ZHENRO SERVICES reported 2025 revenue of RMB1.06 billion, down 4.6% year on year. Gross profit slid 25.6% to RMB173.34 million, compressing the gross margin to 16.3% from 20.9% a year earlier.

Loss attributable to shareholders narrowed slightly to RMB230.49 million (2024: RMB235.92 million), translating into a basic loss per share of RMB0.22. The board proposed no final dividend.

Segment performance: • Property management services remained the core contributor, generating RMB780.24 million, 6.0% lower YoY and accounting for 73.4% of total revenue. • Value-added services to non-property owners declined 24.9% to RMB43.90 million, reflecting weaker demand from developers. • Community value-added services rose 7.6% to RMB159.68 million, supported by expanded home-living and parking offerings. • Commercial operational management services edged up 2.6% to RMB78.76 million.

Operating metrics: GFA under management fell 5.7% to 75.70 million sq m, while contracted GFA slipped 6.6% to 101.55 million sq m.

Balance sheet highlights as at 31 December 2025: • Cash and bank balances: RMB540.55 million • Interest-bearing borrowings: RMB42.57 million, all short-term and fixed-rate • Net assets: RMB612.39 million • Debt-to-asset ratio: 0.07 times

Notable P&L items include RMB119.71 million of goodwill impairment and RMB61.61 million of net impairment losses on financial assets. Income tax expense dropped to RMB12.37 million (2024: RMB30.58 million).

The company continues to prioritize cost control and organisational optimisation; however, lower occupancy in commercial projects and reduced developer demand weighed on topline and margins during the year.