ES Services (Ever Sunshine Services Group Limited) released its audited results for the year ended 31 December 2025.

Revenue and Margins • Group revenue edged up 0.40% to RMB6.87 billion, driven mainly by property management services which contributed 79.4% of the total. • Cost of services rose 1.31% to RMB5.56 billion, compressing gross margin to 19.0% (2024: 19.7%). • Gross profit declined 3.50% to RMB1.30 billion.

Profitability • Profit before tax dropped 7.04% to RMB706.01 million. • Net profit fell 7.00% to RMB550.05 million; profit attributable to shareholders decreased 8.50% to RMB437.45 million. • Basic earnings per share were RMB0.2531 (2024: RMB0.2758).

Segment Performance • Property management services revenue grew 7.06% to RMB5.45 billion, offsetting weakness elsewhere. • Community value-added services revenue contracted 7.66% to RMB796.24 million. • Value-added services to non-property owners plunged 36.22% to RMB382.11 million amid China’s property-market downturn. • City services revenue decreased 18.65% to RMB232.80 million.

Operational Metrics • Contracted gross floor area (GFA) reached 353.62 million sq m (+0.8% YoY). • GFA under management rose 0.6% to 252.23 million sq m across 1,524 projects in 100 Chinese cities. • Projects from third-party developers accounted for 76.6% of managed GFA and 71.7% of property-management revenue.

Cash Flow and Balance Sheet • Operating cash inflow was RMB508.60 million (2024: RMB684.79 million). • Cash and cash equivalents increased to RMB2.77 billion (2024: RMB2.62 billion). • Net current assets stood at RMB2.50 billion; gearing ratio remained low at 0.65%.

Dividends • Interim dividend: HK$0.0678 per share (paid). • Interim special dividend: HK$0.0271 per share (paid). • Proposed final dividend: HK$0.0735 per share (2024: HK$0.0668). • Proposed special dividend: HK$0.0294 per share (none in 2024). • Total FY2025 dividends would amount to HK$0.1978 per share, maintaining a payout ratio of at least 50% subject to shareholder approval at the 13 May 2026 AGM.

Outlook Highlights Management will prioritise high-quality expansion, deepen penetration in key economic regions, scale non-residential and city-service segments, and intensify digital transformation. Focus areas include strengthening third-party market development, enhancing value-added service capabilities, and sustaining prudent cost control.