The Group is a leading happy living service provider nationwide. The main business scope covers property services, community living services and consulting services. The Group always adheres to the concept of “Service Makes Life Better”, and the strategic goal of the Group is to become the most valuable happiness service provider in China. The Group adheres to the customer-oriented and quality-oriented service strategy, the development strategy on human-oriented technological synergy, the business strategy of improving the lean operational efficiency, and adheres to the original intention of service and service innovation. The Group will complete the same goal with employees, grow together with the property owners, and make progress with the society.
 
For the year ended 31 December 2025, the Group achieved the following:
 
Revenue was RMB19,164.4 million. Compared with that for the year of 2024, which was RMB17,893.5 million, the growth rate on Y/Y basis reached 7.1%.
 
The Group’s revenue comes from three major businesses: (i) property services; (ii) community living services; and (iii) consulting services. During the year, (i) revenue from property services reached RMB13,644.1 million, accounting for 71.2% of the Group’s overall revenue. Compared with RMB12,401.3 million for the year of 2024, there was a Y/Y growth of 10.0%; (ii) revenue from community living services reached RMB2,756.3 million, accounting for 14.4% of the Group’s overall revenue, representing a Y/Y increase of 0.6% from RMB2,738.9 million for the year of 2024; and (iii) revenue from consulting services amounted to RMB2,763.9 million, accounting for 14.4% of the Group’s overall revenue. There was a Y/Y growth of 0.4% compared with RMB2,753.2 million for the year of 2024.
 
Property services — accounting for 71.2% of total revenue and 58.6% of total gross profit

Property services remain the Group’s largest revenue and margin source. The Group has been mainly adopting the overall rationing system for service charging. Based on our management experience and cost control capability over the past 20 years, property services continuously provide us with stable revenue and profit, as well as good reputation, and is the cornerstone of the Group’s implementation of its living services strategy. We will continue to strengthen our core fundamental services of “Security”, “Maintenance”, “Environmental” and “Greening”, while effectively integrating the service contents of the Group’s various product lines and empowering them with technology to drive the orderly and steady growth of this business segment. During the year:
 
Revenue reached RMB13,644.1 million, representing an increase of 10.0% compared with RMB12,401.3 million for the year of 2024, which was mainly due to the revenue growth brought by the steady growth of the managed GFA.
 
Gross profit reached RMB1,948.5 million, representing an increase of 14.5% from RMB1,701.6 million for the year of 2024.
 
The managed GFA reached 566.1 million sq.m., representing an increase of 11.2% compared with 509.0 million sq.m. in 2024. During the year, through the market strategy of deepening and focusing on core cities, key regions and service formats, we have continuously strengthened and deepened the expansion of high-quality existing projects within the cities and increased the number and scale of projects delivered in the same year. At the same time, we have implemented the Deep Service system, and leveraged technology empowerment through the integration of “Property + AI” to enhance efficiency, continued to elevate service quality and property owners’ service perception, thereby driving the steady growth of the managed GFA.
 
Reserved GFA, as a major source of the future managed GFA, reached 330.8 million sq.m., representing a decrease of 7.4% compared with 357.2 million sq.m. in 2024. During the year, we prudently carried out the expansion of incremental markets, continued to strengthen our effort in developing high-quality existing projects within the cities, and optimized delivery control measures for incremental projects. Meanwhile, we proactively withdrew from some non-core cities and reserve projects with delivery risks, in order to minimize the possible delivery risks of the subsequent projects. We are of the view that quality reserved GFA provides a solid foundation for the sustainable growth of the Group’s future performance. Going forward, the Group will continue to strictly control the access threshold for incremental projects, strengthen the process management and risk management of reserved GFA, so as to effectively safeguard the quality growth of the Group’s revenue.
 
Managed projects reached 3,823, covering 195 cities in 31 provinces, municipalities and autonomous regions in China.
 
Community living services — accounting for 14.4% of total revenue and 18.6% of total gross profit

Community living services offer systematic product and service solutions based on the property owners’ needs of a better life scene. They are an extension of property services and an important area for us to build an ideal community that integrates “recreation”, “learning”, “joy” and “longevity”.
 

 1. During the year, the revenue from community living services was RMB2,756.3 million,           representing an increase of 0.6% compared with RMB2,738.9 million in 2024. Among them:

 

 2. Community products and services (accounting for 49.8% of the revenue from community      living services): the revenue reached RMB1,372.0 million, representing an increase of            4.7% Y/Y compared with RMB1,310.3 million in 2024.
 

 3. Home living services (accounting for 9.4% of the revenue from community living                    services): the revenue reached RMB260.5 million, representing a decrease of 34.2% Y/Y        compared with RMB395.7 million in 2024.

 

 4. Community space services (accounting for 13.1% of the revenue from community living        services): the revenue reached RMB360.9 million, representing an increase of 23.3% Y/Y       compared with RMB292.7 million in 2024.

 

 5. Property asset management services (accounting for 24.1% of the revenue from                    community living services): the revenue reached RMB664.2 million, representing an                increase of 4.6% Y/Y compared with RMB635.3 million in 2024.

Cultural and education services (accounting for 3.6% of the revenue from the community living services): the revenue reached RMB98.7 million, representing a decrease of 5.9% Y/Y compared with RMB105.0 million in 2024.

Consulting services — accounting for 14.4% of total revenue and 22.8% of total gross profit

We continued to focus on the full life cycle of real estate, through the integration of high-quality resources, the construction of a standardised system and business innovation, and by fully leveraging our professional advantages in property services, we provided products and services in line with the service demands of customers at different stages, continuously creating and realizing the value for customers.
 
During the year, in order to more clearly reflect the business layout of the Group and considering the high overlap in customer bases between the Group’s consulting services and technology services, we adjusted the classification of the main businesses: the technology services were classified under the management consulting services in the consulting services segment, and based on this, the relevant comparative figures of the consulting services for the year ended 31 December 2024 were restated.
 
Revenue reached RMB2,763.9 million, representing an increase of 0.4% compared with RMB2,753.2 million in 2024.
 
Our gross profit increased by 3.0% to RMB756.3 million from RMB734.1 million in 2024.