ALiving Smart City Services delivered a QQ1 2025 revenue of 3.2327 billion CNY, down 7.9% year-over-year and 5.5% quarter-over-quarter. Despite the top-line weakness, the company posted meaningful improvements in operating efficiency, with EBITDA of 425.5 million CNY and an operating income of 293.6 million CNY, translating to EBITDA and operating income margins of approximately 13.2% and 9.1%, respectively. Net income reached 175.1 million CNY, yielding a net margin of about 5.4% and earnings per share of 0.12 CNY, supported by disciplined cost management and modest other income. The result suggests a shift toward higher operating leverage in a challenging revenue environment, underpinned by a diversified service mix spanning property management, value-added services, and smart city offerings. Looking ahead, ALiving faces a mixed demand backdrop tied to China’s real estate cycle, but its exposure to recurring property management revenue and expanding smart-city capabilities should provide resilience and upside if demand stabilizes and new contract wins scale.

Key Performance Indicators

Revenue

Decreasing

3.23B

QoQ: -5.54% | YoY: -7.94%

Gross Profit

Decreasing

469.64M

14.53% margin

QoQ: 5.45% | YoY: -21.30%

Operating Income

Increasing

293.57M

QoQ: 140.43% | YoY: 128.77%

Net Income

Increasing

175.15M

QoQ: 121.40% | YoY: 121.44%

EPS

Increasing

0.12

QoQ: 120.69% | YoY: 120.69%

Revenue Trend

Margin Analysis

Revenue and profitability overview:
- Revenue: 3,232,675,000 CNY; YoY change: -7.94%; QoQ change: -5.54%. Commentary: Top-line contraction reflects ongoing real estate market softness in China and mix shifts within services.
- Gross Profit: 469,635,000 CNY; Gross Margin: 14.53%; YoY: -21.30%; QoQ: +5.45%. Commentary: Margin compression versus prior year, but a notable QoQ rebound driven by favorable product/service mix and cost discipline in direct services.
- EBITDA: 425,484,000 CNY; EBITDA Margin: 13.16%.
- Operating Income: 293,569,500 CNY; Operating Margin: 9.08%; YoY: +128.77%; QoQ: +140.43%. Commentary: Strong operating leverage despite revenue decline, signaling effective cost control and scale efficiencies.
- Net Income: 175,149,000 CNY; Net Margin: 5.42%; YoY: +121.44%; QoQ: +121.40%. Commentary: Positive bottom-line trajectory supported by favorable tax and other income lines, plus disciplined spending.
- EPS: 0.12 CNY; YoY: +120.69%; QoQ: +120.69%.
- Depreciation & Amortization: 85,600,000 CNY.
- Pre-tax income: 295,363,000 CNY; Income tax expense: 71,246,500 CNY; Effective tax rate ~24.1%.

Period

Revenue ($M)

EPS ($)

YoY Growth

Report

Q2 2025

6,465.35

0.24

+88.9%

View

Q1 2025

3,232.68

0.12

-7.9%

View

Q4 2024

3,422.31

-0.58

-11.6%

View

Q3 2024

3,422.31

-0.58

-11.6%

View

ALiving Smart City (3319.HK) Q1 2025 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Historical Earnings Comparison

Metric	Value	YoY Change	QoQ Change
Revenue	3.23B	-7.94%	-5.54%
Gross Profit	469.64M	-21.30%	5.45%
Operating Income	293.57M	128.77%	140.43%
Net Income	175.15M	121.44%	121.40%
EPS	0.12	120.69%	120.69%

ALiving Smart City (3319.HK) Q1 2025 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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