公司概覽 雅生活智慧城市服務股份有限公司（「雅生活」或「本公司」，連同其附屬公司，統稱「本集團」）是定位中高端 的全國化綜合性物業管理服務商。本集團以「成為中國卓越的品質服務運營商」為企業願景，致力為業主提 供高品質、全場景服務。目前，本集團擁有物業管理服務、業主增值服務、城市服務及外延增值服務四大業 務線，服務範圍覆蓋全國30個省、直轄市和自治區，建立了涵蓋住宅、公共建築和商業辦公的均衡業態佈局。 截至2024年12月31日止，本集團合約總建築面積及在管總建築面積已分別達到約723.1百萬平方米及約550.6 百萬平方米。 2018年2月9日，本集團從雅居樂集團控股有限公司（「雅居樂控股」，連同其附屬公司，「雅居樂集團」）成功 分拆，成為中華人民共和國（「中國」）首家正式紅籌分拆H股上市的物業管理企業。 目錄 | 1 | 公司概覽 | 38 | 高級管理人員履歷 | | --- | --- | --- | --- | | 2 | 公司資料 | 40 | 企業管治報告 | | 6 | 財務概要 | 63 | 董事會報告 | | 8 | 2024年度大事記 | 86 | 監事會報告 | | 10 | 主要榮譽及 ...

金十数据4月17日讯，雅生活服务(03319.HK)在港交所公告，根据于2024年5月29日举行之公司股东周年 大会上所获公司股东授予之回购公司股份之一般授权，公司董事会将视乎市场情况及公司届时的实际需 要，有意于公开市场回购不多于142,000,080股份（即于股东周年大会日期之已发行股份总数之10%）。 公司目前现金流健康，整体财务状况稳健，可满足公司业务持续发展的需求。董事会相信在市场上买卖 的股份价值被低估。 雅生活服务：股票价值被低估，有意回购不超10%公司股份 ...

目标A为一间于中国成立的有限公司，主要从事废油提炼、垃圾焚烧及废水处理等业务。根据公开信息 及截至本公告日期，目标A由雅居乐环保及来安县首一商贸有限公司分别拥有70%及30%股权。 目标B为一间于中国成立的有限公司，主要从事危废物处理业务。根据公开信息及截至本公告日期，目 标B由雅居乐生态全资拥有。 格隆汇4月17日丨雅生活服务(03319.HK)公告，于2025年4月17日，雅居乐控股与公司订立框架协议，根 据框架协议并于该日，买方(公司全资附属公司)与卖方分别订立协议，据此，买方同意有条件收购而相 应卖方同意出售(i)目标A安徽安普环保科技有限公司的70%股权；及(ii)目标B聊城雅居乐环保科技有限 公司的100%的股权，总对价为人民币60.60百万元。 截至本公告日期，公司与雅居乐控股存在贸易应收款项等与关联方的结余。经过公平磋商，雅居乐控股 及公司达成协议，后续将以现金对价偿还集团对雅居乐控股的应收款欠款，使集团能收回部分到期应收 款项，消减相关坏账风险。 该等目标主要从事环保相关业务，预计可与公司城市服务板块的业务有机结合，形成一定的地域及客户 协同效应。该等目标具备独立运营及拓展能力，经营性现金流 ...

