Core Viewpoint - The company achieved a revenue of 3.881 billion yuan in 2025, representing a year-on-year growth of 17.8%, and a net profit attributable to shareholders of 359 million yuan, up 11.0% year-on-year, indicating robust double-digit growth despite a slight decline in gross margin [4]. Group 1: Business Performance - The property management service revenue reached 2.225 billion yuan in 2025, growing by 24.9% year-on-year, accounting for 57.3% of total revenue, highlighting its role as the core business [5]. - The area under management increased by 21.4%, demonstrating steady expansion [5]. - Community value-added services generated 937 million yuan, up 23.3% year-on-year, representing 24.2% of total revenue, serving as the second growth curve for the company [5]. Group 2: Gross Margin and Cost Control - The overall gross margin for 2025 was 21.2%, a decrease of 0.3 percentage points from the previous year, primarily due to the growth of low-margin services such as housekeeping and retail, while high-margin services grew at a slower pace [6]. - Administrative and other operating expenses were controlled well at 390 million yuan, accounting for 10.0% of revenue, a decrease of 1 percentage point year-on-year [6]. - The company anticipates that gross margin may face short-term pressure but expects stabilization and recovery through technology empowerment and optimization of business structure [6]. Group 3: Dividend Policy - The board proposed a final dividend of 0.15 HKD per share (unchanged from the previous year) and a special dividend of 0.05 HKD per share (newly introduced), totaling 0.20 HKD, which is a 33.3% increase year-on-year [7]. - Based on the closing price of 2.65 HKD on March 27, the dividend yield is approximately 7.7%, indicating a combination of high growth and high dividend attributes, enhancing investment value [7].