Executive Summary
Xinyuan Property Management Service Cayman Ltd delivered a solid start to 2025 with a Q1 2025 revenue of CNY 225.0 million and a notable improvement in profitability metrics. Despite a modest sequential revenue decline versus Q4 2024, the quarter benefitted from a meaningful expansion in gross margin and stable operating leverage. Specifically, gross profit reached CNY 77.72 million for a gross margin of 34.54%, up from 24.33% in Q4 2024, signaling a favorable mix shift toward higher-value services and tighter cost control. EBITDA stood at CNY 34.51 million (EBITDA margin 15.33%), while net income was CNY 29.71 million (net margin 13.20%), supporting earnings per share (EPS) of CNY 0.0515 for the quarter. Year-over-year comparisons show improving profitability across the key lines: revenue YoY +11.0%, gross profit YoY +17.6%, operating income YoY +30.0%, and net income YoY +16.8%, with EPS up ~15% on a YoY basis. The QoQ dynamics reflect seasonality and project mix, as revenue declined modestly by about 2.9% from Q4 2024, while margins expanded sharply. Management commentary related to the call is not included in the provided data, limiting explicit guidance, but the quarterly trajectory points to a stable, recurring revenue model with upside from value-added services and efficiency gains.
Key Performance Indicators
QoQ: -11.27% | YoY:30.01%
Key Insights
Revenue: CNY 225,008,000; Gross Profit: CNY 77,721,500; Gross Margin: 34.54%; Operating Income: CNY 32,463,500; EBITDA: CNY 34,506,000; Net Income: CNY 29,705,500; Net Margin: 13.20%; EPS: 0.0515 (diluted 0.0514); Cost of Revenue: CNY 147,286,500; Depreciation & Amortization: CNY 2,042,500; Income Before Tax: CNY 37,440,500; Income Tax: CNY 6,977,000; Effective Tax Rate: ~18.6%; Weighted Average Shares Outstanding: 577,377,597 (basic); 577,268,400 (diluted).
YoY Growth (where provided): Rev...
Financial Highlights
Revenue: CNY 225,008,000; Gross Profit: CNY 77,721,500; Gross Margin: 34.54%; Operating Income: CNY 32,463,500; EBITDA: CNY 34,506,000; Net Income: CNY 29,705,500; Net Margin: 13.20%; EPS: 0.0515 (diluted 0.0514); Cost of Revenue: CNY 147,286,500; Depreciation & Amortization: CNY 2,042,500; Income Before Tax: CNY 37,440,500; Income Tax: CNY 6,977,000; Effective Tax Rate: ~18.6%; Weighted Average Shares Outstanding: 577,377,597 (basic); 577,268,400 (diluted).
YoY Growth (where provided): Revenue +11.0%; Gross Profit +17.56%; Operating Income +30.01%; Net Income +16.84%; EPS +14.96%.
QoQ Growth (where provided): Revenue -2.90%; Gross Profit +37.85%; Operating Income -11.27%; Net Income +64.16%; EPS +67.21%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
225.01M |
11.00% |
-2.90% |
| Gross Profit |
77.72M |
17.56% |
37.85% |
| Operating Income |
32.46M |
30.01% |
-11.27% |
| Net Income |
29.71M |
16.84% |
64.16% |
| EPS |
0.05 |
14.96% |
67.21% |
Management Commentary
Transcript data not provided in the input dataset. Consequently, there are no management quotes or narrative highlights to cite. In a typical call, investors would expect themes around: (1) strategy and growth trajectory for recurring property management contracts, (2) progression of value-added services (onsite cleaning, predelivery services, maintenance, and landscape/equipment services) and their contribution to margins, (3) contract wins, retention, and pricing discipline, (4) operating efficiency and cost control, and (5) near-term visibility given China’s real estate sector dynamics. Without the transcript, the following implications can be inferred from the disclosed financials: margin expansion suggests favorable mix and cost management; revenue resilience indicates a stable core recurring revenue base.
Forward Guidance
No explicit forward guidance is provided in the data set. Given the quarter’s margin expansion and continued profitability, the potential trajectory hinges on: (a) sustaining revenue growth through new and renewed property management contracts and higher-value-added services; (b) improving operating efficiency and cost controls to further elevate EBITDA and net margins; (c) exposure to China’s real estate cycle and macro headwinds, which could influence contract activity and pricing power. Investors should monitor commentary on: contract win rate, pricing discipline, capital expenditure related to digitalization and service expansions, and any guidance on annual targets or quarterly cadence. In the absence of formal guidance, the implicit outlook remains cautiously constructive, contingent on stabilization in core property development activity and ongoing demand for managed services.