Country Garden Services aims to achieve a revenue of 48.354 billion yuan by 2025 and plans to mass-produce 10,000 property service robots this year.

Translated from: Securities Daily Online

By our reporter, Chen Xiao

“Based on what we can see at the moment, in terms of the company’s operating fundamentals, it has basically achieved the targets set at the beginning of 2025. The theme of this earnings call is ‘Building a solid foundation with stability, and sharing the future.’ While we pursue steady development, we want to lay a solid groundwork and drive future sustainable growth with genuine core competitiveness.” On March 27, at the Country Garden Services earnings conference, Xu Binhuai, Executive Director and President of Country Garden Services, told media outlets including Securities Daily.

The annual report shows that in 2025, Country Garden Services achieved total revenue of RMB 48.354 billion, up 9.9% year over year. Net profit attributable to shareholders saw a partial rebound due to non-operating factors, amounting to RMB 601 million. After excluding relevant factors, the company’s core net profit attributable to shareholders still reached RMB 2.52 billion.

Proactively clearing risks

Profit under short-term pressure

Fluctuations in the profit figures have become a key focus of this earnings call. In response, Tian Tian, the newly appointed CFO of Country Garden Services, told media outlets including Securities Daily that the adjustments to net profit attributable to shareholders were all non-operating factors, including amortization costs of intangible assets such as customer relationship s brought about by historical acquisitions; impairment of goodwill and other intangible assets; impairment reversals of receivables from related parties; and other factors. For example, during the reporting period, the company made a one-time large provision for impairment on the Manguan Environmental project.

“In simple terms, the company’s profit has faced periodic pressure in stages mainly due to some proactive financial de-risking actions.” Tian Tian said that the short-term volatility in profits is the phased cost of upgrading financial health.

From the perspective of operating fundamentals, the company still maintains strong resilience. In 2025, the large property services segment achieved revenue of RMB 33.11 billion, accounting for about 70%, and continued to play the “anchor stone” role; of this, property management and services revenue was RMB 27.929 billion, up 7.3% year over year.

In terms of scale, as of the end of 2025, the company managed 8,268 projects. After excluding the “three supplies and one support” business, the property services fee collection and management area of Country Garden Services reached 1.070 billion square meters, up 33.5 million square meters. At the same time, the company continued to promote de-real-estate-ification, and the proportion of revenue from related parties had already fallen to around 1.1%, basically achieving a high level of market-oriented operations.

Cash flow performance also remained steady. In 2025, the company’s net cash flow from operating activities was approximately RMB 2.51 billion, and total bank deposits and structured deposits at period end reached RMB 17.93 billion.

“Net cash inflow from operating activities fully covered 100% of core net profit from scale, meeting the cash flow management targets set at the beginning of the year. Among them, the collection efforts for long-aging receivables were strengthened. For receivables with aging of over two years, the year-over-year increase in recoveries was RMB 728 million.” Tian Tian said.

On this basis, the company continued to enhance the level of shareholder returns. According to the financial report, the board of directors recommended paying a total of approximately RMB 1.511 billion in final dividends and special dividends, which was up by more than RMB 500 million year over year, with a dividend yield of about 8%. Tian Tian said that after the end of the 2026 fiscal year, the board of directors expects that the company’s dividend amount will still not be lower than the RMB 1.5 billion-equivalent figure. In addition, throughout the entire 2026 year, the company will continue to arrange further share repurchases in combination with market conditions.

Powering multiple businesses

Transformation enters a phase of deepening

While stabilizing the core business base, Country Garden Services is accelerating the cultivation of diversified growth businesses.

Among them, community value-added services achieved revenue of RMB 4.417 billion. Sub-segments such as alcoholic beverages, retail, and new energy grew relatively fast, and some segments achieved annualized growth rates of 40% to 100%. The six strategic businesses combined achieved revenue of nearly RMB 2.5 billion, and their share of value-added services revenue has continued to increase.

Management disclosed that 2025 was a critical year for the company’s community value-added services to transform from a resource-based model to a market-oriented one. The six business lines’ commercial models, the supply chains for product and service offerings, the marketing models, and the construction of organizations and teams have also been preliminarily refined, with a market-oriented operations capability of version 1.0.

“Starting from 2026, over the next 3 to 5 years, these six strategic businesses will enter a period of deepening and solidifying. By 2028, we are basically able to complete structural adjustments of several core businesses and build capabilities. The next three years will still be a transition period, but it will enter a stage of continuous value release.” Li Disheng, Vice President of Country Garden Services, said.

Meanwhile, at the end of 2025, Country Garden Services also launched its own brand Yuebaijia in response to the property services track for older and aging communities, and batch projects have already been rolled out in Shanghai, Beijing, Shenzhen, and Wuhan.

At the same time, in terms of the roadmap for advancing the robotics business, the company has issued a more open cooperation signal. Management said at the earnings call that as product capabilities continue to iterate, the company will, on the existing basis, push forward the research and development of the next generation of robots, and will also strengthen cooperation with enterprises in the upstream and downstream of the embodied intelligence industry chain, bringing in external model capabilities to train and apply them in real property service scenarios.

Li Disheng said that in 2026, the company’s plan for mass production of property service robots is about 10,000 units. If estimated at about RMB 50,000 per unit, the corresponding output value has already reached a scale of several hundred million yuan. If the volume increases to a higher level in the future, the space for industry contribution will be further opened up.

However, compared with short-term scale targets, the company cares more about how well product capabilities match scenario implementation. “In the next few years, we have not set rigid growth targets. More importantly, we want to fully leverage our scenario advantages and, through an open ecosystem and cooperation with upstream and downstream enterprises, truly build products that are useful and replicable in property service scenarios.” management of Country Garden Services said.

In Li Disheng’s view, once product capabilities and application scenarios form a closed loop, market demand will naturally be released. “Whether in the domestic market or overseas market, there is still a large gap in the property service robot field, and the future development space is worth looking forward to.”

(Editor: Qiao Chuanchuan)

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