Times Neighborhood (09928) released its audited results for the year ended 31 December 2025, posting solid top‐line growth and a sharp rebound in bottom‐line profitability.

Revenue rose 4.5% year on year to RMB2.50 billion, driven mainly by a 7.5% increase in property management services income to RMB1.62 billion, which represented 64.9% of total turnover. Community value-added services contracted 5.9% to RMB240.01 million, reflecting a pull-back in renovation activities, while other professional services—led by industrial and logistics real-estate management—edged up 1.5% to RMB636.18 million.

Gross profit improved 1.7% to RMB496.04 million; however, the overall gross margin slipped 0.5 percentage points to 19.9%, mainly due to higher repair and maintenance spending within the core property management segment, whose margin narrowed to 20.5%. Community value-added services delivered the highest margin at 42.6%, aided by an increased contribution from brokerage services, whereas other professional services posted a 9.8% margin.

Administrative expenses fell 8.9% to RMB211.11 million following cost optimisation measures, but net impairment provisions on receivables and contract assets climbed 29.0% to RMB258.43 million amid a challenging collection environment. Other income and gains more than doubled to RMB61.65 million, buoyed by a RMB29.20 million fair-value gain on a put option. Finance costs remained low at RMB0.55 million.

Net profit surged 80.6% to RMB20.82 million, with profit attributable to shareholders leaping 263.8% to RMB17.09 million, supported by lower operating expenses and higher other gains. Excluding non-recurring items, core net profit grew 8.1% to RMB202.19 million; core profit attributable to shareholders rose 7.1% to RMB187.70 million.

Times Neighborhood’s managed portfolio expanded to 124.0 million sq m of gross floor area (GFA), while contracted GFA reached 130.3 million sq m as at 31 December 2025. Projects from third-party developers accounted for 63.8% of the property management segment’s GFA, reflecting sustained external expansion.

The balance sheet remained liquid, with cash and cash equivalents of RMB1.10 billion, a current ratio of 1.77 times and no interest-bearing debt, keeping the group in a net cash position.

The board proposes a final dividend of RMB4.8 cents per share, up from RMB3.6 cents a year earlier, subject to shareholder approval at the 28 May 2026 annual general meeting. The dividend will be paid on or around 2 July 2026 in Hong Kong dollars, translated at the prevailing exchange rate on the record date.

Separately, the company completed the acquisition of the remaining 20% stake in Chengdu Holytech Technology in April 2025, making it a wholly owned subsidiary, and updated its corporate website to “www.timesneighborhood.cn”.

Looking ahead, management plans to deepen its focus on core markets, enhance service quality, expand ecosystem services and accelerate digitalisation, aligning with China’s broader push for high-quality development in the service sector.