On March 26, YUEXIU SERVICES (06626) disclosed its full-year 2025 results. Amidst a complex environment of industry-wide adjustments and intense competition in the property management sector, the company adhered to its "long-termism" principle, focusing on "enhancing operational quality" as its core guideline. This approach resulted in a multi-dimensional development pattern featuring robust financial health, iterative upgrades in basic services, breakthroughs in non-residential segments, and substantial, practical returns for shareholders.
During the reporting period, the company achieved operating revenue of RMB 3.902 billion. Cash and term deposits amounted to RMB 4.906 billion, and operating cash flow remained positive at RMB 509 million, demonstrating financial resilience that places the company at the forefront of the industry. Concurrently, the full-year dividend payout ratio was increased to 60%, with a dividend per share of RMB 0.11, rewarding shareholders' trust with tangible returns.
Substantial cash reserves and dividend returns underscore the company's solid foundation. Financial stability serves as the "ballast stone" for navigating industry cycles. In 2025, YUEXIU SERVICES consistently upheld the principle of "safety first, steady operation." By optimizing cash flow management and strictly controlling operational risks, the company built a financial system characterized by both resilience and vitality. It also demonstrated its commitment as a state-owned enterprise and confidence in its development through high dividend payouts and share repurchases.
By the end of the reporting period, the company's cash and term deposits reached RMB 4.906 billion, showing steady growth compared to the end of 2024. This financial strength firmly positions the company in the industry's first tier, providing ample "ammunition" for expanding high-quality projects, developing core technologies, and innovating business models. While some peers faced cash flow pressures, YUEXIU SERVICES achieved a continuous net inflow of operating cash flow of RMB 509 million, supported by its high-quality project portfolio, efficient collection management, and lean cost control. This performance confirms the sustainability of its business model and the reliability of its profit quality.
Regarding shareholder returns, the company decided to raise its dividend payout ratio from the previous 50% to 60%, with a full-year dividend of RMB 0.11 per share. This move concretely reflects the company's firm confidence in its long-term value.
"YUEXIU SERVICES' ample cash reserves and consistently positive operating cash flow not only provide a solid guarantee for weathering industry fluctuations but also grant it strategic initiative," commented a senior property industry analyst. "During an industry adjustment period, a high dividend payout ratio demonstrates the company's responsibility to shareholders and reflects management's strong confidence in future operations, injecting stability into capital market expectations. This dual performance of a 'financial safety net' coupled with shareholder returns is particularly rare among listed property management firms."
Basic services are the foundation of a property management company and its core competitive advantage for enduring cycles. In 2025, centering on "customer satisfaction," YUEXIU SERVICES deeply integrated digital and intelligent empowerment with lean management. Through iterative service standard upgrades, optimized scenario experiences, and enhanced quality control, the company embedded the "high quality for fair value" concept, maintaining high customer satisfaction and collection rates within the industry.
In service standardization, the company iteratively upgraded to form a four-tier residential service standard system, clarifying staffing standards and operational models. It systematically conducted the "Four Guarantees Enhancement" special initiative, focusing on core user pain points to drive comprehensive service quality improvement. During the reporting period, third-party monthly decentralized surveys showed customer satisfaction increased by 2.2 points compared to 2024, fully demonstrating owners' high recognition of service quality. The "Yue Refreshing" special initiative, jointly carried out with Yuexiu Property in 83 communities nationwide, involved a cumulative investment of tens of millions of RMB, completing 228 quality upgrade items. This effort continuously enhanced the value of homes over time and strengthened emotional attachment among owners.
The deep application of digital intelligence technology acted as an "accelerator" for service quality improvement. Using an integrated command center as a platform, the company implemented a "software-hardware-service integration" management model, building an efficient "platform + terminal" operational system. The management cockpit enables visual data penetration across group, regional, and project levels, with 80% of indicators generated directly by the system. The EBA-FM system automatically collects core equipment data, achieving a closed-loop process of "real-time monitoring, second-level alerts, and automatic task dispatch." AI quality control technology is fully deployed across 209 projects, automatically identifying risks such as vehicle obstructions, overflowing garbage, and improper electric scooter parking, upgrading quality control from "passive inspection" to "active protection." Furthermore, smart access control achieved 100% project coverage, reducing delivery rider access time from 5 minutes to 45 seconds, significantly improving service convenience while ensuring community security.
