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Onewo Inc.
萬物雲空間科技服務股份有限公司
(A joint stock company incorporated in the People's Republic of China with limited liability)
(Stock Code: 2602)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2025

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2025, the Group’s total revenue was RMB37,271.9 million, representing a year-on-year Note 1 increase of 2.7%. Revenue generated from recurring business Note 2 was RMB33,401.8 million, representing a year-on-year increase of 8.5%, and accounting for 89.7% of the Group’s total revenue.

For the year ended December 31, 2025, the Group recorded revenue from the continuing connected transactions of RMB2,238.9 million, representing a year-on-year decrease of RMB1,196.7 million, and the proportion to the total revenue of the Group decreased to 6.0%. The Group recorded trade receivables from related parties of RMB2,064.3 million, representing a year-on-year decrease of RMB381.7 million.

For the year ended December 31, 2025, the Group recorded credit impairment losses increasing by RMB567.2 million year-on-year, which was mainly due to, for the concern of the principle of prudence, the additional impairment allowances of RMB742.7 million provided for amounts due from the related parties to the Group in 2025, representing a year-on-year increase of RMB483.3 million.

For the year ended December 31, 2025, the Group recorded administrative expenses decreasing by RMB197.7 million year-on-year. The administrative expenses ratio (as a percentage of revenue) decreased by 0.7 percentage point year-on-year. The profit for the year amounted to RMB771.6 million, representing a year-on-year decrease of 38.0%.

For the year ended December 31, 2025, our core net profit$^{\text{Note 3}}$ was RMB2,128.2 million, representing a year-on-year increase of 0.8%. Our core net profit was RMB1,707.8 million after excluding the impact of developer’s business$^{\text{Note 4}}$, representing a year-on-year increase of 11.1%.

For the year ended December 31, 2025, the Group recorded net cash flows from operating activities for the year of RMB1,689.8 million; the Group recorded balance of monetary funds of RMB12,089.7 million.

For the year ended December 31, 2025, earnings per share attributable to shareholders for the year were RMB0.60 per share. The Board recommends an annual dividend totaling RMB1,730.6 million, which will be declared to shareholders for the year ended December 31, 2025. In terms of the number of shares with a par value of RMB1.00 each (the “Shares”) in the share capital of the Company as at the end of the period (excluding, as at December 31, 2025 (i) the overseas listed shares (the “H Shares”) designated as treasury H shares and (ii) H Shares subject to cancellation), the dividend per share is RMB1.497 (tax inclusive) (inclusive of the declared interim dividend for 2025). Excluding interim dividends of RMB0.951 per share (tax inclusive) paid in 2025, the final dividend for the year ended December 31, 2025 to be paid is RMB0.546 per share (tax inclusive). Based on the closing price of the Company as at December 31, 2025, the dividend yield for 2025$^{\text{Note 5}}$ is approximately 9%.

Note 1: Year-on-year refers to the comparison with the corresponding period of last year. Due to the restatement of 2024 Report, the year-on-year figures for the current period are calculated based on the restated data.

Note 2: Recurring businesses refer to the residential property management services under the Group’s community space living consumption services, the property and facility management services under the commercial and urban space integrated services, and the BPaaS solution business under the AIoT and BPaaS solution services.

Note 3: Core net profit is the profit for the year generated by operating business activities, attributable to the shareholders of the Company, after deducting the amortization of customer relationships for intangible assets arising from historical acquisitions, gains from extraordinary items and related income tax effect. Extraordinary items include gains/losses on equity transaction, gains/losses on the disposal of fixed assets, government grants, credit impairment losses, and asset impairment losses.

Note 4: Excluding the impact of the business of developers means excluding the impact of the continuing connected transactions with China Vanke Co., Ltd. (“China Vanke”) and its subsidiaries (collectively, the “China Vanke Group”) and value-added services of other developers other than the China Vanke Group.

Note 5: The dividend yield for 2025 is calculated as (the total amount of dividends per share declared by the Company during 2025 / the closing price per share at the end of 2025) × 100%, where the total dividends include the interim dividend and the year-end dividend declared by the Company for the Reporting Period.

The board (the “Board”) of directors (the “Directors”) of Onewo Inc. (the “Company”) is pleased to announce the consolidated results of the Company and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2025 (“Reporting Period”).

FINANCIAL INFORMATION

The following financial information is a summary of the Group’s consolidated financial statements for the year ended December 31, 2025:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Year ended 31 December 2025

	Notes	2025 RMB’000	2024 RMB’000 (Restated)
REVENUE	5	37,271,860	36,284,443
Cost of sales		(32,712,291)	(31,570,191)
Gross profit		4,559,569	4,714,252
Other income and gains, net	6	80,119	185,742
Selling and distribution expenses		(651,183)	(585,290)
Administrative expenses		(1,756,414)	(1,954,076)
Impairment losses on financial assets, net		(1,176,929)	(609,705)
Finance costs		(24,869)	(27,841)
Share of profits and losses of joint ventures and associates		(10,779)	(38,104)
PROFIT BEFORE TAX	7	1,019,514	1,684,978
Income tax expense	8	(247,930)	(440,421)
PROFIT FOR THE YEAR		771,584	1,244,557
Attributable to:
Shareholders of the Company		694,559	1,137,898
Non-controlling interests		77,025	106,659
		771,584	1,244,557
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY, IN RMB
Basic and diluted	10	0.60	0.97

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 December 2025

| | 2025
RMB'000 | 2024
RMB'000
(Restated) |
| --- | --- | --- |
| PROFIT FOR THE YEAR | 771,584 | 1,244,557 |
| OTHER COMPREHENSIVE INCOME/(LOSS) | | |
| Other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods: | | |
| Exchange differences:
Exchange differences on translation of foreign operations | (7,977) | 209 |
| Net other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods | (7,977) | 209 |
| Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: | | |
| Equity investments designated at fair value through other comprehensive income:
Changes in fair value | 179,072 | 200,872 |
| Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods | 179,072 | 200,872 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF TAX | 171,095 | 201,081 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 942,679 | 1,445,638 |
| Attributable to:
Shareholders of the Company | 865,654 | 1,338,979 |
| Non-controlling interests | 77,025 | 106,659 |
| | 942,679 | 1,445,638 |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2025

| | Notes | 31 December 2025
RMB'000 | 31 December 2024
RMB'000
(Restated) |
| --- | --- | --- | --- |
| NON-CURRENT ASSETS | | | |
| Property, plant and equipment | | 480,025 | 620,995 |
| Investment properties | | 2,518,024 | 1,897,708 |
| Right-of-use assets | | 255,735 | 324,229 |
| Intangible assets | 11 | 7,458,845 | 7,733,496 |
| Investments in joint ventures and associates | | 1,244,443 | 1,288,607 |
| Equity investments designated at fair value through
other comprehensive income | | 1,192,663 | 1,013,591 |
| Deferred tax assets | | 590,545 | 326,014 |
| Prepayments, deposits and other receivables | 13 | 2,609,504 | 2,735,635 |
| Total non-current assets | | 16,349,784 | 15,940,275 |
| CURRENT ASSETS | | | |
| Inventories | | 207,768 | 102,440 |
| Trade and retention receivables | 12 | 6,004,480 | 6,544,239 |
| Prepayments, deposits and other receivables | 13 | 2,388,548 | 3,067,582 |
| Restricted bank deposits | | 931,940 | 455,345 |
| Time deposits with original maturity of over three months | | 72,939 | 187,686 |
| Cash and cash equivalents | | 11,084,838 | 13,452,946 |
| Total current assets | | 20,690,513 | 23,810,238 |
| CURRENT LIABILITIES | | | |
| Trade and notes payables | 14 | 6,805,435 | 6,671,540 |
| Contract liabilities | | 4,904,389 | 4,912,498 |
| Other payables and accruals | 15 | 6,502,131 | 6,479,220 |
| Interest-bearing bank borrowings | | - | 13,141 |
| Lease liabilities | | 91,735 | 102,048 |
| Tax payable | | 1,066,770 | 998,218 |
| Total current liabilities | | 19,370,460 | 19,176,665 |
| NET CURRENT ASSETS | | 1,320,053 | 4,633,573 |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
31 December 2025

| | Notes | 31 December 2025
RMB'000 | 31 December 2024
RMB'000
(Restated) |
| --- | --- | --- | --- |
| TOTAL ASSETS LESS CURRENT LIABILITIES | | 17,669,837 | 20,573,848 |
| NON-CURRENT LIABILITIES | | | |
| Interest-bearing bank borrowings | | – | 562,500 |
| Other payables and accruals | 15 | 1,203,173 | 1,160,038 |
| Provision | | 106,943 | 104,731 |
| Lease liabilities | | 181,794 | 233,910 |
| Deferred tax liabilities | | 746,704 | 856,674 |
| Total non-current liabilities | | 2,238,614 | 2,917,853 |
| Net assets | | 15,431,223 | 17,655,995 |
| EQUITY | | | |
| Equity attributable to shareholders of the Company | | | |
| Share capital | 16 | 1,168,053 | 1,171,565 |
| Reserves | | 13,430,374 | 15,709,046 |
| | | 14,598,427 | 16,880,611 |
| Non-controlling interests | | 832,796 | 775,384 |
| Total equity | | 15,431,223 | 17,655,995 |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2025

CORPORATE AND GROUP INFORMATION

Onewo Inc. (the “Company”) was incorporated in the People’s Republic of China (“PRC”) on 20 February 2001 as a limited liability company. On 20 March 2018, the Company was converted into a joint stock company with limited liability under the Company Law of the PRC.

During the year, the Group was involved in the following principal activities:

Community space living consumption services
Commercial and urban space integrated services
AIoT and BPaaS solution services

In the opinion of the directors, the ultimate holding company of the Company is China Vanke Co., Ltd. (“China Vanke”), a public company established in the PRC with its shares listed on Shenzhen Stock Exchange and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

2.1 BASIS OF PREPARATION

These financial statements have been prepared in accordance with IFRS Accounting Standards, which comprise all standards and interpretations approved by the International Accounting Standards Board, accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for equity investments designated at fair value through other comprehensive income which have been measured at fair value. These financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand except when otherwise indicated.

The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted amendments to IAS 21 Lack of Exchangeability for the first time for the current year’s financial statements. The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.

Amendments to IAS 21 specify how an entity shall assess whether a currency is exchangeable into another currency and how it shall estimate a spot exchange rate at a measurement date when exchangeability is lacking. The amendments require disclosures of information that enable users of financial statements to understand the impact of a currency not being exchangeable. As the currencies that the Group had transacted in and the functional currencies of the Group’s entities for translation into the Group’s presentation currency were exchangeable, the amendments did not have any impact on the Group’s financial statements.

3. PRIOR PERIOD RESTATEMENT

In January 2025, the Group obtained control of Shenzhen Fuke Industrial Operations Management Co., Ltd. ("Fuke Industrial") by acquiring a 75% equity interest from Shenzhen Vanke Industrial Development Co., Ltd., a subsidiary of China Vanke. In May 2025, the Group obtained control of Shanghai Xiangda Real Estate Development Co., Ltd. ("Shanghai Xiangda") (which was a joint venture of the Company before the acquisition) by purchasing its 55% equity interest from Shanghai Vanke Investment Management Co., Ltd., a subsidiary of China Vanke. Upon the completion of the above transaction, Shanghai Xiangda became a subsidiary with its 100% equity interest owned by the Group. Since Fuke Industrial, Shanghai Xiangda and the Group are all under common control of China Vanke before and after the aforesaid acquisitions, the above acquisitions are considered as business combinations under common control and have been accounted for by using merger accounting method. Accordingly, the comparative figures as set out in the consolidated financial statements have been restated.

