Gelonghui, April 30, 丨 Fangyuan Life Service (09978.HK) announced that for the year ended December 31, 2023, the Group's total revenue was approximately RMB 427 million, a year-on-year decrease of about 16.6%, mainly due to the decline in revenue generated by real estate agency services. The Group realized a net loss of approximately RMB 57.1 million for the year ended 31 December 2023, while net profit was approximately RMB 31.7 million for the year ended 31 December 2022. Compared with the net profit margin of 6.2% for the year ended December 31, 2022, the net profit margin for the year ended December 31, 2023 fell to -13.4%. The decrease was mainly due to a sharp increase in net impairment losses on financial assets.
Chinese real estate developers, including Fangyuan Group (the company's largest source of revenue), are still facing financial difficulties. This situation limited supply and sluggish demand factors. In December 2023, China's real estate climate index hit a record low, and revenue from real estate agency services fell sharply.