S-Enjoy Service Group (1755) H2 2025 earnings summary

Executive summary

• Revenue declined 7.7% year-over-year to RMB4,665.5 million, mainly due to decreases in community- and developer-related value-added services.

• Gross profit remained stable at RMB933.5 million, with gross margin improving to 20.0% from 18.5% year-over-year.

• Net profit rebounded to RMB156.8 million from a loss of RMB875.6 million in the prior year, driven by lower impairment losses and reduced administrative expenses.

• Trading in shares remains suspended since April 2025 due to forensic investigation and auditor changes.

Financial highlights

• Property management services revenue was RMB3,569.8 million, nearly flat year-over-year.

• Community-related value-added services revenue fell 14.5% to RMB1,013.5 million.

• Developer-related value-added services revenue dropped 72.1% to RMB82.1 million.

• Gross profit margin increased by 1.5 percentage points to 20.0%.

• Basic and diluted EPS turned positive at RMB0.17, up from a loss per share of RMB0.96.

Outlook and guidance

• Management expects continued industry pressure from a weak real estate market but sees opportunities in urban renewal and technology adoption.

• Focus remains on service quality, customer satisfaction, and leveraging AI for operational efficiency.