Against the backdrop of a general slowdown in growth in the property management industry, New Hope Services recently released its full-year results for 2025. The financial report shows that this listed material company achieved operating income of 1.54 billion yuan last year, a year-on-year increase of 4%. The gross profit for the year was 457 million yuan, a year-on-year increase of 1.6%, the gross profit margin was 29.7%, the net profit attributable to the parent company reached 216 million, and the net profit rate attributable to the parent company reached 14%, which is higher than the overall industry average level of less than 10%.
From the perspective of income structure, the total income of the three major sectors of basic properties, life services and commercial operations reached 1.44 billion yuan, accounting for 93.3% of the total income. The overall income structure is stable. Property management services remain the company's largest source of revenue. In 2025, this segment will achieve revenue of 948 million yuan, a year-on-year increase of 13.2%, and its proportion of total revenue will increase from 56.5% in the same period last year to 61.6%.
As of the end of 2025, the company has 258 projects under management, with an area under management of 38.47 million square meters, a year-on-year increase of 9.5%; it has 273 contracted projects, with a contracted area of 41.96 million square meters, a year-on-year increase of 7.7%.
The annual revenue of the life services segment was 380 million yuan, a year-on-year increase of 6.8%, accounting for 24.7% of the total revenue. Among them, community asset management and retail and catering services experienced growth, while revenue from community living services was basically the same as the previous year.
It is worth noting that the growth of community services, community life services and group meal business has become the key to driving the performance growth of the life services segment.
The management mentioned at the performance meeting that by the end of the year, the number of B-side cooperative customers served by the company had reached 1,094, a year-on-year increase of 30%, and the B-side repurchase rate exceeded 60%, and the repurchase rate was stable. The unit price of community living services has increased 1.7 times in the past three years, and the C-end repurchase rate has increased from 10% to 29.6%. Among them, there are also tens of millions of popular matrix products such as customized milk, with annual sales reaching 10.73 million yuan.
It can be seen that in the face of a huge property service coverage base, the improvement of repurchase rate through services is becoming a new growth point in driving the income of the property industry.
The two sectors of commercial operation services and non-owner value-added services declined. Among them, the overall revenue of commercial operation services was 108 million yuan, a year-on-year decrease of 25.9%, and its proportion of total revenue dropped from 9.9% in the same period last year to 7%.
In this regard, New Hope Services explained in its financial report that this was due to the decline in the occupancy rate of some projects and the withdrawal of some projects. At the same time, the 26.5% decline in non-proprietary value-added service revenue was due to the reduction in the number of cases and agency services undertaken.
However, in terms of acquiring third-party projects, New Hope Services has significantly improved, winning projects such as Chengdu Tongjin Center and Kunming Xishan Wanda, bringing about a contract value of approximately 230 million yuan.
In fact, New Hope Services has significantly improved its acquisition of independent third-party projects last year, with an area under management of 16.5 million square meters, accounting for 42.9%, an increase of 6.2 percentage points from the end of the previous year. Related income was 376 million yuan, accounting for 39.6%, and the contribution rate increased significantly.
As of the end of 2025, the company's total assets were 2.107 billion yuan, total liabilities were 696 million yuan, and the asset-liability ratio was 33%. The current ratio was 2.5 times, an increase from 2.3 times at the end of the previous year. As of the end of the period, the company's cash and cash equivalents were 958 million yuan, and the overall funds on hand were relatively abundant.
In terms of regional layout, the company continues to focus on high-energy cities. As of the end of 2025, property management revenue from first-tier, new first-tier and second-tier cities accounted for 96.4%, of which first-tier and new first-tier cities contributed 53.1%, and second-tier cities contributed 43.3%.
The management of New Hope Services stated at the performance meeting that the company continues to optimize its business layout, focusing on concentrating resources in high-potential and high-value areas. The annual contract signing volume for external expansion exceeded 700 million yuan, a year-on-year increase of 20%, of which the four core cities of Chengdu, Kunming, Suzhou, and Wenzhou accounted for 95% of the contract volume, a year-on-year increase of 21%. This "high-density, high-concentration" urban layout model can strengthen brand influence and customer trust, and also reduce unit management costs.
Regarding the future market layout, New Hope Services management stated that it will strengthen the ecological layout of "property +" to consolidate its structural advantages, open up community full-scenario service links through technological empowerment, and make the operation system more efficient, intelligent, and integrated.