Restated consolidated statement of comprehensive income:

| | Year ended 31 December 2024
Consolidated statement of
comprehensive income | | |
| --- | --- | --- | --- |
| | As per
originally
reported
RMB'000 | Retrospective
adjustments
RMB'000 | As restated
RMB'000 |
| Profit for the year | 1,256,028 | (11,471) | 1,244,557 |
| Net other comprehensive income that may be reclassified
to profit or loss in subsequent periods | 209 | - | 209 |
| Net other comprehensive income that will not be reclassified
to profit or loss in subsequent periods | 200,872 | - | 200,872 |
| Comprehensive income for the year | 1,457,109 | (11,471) | 1,445,638 |
| Attributable to: | | | |
| Shareholders of the Company | 1,350,659 | (11,680) | 1,338,979 |
| Non-controlling interests | 106,450 | 209 | 106,659 |
| Restated consolidated statement of financial position: | | | |
| | As at 31 December 2024
Consolidated statement of financial position | | |
| | As per
originally
reported
RMB'000 | Retrospective
adjustments
RMB'000 | As restated
RMB'000 |
| Total assets | 38,608,225 | 1,142,288 | 39,750,513 |
| Total liabilities | 21,448,474 | 646,044 | 22,094,518 |
| Equity attributable to shareholders of the Company | 16,422,604 | 458,007 | 16,880,611 |
| Non-controlling interests | 737,147 | 38,237 | 775,384 |
| Total equity | 17,159,751 | 496,244 | 17,655,995 |

PRIOR PERIOD RESTATEMENT (continued)

Restated consolidated statement of cash flows:

| | Year ended 31 December 2024
Consolidated statement of cash flows | | |
| --- | --- | --- | --- |
| | As per
originally
reported
RMB'000 | Retrospective
adjustments
RMB'000 | As restated
RMB'000 |
| Net cash flows from/(used in) operating activities | 1,918,766 | (354,540) | 1,564,226 |
| Net cash flows used in investing activities | (898,656) | (191,522) | (1,090,178) |
| Net cash flows (used in)/from financing activities | (3,159,215) | 560,212 | (2,599,003) |
| NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS | (2,139,105) | 14,150 | (2,124,955) |
| Cash and cash equivalents at beginning of year | 15,572,483 | 4,018 | 15,576,501 |
| Effect of foreign exchange rate changes, net | 1,400 | – | 1,400 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 13,434,778 | 18,168 | 13,452,946 |

OPERATING SEGMENT INFORMATION

The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the executive directors for their decisions about resources allocation to the Group's business components and for their review of the performance of those components. The business components in the internal financial information reported to the executive directors are determined following the Group's major product lines.

During the reporting period, the Group was principally engaged in the provision of community space living consumption services, commercial and urban space integrated services and AIoT and BPaaS solution services in the PRC. Management reviews the operating results of the business as a single operating segment to make decisions about resources to be allocated. Therefore, the executive directors regard that there is only one segment which is used to make strategic decisions.

The principal operating entities of the Group are domiciled in the PRC and majority of revenue is derived in the PRC during the reporting period.

As at 31 December 2025, except for the equity investments designated at fair value through other comprehensive income, majority of the non-current assets of the Group were located in the PRC.

5. REVENUE

Revenue mainly comprises proceeds from community space living consumption services, commercial and urban space integrated services and AIoT and BPaaS solution services. An analysis of the Group's revenue and cost of services by category for the reporting period is as follows:

An analysis of revenue is as follows:

| | 2025
RMB'000 | 2024
RMB'000
(Restated) |
| --- | --- | --- |
| Types of goods or services | | |
| Community space living consumption services | 23,233,570 | 20,968,127 |
| Commercial and urban space integrated services | 11,791,312 | 12,295,550 |
| AIoT and BPaaS solutions services | 2,246,978 | 3,020,766 |
| Total revenue from contracts with customers | 37,271,860 | 36,284,443 |
| Timing of revenue recognition | | |
| Goods or services transferred at a point in time | 1,263,178 | 1,237,455 |
| Services transferred over time | 36,008,682 | 35,046,988 |
| Total revenue from contracts with customers | 37,271,860 | 36,284,443 |

The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at the beginning of the reporting period:

| | 2025
RMB'000 | 2024
RMB'000
(Restated) |
| --- | --- | --- |
| Revenue recognised that was included in contract liabilities at the beginning of the reporting period | 4,912,498 | 4,686,370 |

6. OTHER INCOME AND GAINS, NET

| | 2025
RMB'000 | 2024
RMB'000
(Restated) |
| --- | --- | --- |
| Interest income | 39,542 | 91,217 |
| Government grants | 33,209 | 65,113 |
| Fair value gains on financial assets at fair value through profit or loss | 61,666 | 74,358 |
| (Loss)/gain on disposal of investment properties | (5,707) | 7,235 |
| Loss on disposal of items of property, plant and equipment | (2,095) | (2,046) |
| Loss on disposal of joint ventures and associates | (3,468) | (318) |
| Gain on disposal of subsidiaries | - | 161 |
| Gain on remeasurement of the previously held interest in an associate | - | 47,645 |
| Foreign exchange differences, net | (6,069) | (2,742) |
| Impairment of an investment in an associate | - | (83,592) |
| Other non-operating loss | (36,959) | (11,289) |
| | 80,119 | 185,742 |

PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/(crediting):

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Cost of services provided | 32,267,037 | 30,342,670 |
| Cost of inventories sold | 445,254 | 1,227,521 |
| Depreciation and amortisation | 1,048,531 | 1,056,732 |
| Research and development costs | 287,212 | 342,499 |
| Lease payments not included in the measurement of lease liabilities | 103,135 | 100,151 |
| Auditors’ remuneration | 5,472 | 5,472 |
| Employee benefit expense (excluding directors’ and chief executive’s remuneration): | | |
| Wages and salaries | 9,800,392 | 9,908,128 |
| Pension costs, housing funds, medical insurances and other social insurances | 2,079,282 | 1,979,526 |
| | 11,879,674 | 11,887,654 |
| Impairment of an investment in an associate | – | 83,592 |
| Impairment losses on financial assets, net: | | |
| Impairment losses on trade and retention receivables, net | 742,660 | 526,389 |
| Impairment losses on financial assets included in prepayments, deposits and other receivables, net | 434,269 | 83,316 |
| | 1,176,929 | 609,705 |
| Loss on disposal of items of property, plant and equipment | 2,095 | 2,046 |
| Loss/(gain) on disposal of investment properties | 5,707 | (7,235) |
| Gain on disposal of subsidiaries | – | (161) |

INCOME TAX EXPENSE

The Group is subject to income tax on an entity basis on profit arising in or derived from the jurisdictions in which members of the Group are domiciled and operate.

The provision for the Chinese mainland income tax was based on a statutory rate of 25% (2024: 25%) of the taxable profits during the year as determined in accordance with the PRC Income Tax Law and the respective regulations.

Under the Law of the PRC on Enterprise Income Tax (“EIT”) and Implementation Regulation of the Enterprise Income Tax Law, the tax rate of the PRC subsidiaries is (i) 25% (2024: 25%), or (ii) 15% (2024: 15%) if the subsidiaries are qualified as high and new technology enterprises or registered in the western region, Shenzhen Qianhai region and Guangdong Hengqin region of the PRC and fulfill certain requirements.

The subsidiary incorporated in Hong Kong is subject to Hong Kong profits tax at the rate of 16.5% (2024: 16.5%) on any estimated assessable profits arising in Hong Kong during the year. No provision for Hong Kong profits tax has been made as the Group has no assessable profits derived from or earned in Hong Kong during the year.

INCOME TAX EXPENSE (continued)

The major components of income tax expenses are as follows:

| | 2025
RMB'000 | 2024
RMB'000
(Restated) |
| --- | --- | --- |
| Current – PRC | 646,774 | 684,810 |
| Deferred tax | (398,844) | (244,389) |
| Total tax charge for the year | 247,930 | 440,421 |

DIVIDENDS

A final dividend of RMB0.481 per ordinary share (including tax) totalling RMB556 million and a special dividend of RMB0.394 per ordinary share (including tax) totalling RMB456 million for the year ended 31 December 2024 were approved at the Company’s Annual General Meeting on 16 May 2025 and paid during the year.

The interim dividend of RMB0.951 per ordinary share (including tax) totalling RMB1,100 million for the six months ended 30 June 2025 was approved at the extraordinary general meeting on 3 September 2025 and paid during the year.

At a meeting held by the Board on 19 March 2026, the Board recommended a final dividend of RMB0.546 per ordinary share (including tax) totalling RMB631 million for the year ended 31 December 2025. The proposed final dividend for the year ended 31 December 2025 is subject to the approval of the Company’s shareholders at the forthcoming annual general meeting.

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY

The calculation of the basic earnings per share amounts is based on the profit for the year attributable to ordinary shareholders of the Company, and the weighted average number of ordinary shares outstanding during the year, as adjusted to reflect the rights outstanding during the year.

The Group had no potentially dilutive ordinary shares in issue during the years ended 31 December 2025 and 2024.

The calculation of basic earnings per share is based on:

| | 2025 | 2024
(Restated) |
| --- | --- | --- |
| Earnings | | |
| Earnings attributable to the ordinary shareholders of the Company, used in the basic earnings per share calculation (RMB'000) | 694,559 | 1,137,898 |
| Shares | | |
| Weighted average number of ordinary shares outstanding during the year used in the basic earnings per share calculation | 1,156,513,496 | 1,173,847,730 |
| Basic and diluted earnings per share (RMB) | 0.60 | 0.97 |

