Xian Kingfar Property Services delivered a modestly growing QQ1 2025 top line with favorable margin dynamics and a strong liquidity frame. Revenue for the quarter was 235.74 million CNY, up 1.76% year-over-year, but down 3.43% quarter-over-quarter. Gross profit rose to 39.65 million CNY, expanding gross margin to 16.82%, aided by ongoing cost controls within operating expenses and a favorable product mix within its property services portfolio. Operating income reached 21.96 million CNY with an operating margin of 9.32%, signaling stable operating leverage despite a softer sales quarter. Net income stood at 15.43 million CNY, delivering a 6.54% net margin and a 3.98% year-over-year gain, while earnings per share were 0.23 CNY. The company maintains a robust balance sheet with a reported net cash position of approximately 360 million CNY (cash of 360.63 million against a total debt of 0.63 million, yielding a net debt of -359.998 million). However, free cash flow remained negative at -31.27 million CNY, driven by negative operating cash flow (-26.87 million CNY) and significant non-cash adjustments (-45.91 million CNY), suggesting working capital and non-cash items weighed on cash generation in the quarter. Management commentary was not available in the provided data; thus, the outlook rests on internal efficiency, potential growth from value-added services and municipal contracts, and macro/industry trends in China’s real estate services space. Overall, the result underscores resilience in a stabilizing but competitive market, with ample liquidity to pursue selective growth opportunities while maintaining financial flexibility.