S-Enjoy Service (01755) released its 2025 interim results. Revenue for the six months ended 30 June 2025 fell 16.3% year-on-year to RMB2.32 billion. Property-management services contributed 77.0% of the total at RMB1.79 billion (-6.4%), while community-related value-added services declined 23.4% to RMB494.67 million and developer-related value-added services slumped 82.3% to RMB38.34 million.

Gross profit contracted 37.6% to RMB470.33 million; the gross margin slid 6.9 percentage points to 20.3%. Net profit attributable to shareholders dropped 71.7% to RMB85.38 million, driving the net margin down to 4.1%.

Operating cash inflow improved to RMB38.33 million (H1-2024: RMB20.62 million), but cash and cash equivalents fell 28.9% to RMB1.52 billion. Trade receivables stood at RMB1.35 billion, contract liabilities at RMB1.12 billion, and the Group remained ungeared with no borrowings.

No interim dividend was declared. Share-based payment expenses totalled RMB1.10 million.

Governance changes included the removal of executive director Yang Bo (30 Sep 2025) and the resignation of three non-executive directors (27 Oct 2025).

Corporate actions after the reporting date feature: • Disposal of a 60% stake in Dalian Hua’an Property Management for RMB62.86 million (July 2025) and agreement to sell 70% of Yantai Yongle Property Management for RMB56.04 million (March 2026). • Auditor change: PwC resigned on 26 May 2025; Grant Thornton Hong Kong was appointed on 14 July 2025. • Trading in the Company’s shares has been suspended since 1 April 2025, pending fulfilment of resumption guidance. • Independent forensic and internal-control reviews into related-party fund transfers have been completed; the Independent Investigation Committee was dissolved on 15 June 2026.

As at 30 June 2025 the Group’s net assets were RMB2.13 billion, with a current-ratio of 1.22 and financial assets at fair value of RMB389.89 million, equal to 7.0% of total assets.