Group 1 - The core viewpoint of the articles highlights the significant decline in the financial performance of the company, with a revenue drop of 10.2% year-on-year to RMB 13.867 billion and a net loss of RMB 3.127 billion compared to a profit of RMB 0.699 billion in the previous year [1] - The company reported a loss attributable to shareholders of RMB 3.271 billion, contrasting with a profit of RMB 0.461 billion in the same period last year, indicating a substantial deterioration in profitability [1] - The company’s revenue contributions from its four main business segments showed mixed results, with property management services revenue increasing by 1.6% to RMB 10.981 billion, while owner-added services, urban services, and extended value-added services experienced significant declines of 44.7%, 11.5%, and 60.0% respectively [1] Group 2 - In 2025, the company plans to focus on lean management and improving efficiency, aiming to balance core operational indicators such as cost, profit, and cash flow to enhance management effectiveness [2] - The company emphasizes the importance of cash flow management as a foundation for stable development, intending to address historical issues and maintain financial health through various measures [2] - The company will concentrate on risk management by eliminating low-quality projects and enhancing supplier management, while also focusing on talent strategy to improve team collaboration and execution [2]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 13,867.2 million, a decrease of 10.2% compared to the previous year[2]. - The company's gross profit was RMB 2,084.2 million, down 21.2% year-on-year, with a gross profit margin of 15.0%, a decline of 2.1 percentage points[3]. - The loss attributable to shareholders was RMB 3,270.7 million, compared to a profit of RMB 460.9 million in the same period last year[3]. - The basic loss per share was RMB 2.30[3]. - The company reported a net loss of RMB 3,126,888, a significant decline from a profit of CNY 698,733 in 2022[5]. - The company's total revenue for 2023 reached CNY 15,443,449, an increase from CNY 13,867,234 in 2022, representing a growth of approximately 11.4%[4]. - The adjusted core net profit for 2024 was RMB 1,079.8 million, a decrease of 30.6% from RMB 1,555.4 million in 2023, with an adjusted core net profit margin of 7.8%, down 2.3 percentage points[107]. - The group's net loss for 2024 was RMB 3,126.9 million, compared to a net profit of RMB 698.7 million in 2023, resulting in a net profit margin of -22.5%[106]. Revenue Breakdown - Revenue from property management services increased by 1.6% year-on-year to RMB 10,980.9 million[3]. - Revenue from value-added services for owners decreased by 44.7% to RMB 1,291.5 million[3]. - Revenue from urban services decreased by 11.5% to RMB 1,228.5 million[3]. - Revenue from extended value-added services dropped by 60.0% to RMB 366.3 million[3]. - Revenue from life and integrated services is approximately RMB 458.7 million, down 65.8% from RMB 1,342.5 million in 2023, primarily due to adjustments in community retail business models[92]. - Revenue from home decoration and delivery services decreased by 55.0% to RMB 77.0 million, representing about 6.0% of value-added services revenue[92]. - Revenue from external value-added services is approximately RMB 366.3 million, a decrease of 60.0% from RMB 914.8 million in 2023, accounting for about 2.6% of total revenue[96]. Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.03 per share (pre-tax) for the fiscal year ending December 31, 2024, a reduction of 50% from the previous year[3]. - The proposed final dividend is RMB 0.03 per share, totaling RMB 42,600,000, pending approval at the annual general meeting[63]. - The interim dividend of RMB 0.03 per share has been approved, amounting to RMB 42,600,000, to be paid in January 2025[64]. - The final dividend for H-share holders will be declared in RMB and paid in HKD, with the exchange rate based on the average RMB to HKD rate published by the People's Bank of China five business days prior to the annual general meeting[128]. Assets and Liabilities - Total assets decreased from CNY 24,050,580 thousand in 2023 to CNY 20,247,171 thousand in 2024, representing a decline of approximately 15.5%[7]. - Total liabilities decreased from CNY 9,601,449 thousand in 2023 to CNY 9,096,785 thousand in 2024, a reduction of about 5.3%[9]. - The company's retained earnings dropped significantly from CNY 5,768,108 thousand in 2023 to CNY 2,369,610 thousand in 2024, indicating a decrease of approximately 58.8%[7]. - The company's cash and cash equivalents decreased from CNY 4,074,865 thousand in 2023 to CNY 3,315,850 thousand in 2024, a decline of about 18.7%[7]. - The company's total current assets decreased from CNY 10,206,581 thousand in 2023 to CNY 7,380,871 thousand in 2024, a decline of about 27.3%[7]. - The company's total liabilities to total assets ratio improved from 40.0% in 2023 to 44.9% in 2024, indicating a stronger financial position[9]. Operational Strategy and Market Position - The company has adjusted its business strategy to focus on core property services and improve service quality amid challenging external conditions[67]. - The company aims to provide innovative, diversified, and high-quality services to meet the evolving demands of property owners and customers[66]. - The group emphasizes quality as a core focus, implementing service quality enhancement initiatives and achieving significant results in operational management[69]. - The group is developing a "Smart Courtyard" system platform for public building projects, transitioning from passive response to proactive service through grid management[72]. - The company aims to create value for owners by providing services that are "value for money" and even "value beyond money" to achieve asset preservation and appreciation[74]. - The company is shifting from a "scale-speed model" to a "quality-efficiency model," emphasizing customer-centric services and operational excellence[75]. Financial Reporting and Compliance - The financial statements are prepared based on historical cost, except for certain financial assets and liabilities measured at fair value[15]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial performance and position[17]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, ensuring compliance with accounting principles and internal controls[137]. - The company has adopted corporate governance principles and confirmed compliance with all applicable rules as of December 31, 2024[141]. Employee and Operational Metrics - The group employed 86,873 staff as of December 31, 2024, down from 96,018 staff as of December 31, 2023, with total employee costs amounting to RMB 5,697.6 million[126]. - The total cash flow from operating activities was impacted by the changes in trade and other receivables, reflecting the company's liquidity management strategies[59].

