A：By the end of 2025, the company's contract area reached 1.141 square meters, of which 89.42 million square meters were under management. The contribution of third-party external expansion in the new contract area reached 93.6, a significant increase of 12.7 percentage points year-on-year. At present, 81% of the area under management is located in tier 1 and tier 2 cities, and the average property fee is stable at 3 yuan per square meter per month. A high-quality portfolio of projects ensures the company's future cash flow soundness and profit sustainability.

A：During the year, 50 new third-party external expansion projects were added, with a saturated contract amount of 0.34 billion yuan, and benchmark projects such as BYD and CNOOC were successfully implemented, as well as a number of government construction and hospital projects. At the same time, by strengthening the customer feedback mechanism, the company has carried out a large-scale action of listening to the original voice of customers, and comprehensively upgraded the service experience from four aspects: service design, service model optimization, service contact upgrade and community activities.

A：In 2025, the service management fee income of commercial property will reach 0.33 billion yuan, accounting for 16.1 of the total property management income. At present, the company's commercial projects cover 45 commercial and 28 office buildings, serving 1600 high-quality customers.

A：In the face of market changes, the company took the initiative to change, from the traditional space management to the depth of customer management, the introduction of high-end service products and the construction of a two-dimensional value-added service product matrix, improve customer stickiness and bargaining power, consolidate the core competitiveness of high-end business areas.

A：In terms of value-added services, the income of community value-added services reached 0.48 billion yuan, focusing on the professional development of demand and optimizing the business structure. At the same time, non-owner value-added services continued to clear cash flow and projects with substandard net profits. Community retail home services and economic businesses made certain breakthroughs.

A：In the past year, the Company has taken a series of measures to consolidate asset quality, including the release of related party accounts receivable risk, full provision for goodwill impairment and a significant decline in inventory scale, effectively reducing the pressure on assets and liabilities.

A：By the end of 2025, the company's cash on hand remained at 0.69 billion yuan, and operating cash flow fluctuated slightly but was stable in the short term. The Company maintains its established dividend policy with an annual dividend payout ratio of 25% of core net profit.

A：The company has built an efficient collaborative system of headquarters doing standards, cities doing support and projects doing services, redefining the role of headquarters, strengthening service functions, and setting up an incentive mechanism around the collection rate and satisfaction to encourage the enthusiasm of front-line employees.

A：In 2026, the Company will focus on risk reduction and strong operation for development, continuously optimize cash flow, assets and liabilities, accelerate asset removal, strengthen cost control and service capabilities, improve customer service quality, and further focus on core cities to expand markets, optimize user experience and achieve quality growth.

A：In 2025, the company maintained healthy operations amid challenges, with a full-year revenue of 2.72 billion. In 2026, we will focus on the three main lines of risk, strong operation and development to deal with the transformation of the industry and reshape the business foundation. In terms of chemical risks, assets and liabilities will be optimized and special plans will be formulated for potential service risks. In terms of strong operation, upgrade five high-frequency service scenarios, enhance customer contact experience, establish a strict health evaluation system, and use digital tools to improve response efficiency and service stability. In terms of market expansion, 0.18 billion yuan has signed a new contract outside the plan, focusing on 30 deep-cultivated cities, consolidating the residential foundation and expanding non-main business projects, at the same time, strengthen strategic synergy with brother companies. In the value-added business, the refined operation of community resources, strengthen the operation of space resources and asset appreciation.

A：The decline in the Company's earnings during the year was mainly due to the impact of impairment and the increase in phased investment, resulting in a decrease in gross margin. Excluding non-operating gains and losses, core size net profit was 50 million. In 2026, through the main line of risk reduction, strong operation and development, we will continue to retire low-quality and low-efficiency projects, shrink the scale of non-owner value-added businesses, and at the same time improve operational efficiency and reduce costs. It is expected that gross profit margin will rise moderately, break even in scale competition, loan area will rise, and gross profit margin, net interest rate and loan scale will grow steadily and healthily in the next few years.

A：In 2025, we will systematically promote the optimization of service quality and improve it from five dimensions (user profile, customer relationship foundation, service space, scene and customer team). In 2026, we will continue to deepen related work, such as improving personalized user information, strengthening customer resource maintenance, promoting service model transformation, and enhancing customer stickiness and trust through high-frequency interaction and community building. At the same time, the whole staff to establish a sense of quality, the system implementation of evidence, through the normalization of evaluation and red line management to ensure that the service standards landing.

A：Focus on optimizing the main entrance, unit lobby, underground garage three space, in order to enhance the home line service experience. At the same time, the post process and standards have been sorted out and improved item by item for the five high-frequency service scenarios of morning delivery and evening welcome, newspaper repair, customer visit and home service, and emergency handling.