11. INTANGIBLE ASSETS

| | Customer relationship
RMB '000 | Goodwill
RMB '000 | Others
RMB '000 | Total
RMB '000 |
| --- | --- | --- | --- | --- |
| 31 December 2025 | | | | |
| At 1 January 2025: | | | | |
| Cost | 6,222,403 | 3,825,162 | 71,480 | 10,119,045 |
| Accumulated amortisation | (2,365,400) | – | (20,149) | (2,385,549) |
| Net carrying amount | 3,857,003 | 3,825,162 | 51,331 | 7,733,496 |
| At 1 January 2025, net of accumulated amortisation | 3,857,003 | 3,825,162 | 51,331 | 7,733,496 |
| Additions | 18,033 | – | 17,655 | 35,688 |
| Acquisition of subsidiaries | 116,736 | 174,728 | – | 291,464 |
| Amortisation provided during the year | (593,908) | – | (7,895) | (601,803) |
| At 31 December 2025, net of accumulated amortisation | 3,397,864 | 3,999,890 | 61,091 | 7,458,845 |
| At 31 December 2025: | | | | |
| Cost | 6,357,172 | 3,999,890 | 89,135 | 10,446,197 |
| Accumulated amortisation | (2,959,308) | – | (28,044) | (2,987,352) |
| Net carrying amount | 3,397,864 | 3,999,890 | 61,091 | 7,458,845 |
| 31 December 2024 | | | | |
| At 1 January 2024: | | | | |
| Cost | 6,030,427 | 3,700,222 | 29,042 | 9,759,691 |
| Accumulated amortisation | (1,769,090) | – | (9,425) | (1,778,515) |
| Net carrying amount | 4,261,337 | 3,700,222 | 19,617 | 7,981,176 |
| At 1 January 2024, net of accumulated amortisation | 4,261,337 | 3,700,222 | 19,617 | 7,981,176 |
| Additions | 37,976 | – | 37,141 | 75,117 |
| Acquisition of subsidiaries | 154,000 | 124,940 | 1,015 | 279,955 |
| Amortisation provided during the year | (596,310) | – | (6,442) | (602,752) |
| At 31 December 2024, net of accumulated amortisation | 3,857,003 | 3,825,162 | 51,331 | 7,733,496 |
| At 31 December 2024: | | | | |
| Cost | 6,222,403 | 3,825,162 | 71,480 | 10,119,045 |
| Accumulated amortisation | (2,365,400) | – | (20,149) | (2,385,549) |
| Net carrying amount | 3,857,003 | 3,825,162 | 51,331 | 7,733,496 |

11. INTANGIBLE ASSETS (continued)

Impairment testing of goodwill

Goodwill acquired through business combinations is allocated to the following cash-generating units (“CGUs”) for impairment testing:

Residential business group CGU
Commercial and GSI business group CGU

The carrying amount of goodwill allocated to each of the CGUs is as follows:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Residential business group | 3,593,683 | 3,418,955 |
| Commercial and GSI business group* | 406,207 | 406,207 |
| | 3,999,890 | 3,825,162 |

Residential business group, focusing on providing service to residential property owner with various price range, aim to improve operating efficiency by advancing the Onewo strategy, which would create interconnection between residential properties within a certain geographic space.
** Commercial and GSI business group, focusing on providing service to enterprise and government-sponsored institution, including property management service, facility management service, and customised services to government-sponsored institution.

The recoverable amounts of the CGUs are determined based on value-in-use of the CGUs to which the goodwill is allocated. These calculations use pre-tax cash flow projections based on financial budgets of the CGUs approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated long-term growth rates below. The growth rates do not exceed the long-term average growth rate for the related industry in which the CGUs operate. The pre-tax discount rates below reflect specific risks relating to the relevant industry and the CGUs themselves and macro-environment of the relevant region.

The key assumptions used in the estimation of value-in-use were as follows:

	2025	2024
Annual growth rates of revenue	7%~9%	10%~11%
Long-term growth rate	2%	2%
Pre-tax discount rates	16%~17%	16%~17%

The Group assessed the impairment of goodwill at the end of the reporting period and the recoverable amounts of each CGUs had exceeded each of their carrying amounts, and hence the goodwill was not regarded as impaired.

12. TRADE AND RETENTION RECEIVABLES

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Trade and notes receivables | | |
| - Related parties | 2,064,317 | 2,446,057 |
| - Third parties | 5,615,849 | 5,019,001 |
| Retention receivables | 15,322 | 26,826 |
| | 7,695,488 | 7,491,884 |
| Less: Allowance for impairment of trade and retention receivables | (1,691,008) | (947,645) |
| Net carrying amount | 6,004,480 | 6,544,239 |

Retention receivables are related to revenue earned from the provision of construction of intelligent property management services for which the right to the receipt of consideration for work performed remains conditional on the satisfaction of the service quality by the customers over a certain period as stipulated in the service contracts. The retention receivables are transferred to the trade receivables when the right becomes unconditional, which is typically at the expiry date of the defect liability period.

Trade receivables mainly arise from commercial and urban space integrated services and AIoT and BPaaS solution services.

The Group's trading terms with its customers are mainly on credit. The credit term is normally decided on a case-by-case basis upon the acceptance of the products or the completion of service. The credit period is generally one month, extending up to three months for major customers. In view of the aforementioned and the fact that the Group's trade and retention receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. Trade receivables are non-interest-bearing.

An ageing analysis of the trade and retention receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Within 1 year | 5,189,232 | 5,501,286 |
| 1 to 2 years | 459,262 | 831,761 |
| 2 to 3 years | 247,708 | 144,670 |
| Over 3 years | 108,278 | 66,522 |
| Total | 6,004,480 | 6,544,239 |

12. TRADE AND RETENTION RECEIVABLES (continued)

The movements in the loss allowance for impairment of trade and retention receivables are as follows:

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| At the beginning of the year | 947,645 | 419,902 |
| Impairment losses, net | 742,660 | 526,389 |
| Acquisition of subsidiaries | 703 | 1,354 |
| At the end of the year | 1,691,008 | 947,645 |

An impairment analysis is performed at each reporting date using a provision matrix to measure ECLs. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., customer type and service type). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

Set out below is the information about the credit risk exposure on the Group's trade and retention receivables using a provision matrix:

	Third parties			Related parties	Total
	Less than 1 year	1 to 3 years	Over 3 years
At 31 December 2025
Expected credit loss rate	2.80%	36.32%	80.70%	38.68%
Gross carrying amount (RMB’000)	4,179,302	892,211	559,658	2,064,317	7,695,488
Expected credit losses (RMB’000)	116,931	324,016	451,666	798,395	1,691,008
At 31 December 2024 (Restated)
Expected credit loss rate	2.58%	35.33%	80.67%	10.61%
Gross carrying amount (RMB’000)	3,818,385	883,220	344,222	2,446,057	7,491,884
Expected credit losses (RMB’000)	98,436	312,082	277,700	259,427	947,645

13. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Current: | | |
| Other receivables | | |
| - Amounts due from related parties | – | 929,964 |
| - Payments on behalf of property owners | 2,219,286 | 1,655,862 |
| - Deposits | 500,229 | 502,707 |
| - Other receivables | 35,949 | 82,731 |
| | 2,755,464 | 3,171,264 |
| Less: Allowance for impairment of other receivables | (1,306,763) | (1,076,257) |
| Subtotal | 1,448,701 | 2,095,007 |
| Prepayments to suppliers | 321,885 | 382,695 |
| Prepayments for tax | 617,962 | 589,880 |
| Total | 2,388,548 | 3,067,582 |
| Non-current: | | |
| Deposits | | |
| - Amounts due from related parties | 1,375,493 | 1,401,894 |
| - Others | 145,077 | 146,908 |
| | 1,520,570 | 1,548,802 |
| Less: Allowance for impairment of amounts due from related parties* | (203,775) | – |
| Subtotal | 1,316,795 | 1,548,802 |
| Prepayments for capital investments | – | 86,265 |
| Others | 1,292,709 | 1,100,568 |
| Total | 2,609,504 | 2,735,635 |

The Group has assessed that the credit risk of amounts due from related parties has increased significantly since their initial recognition but they are not past due. During the year, these receivables transferred from stage 1 to stage 2, and the loss allowance was measured at an amount equal to lifetime expected credit losses. During the year ended 31 December 2025, RMB203,775,000 (2024: Nil) was recognised as an allowance for expected credit losses on other receivables from related parties.

14. TRADE AND NOTES PAYABLES

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Trade and notes payables | | |
| - Related parties | 346,640 | 14,741 |
| - Third parties | 6,458,795 | 6,656,799 |
| Total | 6,805,435 | 6,671,540 |

An ageing analysis of the trade and notes payables as at the end of the reporting period, based on the invoice date, is as follows:

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Within 1 year | 6,343,118 | 6,225,486 |
| 1 to 2 years | 346,183 | 311,740 |
| 2 to 3 years | 68,344 | 89,046 |
| Over 3 years | 47,790 | 45,268 |
| Total | 6,805,435 | 6,671,540 |

The trade and notes payables are non-interest-bearing and are normally settled on the terms of 30 to 180 days.

The fair values of trade and notes payables as at the end of the reporting period approximated to their corresponding carrying amounts due to their relatively short maturity terms.

15. OTHER PAYABLES AND ACCRUALS

| | 2025
RMB’000 | 2024
RMB’000
(Restated) |
| --- | --- | --- |
| Current: | | |
| Other payables | | |
| Amounts due to related parties | 291,761 | 572,274 |
| Cash collected on behalf of property owners | 2,138,813 | 1,966,600 |
| Deposits payable | 1,127,154 | 1,054,167 |
| Dividends | 49,409 | 66,620 |
| Accruals and other payables | 1,043,187 | 975,343 |
| | 4,650,324 | 4,635,004 |
| Payroll payables | 1,525,980 | 1,587,620 |
| Long-term payables within one year | – | 3,520 |
| Other taxes payables | 325,827 | 253,076 |
| | 6,502,131 | 6,479,220 |
| Non-current: | | |
| Amounts held on behalf of property owners | 1,200,540 | 1,156,385 |
| Long-term payables | 2,633 | 3,653 |
| | 1,203,173 | 1,160,038 |

Other payables and accruals with third parties and related parties are unsecured and non-interest-bearing. The fair values of other payables at the end of the reporting period approximated to their corresponding carrying amounts.

16. SHARE CAPITAL

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Issued and fully paid: | | |
| Ordinary shares of RMB1 each | 1,168,053 | 1,171,565 |
| A summary of movements in the Company’s share capital is as follows: | | |
| | Number of
shares in issue | Share capital
RMB'000 |
| At 1 January 2024 | 1,176,283,100 | 1,178,469 |
| Shares repurchased | (18,308,900) | – |
| Issue shares | 2,768,729 | 2,768 |
| Cancel shares | – | (9,672) |
| At 31 December 2024 and 1 January 2025 | 1,160,742,929 | 1,171,565 |
| Shares repurchased | (5,802,600) | – |
| Cancel shares | – | (3,512) |
| At 31 December 2025 | 1,154,940,329 | 1,168,053 |

During the year, the Company repurchased 5,802,600 ordinary shares, all of which have been held by the Company as treasury shares, with the total repurchase price amounting to RMB106,574,000. In addition, 3,512,200 shares repurchased in prior years were cancelled during the year, and the total amount paid for the repurchase of those shares amounted to RMB55,780,000. As at 31 December 2025, the Company had 13,112,800 purchased shares classified as treasury shares.

Stepping Up to Every Challenge

Dear Shareholders:

The narrative of the real estate development industry in 2025 is well known to all. Compared to first half of 2025, we made an impairment provision of RMB740 million accordingly in the second half of 2025. Viewing the Company’s financial data in this context, we admit that the figures on net profit in the annual report are not appealing. Should this trend persist, although first half of 2026 was relatively volatile, our earnings in the full year of 2026 are likely to be stable.

Addressing Unexpected Vacancy Rates: The Next Urgent Hurdle After Ensuring Housing Delivery.

