Core views:

TEFA Services' revenue in 2020 was 1,109 billion yuan, up 24.4% year on year; net profit was 108 million yuan, up 60.3% year on year; gross profit margin was 12.0%; net profit margin was 12.0%; net profit margin was 9.8%. Although operating performance increased steadily, net interest rate did not have an advantage compared to listed property companies (industry average net interest rate 14.1%).

After listing, TEFA did not use the funds raised for enterprise development. Since TEFA Services is an enterprise under the Shenzhen State-owned Assets Administration Commission and is listed on A-shares, they are relatively cautious about the use of the funds raised.