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碧桂園服務控股有限公司 碧桂園服務控股有限公司 Country Garden Services Holdings Company Limited

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碧桂園服務控股有限公司 碧桂園服務控股有限公司 Country Garden Services Holdings Company Limited 碧桂園服務控股有限公司 碧桂園服務控股有限公司 Country Garden Services Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) Stock Code: 6098 Country Garden Services Holdings Company Limited 2020 ANNUAL REPORT 2020 ANNUAL REPORT Content 2 Corporate Overview 3 Corporate Information 4 Major Events 8 Awards and Honours 10 Chairman’s Statement 15 Financial Summary 16 Management Discussion and Analysis 32 Biographical Details of Directors and Senior Management 40 Corporate Governance Report 58 Report of the Directors 89 Independent Auditor’s Report 95 Consolidated Statement of Comprehensive Income 96 Consolidated Balance Sheet 98 Consolidated Statement of Changes in Equity 99 Consolidated Statement of Cash Flows 100 Notes to the Consolidated Financial Statements 175 Glossary CORPORATE OVERVIEW Country Garden Services Holdings Company Limited (stock code: 6098.HK) is a leading service provider in comprehensive property management in China with residential property as its major focus. We have won industry-leading customer satisfaction rate with outstanding service quality and service brands as well as gained high recognition in the industry. The Group has won authoritative awards including “No.1 in terms of Comprehensive Strength” (綜合實力第一), “No.1 in terms of Operational Performance” (經營績效第一) and “No.1 in terms of Service Scale” (服務規模第一) among the “Top 100 Property Management Companies in China in 2020” (2020年中國物業服務百強企業) granted by China Index Academy; “Top 1 among Property Management Companies in China in terms of Comprehensive Strength” (中國物業企業綜合實力Top 1), “Top 1 of the Top 10 in terms of Investment Value” (投資價值十強Top 1) and “Top 1 among Top 100 Listed Property Management Companies in China” (中國上市物業企業百強Top 1) in 2020 granted by YIHAN (億翰智庫). Founded in 1992, the Group experienced 29 years of steady development. It always adheres to the service concepts of “Cater for property owners’ urgent needs; address property owners’ concerns” and “Property owner-oriented”. With strong business capability and lean management, it has completed three major certifications of the British Standards Institution (BSI), being quality management system ISO, environmental management system ISO and occupational health and safety system. It has formed a comprehensive and efficient property management service system, and is committed to letting property owners experience the beauty of property services through strong offline service system and consolidation of community business resources. Furthermore, it provides full life-cycle services by focusing on preservation and appreciation of the value of owners’ real estates. Our major business sectors include: (i) property management services, (ii) community value-added services, (iii) value-added services to non-property owners, (iv) the “Three Supplies and Property Management” businesses, and (v) city services, which constitute part of our comprehensive services we provide to customers that cover the full range of value chain in property management. As at 31 December 2020, apart from the “Three Supplies and Property Management” businesses, our contracted gross floor area (“GFA”) was approximately 820.5 million sq.m., and our revenue-bearing GFA was approximately 377.3 million sq.m.. In addition, as at 31 December 2020, both of the contracted and revenue-bearing GFA of the property management services of “Three Supplies and Property Management” businesses were approximately 85.2 million sq.m. We managed a total of 3,277 property projects covering more than 360 cities across 31 provinces, municipalities, autonomous regions and the Hong Kong Special Administrative Region in China and overseas markets, providing quality services to approximately 4.24 million property owners and commercial tenants. Property management services — We provide property owners, residents and property developers with a series of property management services, including security, cleaning, green landscaping, gardening, repair and maintenance, and other services. We have been optimizing our property management portfolio and enriching our forms of management. Currently, our property management portfolio covers residential properties, commercial properties, office buildings, industrial parks, multi-purpose complexes, government buildings, hospitals, schools and other public facilities, such as airport terminals, highway service stations, scenic areas and other non-residential properties. Community value-added services — We are committed to becoming an “integrated whole-cycle community life services operator”. By focusing on the family growth cycle of property owners, the property value cycle and the mature development cycle of communities, we