On January 21, S-ENJOY SERVICE (01755.HK) announced that a board meeting originally scheduled for January 20 would be postponed. The meeting was initially intended to review and approve the company's full-year 2024 results and discuss matters such as the final dividend distribution. The postponement was attributed to the auditor requiring additional time to complete the audit work. However, the company did release its unaudited full-year results. According to exchange regulations, S-ENJOY SERVICE was required to publish its 2024 full-year results by March 31, 2025. On the deadline day, the company announced a delay in the results publication and a trading halt. The delay was due to the auditor identifying "abnormalities in certain fund transactions with related parties," prompting the company to initiate an investigation. It has now been 10 months since the announcement to delay the results; during this period, S-ENJOY SERVICE launched an independent investigation, saw the resignation of its auditor PwC, the departure of a CFO who had been in the role for less than 9 months, and the dismissal of the individual leading the related-party transactions (who held the positions of Executive Director and Chief Operating Officer). To date, S-ENJOY SERVICE has partially fulfilled the conditions for resuming trading. Clarifying the plan for financial results disclosure is one of these conditions; ten months after the initial delay announcement, the company has again postponed the review of its results for specific reasons. In addition to the 2024 full-year results, the company still needs to publish its 2024 annual report and its 2025 interim report. The announcement disclosed S-ENJOY SERVICE's full-year 2024 performance. During the period, the company achieved revenue of 5.056 billion yuan, a year-on-year decrease of 6.8%. Specifically, revenue from property management services was 3.576 billion yuan, up 0.6%; revenue from community value-added services was 1.185 billion yuan, down 9.9%; and revenue from developer value-added services was 295 million yuan, down 46.9%. In terms of profit, S-ENJOY SERVICE recorded a gross profit of 937 million yuan in 2024, a decrease of 34.9% year-on-year; the gross profit margin was 18.5%, down 8 percentage points from 26.5% in the same period last year. By business segment, the gross profit margins for property management services, community value-added services, and developer value-added services during the period were 16.6%, 26.4%, and 10.5%, respectively, down 7.4, 9.3, and 10.3 percentage points year-on-year. In 2024, S-ENJOY SERVICE reported a net loss of 876 million yuan, compared to a net profit of 508 million yuan in the prior year; the loss attributable to owners of the company for the year was 820 million yuan, versus a profit of 445 million yuan in the same period last year. The announcement showed that as of the end of 2024, S-ENJOY SERVICE's total accounts receivable were 1.259 billion yuan, a decrease of 29.95% year-on-year. Among these, receivables from related parties amounted to 961 million yuan, an increase of 162 million yuan, or 20.23%, compared to the previous year; receivables from third parties were 1.261 billion yuan, up 1.23% year-on-year; the expected credit loss provision was -964 million yuan. Board Chairman Qi Xiaoming stated in the results announcement that the company's business revenue highly correlated with the real estate industry has been declining for many years, and it continues to seek to further reduce the scale of related operations, thereby aiming to return the receivables due from related parties to a healthy level. Qi Xiaoming also noted that in the second half of 2024, on a half-on-half sequential basis, the company's revenue related to the real estate industry continued to decline significantly. Furthermore, according to an agreement signed with related parties such as Seazen Holdings (601155.SH) in October 2024, the revenue obtained by the group from providing services to Seazen Holdings and other related parties in 2025 will not exceed 120 million yuan. He expressed confidence that trade receivables from related parties should begin a downward trend. Qi Xiaoming further stated that since the end of 2023, the group identified performance pressures and goodwill risks exhibited by previously acquired companies in a highly competitive environment. In 2024, the company completely exited one previously acquired property management enterprise. This year, the scope of issues emerging from acquired companies has been broader, attributable to intense industry competition, but deficiencies in past investment decisions and post-investment management also warrant deep reflection. For some acquired enterprises that genuinely fail to meet performance expectations, management has begun exploring relevant solutions and is committed to making every effort to minimize losses.