Financial Impairment and Losses - The company reported a net impairment loss of RMB 2,884 million for financial assets as of June 30, 2024[2]. - The impairment loss primarily stems from uncertainties in the valuation and recoverability of assets held by Agile Group Holdings[7]. Receivables from Agile Group Holdings - Trade receivables from the controlling shareholder, Agile Group Holdings, amounted to RMB 3,519 million, with 81% overdue for more than one year[3]. - Other receivables from Agile Group Holdings totaled RMB 700 million, which are not overdue and are related to a parking space framework agreement[4]. - The expected credit loss rate for receivables from Agile Group Holdings is estimated at 75%, resulting in provisions of approximately RMB 2,296 million and RMB 514 million for trade and other receivables, respectively[6]. - The company is actively communicating with Agile Group Holdings regarding the recovery of receivables, including potential asset transfers and cash recoveries[8]. - The company aims to develop a feasible recovery plan for the receivables owed by Agile Group Holdings[8]. Third-Party Receivables - Total receivables from third parties amounted to RMB 7,733 million, with expected credit loss models based on historical loss rates adjusted for current and forward-looking macroeconomic factors[5]. Recovery Efforts and Strategies - The company has established a special task force to assess the recoverability of receivables and the transferable assets of Agile Group Holdings[8]. - The next expected refund date for the deposits related to the parking space agreement is December 31, 2024[4]. - The company is closely monitoring the debt restructuring progress of its controlling shareholder, Agile Group, to protect its interests[9]. - The board believes that the current measures are the best way to safeguard the company's interests amid unprecedented challenges in the Chinese real estate industry[9].

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 7,022.6 million, a decrease of 8.8% from RMB 7,698.5 million in the same period of 2023[10]. - Gross profit for the same period was RMB 1,193.4 million, with a gross margin of 17.0%, down from 20.4% in 2023[10]. - The company reported a net loss of RMB 1,532.3 million, compared to a profit of RMB 951.5 million in the prior year, resulting in a net profit margin of -21.8%[10]. - For the first half of 2024, the company reported revenue of RMB 7,022.6 million, a gross profit of RMB 1,193.4 million, and a net loss of RMB 1,532.3 million, with a loss attributable to shareholders of RMB 1,634.2 million[15]. - The company's gross profit margin for the first half of 2024 was 17.0%, compared to 20.4% in the same period of 2023[15]. - The company's net loss for the period was RMB 1,532.3 million, with a loss attributable to shareholders of RMB 1,634.2 million[22]. - The group's gross profit for the period was RMB 1,193.4 million, down 24.2% from RMB 1,573.6 million in 2023, with a gross margin of 17.0%[36]. - The net loss for the period was RMB 1,532.3 million, compared to a net profit of RMB 951.5 million in the same period of 2023, resulting in a net profit margin of -21.8%, a decline of 34.2 percentage points from 12.4% in 2023[43]. - Adjusted core net profit was RMB 715.9 million, down 28.8% from RMB 1,005.1 million in the same period of 2023, with an adjusted core net profit margin of 10.2%, a decrease of 2.9 percentage points from 13.1% in 2023[43]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 21,900.4 million, down from RMB 24,050.6 million at the end of 2023[11]. - Cash and cash equivalents decreased to RMB 3,042.7 million from RMB 4,074.9 million at the end of 2023[11]. - Shareholders' equity was RMB 12,877.0 million, down from RMB 14,449.1 million at the end of 2023[11]. - The return on equity for the twelve months ended June 30, 2024, was -16.6%, compared to 3.6% in the previous year[11]. - The total debt to total assets ratio increased to 41.2% from 39.9%[11]. - Current assets as of June 30, 2024, were RMB 13,682.8 million, a decrease of 17.0% from RMB 16,488.0 million as of December 31, 2023[44]. - Total liabilities decreased from RMB 9,601,449 thousand to RMB 9,023,380 thousand, a reduction of about 6%[92]. - The company's equity attributable to shareholders decreased from RMB 12,813,140 thousand to RMB 11,089,527 thousand, a decline of about 13.5%[92]. Revenue Streams - Property management service revenue reached RMB 5,371.5 million, representing a 2.0% increase from RMB 5,267.3 million in the previous year[26]. - Revenue from value-added services for property owners reached RMB 771.5 million, a decrease of 33.9% compared to RMB 1,167.2 million in the same period of 2023, accounting for about 11.0% of total revenue[31]. - Revenue from living and integrated services was approximately