Gelonghui April 30, Fangyuan living Services (09978Andromedacasinonodepositbonuscodes.HK) announcementAndromedacasinonodepositbonuscodesFor the year ended December 31, 2023, the GroupAndromedacasinonodepositbonuscodesThe total income is about RMB 4.Andromedacasinonodepositbonuscodes.27 billion yuan, down about 16.6% from the same period last year, mainly due to the decline in revenue from real estate agency services. The Group realized a net loss of approximately RMB 57.1 million for the year ended 31 December 2023 and a net profit of approximately RMB 31.7 million for the year ended 31 December 2022. Compared with 6.2% of net profit margin for the year ended December 31, 2022, net profit margin for the year ended December 31, 2023 decreased to-13.4%. The decrease was mainly due to a substantial 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 original financial difficulties, which limits supply. Coupled with the malaise of demand factors, China's real estate climate index hit an all-time low in December 2023, and real estate agency service revenue fell sharply.