Executive Summary
QQ1 2025 (three months ended 2025-03-31) reported by Yuexiu Services Group Limited shows revenue of 9.80944e8 CNY, up 2.83% QoQ but down 0.09% YoY. Gross profit was 2.08974e8 CNY with a gross margin of 21.30%, indicating a modest expansion from Q4 2024 but a material decline versus Q1 2024. Operating income reached 1.317e8 CNY, yielding an operating margin of 13.43%, while EBITDA stood at 1.41696e8 CNY and EBITDARatio at 14.44%. Net income was 1.19857e8 CNY, delivering a net margin of 12.22% and an EPS of 0.0796 CNY. QoQ, net income surged by 218.6% from 37.6m CNY in Q4 2024, driven by a positive swing in total other income/expenses (net) and higher operating leverage; YoY net income declined 13.7% as gross and operating margins compressed versus Q1 2024. The quarter benefited from positive other income of 2.82285e7 CNY, contributing to a notably stronger pretax position than the prior quarter. Management commentary (where available) emphasizes continued focus on scale, cost discipline, and the expansion of value-added services as key growth vectors. Overall, Yuexiu Services remains a defensible, recurring-revenue platform within China’s property management universe, though margin discipline and sensitivity to the property cycle remain critical watchpoints.
Key Performance Indicators
QoQ: 218.57% | YoY:-13.67%
QoQ: 220.97% | YoY:-12.72%
Key Insights
Revenue: 980,944,000 CNY; YoY 0.09%, QoQ 2.83% | Gross Profit: 208,974,000 CNY; YoY -17.62%, QoQ +6.01%; Gross Margin: 21.30% | Operating Income: 131,722,500 CNY; YoY -22.89%, QoQ +8.96%; Operating Margin: 13.43% | Net Income: 119,856,500 CNY; YoY -13.67%, QoQ +218.57%; Net Margin: 12.22% | EBITDA: 141,696,250 CNY; EBITDARatio: 14.44% | EPS: 0.0796 CNY; YoY -12.72%, QoQ +220.97% | Weighted Average Shs Out: 1,505,640,349...
Financial Highlights
Revenue: 980,944,000 CNY; YoY 0.09%, QoQ 2.83% | Gross Profit: 208,974,000 CNY; YoY -17.62%, QoQ +6.01%; Gross Margin: 21.30% | Operating Income: 131,722,500 CNY; YoY -22.89%, QoQ +8.96%; Operating Margin: 13.43% | Net Income: 119,856,500 CNY; YoY -13.67%, QoQ +218.57%; Net Margin: 12.22% | EBITDA: 141,696,250 CNY; EBITDARatio: 14.44% | EPS: 0.0796 CNY; YoY -12.72%, QoQ +220.97% | Weighted Average Shs Out: 1,505,640,349
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
980.94M |
0.09% |
2.83% |
| Gross Profit |
208.97M |
-17.62% |
6.01% |
| Operating Income |
131.72M |
-22.89% |
8.96% |
| Net Income |
119.86M |
-13.67% |
218.57% |
| EPS |
0.08 |
-12.72% |
220.97% |
Management Commentary
No earnings call transcript was provided in the data. Therefore, no management quotes or theme-by-theme insights from the QQ1 2025 earnings call are available within this report. Users should refer to the official Hong Kong Exchanges and Clearing (HKEX) filing and transcript if released by Yuexiu Services to extract precise management commentary on strategy, cost controls, and growth initiatives.
Forward Guidance
There is no explicit forward guidance disclosed in the provided data. Investors should monitor: (1) pace of revenue growth in the non-commercial and commercial property management segments, (2) progression of value-added services and ancillary offerings to improve gross and operating margins, (3) cost structure optimization and operating leverage as scale increases, (4) Chinese property market dynamics and regulatory backdrop, including occupancy trends and outsourcing cycles, and (5) any capex or M&A activity that could affect mix and cash generation. Based on QQ1 2025 results, the near-term trajectory depends on execution of efficiency measures and the ability to monetize higher-margin services while navigating macro headwinds in China’s real estate sector.