Core Viewpoint - Yuexiu Services (06626) anticipates a decline in profit attributable to equity holders for the fiscal year ending December 31, 2025, by approximately 20% to 25% compared to the fiscal year ending December 31, 2024, with core net profit expected to decrease by about 45% to 50% [1] Financial Performance - The expected decline in profit and core net profit is primarily driven by a decrease in gross margin [1] - The anticipated core net profit excludes the impact of goodwill impairment [1] Contributing Factors - The reduction in high-margin value-added services, such as brokerage business, due to the deep adjustment in the real estate industry [1] - Completion of phase-based housing hard decoration business, leading to a decrease in revenue and gross profit from this segment [1] - Increased operational expenses due to ongoing investments aimed at enhancing service quality and stabilizing commercial project occupancy rates [1] - Rising labor costs resulting from policy adjustments [1] Future Outlook - For 2026, the company aims to pursue high-quality long-term growth, actively respond to industry adjustments, and expand non-residential business while optimizing structure and improving efficiency [1] - The company seeks to cultivate profit growth points and move towards its vision of becoming a "trusted smart city service provider" [1]
越秀服务(06626)发盈警，预期2025年度核心净利润同比下降约45%至50%