Greentown Management posted QQ1 2025 revenue of 687.13 million CNY, down 17.69% year over year and 22.43% quarter over quarter, as disclosed in the four-quarter comparative data. Despite the revenue decline, the company preserved a solid gross margin of 40.04% and delivered EBITDA of 172.44 million CNY, yielding an EBITDA margin of approximately 25.1% and an operating income margin of 22.38%. Net income totaled 128.06 million CNY, with a net margin of 18.64% and earnings per share (EPS) of 0.0648 CNY, down meaningfully on a YoY basis but displaying a modest QoQ improvement in net profitability despite weaker top-line activity. The QoQ deterioration in revenue and gross profit was more pronounced than the QoQ change in operating profitability, suggesting ongoing fixed-cost discipline and a favorable mix, but ongoing demand weakness in the Chinese real estate market continues to weigh on topline growth.
The quarterly results show a clear margin resilience, aided by controlled operating expenses (total operating expenses of 121.41 million CNY, with SG&A of 109.11 million and selling expenses of 24.91 million). D&A stood at 18.69 million CNY, contributing to EBITDA of 172.44 million CNY. The company generated an income before tax of 175.99 million CNY and a tax expense of 39.52 million CNY, implying a tax rate around 22.5%. The combination of a robust gross margin and disciplined cost management supports a constructive view on profitability even as the revenue trajectory remains soft in the near term. It should be noted that the quarter showed notable seasonality versus the prior-year quarter and prior quarter, reinforcing the importance of backlog and project awards in driving sustainable growth going forward. The input data does not include explicit management forward guidance, nor balance sheet/cash-flow details, limiting a full liquidity assessment in this report.