Currently, residential properties are not selling well; a delivered community may encompass over 30% of unsold housing units. Should we undertake such projects? After all, 70% of the units have been sold, yet we must passively accept the 30% of vacant units for which property management fees are payable by the developer, and this portion of accounts receivable often transforms into bad debts. To reduce accounts receivable, we must participate in the debt-to-asset schemes offered by all real estate companies to suppliers, yet these debt-offset assets often face impairment. Historically, the property management of developers’ new residential projects was of high quality. The challenge that the industry and society must face next is the transition from “guaranteed delivery of housing projects” to “more-than-expected vacant units.” On the other hand, the vacancy rate of houses already purchased by property owners should not be underestimated. Vacant property owners are taking advantage, while paying property owners must assume more. As stated in the book “The Era of Negative Assets”: “While the successful bidder does not have to assume the mortgage owned by former property owners, they must settle any outstanding property management fees; otherwise, these arrears will ultimately become a shared burden for other property owners.” Such lessons from history offer profound insights into property governance in the PRC today. How to mitigate the bad debt risks arising from vacant assets and to safeguard the fair rights of paying property owners with honesty will be the bottom line we must uphold in the existing market.

Intensifying Industry Competition, and an Accelerating Concentration Trend

For non-developer property projects, including properties tendered by owners’ committees, public properties such as campuses and hospitals, and corporate facility management, competition has entered a “red ocean” stage. Almost every tender sees participation from over 10 companies, driving down the industry’s gross profit margin. Furthermore, owners’ committees are no longer content merely acting as representatives of “Party A”. The current property management market bears a striking resemblance to the Warring States Period. The market data for 2025 is quite intriguing. Cushman & Wakefield Vanke Service, a subsidiary of the Company, achieved a bid-winning rate of 51.8%. An analysis of lost bids reveals the successful competitors are large-scale corporations with a highly dispersed landscape. Vanke Service, a subsidiary of the Company, secured a bid-winning rate of 70%. An analysis of lost bids indicates that the successful competitors are primarily regional small and medium-sized property management companies. In 2026, Cushman & Wakefield Vanke Service will continue to enhance its competitiveness using “intelligence and low carbon” as its technological foundation, while Vanke Service will continue to lead the market through “flexible pricing” and “digital service reports”.

Token Consumption Becomes a Significant Management Fee Item

Robots and large models are evolving day by day, and OpenClaw has given a strong push to the AI applications of ordinary companies, advancing them from CHAT BOT to AGENT. Within the industry, companies such as Nacity Property Service, New Dazheng Property, Greentown Service, and China Merchants Property Operation & Service have become leading companies in robot application, while Country Garden Services has moved directly into the R&D and production of cleaning robots. The direction that Onewo selects is to leverage its proprietary "Lingshi", an edge server to build a robot ecosystem with various manufacturers. The Company's internal R&D of AI agents are in full swing, with annual Token consumption reaching 72.5 billion, corresponding to a decrease of approximately RMB200 million in the absolute amount of management fees.

Capital First, Market Second: A Unique Industry Label

The majority of Chinese property management companies were born from the after-sales service arms of real estate companies, with the early goal being to provide good services. Over the past decade, the sudden influx of capital and the sudden cliff-like decline in the real estate sector have caused discomfort to all parties: owners are uncomfortable because "Price was not discussed" in the past; the government is uncomfortable, asking, "Are property management companies profitable?"; capital is uncomfortable as new real estate projects have turned into problematic projects; practitioners are uncomfortable, as they must engage in marketing in addition to operations. However, humanity possesses the strength of adaptation. After all, the continuous maintenance of equipment and facilities and the continuous maintenance of spatial & environmental order by real estate holders are the foundation for asset value preservation. As relevant laws materialize, this will become an obligation in the future.

As Jonathan Lee wrote in Songs for Myself: "Time, don't rush me. I won't push away what's meant to come. I'll pay what I owe, and give what I should."

In 2025, the Company achieved two breakthroughs on behalf of the industry, being granted to — "Top Employer (China)" and "Global Industry Mover from S&P ESG". These honors, beyond the financial statements, attest to our steadfast adherence to our original benevolent intention and our determined pursuit of the essence of service, our employee partners, and sustainable development.

Ten years ago, Vanke Service undertook a project developed by a leading real estate developer in Shenzhen. Back then, I was shocked that its subsidiary could give up on a project developed by its affiliated company. In 2025, Vanke Service also withdrew from a project developed by its affiliated company in Tianjin for the first time. This represents a breakthrough of the historical internal red line. The market maturity of the industry has entered a new stage, with the right to choose being given to property owners, and the historical burdens of corporations will be gradually lifted.

Best regards
Zhu Baoquan
Chairman of Onewo Inc.

INDUSTRY REVIEW

From “Guaranteed Building Delivery” to “Addressing Vacancy Rates”: Rewriting the Value of Property Management Amidst “Warring States” Competition

In 2025, the property management industry entered a critical stage of re-pricing and diversification. The contradiction within the industry is no longer solely about “scale growth,” but rather involves facing two main themes simultaneously: first, comprehensively improving stock operations to cope with the profit impacts caused by rising vacancy rates in residential and commercial office properties and adjustments in the allocation of public costs; second, reconstructing market capabilities to build a professional moat through asset operations, AI and robot applications, and energy management. Against this backdrop, the industry is accelerating its transformation from an “experience and manpower-driven” approach to a “governance and technology-driven” approach. Although short-term shocks are significant, medium-to-long-term structural opportunities have emerged amidst the diversification.

I. A Deep Warning from “Guaranteed Building Delivery” to “Addressing Vacancy Rates”

The industry has witnessed a shift in focus from “delivery pressure” to “holding pressure.” This is not merely a change in financial statements, but a profound test of the collaborative governance capabilities of the three parties: property management companies, property owners, and the government.

The Objective Reality of Shrinking Incremental Space. Influenced by the long-cycle downturn in the real estate development sector, residential completions in 2025 decreased by 20.2% year-on-year, and sales by gross floor area (GFA) decreased by 9.2% year-on-year. The era where property management companies could “enjoy the cool shade under a big tree” has come to a complete end. The shrinkage in the developer industry, especially among related parties, implies a further compression of the scale of “zero-cost increment” obtained from developers, signaling that the industry has fully entered the “deep-water zone” of competition among existing players.

The Impact on Profit Structure by Idle Assets. In 2025, the GFA of residential housing for sale increased by 2.8% year-on-year of a massive volume of vacant units. Vacant units bring not high “additional management costs” but a collapse of the profit structure to property management companies. For those vacant units, property management companies must still maintain the fixed cost inputs for the overall project security, cleaning, and facility operation. Since vacant units often face difficulties in property management fee collection and long recovery cycles, this mismatch of “missing income but rigid costs” directly influenced the project’s gross profit margin, becoming a key factor dragging down the cash flow and profits of property management companies.

The Governance Dilemma Shared by Three Parties. For property management companies, the vacancy rate directly leads to a less willingness to pay on the property owner’s side and a surge in demands for price reductions, highlighting operational pressure. Data from the CRIC Property Management Research Center shows that in 2025, the average collection rate of nationwide property management service companies (Top 500) fell to 71%, declining for four consecutive years; the average property management fee in 20 cities even dropped to RMB2.72/square meter/month in 2025. For property owners, asset holding costs and hidden dangers of depreciation have increased sharply. For the government, the pressure on community governance and the loss of tax revenue caused by vacancies cannot be ignored.

II. Stock and Non-residential Markets Enter the “Warring States Phase”, and Concentration Trend Accelerates

White-hot Competition in Stock and Non-residential Markets: To seek survival, property management companies have turned their bows to flock into the stock housing and seemingly vast non-residential markets, hoping to break through the traditional growth model. So far, competition in this part of the market has entered a white-hot “Warring States phase.” In existing market competition, a single project often attracts 10-15 companies to participate in “hand-to-hand combat,” and fierce price wars have caused continuous pressure on project gross profit margins. As for non-residential properties, due to the general existence of 1-3 year bidding cycles for projects, and the fact that most industry participants are still limited to the price game of low-threshold basic services (security, cleaning, landscaping and maintenance), lacking genuine professional penetration capability in integrated facilities management (IFM), the industry as a whole has fallen into a trap of homogeneous competition, and project retention rates are generally under pressure. In H1 2025, the average non-residential management GFA of listed property management companies even decreased by 2.41% year-on-year.

Accelerated Diversification of Market Landscape, a Clear Visibility of Concentration Towards Top-tier Players. Amidst extreme involution, the trend of industry concentration towards top-tier players is becoming increasingly evident. Leading property management companies are improving management density through strategies like strict cost control and “in-depth development in core areas”, transforming regional advantages into service barriers. They use high-margin, profitable projects to subsidize low-profit or early-stage investment projects, thereby possessing stronger risk resistance and market competitiveness during the industry winter. In vertical segments such as healthcare and public buildings, companies possessing professional IFM service capabilities are eliminating weak players capable of providing only basic services. The market landscape is accelerating its diversification from disorderly expansion to rational competition where “quality matches price.” We anticipate that the number of property management service providers in the PRC will decrease from “100,000-level” to “10,000-level”.

III. Reshaping of Value-added Services: A Substantive Leap from Traditional “Grain and Oil” to “Asset Services”

Building New Capabilities for Value-added Services. Facing the reality of falling average property management fees and declining collection rates, the value-added services of property management companies are undergoing a profound reconstruction of their underlying logic. In the past, value-added services relied heavily on community traffic, focusing on traditional retail services such as “grain and oil” with low thresholds. Today, the path for the industry to break through lies in building asset operation capabilities, seizing the opportunity of “vacant units”, and comprehensively moving towards deep “asset services”.

Extending Service Chain, Driving Asset Appreciation. Property management companies are relying on their stickiness to community physical spaces to extend the service chain to the lifecycle management of assets. This includes but is not limited to: renovation and repair services for old stock projects to enhance the residential and usage value of the assets themselves; management of vacant units for the massive area awaiting sale and vacant space, providing asset conservation for property owners; and undertaking the destocking business of debt-offset assets from developers and suppliers against the backdrop of tight real estate capital chains, to ensure the health of their own receivables. By playing the role of asset operators, property management companies are transforming from simple “community servants” to “defenders of asset value”.

IV. Technology Empowerment: Scaled Practice of AI Applications and Robots

As a typical labor-intensive industry, the property management sector holds immense potential for the application of AI and robots under cost control pressure, with effectiveness already manifesting across multiple dimensions.

Service Paradigm Shift: Currently, AI large models are entering a “scaled application phase”. Property management companies are keeping pace with technological frontiers, actively embracing artificial intelligence to apply it in real-world service scenarios, thereby optimizing management and enhancing operational efficiency. The industry’s technology-based development is gradually upgrading from “single-point tool application” to “multi-scenario coverage”. The continuous deepening of applications such as AI assistants, digital employees, and smart work order systems has significantly enhanced the operational efficiency of property management service companies, with the mid – and back-office management expense ratios of listed property management companies generally showing a marked downward trend. Furthermore, property management companies are actively laying out the robot industry, achieving precise operations and unattended monitoring through intelligent robots. The industry has achieved the transition from “human only” to “human + machine” and is advancing towards “machine replacing human”, delivering better service quality, higher operational efficiency, and superior cost-effectiveness to clients. Under the dual pressure of rigidly rising labor costs and declining service unit prices, companies capable of transforming processes into algorithms and manpower into agents will secure a generational advantage in survival.

STRATEGIC REVIEW

The period from 2025 to 2027 marks the three years for the Group to complete its capability building. Centering on the three keywords “Asset Services, Intelligence and Low Carbon”, the Group will advance its three major strategies: “Onewo Town+, Corporate Services+ and Ecosystem+”, aiming to become a globally leading provider of smart and low-carbon asset services.

