ALiving Smart City Services reported QQ4 2024 revenue of 3,422,306,500 CNY with a gross profit of 445,374,000 CNY, translating to a gross margin of 13.01%. The quarter showcased material profitability deterioration, as operating income declined to -726,154,500 CNY and net income fell to -818,264,500 CNY, corresponding to net and EBIT margins of -23.9% and -21.2%, respectively. Year-over-year comparisons show meaningful softness: revenue is down 11.62% YoY, gross profit down 16.91% YoY, operating income worse by approximately -699% YoY, and net income down about -333% YoY. Despite the negative earnings trajectory, ALiving generated positive operating cash flow of 403.09 million CNY and free cash flow of 374.85 million CNY, aided by working capital dynamics and a conservative capex profile. The balance sheet remains liquidity-rich with substantial cash and short-term investments (totaling 5.31 billion CNY) and a net cash position (net debt of -2.81 billion CNY). Leverage is modest (total debt to capitalization ~5.11%; debt to equity ~5.39%), underscoring financial flexibility in a challenging operating environment for Chinese property services amid a cyclical real estate backdrop.