RMB 322.1 million, down 43.9% from RMB 574.5 million in 2023, representing about 41.7% of value-added services revenue[31]. - Revenue from home decoration and delivery services was approximately RMB 47.5 million, a decline of 50.5% from RMB 95.9 million in 2023, primarily due to a sluggish real estate market[32]. - Revenue from urban services was RMB 647.1 million, a decrease of 4.0% from RMB 673.9 million in 2023, accounting for about 9.2% of total revenue[33]. - Revenue from external value-added services was RMB 232.5 million, a decrease of 60.6% from RMB 590.1 million in 2023, representing about 3.3% of total revenue[34]. Operational Strategies - The company aims to become a leading quality service operator in China, focusing on high-quality, full-scenario services across the property management industry[2]. - The group has shifted its expansion strategy from scale development to quality-first, focusing on project conversion and quality, while actively seeking suitable opportunities in the residential sector in key regions like Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area[16]. - The group aims to enhance service quality and operational efficiency by optimizing its management structure and implementing a three-tier management framework, maintaining a low expense ratio[17]. - The group is committed to improving service quality through a standardized service system and regular quality inspections, ensuring frontline staff are equipped to enhance service delivery[19]. - The company is focusing on service quality and customer satisfaction, implementing a zero-tolerance policy for service quality issues[15]. - The company is actively upgrading its infrastructure and services, including a targeted elevator safety initiative to eliminate hazards[15]. - The company is enhancing its risk management mechanisms, concentrating resources on key projects to ensure contract renewals[15]. - The company is prioritizing cash flow stability by improving collection and payment processes[15]. Shareholder Information - As of June 30, 2024, Mr. Chen Zhuoxiong holds 666,736,750 shares (46.95%) and 93,793,638 shares (6.61%) in short positions, indicating significant ownership[67]. - Major shareholder Zhongshan Yalife Enterprise Management Service Limited holds 42.88% of the H shares, totaling 608,911,750 shares[74]. - Major shareholder Migo International Limited controls 43.39% of the H shares, amounting to 616,111,750 shares[74]. - Major shareholder Dongcui Group Holdings Limited holds 46.95% of the H shares, totaling 666,736,750 shares[74]. - The company has a significant shareholder concentration, with Mr. Chen Zhuolin holding 666,736,750 H shares, representing 46.95% of the total issued shares[75]. - Other major shareholders include BNP PARIBAS SA with 108,552,792 H shares (7.64%) and HSBC Holdings plc with 112,291,206 H shares (7.90%)[75]. - The company has multiple controlled corporate interests, including CITIC Group Corporation and CITIC Limited, each holding 100,000,000 H shares (7.04%)[76]. - The report indicates that the company is under the management of a family trust, with several family members as beneficiaries, which consolidates their voting power[78]. Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring high standards of corporate governance[61]. - The audit committee reviewed the financial statements for the six months ending June 30, 2024, discussing accounting principles and internal controls[62]. - The company has confirmed full compliance with the corporate governance code applicable for the six months ending June 30, 2024[65]. - The company has adopted a securities trading code for directors and supervisors, ensuring compliance with the standards set by the Hong Kong Stock Exchange[63]. - The board meets at least four times a year to review corporate governance practices and ensure alignment with international best practices[61]. Employee Information - As of June 30, 2024, the group employed 88,524 staff, down from 96,018 on December 31, 2023, with total employee costs amounting to RMB 2,898.9 million[59]. - The company provides comprehensive benefits and career development opportunities for employees, including retirement plans and medical benefits[59]. - The total compensation for key management personnel, including directors and supervisors, was RMB 3,556 thousand for the six months ended June 30, 2024, up 64.5% from RMB 2,161 thousand for the same period in 2023[152]. Market Environment - The overall economic environment remains challenging, with the real estate market still in a deep adjustment phase, impacting property management services[14]. - The company is committed to maintaining a keen market sensitivity and seeking breakthroughs in the new normal of the real estate industry, ensuring sustainable