Onewo Town+: Building a Subdistrict-level Service Network to Hedge Against “Challenges” in the Deep-Water Zone of Stock Business

Amid the more severe fixed-pie negotiation and macroeconomic impacts, intensified competition, fluctuations in collection rates, and rising vacancy ratios have posed challenges to the Company’s market expansion and operations in 2025. The Group consistently adhered to “Onewo Town” as the core strategy for achieving regional economies of scale in this labor-intensive industry. The dividends released through efficiency improvement transformation effectively hedged against external operational pressures, ensuring the financial resilience of the foundational business and the steady growth of core profits from non-related parties.

A Comprehensive Review Under Multidimensional Challenges: From Asset Operation Resilience to Keen Perception of Governance Power

During the Reporting Period, the drastic changes in the industry environment brought three profound warnings to the Group. First is the stress test of asset structure fluctuations. Facing the reality where the scale of vacant units held by developers exceeded expectations, the Group is actively optimizing its asset service model, alleviating challenges to profit margins and cash flow caused by periodic fluctuations in collection rates through refined governance. Second is the underlying reconstruction of governance power. In some places, the representatives from property owners participate in the market in person, unwilling to simply act as the buyers, and became a new competitive force in the market that has not yet been regulated. This marks a shift in community competition from a sole game among property management companies to a reshaping of power by consumer-side governance forces. Finally, there is the “asymmetric challenge” in the competitive landscape. Although the Group maintained a high win rate of 70% in the existing residential market, the 30% of lost bids predominantly flowed to smaller property management companies possessing higher flexibility and finer granularity. This reality, where “even a fierce tiger cannot fight a pack of wolves”, warns us that while consolidating our leading professional advantages, we must further refine service granularity and build a regional deep-cultivation system with greater flexibility and penetration.

Amidst this fierce competition, the Group firmly believes that “Onewo Town” is the best solution for achieving regional economies of scale in this labor-intensive industry. The Group will persist in regional deep cultivation, achieving steady expansion of the foundation and continuous improvement in efficiency, while actively launching renovation, real estate brokerage, and building repair businesses within the Onewo Town scope to facilitate asset value preservation and appreciation.

Foundation Expansion: Continuously Consolidating a High-density Subdistrict-level Service Network. In existing market expansion, the Group, leveraging its “elastic pricing” strategy and “quality-price matching” comprehensive solutions, precisely responded to the dual demands of emerging governance forces such as owners’ committees for service professionalization and cost-effectiveness. This has become the core competitiveness enabling the Group to prevail in fixed-pie negotiation. During the Reporting Period, the Group acquired 247 residential projects in the existing market, with newly signed annualized saturated revenue of RMB1,422.4 million, representing a year-on-year increase of 21.1%. Among these, 51 residential projects were acquired through the “elastic pricing” model, accounting for 20.6% of the expansion in the existing market.

As of the end of 2025, the Group had completed the foundation construction of 690 Onewo Towns, comprising 216 standard Onewo Towns, 204 major Onewo Towns, and 270 target Onewo Towns, accounting for 50.5% of the total number of projects under management.

Efficiency Improvement Transformation: A “Reservoir” to Hedge Against Industry-wide Collection Rate Fluctuations. Facing severe external environmental pressure, the efficiency improvement transformation of Onewo Towns has demonstrated a strong “shock-absorbing” attribute. The Group took the lead in completing efficiency improvement transformations for 300 Onewo Towns through technical management measures such as “human + machine”, personnel reuse, and mixed employment. This structural improvement in efficiency successfully hedged against a significant portion of the cost pressures arising from rising vacant units and fluctuations in collection rates.

Ecosystem Overlay: Rigid Demand Businesses for Asset Maintenance. Building upon the high-density foundation of Onewo Towns, business tentacles have further extended from traditional housing transactions to the rigid demand for value preservation and appreciation throughout the asset lifecycle. Among them, the building repair business performed exceptionally well, achieving revenue of RMB556.3 million, a year-on-year increase of 67.1%, verifying the explosive power of the stock asset maintenance logic. In addition, the Yanxuanjia self-operated renovation business newly signed contracts worth RMB529.9 million, a year-on-year increase of 26.6%. As for cyclical businesses such as leasing and sales, the Group focused on advantageous cities and cultivated regional efficiency, continuously increasing market share. For example, the Group’s market share in the second-hand housing transaction market within self-managed residential communities in Wuhan increased by 2.49 percentage points year-on-year to 35.70%.

Corporate Services+: Focusing on the Operating Quality of Core Assets

The Group is committed to deepening the professional leadership of Cushman & Wakefield Vanke Service in commercial office properties and Dantin in the school and hospital property tracks. In the traditional commercial enterprise market competition, the Group’s win rate was 50%, with lost bids falling to various well-known peers. The Group, through “Lingshi” ecosystem, achieved an evolution from “space management” to “digital asset operation”. While consolidating the fundamentals, the Group relies on new growth curves such as energy management to enhance the commercial premium and operational resilience of assets throughout their lifecycle.

Optimization of Customer Structure and Quality: Shifting from Scale Orientation to Profit Orientation. First, the stock is stable and the foundation is solid. 2025 was a major contract renewal year for Cushman & Wakefield Vanke Service. We completed contract renewals with an annualized saturated revenue of RMB4,838.0 million at a renewal rate of 90.85%, demonstrating core customers' high recognition of the Group's professional capabilities. Second, the increment is refined and the structure is optimized. A typical observation is: out of every 10 bids, we can precisely secure five; the remaining five bids fall to five different well-known peers respectively. This "1 versus N" competitive posture clearly indicates: There is no second single competitor in the market capable of contending with us on all fronts, and the competitive landscape presents a high degree of "fragmentation". We no longer blindly pursue every bid but precisely lock onto high-growth, high-certainty tracks, achieving a nearly 92% breakthrough in market share in the next-generation information technology sector. Furthermore, by building a presence in public infrastructure tracks such as healthcare and schools, we successively secured landmark projects including the Seventh Affiliated Hospital of Sun Yat-sen University. The continuous increase in the proportion of non-related party business enables us to effectively hedge against industry fluctuations, ensuring long-term certainty in operating cash flow.

Building an Energy Management Moat: Achieving a "Dimensionality Reduction Attack" in Asset Operation Based on the Lingshi Ecosystem. We have built core capabilities such as intelligent energy management, precise commissioning, energy-saving technical retrofits, and optical storage microgrids. Through AI algorithms and IoT integration, we achieved a leap from real-time energy efficiency monitoring to L3 autonomous intelligent control, realizing over 20% energy savings in projects such as the Shenzhen Binhai Cloud Center. In 2025, the incubation of these capabilities began to show results. Not only were 52 new projects signed contributing RMB67.8 million in consolidated revenue, but the Group also gained discourse power in green buildings by participating in the compilation of China's first energy audit standard and releasing the industry's first carbon accounting methodology. This value-added model based on long-term in-depth service achieved a generational evolution from "single property management service" to "lifecycle asset operation". Through which, the market competitiveness was enhanced and the endogenous business profitability was optimized.

Technology Capabilities: Deepening GC Platform Application to Drive Intelligent Iteration of Organizational Efficiency

In 2025, the core of the Group's technology strategy focused on the in-depth application of the GC platform. Technology capabilities have transcended traditional system support to evolve into an intelligent foundation empowering all employees. Through the GC platform, the Group achieved a transformation from "simple process automation" to "complex logic recognition and autonomous execution," converting decades of accumulated industry knowledge into ready-to-use "digital assets", thereby achieving structural cost reduction and efficiency improvement at the organizational level.

Scaled Application of Agents Achieving Structural Optimization of Management Expenses Based on the GC platform, through a self-developed retrieval-augmented generation engine, the Group achieved deep invocation of the Group's knowledge base and internal and external systems, significantly enhancing the efficiency of decision support and knowledge retrieval. During the year, over 1,400 AI agents were launched, and nine AI employees were officially regularized. Relying on this "digital labor" foundation, during the Reporting Period, management expenses decreased by RMB197.7 million year-on-year, representing a year-on-year decrease of 10.1%, truly verifying the substantial contribution of the technology dividend to organizational efficiency.

Collection Battle: Facing the Challenge of Accounts Receivable Head-on

Resolution of Accounts Receivable Risks and Value Recovery. Facing the challenges of extended receivable turnover days from developer companies, the Group proactively implement strategies to promote receivables collection through diversified means across multiple dimensions such as cash collections, debt offset and debt-to-asset settlement. Relying on profound real estate brokerage strength, asset operation capabilities, and the high-density advantages of Onewo Towns, the Group actively collaborated with developers to enhance asset value and liquidity, thereby indirectly accelerating fund recovery through asset operation empowerment. During the Reporting Period, the Group recorded revenue from the continuing connected transactions of RMB2,238.9 million, representing a year-on-year decrease of RMB1,196.7 million, and the proportion to the total revenue of the Group decreased to 6.0%. In multiple ways, the Group successfully collect payments from related parties of RMB2,851.2 million, reduced the balance of accounts receivable from related parties by RMB381.7 million year-on-year, and further recovered RMB478.0 million after the Reporting Period and before the approval of the financial report for issuance.

BUSINESS REVIEW

The Group is divided into three major business divisions: (i) Community Space Living Consumption Services; (ii) Commercial and Urban Space Integrated Services; (iii) AIoT and BPaaS Solution Services.

The following table sets out details of revenue by business and service type for the dates shown:

	For year ended December 31
	2025 RMB'000	%	2024 (Restated) RMB'000	%	Growth Rate %
Community Space Living Consumption Services
- Residential Property Services	20,926,309	56.1	19,219,267	53.0	8.9
- Living-Related Asset Services	1,913,685	5.1	1,346,669	3.7	42.1
- Other Community Value-added Services	393,576	1.1	402,191	1.1	-2.1
Subtotal	23,233,570	62.3	20,968,127	57.8	10.8
Commercial and Urban Space Integrated Services
- Property and Facility Management Services	10,666,473	28.7	9,970,753	27.5	7.0
- Developer Value-added Services	385,316	1.0	1,569,151	4.3	-75.4
- Urban Space Integration Services	739,523	2.0	755,646	2.1	-2.1
Subtotal	11,791,312	31.7	12,295,550	33.9	-4.1

AIoT and BPaaS Solution Services

For year ended December 31
	2025		2024 (Restated)		Growth Rate %
	RMB'000	%	RMB'000	%
– AIoT Solutions	437,913	1.1	1,427,347	3.9	-69.3
– BPaaS Solutions	1,809,065	4.9	1,593,419	4.4	13.5
Subtotal	2,246,978	6.0	3,020,766	8.3	-25.6
Total	37,271,860	100.0	36,284,443	100.0	2.7

The following table sets out details of gross profit by business and service type for the dates shown:

For year ended December 31
	2025		2024 (Restated)
	Gross Profit RMB'000	Gross Profit Margin %	Gross Profit RMB'000	Gross Profit Margin %
Community Space Living Consumption Services
– Residential Property Services	2,444,124	11.7	2,386,296	12.4
– Living-Related Asset Services	384,932	20.1	388,157	28.8
– Other Community Value-added Services	197,382	50.2	236,543	58.8
Subtotal	3,026,438	13.0	3,010,996	14.4
Commercial and Urban Space Integrated Services
– Property and Facility Management Services	856,156	8.0	839,503	8.4
– Developer Value-added Services	3,641	0.9	72	0.0
– Urban Space Integration Services	51,997	7.0	53,515	7.1
Subtotal	911,794	7.7	893,090	7.3

	For year ended December 31
	2025		2024 (Restated)
	Gross Profit RMB'000	Gross Profit Margin %	Gross Profit RMB'000	Gross Profit Margin %
AIoT and BPaaS Solution Services
- AIoT Solutions	43,239	9.9	300,032	21.0
- BPaaS Solutions	578,098	32.0	510,134	32.0
Subtotal	621,337	27.7	810,166	26.8
Total	4,559,569	12.2	4,714,252	13.0

During the Reporting Period, revenue from continuing connected transactions of the Group accounted for 6.0% of the Group's total revenue, representing a decrease of 3.5 percentage points compared to the same period in 2024. Excluding the impact from developer's business, the Group's core net profit for the Reporting Period was RMB1,707.8 million, a year-on-year increase of 11.1%.

