Xinyuan Property (1895.HK) Q1 2025 Earnings Report

Xinyuan Property Management Service Cayman Ltd delivered a solid start to 2025 with a Q1 2025 revenue of CNY 225.0 million and a notable improvement in profitability metrics. Despite a modest sequential revenue decline versus Q4 2024, the quarter benefitted from a meaningful expansion in gross margin and stable operating leverage. Specifically, gross profit reached CNY 77.72 million for a gross margin of 34.54%, up from 24.33% in Q4 2024, signaling a favorable mix shift toward higher-value services and tighter cost control. EBITDA stood at CNY 34.51 million (EBITDA margin 15.33%), while net income was CNY 29.71 million (net margin 13.20%), supporting earnings per share (EPS) of CNY 0.0515 for the quarter. Year-over-year comparisons show improving profitability across the key lines: revenue YoY +11.0%, gross profit YoY +17.6%, operating income YoY +30.0%, and net income YoY +16.8%, with EPS up ~15% on a YoY basis. The QoQ dynamics reflect seasonality and project mix, as revenue declined modestly by about 2.9% from Q4 2024, while margins expanded sharply. Management commentary related to the call is not included in the provided data, limiting explicit guidance, but the quarterly trajectory points to a stable, recurring revenue model with upside from value-added services and efficiency gains.