development[18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.20, indicating a potential upside of 21.2% from the current price of HKD 2.64 [2][7]. Core Insights - The company's total revenue for the first half of 2024 decreased by 8.8% year-on-year to RMB 7.02 billion, primarily due to declines in both external value-added services and owner value-added services, which fell by 60.7% and 33.9% respectively [1][6]. - Despite the revenue decline, the company proposed an interim dividend of RMB 0.03 per share, a 20% increase from the previous year's interim dividend of RMB 0.025 [1][6]. - The gross profit margin is expected to stabilize, with a slight decline of 3.4 percentage points to 17.0%, which is better than the anticipated 16% [1][6]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was RMB 7.02 billion, down from RMB 7.69 billion in the same period of 2023 [6]. - Core profit for the first half of 2024 was RMB 716 million, a decrease of 28.8% year-on-year, but an increase of 31% compared to the second half of 2023 [1][6]. - The company reported a net loss of RMB 16.3 billion for the first half of 2024, influenced by a significant impairment provision for trade receivables [1][6]. Business Segments - Property management revenue remained stable, with a slight increase of 2.0% to RMB 5.37 billion, while urban services revenue decreased by 4.0% to RMB 647 million [1][6]. - The company is focusing on optimizing its portfolio and ensuring the conversion of contracted area into managed area to maintain operational scale [1][6]. Market Position - The company's reliance on the real estate market is decreasing, with revenue and gross profit from external value-added services dropping to 3% each in the first half of 2024, down from 8% and 7% respectively in the first half of 2023 [1][6]. - The company is expected to benefit from a lower dependency on the real estate cycle compared to its peers, which may help the gross margin to bottom out in 2024-2025 [1][6].

Investment Rating - The report maintains a "Buy" rating for the company 雅生活服务 (3319 HK) with a target price adjusted to HKD 3.20, indicating a potential upside of 18.5% from the current closing price of HKD 2.70 [1][2][6]. Core Insights - The company is expected to report a significant loss for the first half of 2024, estimated between RMB 1.54 billion to RMB 1.70 billion, compared to a net profit of RMB 840 million in the same period of 2023. This loss is attributed to a sharp decline in revenue and profit from value-added services and a substantial impairment provision of approximately RMB 2.7 billion to RMB 2.9 billion for trade receivables from related parties [1][2]. - Revenue growth for the first half of 2024 is projected to be below 10%, influenced by slow sales and deliveries from the parent company 雅居乐 and another major shareholder 绿地. The full-year revenue growth is anticipated to be around 5% [2][3]. - The gross margin is expected to slightly decline, with the contribution from value-added services continuing to decrease, projected to account for only 4% of total revenue in 2024 [2][3]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenue of RMB 15.379 billion, with a year-on-year growth of 9.2%. However, the core profit for 2023 is expected to drop significantly to RMB 1.552 billion, reflecting a 30.3% decline [3][7]. - The forecast for core earnings per share (EPS) is projected to decrease to RMB 0.72 in 2024, down from RMB 1.09 in 2023, with a further decline expected in 2025 before a modest recovery in 2026 [3][7]. - The company maintains a net cash position of RMB 3.95 billion at the end of 2023, which is 1.1 times its market capitalization, providing a buffer against market volatility [2][3].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 7,022.6 million, a decrease of 8.8% compared to RMB 7,698.5 million in the same period last year[2]. - Gross profit was RMB 1,193.4 million, down 24.2% year-on-year, with a gross margin of 17.0%, a decline of 3.4 percentage points[2]. - Net loss amounted to RMB 1,532.3 million, while adjusted core net profit was RMB 715.9 million, a decrease of 28.8% from RMB 1,005.1 million in the previous year[2]. - The company reported a loss attributable to shareholders of RMB 1,634.2 million, compared to a profit of RMB 839.0 million in the same period last year[3]. - Basic loss per share was RMB 1.15, compared to earnings of RMB 0.59 per share in the previous year[3]. - The group reported a net loss of RMB 1,532.3 million, a significant decline from a net profit of RMB 951.5 million in the same period of 2023, resulting in a net profit margin of -21.8%, down 34.2 percentage points year-on-year[68]. - Adjusted core net profit was RMB 715.9 million, a decrease of 28.8% compared to RMB 1,005.1 million in 2023, with an adjusted core net profit margin of 10.2%, down 2.9 percentage points