On March 30, 2026, TIMES NEIGHBOR Holdings Limited (hereinafter referred to as "TIMES NEIGHBOR") officially released its full-year 2025 results announcement. In 2025, China's property services industry continued its deep transformation, shifting comprehensively from a phase of scale expansion to a new stage of high-quality development. Market competition evolved from reliance on resources to a contest of capabilities, placing higher demands on companies' market-oriented expansion abilities, service quality control, digital and intelligent operational levels, and diversified business layouts. Against this industry backdrop, TIMES NEIGHBOR adhered to the essence of service, guided by strategic upgrades, supported by technological empowerment, and focused on quality refinement, achieving steady growth in operating performance, continuous breakthroughs in market-oriented capabilities, and a steady enhancement of brand influence.

Financial quality continued to optimize, with profit resilience significantly strengthening. In 2025, TIMES NEIGHBOR's core financial indicators showed a trend of steady growth, with both profit scale and quality improving simultaneously, demonstrating strong operational resilience against the backdrop of overall industry profit pressure. During the reporting period, the company achieved operating revenue of RMB 2.496 billion, a 4.5% increase compared to RMB 2.389 billion in the same period of 2024, indicating steady expansion of revenue scale. Looking at the revenue structure, basic property management services, as the company's core foundation, generated revenue of RMB 1.620 billion in 2025, accounting for 64.9% of total revenue and representing a 7.5% year-on-year increase, significantly outpacing the overall revenue growth rate and becoming the core driver of revenue growth. The growth in property management service revenue was primarily driven by the company's significant achievements in third-party market expansion. The property management area sourced from third-party developers increased by 5.1% year-on-year during the reporting period, providing stable support for the growth of basic service revenue.

Profit performance significantly outperformed revenue, with continuous optimization of profit quality. In 2025, the company achieved a net profit of RMB 20.82 million, a substantial increase of 80.6% compared to RMB 11.52 million in the same period of 2024. After excluding non-operating and non-recurring items such as financial and contract asset impairments and fair value changes, the company's core net profit reached RMB 202 million, an 8.1% increase from RMB 187 million in 2024. The core net profit attributable to owners of the parent company was RMB 188 million, a year-on-year increase of 7.1%. The steady growth in core net profit genuinely reflects the sustained profitability of the company's main business. The high growth on the profit side stemmed from both the steady expansion of core business scale and the continuous improvement in the company's cost control capabilities, supplemented by other income. During the reporting period, the company's other income and gains reached RMB 61.60 million, a significant increase of 129.0% year-on-year, mainly due to the recognition of a RMB 29.20 million fair value gain on put warrants. Concurrently, the implementation of the company's digital and intelligent transformation drove the management expense ratio down by 1.2 percentage points, effectively achieving cost reduction and efficiency gains, further thickening the profit margin. Overall, the company's revenue structure continued to optimize, profit resilience continued to strengthen, and the financial foundation of high-quality development became increasingly prominent.

A stable operating condition and ample cash flow also provided a solid foundation for the company's continuous shareholder returns. As of December 31, 2025, the company's current ratio was 1.77 times, maintaining good short-term solvency and liquidity levels. The company had no outstanding interest-bearing borrowings, maintained a net cash position, and had no asset mortgages, financial guarantees, or contingent liabilities, indicating an extremely robust financial structure with no debt default risk. During the reporting period, the Board of Directors recommended a final dividend for the year ended December 31, 2025, of RMB 0.048 per ordinary share, totaling approximately RMB 47.312 million, a 33.3% year-on-year increase compared to RMB 35.484 million in 2024. The increasing dividend payout fully demonstrates the company's long-term commitment to shareholder returns and highlights its confidence in future operating cash flow and sustained profitability. Overall, the robust financial condition not only provides ample funding support for the company's market expansion, digital and intelligent transformation, strategic upgrades, and business innovation but also equips the company with the capability and confidence for counter-cyclical expansion and resource integration amid industry fluctuations.

As the property services industry moves away from related-party-driven extensive expansion towards a market-driven phase of high-quality growth, TIMES NEIGHBOR, leveraging its continuously improving market-oriented expansion capabilities, achieved steady growth and structural optimization of its management scale. As of December 31, 2025, the company's total contracted management scale reached 130.3 million square meters. Within this, the contracted management area for the property management segment (covering residential, commercial, public properties, etc.) was 98.1 million square meters, and the contracted management area for the industrial logistics real estate segment was 32.2 million square meters, forming a diversified scale layout.

