Zhong An Intelligent Living Service reported FY2025 revenue of RMB 472.38 million, up 14.60% year-on-year, driven by an expanded project portfolio and stronger community value-added services. However, net profit fell 18.70% to RMB 30.34 million as margins narrowed and impairment provisions increased.

Revenue mix • Property management services: RMB 379.78 million, +9.40%; share of total revenue fell to 80.40% from 84.20%. • Value-added services mainly to property developers: RMB 38.87 million, +5.57%. • Community value-added services: RMB 53.73 million, +90.57%, boosted by new community promotion business.

Profitability • Gross profit edged up 1.92% to RMB 122.59 million, while the overall gross margin declined to 26.0% (FY2024: 29.2%), reflecting lower margin on new community services and higher service quality costs. • Impairment losses on financial assets surged 147.65% to RMB 26.51 million amid a softer collection environment. • Administrative expenses decreased 13.00% to RMB 52.32 million, trimming the expense ratio to 11.1% (FY2024: 14.6%).

Balance sheet and liquidity Total assets rose 16.40% to RMB 546.88 million, supported by trade receivables growth. Cash and cash equivalents increased to RMB 171.95 million (FY2024: RMB 137.18 million). Current ratio stood at 2.7x versus 2.8x a year earlier. Net assets amounted to RMB 319.65 million, translating to a net asset value of RMB 0.62 per share.

Operating metrics Gross floor area under management expanded 10.00% to 22.09 million sq m across 146 projects, with independent third-party developers contributing 26.40% of property management revenue. Non-residential projects accounted for 24.60% of property management turnover, up from 22.40% a year earlier.

Dividend The board proposed a final dividend of RMB 0.0149 per share, down from RMB 0.0189 per share for FY2024, subject to shareholder approval on 4 June 2026.

Outlook Management plans to deepen penetration in the Yangtze River Delta, enhance digital and robotic service deployment, and broaden value-added offerings such as asset operation and community retail, while pursuing cost optimisation through centralized procurement and energy-saving initiatives.