year-on-year[68]. Dividends - The board proposed an interim dividend of RMB 0.03 per share, an increase of 20.0% from RMB 0.025 per share last year[2]. - The interim dividend will be paid in RMB to domestic shareholders and in HKD to H-share holders, with the exchange rate based on the average RMB to HKD rate published by the People's Bank of China five business days before the meeting[85]. - The interim dividend is scheduled to be paid on January 22, 2025, following approval at the extraordinary general meeting[85]. Operational Highlights - The total area managed and contracted by the company reached 576.7 million square meters and 749.8 million square meters, respectively[5]. - The company emphasized enhancing service quality and customer satisfaction, conducting over 3,000 community cultural activities across more than 100 cities[6]. - The overall customer satisfaction for residential projects improved, with a significant reduction in major risk hazards[6]. - The group is shifting its expansion strategy from scale development to quality-first, focusing on project conversion and quality, while actively seeking suitable opportunities in the residential sector in key regions like Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area[7]. - The group has secured significant public building projects, including the Quanzhou campus of Huaqiao University and the comprehensive management service for Shenzhen Lianhua Mountain Park, enhancing its presence in non-residential markets[7]. - The group aims to enhance service quality and operational efficiency through a streamlined management structure and information technology upgrades, maintaining a low cost ratio while improving per capita efficiency[8]. - Despite a shrinking residential market, the group plans to focus on high-quality opportunities in the non-residential sector, emphasizing project density in strategic cities and maintaining strong client relationships[10]. - The group is committed to a customer-centric approach, continuously improving service value and operational quality to adapt to the new normal in the property management market[9]. Financial Position - Total assets as of June 30, 2024, were RMB 21,900,393 thousand, down from RMB 24,050,580 thousand at the end of 2023[16]. - Total liabilities decreased to RMB 9,023,380 thousand from RMB 9,601,449 thousand in the previous year[18]. - The equity attributable to shareholders was RMB 11,089,527 thousand, down from RMB 12,813,140 thousand at the end of 2023[17]. - Current assets as of June 30, 2024, were RMB 13,682.8 million, a 17.0% decrease from RMB 16,488.0 million on December 31, 2023[69]. - Cash and cash equivalents decreased by 25.3% to RMB 3,042.7 million from RMB 4,074.9 million as of December 31, 2023[69]. - Total equity decreased by RMB 1,572.1 million to RMB 12,877.0 million, a decline of 10.9% due to significant impairment provisions during the period[69]. Impairment and Losses - The company reported a significant increase in financial asset impairment losses, totaling RMB 2,883,872 thousand compared to RMB 45,605 thousand in the previous year[13]. - The net impairment loss on financial assets was RMB 2,883.9 million, an increase of 6,223.6% compared to RMB 45.6 million in 2023, mainly due to increased credit risk from related party customers[66]. - The provision for impairment of trade receivables increased to RMB 3,291,002,000 as of June 30, 2024, compared to RMB 1,053,795,000 as of December 31, 2023[40]. Revenue Breakdown - Property management services revenue increased to RMB 5,371,520,000 for the six months ended June 30, 2024, compared to RMB 5,267,285,000 in 2023, reflecting a growth of 2.0%[24]. - The company’s revenue from value-added services to owners decreased by 33.9% to RMB 771.5 million[50]. - Revenue from lifestyle and integrated services was approximately RMB 322.1 million, down 43.9% from RMB 574.5 million in 2023, representing about 41.7% of value-added services revenue[57]. - Revenue from home decoration and delivery services was approximately RMB 47.5 million, a decline of 50.5% from RMB 95.9 million in 2023, primarily due to a sluggish real estate market[58]. - Revenue from external value-added services was RMB 232.5 million, a decrease of 60.6% from RMB 590.1 million in 2023, representing about 3.3% of total revenue[60]. Corporate Governance - The company confirmed full compliance with the corporate governance code applicable during the six-month period ending June 30, 2024[92]. - The audit committee reviewed the financial statements for the six-month period ending June 30, 2024, including discussions on accounting principles and internal controls[90]. - The company has adopted a securities trading code for directors and supervisors, ensuring compliance with the standards set by the Hong Kong Stock Exchange[91].