Greentown Service Group (2869) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 reached RMB9,288.7 million, up 6.1% year-over-year, with profit attributable to equity shareholders at RMB612.8 million, up 22.6% year-over-year.

• Property services remained the largest contributor, accounting for 71.4% of revenue and 56.3% of gross profit, with managed GFA increasing 11.3% to 536.3 million sq.m.

• Gross profit margin improved to 19.5% (up 0.5 percentage points), and net profit margin rose to 6.8% (up 0.9 percentage points).

• No interim dividend was declared for the period.

Financial highlights

• Gross profit increased by 8.9% year-over-year to RMB1,808.1 million.

• Core operating profit rose 25.3% to RMB1,073.8 million.

• Administrative expenses and selling expenses decreased by 8.0% and 11.3% year-over-year, respectively.

• Cash and cash equivalents at period end were RMB4,047.5 million, down 16.6% from year-end 2024.

• Gearing ratio increased to 54.0% from 51.7% at year-end 2024.

Outlook and guidance

• The group aims to increase service density in core areas, improve urban services, and enhance integration of elderly and child care systems in the second half of 2025.

• Focus remains on high-quality development, risk control, compliance, and customer satisfaction to convert mid-term lead into full-year dominance.