		2025 RMB'000	2024 RMB'000	Growth rate %
Revenue	Recurring Businesses
	Residential property services	20,550,961	18,760,550	9.5%
	Property and facility management services	9,805,743	9,086,190	7.9%
	BPaaS Solutions	1,345,767	1,103,043	22.0%
	Subtotal of recurring businesses	31,702,471	28,949,783	9.5%
	Add: Other core businesses
	Home-related assets services	1,759,813	1,082,326	62.6%
	AIoT Solutions	187,483	864,651	-78.3%
	Subtotal of core businesses	33,649,767	30,896,760	8.9%
	Add: Other businesses
	Other community value-added services	359,079	392,152	-8.4%
	Urban space integration services	710,805	728,262	-2.4%
	Subtotal of other businesses	1,069,884	1,120,414	-4.5%
	Total after excluding all developer businesses	34,719,652	32,017,174	8.4%

		2025 RMB'000	2024 RMB'000	Growth rate %
Gross profit	Recurring Businesses
	Residential property services	2,068,776	1,927,578	7.3%
	Property and facility management services	768,528	744,917	3.2%
	BPaaS Solutions	459,653	369,905	24.3%
	Subtotal of recurring businesses	3,296,957	3,042,400	8.4%
	Add: Other core businesses
	Home-related assets services	345,704	317,713	8.8%
	AIoT Solutions	8,479	110,229	-92.3%
	Subtotal of core businesses	3,651,140	3,470,342	5.2%
	Add: Other businesses
	Other community value-added services	192,409	234,855	-18.1%
	Urban space integration services	49,835	51,477	-3.2%
	Subtotal of other businesses	242,244	286,332	-15.4%
	Total after excluding all developer businesses	3,893,384	3,756,674	3.6%
Operating expenses	Selling and distribution expenses	651,183	585,290	11.3%
	Administrative expenses	1,655,810	1,764,545	-6.2%
	Other operating expenses	349,508	347,784	0.5%
Adjusting for	amortization of customer relationships	470,948	478,454	-1.6%
Core net profit after excluding the impact of developer's business		1,707,832	1,537,510	11.1%

Recurring Businesses

The Group's recurring businesses include three major businesses: Residential Property Services, Property and Facility Management Services, and BPaaS Solutions, serving as the "ballast stone" for steady revenue growth. During the Reporting Period, revenue from these businesses was RMB33,401.8 million, a year-on-year increase of 8.5%, accounting for 89.7% of the Group's total revenue; gross profit created was RMB3,878.4 million, a year-on-year increase of 3.8%, accounting for 85.1% of the Group's total gross profit.

Residential Property Services

During the Reporting Period, revenue from the Residential Property Services of the Group was RMB20,926.3 million, a year-on-year increase of 8.9%, accounting for 56.1% of total revenue; this business created a gross profit of RMB2,444.1 million during the Reporting Period, a year-on-year increase of 2.4%, accounting for 53.6% of total gross profit. The main reasons for the decline in the gross profit margin of this business were the decrease in the collection rate caused by the decline in residents' ability to pay and the increase in situations such as judicial auctions, loss of contact, and seizures with no executable assets, as well as pressure from the increase in the number of vacant units by developers. During the Reporting Period, the revenue from Residential Property Services increased steadily, mainly due to the outstanding market-oriented expansion capability of the Vanke Service brand under the Group. As of December 31, 2025, the saturated income of residential projects under management was RMB29,393.7 million, a year-on-year increase of 7.7%; the saturated income of contracted residential projects was RMB34,803.2 million, a year-on-year increase of 6.5%.

The following table sets out details of the number of projects under management and contracted, as well as saturated income for residential projects as at the dates shown:

	As of December 31,
	2025	2024
Saturated income from contracts (RMB million)	34,803	32,691
Number of contracted projects (units)	5,372	5,010
Saturated income from projects under management (RMB million)	29,394	27,297
Number of projects under management (units)	4,638	4,261

The following table sets out the number of residential property projects under management and contracted, the saturated income under management as at the dates shown, and the breakdown of revenue from residential property management services for the periods shown, categorized by property developer type.

	As of December 31, 2025			As of December 31, 2024
	Number of projects under management (units)	Annualized saturated income (RMB million)	Financial income (RMB million)	Number of projects under management (units)	Annualized saturated income (RMB million)	Financial income (RMB million)
China Vanke Group and its joint ventures and associates	1,730	13,432	10,595	1,679	13,091	10,048
Independent Third Party real estate developers	2,908	15,962	10,331	2,582	14,206	9,171
Total	4,638	29,394	20,926	4,261	27,297	19,219

Property and Facility Management Services

During the Reporting Period, the revenue of the Group from property and facility management services was RMB10,666.5 million, a year-on-year increase of $7.0\%$ , accounting for $28.7\%$ of total revenue; this business generated a gross profit of RMB856.2 million during the Reporting Period, a year-on-year increase of $2.0\%$ , accounting for $18.8\%$ of total gross profit. As of December 31, 2025, the saturated income of property and facility management service projects under management was RMB16,341.8 million, a year-on-year increase of $6.3\%$ ; the saturated income of contracted property and facility management service projects was RMB20,655.7 million, a year-on-year increase of $11.1\%$ . During the Reporting Period, relying on the prominent brand advantages and expansion capabilities among corporate clients, the Group acquired 13 super high-rise projects and continued to expand in premium tracks, further optimizing the client structure.

The following table sets out details of the number of projects under management and contracted, as well as saturated income for property and facility management service projects as at the dates shown:

	As of December 31,
	2025	2024
Saturated income from contracts (RMB million)	20,656	18,588
Number of contracted projects (units)	3,444	2,993
Saturated income from projects under management (RMB million)	16,342	15,368
Number of projects under management (units)	2,589	2,482

The following table sets out the number of property and facility management service projects under management and contracted, the saturated income under management as at the dates shown, and the breakdown of revenue from property and facility management services for the periods shown, categorized by property developer type:

	As of December 31, 2025			As of December 31, 2024
	Number of projects under management (units)	Annualized saturated income (RMB million)	Financial income (RMB million)	Number of projects under management (units)	Annualized saturated income (RMB million)	Financial income (RMB million)
China Vanke Group and its joint ventures and associates	263	2,258	1,483	294	2,292	1,422
Independent Third Party real estate developers	2,326	14,084	9,183	2,188	13,076	8,549
Total	2,589	16,342	10,666	2,482	15,368	9,971

BPaaS Solutions

During the Reporting Period, the revenue of the Group from BPaaS solutions was RMB1,809.1 million, a year-on-year increase of $13.5\%$ , accounting for $4.9\%$ of total revenue. The gross profit of this business during the Reporting Period was RMB578.1 million, a year-on-year increase of $13.3\%$ , accounting for $12.7\%$ of total gross profit. The revenue growth of this business originated from the Group's market-oriented expansion capabilities in the enterprise sector. As of December 31, 2025, the external expansion of the enterprise BPaaS business achieved good results, with new customers including leading internet giants, national telecommunications leaders, and provincial quality inspection research institutes.

Other Core Businesses

In addition to recurring businesses, Living-Related Asset Services and AIoT Solutions businesses also belong to the Group's core businesses.

Living-Related Asset Services

During the Reporting Period, the revenue of the Group from living-related asset services was RMB1,913.7 million, a year-on-year increase of 42.1%, accounting for 5.1% of total revenue; the gross profit of this business during the Reporting Period was RMB384.9 million, a year-on-year decrease of 0.8%, accounting for 8.4% of total gross profit. The revenue growth of this business was mainly due to the launch of building repair services for non-developer clients within residential spaces during the Reporting Period.

AIoT Solutions

During the Reporting Period, the revenue of the Group from AIoT solutions was RMB437.9 million, a year-on-year decrease of 69.3%, accounting for 1.1% of total revenue. The gross profit of this business during the Reporting Period was RMB43.2 million, a year-on-year decrease of 85.6%, accounting for 1.0% of total gross profit. The decline in revenue and profit of this business was mainly due to the downturn in the real estate industry, and the business is currently in a service transformation period.

Non-core Businesses

During the Reporting Period, the Group proactively adjusted its strategy, and the proportion of non-core businesses in the main business continued to decline.

Urban space is one of the Group's important scenario businesses, mainly conducted in the form of off-balance sheet joint ventures.

Urban Space Integration Services

During the Reporting Period, the consolidated revenue of the Group from urban space integration services was RMB739.5 million, a year-on-year decrease of 2.1%, accounting for 2.0% of total revenue; the gross profit of this business during the Reporting Period was RMB52.0 million, a year-on-year decrease of 2.8%, accounting for 1.1% of total gross profit.

Other Community Value-added Services

During the Reporting Period, the revenue of the Group from other community value-added services was RMB393.6 million, a year-on-year decrease of 2.1%, accounting for 1.1% of total revenue; the gross profit of this business during the Reporting Period was RMB197.4 million, a year-on-year decrease of 16.6%, accounting for 4.3% of total gross profit.

Developer Value-added Services

During the Reporting Period, the revenue of the Group from developer value-added services was RMB385.3 million, a year-on-year decrease of 75.4%, accounting for 1.0% of total revenue. The gross profit of this business during the Reporting Period was RMB3.6 million, accounting for 0.1% of total gross profit. Influenced by the industry cycle, the developers' new home business continued to shrink.

OUTLOOK

The period from 2025 to 2027 marks the three years for the Group to complete its capability building.

Onewo Town+: Comprehensive Development of Space Operations, Reshaping Value Growth Poles with Technology Dividends

In response to challenges arising from fluctuations in residential construction and sales volumes, the Group has steadfastly anchored its strategic focus on enhancing operational efficiency and effectiveness, while pivoting towards the existing market.

The Group will normalize the operation of the hybrid staffing model, transforming efficiency dividends into long-term profit resilience. We will comprehensively review loss-making projects, establish special plans for quality and efficiency improvement and exit standards, and convert loss-making drains into profit release points. Meanwhile, we will deepen the layout of Onewo Towns and further enhance regional service density.

The Group regards “elastic pricing” as a strategic approach to break the competitive deadlock and hedge against the fierce internal competition from small and micro property management companies, winning the trust of owners through flexibility where quality matches price. Addressing thorny issues such as vacant units management and asset destocking, and relying on the high-density service network of Onewo Towns, we will launch customized plans for asset value preservation and destocking.

