Lushang Life Services (2376) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB570.7m, down 6.3% YoY; gross profit rose 4.2% to RMB120.8m as gross margin expanded to 21.2% from 19.0%.

• Profit for the year fell 24.2% to RMB34.2m; profit attributable to equity shareholders was RMB33.9m, and basic EPS was RMB0.25.

• Managed GFA declined 2.1% to 23.1m sq.m.; the portfolio was reshaped toward higher-quality projects, while property management revenue increased.

Financial highlights

• Revenue was RMB570.7m versus RMB608.9m in 2024; operating costs declined to RMB449.9m from RMB493.0m.

• Operating profit was RMB45.6m versus RMB51.0m; net profit was RMB34.2m versus RMB45.1m.

• Administrative expenses increased 5.2% to RMB58.2m; other income fell 57.7% to RMB0.6m, while non-operating income was RMB0.2m versus RMB8.3m, mainly reflecting prior-year listing grants.

• Cash and cash equivalents were RMB418.1m at year-end, down 1.7% YoY.

Outlook and guidance

• Strategy centers on the “12345” development framework, a diversified brand portfolio, intelligence-enabled services, collaboration and public-welfare initiatives; the stated ambition is to become a nationally leading modern service enterprise.

• Priorities include expanding community value-added services, improving management and service systems, standardizing operations, developing talent and applying AI in service and management.