strive to provide property owners with comprehensive community life services to meet their needs for asset preservation and appreciation and daily life needs. By integrating community business resources, we are dedicated to letting property owners experience the beauty of property services. Six major businesses have gradually formed in our community value-added services segment: (i) home services; (ii) home decoration services; (iii) community media services; (iv) value-added innovations services; (v) real estate brokerage services; and (vi) community area services. Value-added services to non-property owners — The value-added services we provide to non-property owners mainly include (i) management consultancy services to property developers for their pre-sale activities, as well as consultancy services for properties managed by other property management companies, (ii) cleaning services, green landscaping, repair and maintenance services to property developers at the pre-delivery stage, and (iii) sales and leasing agency services of unsold parking spaces and properties. “Three Supplies and Property Management” businesses — In 2018, we established a joint venture and began to enter the separation and transfer of property management and heat supply on “Three Supplies and Property Management” Reform. We successfully completed the full takeover of the projects during the Year. We will give full play to our successful experience in this benchmarking project and continue to further develop the “Three Supplies and Property Management” field, thus creating one of our future growth drivers. City services — The Group is committed to becoming a leading provider of integrated city governance public services in the PRC. We adhere to our strategy of focusing on new urbanization. With “improving governance and environment to benefit business and people” as core value, we promote high-quality development of cities through its three core businesses, being city public service, city resource management and city digital governance. The “City Co-existence Programme” is a city service product launched by the Group by leveraging its development and 29 years of experience in providing new city services and combining its whole industrial chain advantage, with the core philosophy of “Making cities better with our services”, driven by market demand and core technologies and on the basis of sharing ecological partners and resource platforms. Under the programme, the Group strives to achieve the balance between maximizing economic, social and environmental benefits, while maintaining the balance between the comprehensive and long-term benefits of city governance public services. On 19 June 2018, the Company was listed on the Stock Exchange, indicating its formal entrance into the international capital market. Since the listing, its position in the international capital market was gradually enhanced — It was included as a constituent of MSCI China All Shares Index on 31 August 2018, and was included as a constituent of Hang Seng Composite LargeCap & MidCap Index and in the Hong Kong Stock Connect stock list on 10 September 2018. It was included as a constituent of Hang Seng China (Hong Kong-listed) 100 Index and Hang Seng China Enterprises Index on 9 December 2019 and 15 March 2021, respectively. For credit rating, the Company received Fitch’s long-term foreign-currency issuer credit rating of investment grade BBB- with stable outlook on 20 March 2020. In addition, it received a rating of A in the MSCI ESG ratings assessment in November 2019 and has maintained such rating since then. 2 Country Garden Services Holdings Company Limited CORPORATE INFORMATION BOARD OF DIRECTORS PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors 4th Floor, Ruttonjee House Mr. Li Changjiang (President) Ruttonjee Centre Mr. Xiao Hua 11 Duddell Street Mr. Guo Zhanjun Central Hong Kong Non-executive Directors Ms. Yang Huiyan (Chairman) HEADQUARTERS AND PRINCIPAL PLACE OF Mr. Yang Zhicheng BUSINESS IN THE PRC Ms. Wu Bijun West Building of Country Garden Office Beijiao Town Independent Non-executive Directors Shunde District, Foshan Mr. Mei Wenjue Guangdong Province, PRC Mr. Rui Meng Mr. Chen Weiru CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE AUDIT COMMITTEE Conyers Trust Company (Cayman) Limited Mr. Rui Meng (Chairman) Cricket Square, Hutchins Drive Mr. Mei Wenjue P.O. Box 2681 Mr. Chen Weiru Grand Cayman KY1-1111 REMUNERATION COMMITTEE Cayman Islands Mr. Chen Weiru (Chairman) Ms. Yang Huiyan HONG KONG BRANCH SHARE REGISTRAR Mr. Mei Wenjue Tricor Investor Services Limited Level 54, Hopewell Centre NOMINATION COMMITTEE 183 Queen’s Road East, Hong Kong Ms. Yang Huiyan (Chairman) Mr. Rui Meng AUDITORS Mr. Chen Weiru PricewaterhouseCoopers Certified Public Accountants ENVIRONMENTAL, SOCIAL AND GOVERNANCE Registered Public Interest
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