With spring blossoms painting the garden paths and elm seeds full along the fragrant trails, this verse by Xin Qiji of the Southern Song Dynasty not only captures the splendid vernal scene of our community, but also mirrors the heartfelt sentiment with which, on behalf of the Board, I present to our shareholders the annual results of the Company for the year of 2025.
 
Through the fluency of strategic execution and the profundity of strategic nurturing, we have achieved continued improvement in performance results. In 2025, Greentown Service recorded revenue of RMB19,164.4 million during the year, representing a year-onyear increase of 7.1%; core operating profit of RMB1,877.5 million, representing a year-on-year increase of 24.6%; and profit attributable to equity shareholders of the Company of RMB880.2 million, representing a growth of 29.9% compared with the profit attributable to equity shareholders from continuing operations in 2024. These results stem from the persistent dedication of every employee; this glory stands upon the trust placed by every property owner; and this performance will ultimately give back to the steadfast companionship of every shareholder. Drops of water gather to form rivers; rays of light converge to illuminate the path ahead.
 
 I. The Synergy of Service Innovation and Quality Enhancement
2025 marks the inaugural year of Greentown Service’s “Deep Service” system. We have elevated the precision and warmth of our services to a strategic priority, ensuring that spatial value and living needs are addressed with meticulous care.
 
Reshaping the service excellence through comprehensive stewardship. Caring for the elderly, understanding children, being adept in community engagement, and excelling in space management have become the benchmarks for butler star certification. Interviewing clients, identifying requirements, resolving problems and bridging service gaps have become the foundational duties for managers and frontline staff. The synergy between personal advancement and the iterative evolution of scenarios is redefining the quality and experience of our services. Consequently, third-party property owners’ satisfaction has further increased from an already high baseline.
 
Illuminating a new service frontier with lighthouse leadership. Several pilot projects of digital butlers with knowledge of technology, fluency in industry trends, capability in decision-making, and strength in application have commenced. We have established an AI strategy development committee and launched the “Lighthouse Action” to bring together frontline staff and technology enterprises for collaborative scenario-based research. We are opening up our community to recruit top-tier intelligent partners, allowing robotic dogs, drones and AI-enabled receptionists to evolve and iterate within real-world environments. Concurrently, we are establishing standard operating procedure (SOP) for human-machine collaboration. Through digital dispatch and employee role transition, we ensure technology is imbued with warmth and services are delivered with precision. Xixi International Business Center and Zhejiang University Alumni Enterprise Headquarters have taken the lead in becoming the Group’s “technology testing ground”, exchanging openness for capability, gathering ecosystems through scenarios, and having received recognition from government inspections. It lights the way forward for replication and broader implementation.
 
II. Market Resilience and Superior Quality Complement Each Other
“Enabling more people to enjoy high-quality services”, this was the original aspiration that drove Greentown Service to pioneer the market 25 years ago. Upholding integrity and adhering to long-termism, on the other hand, is the confidence that has enabled Greentown Service to navigate through cycles over the past 25 years.
 
Excellent service fosters a strong reputation, and a strong reputation brings a good market. High-quality development has progressed steadily and rapidly, with market expansion exceeding the annual saturated revenue target of RMB4 billion. The average property management fee for newly signed projects remains at a relatively high level, with good quality and commensurate value. Annual saturated revenue from newly expanded non-residential projects accounted for 53.5%, demonstrating a powerful transformation. Our advantageous position in existing residential properties remains solid, and urban services are deeply deployed. Our market footprint is not merely about accumulating scale, rather, it emphasizes capturing the compound benefits of quality.
 
Only by understanding a city can one truly integrate into it. In early 2026, policies concerning urban upgrading were intensively released, fully initiating the renewal of existing urban areas. From Cuiyuan and Tianshui Subdistrict in Hangzhou to Henggang in Tonglu, the start of the new year has already seen the signing of large-scale urban district projects. Greentown Service’s integrated city-wide model has become a reference case for research in relation to high-quality urban development. We firmly believe that persistent dedication will eventually yield results. If we consistently invest effort in a specific area, that space will eventually yield returns. Ultimately, a city will repay those who adopt a long-term perspective.
 
III. Individual sector advancement in tandem with system integration
For community commerce, early childhood education, elderly care, consulting, marketing, technology and other sectors, each specialized sector incubated from our main businesses operates as an independent segment, delivering significant individual value within its own sector, while also forming an integrated system for collaborative operations. “Property + System Integration Capability” has become our in-house service model, serving as both the driving force behind our 2025 performance growth and the differentiator of our industry capabilities.
 
In 2025, the long-incubated “elderly care and early childhood” businesses released positive signals. Early childhood education and childcare refined their products through streamlining, achieving profitability in its first year. The occupancy rate in elderly care business institutions achieved double-digit growth, while the service efficiency of government home-based care sites also improved; community commerce continued to achieve operational efficiency, consulting, marketing and technology have responded flexibly to the macro environment and shifted to service and products better aligned with client needs. Together, they built the system integration advantage of Greentown Service, not a simple sum of individual capabilities, but a multiplier effect created by multi-sector synergy. When each sector finds their own rhythm, the entire system resonates in symphonic harmony.

FUTURE OUTLOOK: DEEPENING REFORMS, FOCUSING ON VALUE
This may be a challenging period for the industry as homogeneity intensifies, demand differentiation diverges, boundaries blur and anxiety mounts. But we firmly believe this is the best of times, the industry is still in a period of growth and opportunity. When the noise fades and the froth clears, those who truly understand service product design and iteration, and the enterprises that consistently contribute their dedication and creativity to meeting market demand, will ultimately be seen and needed.

The year of 2026 marks a pivotal year for Greentown Service to transition from “reform” to “comprehensive deepening of reform”, and leap from enhancing value to reshaping value. We will continue to maintain strategic focus, placing projects at the core, products as the foundation and teams as the bedrock. We will adopt long-termism to hedge against short-term volatility and cognition, and respond to an uncertain external environment with the certainty of service value. Service is an endless long-distance race, those who stay the course will receive their due rewards; those with perseverance will eventually see the stars. We see because we believe; we arrive because we persist. Let’s move forward together with shared purpose and meaningful action, and reap even greater rewards in the vast and promising times of 2026!

 
Yang Zhangfa
Chairman