Market-oriented expansion capability has become the core engine for the company's scale growth and its core competitiveness to navigate industry cycles. By the end of 2025, the proportion of contracted area acquired through third-party market expansion reached 72.7% (including the industrial logistics real estate segment), ranking high among leading industry enterprises. This signifies a complete departure from reliance on related-party real estate development businesses and the establishment of independent market survival and development capabilities. In terms of regional layout, the company continued to deepen its presence in the four major core city clusters: the Greater Bay Area, Yangtze River Delta, Chengdu-Chongqing, and the Middle Reaches of the Yangtze River, forming a nationwide network. The deep cultivation in these core city clusters provides a solid market foundation for the company's ongoing third-party expansion. Regarding business format layout, the company has achieved full coverage across diversified formats including residential, commercial, office buildings, hospitals, schools, industrial logistics real estate, and public buildings. This diversified layout not only mitigates cyclical risks associated with the adjustment of the real estate industry impacting a single residential format but also provides broad application scenarios for the subsequent expansion of value-added services and professional services. Furthermore, the company further refined its business layout and scale synergy through equity acquisitions, completing the acquisition of the remaining 20% equity in Chengdu Heda Union Technology Co., Ltd. during the reporting period, achieving 100% control. This strengthened the company's market layout and business synergy capabilities in the southwestern region, laying the groundwork for deeper expansion in regional markets.

The year 2025 was a critical year for TIMES NEIGHBOR's strategic upgrade and brand renewal. The company completed a dual upgrade of its brand and strategy, clarified its long-term development direction, saw the comprehensive implementation of various strategic initiatives, and continued to refine its diversified service ecosystem. During the reporting period, the company upgraded its corporate name to "TIMES NEIGHBOR TECH," renewed its corporate mission to "Enable more people to enjoy a better life," established the development goal of "Becoming China's most outstanding life service platform," and defined the core strategic direction of using technological intelligence to systematically evolve the service model from creating a "good life" to achieving a "better life." Centered around this new strategic positioning, the company focused on serving two cores: "space" and "people within the space," building a one-stop integrated asset service ecosystem covering four scenarios: Property, Home Purchase, Home Beautification, and Home Living. This ecosystem connects the entire lifecycle service chain for real estate, links upstream and downstream industry chain resources, and achieves a comprehensive extension from basic property services to full-cycle asset value management. The ecosystem built around these four scenarios forms a business system where "basic property services serve as the entry point, value-added services as the extension, and asset services as the core." This not only enriches the company's service portfolio and broadens revenue sources but also deeply binds homeowner needs through full-scenario service coverage, enhancing customer stickiness and brand loyalty. During the reporting period, although community value-added service revenue, affected by industry conditions, reached RMB 240 million with slight fluctuations, the ecosystem layout of the four scenarios laid a clear path for the long-term development of community value-added services. As synergistic effects continue to be released, value-added services are expected to accelerate value realization. The strategy of diversifying into multiple business tracks also continued to be implemented during the reporting period. While consolidating the basic residential property service foundation, the company continued to deepen its presence in non-residential formats such as industrial logistics real estate services and urban public services, forming a pattern of synergistic multi-track development. This effectively hedged against the impact of the real estate industry adjustment on traditional related-party businesses and enhanced the stability and risk resistance of the company's operations. Overall, the strategic upgrade in 2025 was not merely a brand refresh but a comprehensive reconstruction from development philosophy and business model to service capabilities, setting the direction and foundation for the company's long-term high-quality development.

In 2025, TIMES NEIGHBOR's digital and intelligent transformation achieved a critical leap from system construction to comprehensive implementation. The core achievement was the full rollout of the "Grid-based AI" smart service model, building a full-stack digital and intelligent capability matrix characterized by "standardized data foundation, synergistic business systems, and intelligent operational efficiency enhancement." This drives the simultaneous improvement of service efficiency, operational effectiveness, and customer experience through technological innovation, with the effects of technological empowerment becoming fully apparent. In standardizing the data foundation, the company built an intelligent system comprising 6 major categories, 91 items, and 26 million data points, centered on an urban map data system. This solidified the underlying foundation for data-driven operations across the entire domain, achieving standardized management of full-dimensional data including communities, facilities, personnel, and services, providing comprehensive data support for smart business decisions, intelligent operations, and service upgrades. In terms of business system synergy, the company empowered business frontlines and ecosystem operations with digital tools, optimizing the market investment and expansion management system to provide data support for smart decisions in third-party expansion. Simultaneously, it broke down system barriers between various business lines such as property management, value-added services, and professional services, achieving interconnectivity of business data and resource sharing, significantly improving cross-business and cross-departmental collaboration efficiency. For intelligent operational efficiency enhancement, the company built four major categories of AI-assisted systems: customer service, content operation, knowledge collaboration, and internal management. This deeply integrated digital and intelligent capabilities into all scenarios of service operations, using AI technology to replace repetitive, standardized basic tasks, significantly improving the efficiency of frontline services and internal management. This contributed to a 1.2 percentage point decrease in the management expense ratio during the reporting period, demonstrating significant cost reduction and efficiency gains, effectively enhancing organizational operational efficiency and profit potential. More importantly, the digital and intelligent transformation drove a fundamental upgrade in the company's service model. Leveraging three key technologies—a community holographic database, map-level visualization, and digital twin with IoT—the company built proactive warning and repair capabilities for community facilities and equipment, achieving a fundamental shift from traditional reactive maintenance to "self-healing" maintenance. This not only improved the full lifecycle management efficiency of facilities and equipment but also significantly enhanced the service experience for homeowners, turning the vision of a smart community into a tangible daily reality for residents, and providing a referenceable practical example for the digital and intelligent transformation of the property services industry.

