Dexin Services Group reported a net loss of RMB232.06 million for the year ended 31 December 2025, reversing a profit of RMB37.67 million in 2024. The downturn was driven by a sharp rise in impairment provisions and softer revenue.

Revenue and Profitability • FY25 revenue fell 5.11% year-on-year to RMB885.85 million. • Gross profit slipped 8.34% to RMB171.94 million; gross margin narrowed 0.7 percentage point to 19.4%. • Basic loss per share stood at RMB0.248 versus earnings of RMB0.042 a year earlier. • No final dividend was proposed.

Business Mix • Property management services remained the core contributor, generating RMB820.86 million (92.7% of total revenue). • Value-added services to non-property owners declined 39.4% to RMB23.45 million. • Community value-added services fell 33.4% to RMB41.54 million.

Impairments and Auditor’s Opinion • Impairment on trade and other receivables surged to RMB297.75 million, reflecting higher credit risk and a full write-off of a RMB250 million deposit linked to Dexin China Holdings, which is in liquidation. • Investment properties booked a RMB9.41 million impairment. • Zhonghui Anda CPA Limited issued a qualified opinion, citing uncertainty over the recoverability of the RMB250 million deposit and related receivables timing.

Balance Sheet and Liquidity • Cash and cash equivalents stood at RMB140.44 million (-30.54% YoY). • Total borrowings were RMB10.00 million; gearing ratio remained at 0.02. • Net current assets amounted to RMB211.12 million, down from RMB660.49 million a year earlier. • Net assets fell to RMB464.10 million from RMB690.23 million.

Operating Metrics • Gross floor area (GFA) under management slipped 3.4% to 37.8 million sq.m; contracted GFA dropped 3.3% to 40.8 million sq.m. • Properties developed by third parties contributed 48.7% of revenue from property management services.

Post-Balance-Sheet Events • February 2026: Dexin Services agreed to sell a 30% stake in subsidiary Shengquan Property to Deqing Kaisibo for RMB96.91 million, constituting a deemed disposal. • March 2026: Completed acquisition of Deqing Moganshan Ruijing Real Estate for RMB78.00 million (funded partly by IPO proceeds), bringing a hotel asset in Moganshan into the group.

Dividend • The board did not recommend a dividend for FY25, unchanged from FY24.

Dexin Services stated that it will continue focusing on cost control, digitalisation and selective expansion while addressing auditor-identified concerns over deposit recoverability.