A：In 2025, the Company recorded impairments on three accounts: inventory, goodwill and accounts receivable, for a total of 13.6 0.7 billion. Specifically, it includes: 0.165 billion for inventory impairment due to the decline in demand for home purchases due to macroeconomic effects; provision for 0.332 billion impairment after a comprehensive and prudent assessment of goodwill; and a more thorough related party risk liquidation strategy in respect of accounts receivable, which expanded the scope of individual provision for impairment for related party accounts receivable, the corresponding proportion of impairment provision is made according to the credit status, default rate and default loss rate of the other company.

A：In 2026, the company has established three strategic directions for community value-added services: focusing on the growth of life services, steadily expanding the scale of housing economy, and carrying out military business on the basis of merit. At the same time, a sustainable value-added service ecosystem will be built through space resource compliance and refined operations. In terms of life services, we will continue to strengthen the integration of property services and life service models, focusing on the development of community retail, housekeeping cleaning, home appliance maintenance and other businesses, and exploring community home care services; in terms of housing economy, we will optimize the layout of stores, upgrade the service system, help customers increase the value of resources and assets, and improve the satisfaction of owners and the collection rate of property fees through business coordination.

A：The company clearly put forward the core organization concept of customer-oriented and people-oriented, and promote the transformation of headquarters and city companies from control to empowerment. On the project side, focus on the three cores-regrouping service elements and processes (promoting post compounding, guarantee integration, grid team and super door-to-door mode), optimizing staffing to meet customer needs, activating project mechanisms and giving front-line teams the initiative and creativity to solve problems. On the functional platform side, the fundamental transformation from control to service empowerment is realized. The headquarters focuses on strategy formulation, standard construction, performance evaluation and bottom-up, while the city company provides business strategy support and solutions to difficult pain points.

A：In 2025, the net operating cash flow outflow of Beijing Company was 70 million, although it was a small net outflow level compared to the size of the Company's business, but the fluctuation was mainly due to the decrease in the inflow end due to the impact of the liquidation of low-quality and inefficient projects and the contraction of non-owner value-added services, while the outflow end increased investment in project quality.

A：The Company plans to set up a special group on accounts receivable to develop a special recovery plan for key and long-aged accounts receivable and increase collection efforts. At the same time, the company will speed up the removal of parking spaces to withdraw cash as soon as possible. For inventory assets, the company will implement a refined operation strategy, establish a dynamic asset classification management mechanism, and divide the inventory into high-quality assets (such as parking spaces with clear expectations in core city zoning), concerned assets (assets with long removal cycle but controllable risks) and inefficient and high-risk assets (assets with difficult removal or potential impairment risks) according to the removal cycle and potential risk-return contribution, adopt flexible sales, focused disposal or risk hedging strategies, respectively. In addition, the company will also adhere to the dynamic management mode of collection and customization, strictly control non-core business expenses, and ensure the normal operating funds of the project. Net operating cash flow is expected to improve by 2026.

A：Based on a deep insight into the changes in the property management industry, the company has established a development strategy for the next three years, that is, to build differentiated competitiveness around customer operations and service products. Specific measures include reshaping customer service relationships, improving customer stickiness and response efficiency through the labeling of customer information, the combination of service standardization and differentiation, and the integration of online and offline operations, so as to maintain the collection rate at the upper level of the industry. At the same time, the company will continue to improve its service products, form a closed-loop mechanism from customer demand to service delivery, and use service design and digital means to make services perceptible, quantifiable and verifiable. In addition, it will adhere to the differentiated business strategy of one project, one policy, improve the ability of fine and digital operation, strengthen data governance and collection control, and improve the response speed and management accuracy through the application of tools such as AR customer service intelligent operation and maintenance data sharing platform. Finally, the company will build a three-level linkage mechanism between headquarters, city, company and project, improve project renewal rate and customer trust, and focus on organizational and talent level construction, such as establishing dynamic project manager incentive mechanism and training project managers with key capabilities.

A：In terms of organization and talents, the headquarters will focus on the formulation of strategy, brand, business and personnel evaluation standards, further sink the operation to the front line, implement dynamic excellent project manager management measures, so that those who meet the standards can enjoy special treatment, those who fail to meet the standards can withdraw dynamically, and encourage more outstanding talents to emerge. At the same time, the company focuses on cultivating the key abilities of project managers, including service pre-awareness, business awareness, risk prediction awareness, team cohesion awareness and continuous learning awareness, in order to achieve a win-win situation of quality and profitability.

A：After the adjustment in 2025, ocean-going services have unloaded the burden and will promote the development and transformation at a steady pace. The company believes that through the continuous efforts in the next three years, it will return shareholders and investors with solid operating results, and achieve real growth and transformation.