TIMES NEIGHBOR has consistently promoted business innovation around the entire real estate lifecycle service chain, establishing three main business segments: Property Management Services, Community Value-Added Services, and Other Professional Services. While consolidating the basic property service foundation, the company has continuously achieved innovative breakthroughs in multiple tracks, cultivating a second growth curve. In 2025, the Other Professional Services segment generated revenue of RMB 636 million, accounting for 25.5% of total revenue, maintaining a stable development trend and becoming one of the company's core revenue sources. Industrial logistics real estate services are a highlight of the company's business innovation and a core achievement of its diversified track layout. This business is operated by its subsidiary, Shanghai Kejian Property Service Co., Ltd., providing full-lifecycle property service solutions for clients in the industrial logistics real estate sector, covering professional property management services, FM facility management services, and value-added services. Leveraging unique format expertise and continuous market expansion capabilities, the company's industrial logistics real estate services generated revenue of RMB 433.5 million in 2025, a 12.2% increase year-on-year, significantly exceeding the company's overall revenue growth rate. This segment accounted for 68.1% of the total revenue from Other Professional Services, establishing itself as a stable growth pole for the company. The layout in the industrial logistics track not only aligns with the industry trend of growing demand for logistics real estate services driven by the rapid development of domestic e-commerce and logistics but also creates a differentiated competitive advantage compared to traditional residential property services, broadening the company's development space. In the urban public services and electromechanical services segments, the company adhered to the principle of quality first, continuously optimizing the business structure and enhancing profit quality. In 2025, urban public services revenue was RMB 135.9 million, a decrease compared to the previous year, primarily due to the proactive exit from projects with poor payment collection. Although this impacted revenue scale in the short term, it significantly optimized the business structure, reduced operational risks, and improved the overall profit quality of the segment. The electromechanical services segment, covering elevator sales, installation, maintenance, and smart technology services, generated revenue of RMB 66.806 million in 2025, forming a full-cycle service capability around real estate facilities and equipment, which synergizes well with basic property management services. Overall, through business innovation, the company has transitioned from a traditional residential property service provider to an urban comprehensive service operator. The diversified business layout injects sustained momentum into the company's long-term development.

Service quality is the foundation of a property services enterprise and the core root of its long-term development. In 2025, TIMES NEIGHBOR consistently adhered to the essence of service, continuously deepened service quality upgrades, and enhanced customer satisfaction while solidifying its brand reputation through systematic quality control systems and warm community services. During the reporting period, the company深入推进 the "Original Intention Plan 5.0," building a systematic, measurable, and sustainable quality improvement system supported by four pillars: Safety, Renewal, Beautification, and Empowerment. In professional capability building, the company continuously improved the professional skills and comprehensive service levels of frontline staff through an "expert in one area, proficient in many" training system covering all employees. In community security, the company established a dual security system combining human patrols and technical defenses, achieving proactive security prevention and control through digital and intelligent technologies, comprehensively strengthening the community security防线. In community environment and facility maintenance, the company continuously improved the living environment and ensured the stable operation of community facilities through systematic facility maintenance and environmental renewal projects, achieving the preservation and appreciation of community real estate value. While enhancing basic service quality, the company continued to deepen community cultural development, focusing on the core needs of "people" to create warm community services. In 2025, the company organized over 3,000 community cultural events throughout the year, continuously deepening the construction of a friendly community that is "elderly-friendly," "child-friendly," and "pet-friendly." It provided personalized and refined services tailored to the needs of different groups, shaping a warm neighborhood culture that effectively enhanced homeowner satisfaction, sense of belonging, and brand loyalty.

In summary, 2025 was a pivotal year for the transformation and upgrading of the property services industry, where the industry's development logic shifted from prioritizing scale to prioritizing quality, and from relying on resources to being driven by capabilities. As a leading enterprise in the industry, TIMES NEIGHBOR achieved steady growth in revenue and profit, continuous breakthroughs in market-oriented capabilities, comprehensive implementation of digital and intelligent transformation, ongoing upgrades in service quality, and continuous improvement in strategic layout during the year. This demonstrated strong operational resilience and core capabilities for high-quality development, further consolidating its leading position within the industry's top 11. Looking ahead, TIMES NEIGHBOR will adopt "Upholding Integrity and Solid Foundation, Innovating for Long-term Success" as its development tone. It will steadfastly adhere to the core初心 of creating value for customers, continuously deepen the integration of technology and services, refine the asset service ecosystem of the four scenarios—Property, Home Purchase, Home Beautification, and Home Living—and persistently cultivate diversified service tracks. It will continue to exert efforts in community life services, home purchase services, and space operation, aiming to unify economic benefits with social value. Amid the wave of industry transformation and upgrading, TIMES NEIGHBOR, with its solid industry position, robust financial condition, continuous innovation capability, and profound service积淀, is poised to continually consolidate its leading industry position, achieve long-term, steady, high-quality development, and steadily advance towards the goal of "Becoming China's most outstanding life service platform."