Yuexiu Services Group (6626.HK) Q1 2025 Earnings Report

QQ1 2025 (three months ended 2025-03-31) reported by Yuexiu Services Group Limited shows revenue of 9.80944e8 CNY, up 2.83% QoQ but down 0.09% YoY. Gross profit was 2.08974e8 CNY with a gross margin of 21.30%, indicating a modest expansion from Q4 2024 but a material decline versus Q1 2024. Operating income reached 1.317e8 CNY, yielding an operating margin of 13.43%, while EBITDA stood at 1.41696e8 CNY and EBITDARatio at 14.44%. Net income was 1.19857e8 CNY, delivering a net margin of 12.22% and an EPS of 0.0796 CNY. QoQ, net income surged by 218.6% from 37.6m CNY in Q4 2024, driven by a positive swing in total other income/expenses (net) and higher operating leverage; YoY net income declined 13.7% as gross and operating margins compressed versus Q1 2024. The quarter benefited from positive other income of 2.82285e7 CNY, contributing to a notably stronger pretax position than the prior quarter. Management commentary (where available) emphasizes continued focus on scale, cost discipline, and the expansion of value-added services as key growth vectors. Overall, Yuexiu Services remains a defensible, recurring-revenue platform within China’s property management universe, though margin discipline and sensitivity to the property cycle remain critical watchpoints.