"Our AI quality control system, from management software to collection hardware to algorithm models, is entirely self-developed. This saved approximately RMB 3 million in development costs compared to external procurement and effectively avoids risks associated with external technology dependency, allowing technology to be truly integrated into service details and enhance the customer experience," stated the management of YUEXIU SERVICES. The deep integration of continuous service quality improvement and digital transformation is the core formula for the company to navigate industry cycles and win customer trust, and it remains a key focus area for deepening efforts during the "15th Five-Year Plan" period.
In response to the increasingly fierce competition in the residential property market, YUEXIU SERVICES actively adjusted its business structure, further enhancing the growth momentum of its non-residential segments while optimizing the layout of value-added services. This created a diversified development pattern of "expanding volume in non-residential segments and improving quality in value-added services," injecting strong new momentum into the company's growth.
Focusing on three main non-residential tracks—commercial offices & parks, major public facilities, and major transportation hubs—the company established a full-cycle management system encompassing "precise screening, quality execution, efficient operation, and strict exit," achieving remarkable results in market expansion. During the reporting period, the company added 9.8 million square meters of new contracted area and signed 69 new projects. The annual contract value from new external market expansion reached approximately RMB 300 million, with non-residential business accounting for 87% of this. The company achieved comprehensive breakthroughs in sub-sectors like banking and universities, demonstrating continuously improving expansion capabilities. In 2025, a series of high-value, multi-format benchmark projects were successfully secured, including the Hong Kong-Zhuhai-Macao Bridge Authority building, Nanjing Victory Memorial Hall, Jingyang Lake Science & Innovation Park, and Tianjin West Railway Station, further solidifying the company's market position in the non-residential sector.
In the property services project for the Hong Kong-Zhuhai-Macao Bridge Authority, the company provided logistical support including equipment inspection, environmental maintenance, and security duty for the cross-border cycling event during the National Games, safeguarding a national event with professional services. At Guangzhou Baiyun Railway Station, recognized as "Asia's largest TOD comprehensive transportation hub," the company took over 410,000 square meters of service area, serving approximately 45 million passengers annually. Through refined cleaning combining human effort and machinery, full-cycle maintenance, and one-stop considerate services, it established a service benchmark for the major transportation hub format. By the end of 2025, non-residential formats accounted for 37% of the company's total managed area.
"Non-residential formats are the core development direction for the company during the '15th Five-Year Plan' period," stated the management of YUEXIU SERVICES. "We will focus on tracks with strong creditworthiness, strong payment capabilities, and high strategic alignment, deepening our presence in strategic cities. Simultaneously, we will establish a strict project exit mechanism to ensure all entered projects are profitable with high collection rates, achieving simultaneous improvement in both scale and quality."
In community value-added services, full-year revenue reached RMB 963 million. Focusing on three dimensions—"upgrading products and services, innovating business models, and strengthening frontline coordination"—the company continued to drive platform transformation. In 2025, the "Yue + LIFE" integrated format store was successfully launched and operated, creating a one-stop lifestyle service scene with a diversified model combining property leasing/sales, coffee, and home furnishings. Additionally, the first externally expanded project in cultural-commercial-tourism business, Wuxi Longtingli, opened with a merchant occupancy rate of 82%, marking a significant step towards high-quality development "from property management to operation."
At a time when the industry is shifting from "increment dividends" to "stock competition," YUEXIU SERVICES' approach holds significant exemplary value: it does not chase superficial scale metrics but instead bases its strategy on financial health as the bottom line, service quality as the core, and technological empowerment as the lever, continuously accumulating long-term momentum. As the analyst noted, "This courage to 'subtract' non-core distractions and the determination to 'add' value in key areas are precisely the most scarce capabilities for enterprises during a period of deep industry adjustment."