；(ii)非業主增值服務收入為約人 民幣59.6百萬元，佔總收入13.4%，較2022年同期下降了24.4%；(iii)社區增值 服務收入為約人民幣74.3百萬元，佔總收入16.7%，較2022年同期增長25.4%;及 (iv)城市服務收入為約人民幣28.4百萬元，佔總收入6.4%，較2022年同期增長 192.9%。 3. 報告期內 ...