Crucially, we will continue to promote the leapfrog high-speed growth of the building repair and renovation business. Relying on subdistrict-level high-density reach, we deeply link the rigid demand of owners for asset value preservation. Through the standardized output of professional brands such as “Yanxuanjia”, and utilizing the extremely low user acquisition costs and extremely high delivery trust within Onewo Towns, we will continuously increase the penetration rate of repair and renovation businesses, making them a core growth point for the Group against cycles, truly achieving an upgrade of the business model from single property management to comprehensive space operation.

Lingshi: Building a Technological Foundation, Enhancing Competitiveness, and Creating an Technology Ecosystem for Onewo

Centering around “Lingshi” edge server, we will construct “Lingshi” technology ecosystem. Focusing on the large-scale coverage of “Lingshi”, we will achieve “technical replacement” intelligently, in order to create a moat for the robot application ecosystem and proactive energy efficiency operations. With “Lingshi” edge server as the brain for the project, we will collaborate with multiple manufacturers to build a robot ecosystem, focusing on reshaping service processes. The Group will deeply align energy management with ESG goals, utilizing technical means such as the Lingshi ecosystem to provide customers with energy-saving retrofits and energy efficiency optimization for stock assets. This role transformation from “asset watching” to “asset appreciation” will establish the Group’s generational leading advantage in the asset service industry.

AI Capabilities: Centering on GC Platform, Unleashing AI Productivity, Reshaping Organizational Logic

The Group will continue to deepen the scaled application of the GC platform, further promoting AI Agents and “Digital Employees” to enter the deep-water zone of business. By leveraging our proprietary RAG engine for deep retrieval from the industry knowledge base, we will achieve full-scale intelligent dispatching across all operations by 2026. This will further enhance management efficiency, enabling us to address labor cost pressures in the existing market era.

More importantly, technological capabilities are no longer just back-end support, but directly empower the front line as “digital assets”. The AI Agents, polished and matured based on internal high-frequency scenarios, already possess a high degree of universality and practicality. The Group is planning to open and export this “digital labor” foundation to the industry, converting the algorithm dividends accumulated by Onewo into standardized SaaS products and consulting services, opening up new growth space for technology-empowered external markets while establishing its own cost leadership advantage.

Financial soundness: Guarding Operational Resilience

At the financial management level, the Group will continue to implement a prudent cash flow control strategy. We will proactively clear out inefficient scales with no profit contribution, focusing operational priorities on collection rates and the quality of fund recovery. The Group will create real and perceptible value returns for shareholders by continuously adhering to financial transparency and operational integrity.

FINANCIAL REVIEW

For the year ended December 31, 2025, the Group’s income structure continued to be optimized. Revenue from the recurring businesses amounted to RMB33,401.8 million, representing a year-on-year increase of 8.5%, accounting for 89.7% of revenue, bringing a gross profit of RMB3,878.4 million. The administrative expenses ratio (as a percentage of revenue) decreased by 0.7 percentage point year-on-year and net cash flows from operating activities for the year amounted to RMB1,689.8 million.

Revenue

For the year ended December 31, 2025, the Group’s total revenue was RMB37,271.9 million, representing an increase of 2.7% as compared to RMB36,284.4 million for the same period in 2024. The increase in revenue primarily due to the Group’s outstanding market expansion capabilities, particularly the ability to strengthen presence in the existing market. Including:

Community space living consumption services

For the year ended December 31, 2025, the Group’s revenue generated from community space living consumption services was RMB23,233.6 million, representing an increase of 10.8% as compared to RMB20,968.1 million for the same period in 2024, primarily due to the Group’s good market expansion capabilities, particularly the ability to strengthen presence in the existing market.

Commercial and urban space integrated services

For the year ended December 31, 2025, the Group’s revenue generated from commercial and urban space integrated services was RMB11,791.3 million, representing an increase of 4.1% as compared to RMB12,295.6 million for the same period in 2024, which was primarily due to that the Group began to proactively reduce business of developers and implement the shutdown, consolidation or transformation of value-added services for developers since the second half of 2024.

AIoT and BPaaS solution services

For the year ended December 31, 2025, the Group’s revenue generated from AIoT and BPaaS solution services was RMB2,247.0 million, representing a decrease of 25.6% as compared to RMB3,020.8 million for the same period in 2024, mainly due to the real estate industry is downturned and the business is in a service transformation period.

Cost of Sales

The Group’s cost of sales mainly includes operating costs, depreciation and amortization. Operating costs include (i) subcontracting costs; (ii) staff costs; (iii) common area facility costs; (iv) engineering costs; (v) office and other related costs; and (vi) depreciation and amortization are mainly comprised of the amortization of customer relationship resulted from our historical acquisitions.

For the year ended December 31, 2025, the total cost of the Group was RMB32,712.3 million, representing an increase of 3.6 % as compared to RMB31,570.2 million for the same period in 2024. The increase in costs was mainly due to the increase in business scale.

Gross Profit and Gross Profit Margin

For the year ended December 31, 2025, the Group’s gross profit was RMB4,559.6 million, representing a decrease of 3.3 % as compared to RMB4,714.3 million for the same period in 2024. For the year ended December 31, 2025, the Group’s gross profit margin was 12.2 %, representing a decrease of 0.8 percentage point as compared to 13.0% for the same period in 2024; the decrease in gross profit margin was mainly due to the combined effects of multiple factors, such as the decline in residents’ payment capabilities and decreased collection rate due to the increase in foreclosures, loss of contact and seizure of non-executable assets, and the increase in the number of vacant properties by developers; in addition, the intensified market competition has led to newly undertaken projects still being in the ramp-up phase. For the year ended December 31, 2025, the gross profit margin of the Group’s “recurring” business was 11.6 %, representing a decrease of 0.5 percentage point of 12.1% as compared to the same period in 2024.

Community space living consumption services

For the year ended December 31, 2025, the gross profit margin of the Group’s community space living consumption services was 13.0%, representing a decrease of 1.4 percentage points as compared to the same period in 2024 of which the gross profit margin of residential property services was 11.7%, representing a decrease of 0.7 percentage point as compared to the same period in 2024, which was mainly due to the decrease in residents’ payment ability and decreased collection rate due to the increase in foreclosures, loss of contact and seizure of non-executable assets, as well as the pressure caused by the increase in the number of vacant properties by developers; the gross profit margin of home-related asset services was 20.1%, representing a decrease of 8.7 percentage points as compared to the same period in 2024, mainly attributable to the downturn in the market environment and the fact that some newly opened stores are still in the period of accumulation, with initial investments yet to be converted.

Commercial and urban space integrated services

For the year ended December 31, 2025, the gross profit margin of the Group’s commercial and urban space integrated services was 7.7%, of which the gross profit margin of property and facility management services was 8.0%, representing a decrease of 0.4 percentage point as compared to the same period in 2024, mainly due to intensified market competition, affected by newly undertaken projects still being in the ramp-up phase and shrinking business of related parties; the gross profit margin of value-added services for developers was 0.9%; the gross profit margin of urban space integrated services was 7.0%, remaining broadly flat year-on-year.

AIoT and BPaaS solution services

For the year ended December 31, 2025, the gross profit margin of the Group’s AIoT and BPaaS solution services was 27.7%, representing an increase of 0.9 percentage point as compared to the same period in 2024, of which the gross profit margin of AIoT solutions was 9.9%, while the gross profit margin of BPaaS solutions was 32.0%.

Other Income and Gains

The Group’s other income and gains decreased by 56.9% from RMB185.7 million for the year ended December 31, 2024 to RMB80.1 million for the same period in 2025, which was mainly due to a year-on-year decrease in the Company’s deposit gains as a result of the overall downtrend in the money market rate, as well as the failure to renew the expired domestic government subsidy policy and the decline in the revaluation gains from consolidated joint ventures.

Selling and Distribution Expenses

The Group’s selling and distribution expenses increased by 11.3% from RMB585.3 million for the year ended December 31, 2024 to RMB651.2 million for the same period in 2025, mainly due to the increase in business scale and the investment in home-related asset services; the selling and distribution expenses accounted for 1.7% of revenue, representing an increase of 0.1 percentage point as compared to the same period in 2024.

Administrative Expenses

The Group’s administrative expenses decreased by 10.1% from RMB1,954.1 million for the year ended December 31, 2024 to RMB1,756.4 million for the same period in 2025. The administrative expenses ratio (as a percentage of revenue) was 4.7%, representing a decrease of 0.7 percentage point as compared to the same period in 2024, which, on the one hand, benefited from efficient management in a centralized, remote and intelligent manner driven by improved performance by technologies and the employment of AI employees, on the other hand, was due to the strategies of focusing on the construction of back office functional teams, standardization and aggregation, and commitment to the growth of labor productivity.

Income Tax Expenses

The Group’s income tax expenses decreased by 43.7% from RMB440.4 million for the year ended December 31, 2024 to RMB247.9 million for the same period in 2025, mainly due to the decrease in profit before tax.

Profit for the Year

The Group’s profit for the year decreased by 38.0% year-on-year from RMB1,244.6 million for the year ended December 31, 2024 to RMB771.6 million for the same period in 2025, mainly due to an increase in net loss on extraordinary items of RMB564.4 million year-on-year. Among which, based on the principle of prudence, the Group made an impairment provision of approximately RMB742.7 million for amounts owed to the Group by related parties, and credit impairment losses increased by RMB567.2 million compared to the same period in 2024; For the year ended December 31, 2025, the core net profit was RMB2,128.2 million, representing an increase of 0.8% as compared to the same period.

Intangible Assets

The Group’s intangible assets mainly include customer relationships and goodwill acquired in historical acquisitions. The Group’s intangible assets decreased from RMB7,733.5 million as of December 31, 2024 to RMB7,458.8 million as of December 31, 2025, mainly due to the amortization of customer relationships and intangible assets and goodwill arising from new merger and acquisition.

Trade and Retention Receivables

The Group’s carrying balance of trade and bill receivables decreased by 8.2% from RMB6,544.2 million as of December 31, 2024 to RMB6,004.5 million for the same period in 2025, which was mainly due to the Group improved its service quality, and residents settled their arrears; the Group strengthened the operational management and entered into a series of scheme of arrangement with corporate clients to settle their obligation. In addition, based on the principle of prudence, the Group made adequate allowance for impairment of trade and retention receivables.

Liquidity and Financial Resource

Cash position

As of December 31, 2025, the Group had cash and cash equivalents of RMB11,084.8 million, representing a decrease of RMB2,368.1 million in balance from RMB13,452.9 million on December 31, 2024. The net cash inflow from operating activities of the Group amounted to RMB1,689.8 million, however, due to expenditures such as the acquisition of subsidiaries, the purchase of equity in joint ventures, the acquisition of assets and the payment of dividends for the year, the balance of cash and cash equivalents decreased for the year. The Group’s cash and cash equivalents were mainly denominated in Renminbi.

The Group has adopted prudent capital management policies and conducted effective capital management under centralized management to sustain appropriate and sufficient levels of cash and bank balances.

