2021-09-17-港交所-浦江中国_2021中期报告_62页_2mb

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Riverine China Holdings Limited<br> 浦 江 中 國 控 股 有 限 公 司<br>(Incorporated in the Cayman Islands with limited liability)<br>(於開曼群島註冊成立的有限公司)<br>Stock Code 股份代號：1417<br>INTERIM REPORT<br>中 期 報 報告
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Reduced summary length to improve reliability, focusing solely on key financial metrics and business outlooks.

Financial Highlights

For six months ended 30 June 2021, revenue increased by 26.4% to RMB429,600,000 from 339,900,000 in 2020. The company's profit rose by 3.3% to RMB29,679,000, reflecting expansion in property management contracts (+2.2%) and urban sanitary services (+31.6%).

Business Review

Shanghai-based Group provides property management services (75% from non-residential properties) and urban sanitation services in 21 Chinese provinces. New property management agreements reached 508, up from 497 in 2020. Key recent events included the disposal of part Shanghai Xin Shi Bei stake, contributing RMB40 million gain.

Swot Analysis

Strengths High focus on non-residential properties (over 80% at revenue); stable in-core cities like Shanghai<br>Weakness Gross margin contracted due to social insurance relief policy termination<br> Opportunities Expanding smart building systems nationwide; cautious market exploration in investment areas<br> Threats Global economic climate challenges acquisitions; rising competition

Governance Compliance

Meeting all corporate governance expectations under CG Code and listing rules. Issued without qualifications on audit committee review and interim financial health

Key Ratio Analysis

Operating Ratios:

• Revenue: 26.4% YoY<br>
• Gross Margin: 13.9% (vs 17.4% YoY)<br>
• Net Margin: 6.9% (vs 7.6% YoY)<br>
  Liquidity : Current/Liquidity Ratios remain stable at 1.3x<br>
  Capital Adequacy： Total Debt-to-Equity at 25.6% (vs 39.7% YoY)<br>
  Profitability Return on Shareholders' Equity of 8.8%

Strategic Outlook

Continuing property services-focused strategy with digital transformation investment. Exploring acquisitions (currently under review) while maintaining stringent financial discipline. Managing pandemic-related spending effectively despite higher travel/entertainment expenditures

Disclaimers

No material litigation or regulatory notice pending. Pledged assets meet traditional banking security metrics. Regular performance reviews maintain strong staff commitment

Es

Minimal debt burden, improved operational efficiency, consistent strategy, prepared for future growth risks
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