Loans and net gearing ratio

As of December 31, 2025, the Group had no bank loans or borrowings and therefore had a net cash position. Net gearing ratio is calculated as our total interest-bearing borrowings minus cash and cash equivalents divided by total equity as of the end of the relevant period. Accordingly, net gearing ratio is not applicable to the Group as of December 31, 2025.

Contingent Liabilities

As of December 31, 2025, the Group had no material contingent liabilities.

Pledge of Asset

As of December 31, 2025, the Group had no pledge of assets.

Impact of Exchange Rate Fluctuation

As the Group’s business is mainly conducted in the PRC, we mainly adopt RMB as the settlement currency.

As of December 31, 2025, non-RMB assets are cash and cash equivalents, including HKD denominated assets (worth RMB68.6 million) and USD-denominated assets (worth RMB6.2 million). As of December 31, 2025, the Group’s exposure to foreign exchange risk was limited and fluctuation of the exchange rate between RMB and foreign currency had no significant impact on the results of operations of Group.

CORPORATE GOVERNANCE AND OTHER INFORMATION

Use of Net Proceeds from the Global Offering

The H Shares of the Company were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on September 29, 2022 by way of Global Offering. The net proceeds from the Global Offering received by the Company (after the full exercise of the Over-allotment Option in part) (the “Net Proceeds”) amounted to approximately RMB5,617.2 million after deducting the underwriting fees and other related expenses payable by the Company in connection with the exercise of the Over-allotment Option. The proceeds from the Global Offering will continue to be utilized in accordance with the plan disclosed in the section headed “Future Plans and Use of Proceeds” in the prospectus of the Company dated September 19, 2022 (the “Prospectus”). As of December 31, 2025, the Group had utilized approximately RMB4,774.0 million of the proceeds, which were allocated and used in accordance with the use of proceeds set out in the Company’s Prospectus dated September 22, 2022 and the announcement of the Company regarding the change in the use of proceeds from the Global Offering dated September 30, 2024 (the “Announcement”). As disclosed in the Announcement, after careful consideration and detailed evaluation of the Company’s operations and strategy, the Board has resolved to propose to change the intended use originally allocated to change the unutilized Net Proceeds. The unutilized Net Proceeds of approximately RMB843.2 million will be allocated and utilized in accordance with the purposes and proportions set out in the Announcement. The specific utilization is as follows:

Use of revised Net Proceeds as stated in the Announcement	The revised Net Proceeds as stated in the Announcement (RMB million)	Unutilized amount of the proceeds from initial public offerings as of January 1, 2025Note (RMB million)	Utilized amount of the proceeds in 2025 (RMB million)	Unutilized amount of the Net Proceeds as at December 31, 2025 (RMB million)	Expected timetable for the full use of the balance
Replicating the success of our ‘Onewo Town’ model – for supporting residential property services projects, horizontal acquisitions and other business expansion initiatives	1,123.4	690.2	183.8	506.4	By the end of 2027
Investing in the development of our AIoT and BPaaS solutions	1,404.3	367.0	43.4	323.6	By the end of 2027
For technical investment and transformation of infrastructures	561.7	225.8	42.9	182.9
(i) For developing, upgrading and enhancing the integration capability of AIoT system on the Alot platform	280.9	54.8	10.1	44.7
(ii) For optimizing the algorithms	280.8	171.0	32.8	138.2
For the development of our BPaaS solutions	842.6	141.2	0.5	140.7	By the end of 2027
(i) For enhancing BPaaS solutions	280.9	141.2	0.5	140.7
(ii) For developing new service processes	561.7	-	-	-
Use for deepening the Onewo Town strategy and incubating the Onewo ecosystem through the exploration of property targets with development potentials (including investment in operating assets) by means of fund investment, etc.	1,966.1	977.7	964.5	13.2	By the end of 2027
Attracting and nurturing talents	561.7	166.3	166.3	-	By the end of 2027
For working capital and general corporate purposes	561.7	-	-	-
Total	5,617.2	2,201.2	1,358.0	843.2

Note: The above amounts are subject to rounding adjustments. Any discrepancies between totals and sums of amounts listed above are due to rounding.

Significant Investments, Material Acquisitions and Capital Asset Plans

On March 31, 2025, Shanghai Vanke Investment Company Limited (as vendor) entered into an equity transfer agreements with Shenzhen Onewo Business Enterprise Space Technology Co., Ltd (as purchaser), pursuant to which the vendor agreed to sell and the purchaser agreed to purchase, 55% of the equity interests in Shanghai Xiangda Real Estate Development Co., Ltd (“Shanghai Xiangda”) which are free from all encumbrances and all rights and interests attached thereto. Upon the closing of the equity transfer, Shanghai Xiangda will become the indirect wholly-owned subsidiary of the Group; and its financial results will be consolidated into the financial statements of the Group. For details, please refer to the announcements of the Company dated March 31, 2025 and October 27, 2025.

On July 30, 2025, Hangzhou Puyu Real Estate Brokerage Co., Ltd. (as purchaser) entered into (1) an equity transfer agreement with Hangzhou Hongwang Investment Management Co., Ltd. (“Hangzhou Hongwang Investment”) and Hangzhou Dongxue Investment Management Co., Ltd. (“Hangzhou Dongxue Investment”), pursuant to which Hangzhou Hongwang Investment and Hangzhou Dongxue Investment agreed to sell, and the purchaser agreed to purchase, 51% and 49% equity interests in Hangzhou Wanyu Property Co., Ltd. (杭州萬瑜置業有限公司, “Hangzhou Wanyu”) free from all encumbrances; and (2) an equity transfer agreement with Zhejiang Vanke Nandu Real Estate Co., Ltd. (“Zhejiang Vanke Nandu Real Estate”), pursuant to which Zhejiang Vanke Nandu Real Estate agreed to sell, and the purchaser agreed to purchase, 100% of the equity interests in Hangzhou Yuanguang Real Estate Co., Ltd. (杭州元廣置業有限公司, “Hangzhou Yuanguang”) free from all encumbrances. Upon closing of the respective equity transfer agreements, Hangzhou Wanyu and Hangzhou Yuanguang has become subsidiaries of the Group and their respective financial results has been consolidated into the financial statements of the Group. For details, please refer to the announcements of the Company dated July 30, 2025 and October 27, 2025.

Saved as disclosed above, as of December 31, 2025, the Group had not made any significant investments, material acquisitions, or disposals of subsidiaries, associates and joint ventures during the Reporting Period.

In addition, save as the plans disclosed in the section headed “Future Plans and Use of Proceeds” in the Prospectus and the planned changes in the use of proceeds disclosed in the announcement of the Company dated September 30, 2024 regarding the change in use of proceeds from the Global Offering, the Group has no specific plans to make significant investments or acquire material capital assets. However, the Group will continue to seek new opportunities for business development in accordance with the Company’s strategy. For further details of the change in use of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” in the Prospectus and the Announcement.

Employees and Remuneration Policy

Our journey as a company providing property services started in 1990. Over the last three decades, the Group has established a strong service culture as well as a customer-centric and creative service team. The Group has further developed an inheritable corporate culture and operating system centered on the values of “Service”, “Champion” and “Positivity”, which are crucial for us to keep attracting and retaining talents that meet our business development needs. In addition, the structure of human resources of the Group includes customer service, sales and marketing, research and operations, property and project delivery, as well as functional support personnel, etc., forming a diversified and all-rounded team that lays the foundation for our business development.

As of December 31, 2025, the Group had 108,745 employees (December 31, 2024: 102,441 employees), and the total staff costs during the Reporting Period was approximately RMB11,885.9 million. Remuneration and benefits of the employees of the Group include basic salaries, discretionary bonus, and social security fund and housing provident fund, which were determined based on the nature of work, work performance and market conditions. The Group also offers competitive remuneration and employee stock ownership plan for its employees, especially key employees. The Group is committed to creating favorable conditions in the working environment in order to continue to maintain the gender diversity of employees within the Group. At present, the proportion of male and female employees in the Group is relatively balanced, with 60,185 male and 48,560 female employees, representing 55.35% and 44.65%, respectively. The Group strictly complies with the various provisions of the Labor Law of the PRC («中華人民共和國勞動法»), and has internally formulated the Management Systems for Recruitment («招聘管理制度») to unify and standardize the employee recruitment process and resolutely eliminate any forms of employment discrimination.

Employee training plan

The Group built a broad development platform for employees. According to the business needs and employees’ personal career planning and development, a training system that is beneficial to employees’ development was established to provide diversified career development paths and learning opportunities.

“Onewo Dream” Development

The Group launched the employee development project from 2019 and built a multipath development mechanism with professionalization, diversification and full business scenarios for front line employees, to encourage them to explore new career paths and help them move to a larger development stage and gain more labor income. The Group provides front line employees with rich skill trainings and diversified business direction choices, and helps front line service staff transition to other positions that are more skilled and more irreplaceable. During the Reporting Period, the Group assisted 1,517 front line employees to successfully transfer to grid coordinators, asset coordinators, mechanical and electrical experts, and digital operation, etc. Since the inception of the “Onewo Dream” Development project in 2020, the Group has successfully helped a total of 10,551 front line employees transfer to other positions.

Talent training and development

We are well aware that talent is the core driving force to promote sustainable development of enterprises. Therefore, we attach great importance to seeking and empowering talents, and establish talent reserves for key positions such as supervisor and manager. In 2025, the Group continued to implement the prevailing talent system, innovated constantly, optimized talent selection mechanism, and improved the quality of talent selection, to meet the requirement of business development better. We established professional certification system standards and provided on-the-job professional skill training and first aid skill certification course to standardize the improvement of employees' capabilities and to ensure that employees are equipped with necessary skills and knowledge to play a key role when necessary. To promote talent development, the Group planned and implemented a series of talent training and development projects in 2025, including:

Leadership training camp: helping new managers and directors improve their leadership level, covering administrators at each level to reserve talent echelons for the future;
Professional certification system: the standards of the ability certification system was issued in accordance with ISO international standards to optimize employees' competence and ensure the quality delivery of services;
Key position ability certification: arranging key positions in business operation to ensure that key position personnel are equipped with professional abilities required for;
Market development training camp: assessment and training for core market development positions were carried out to promote the transformation of trainees into more professional and specialized market development teams, and strengthen market competitiveness;
Digital compass project for talent: achieving more precise talent management through data management system and AI algorithm to assist talent selection and training;
Executive coach program: professional training by retired senior management through external executive coaches, and guidance for active senior managers, to drive the improvement of organizational performance;
First aid skill training for positions facing customer: providing necessary first aid skill training and certification for front line service staff; currently, it has covered more than 57,000 employees;
AI skills training: Inviting internal instructors and experts from the AI technology industry to share insights ranging from the history of AI development to its applications across various sectors and future technological advancements. From interpreting AI concepts to practical application in work and daily life scenarios, this initiative was committed to promoting AI awareness, stimulating AI innovation, and cultivating a future-oriented AI culture within the Company;
Other skill and knowledge training for front line service employee.

Major Events after the Reporting Period

There were no major events affecting the Group after the Reporting Period and up to the date of this announcement.

Purchase, Sale and Redemption of the Listed Securities of the Company

On September 27, 2024, the grant of general mandate to the Board to repurchase H Shares (“September 2024 Repurchase Mandate”) was considered and approved at the extraordinary general meeting of the Company. Therefore, if the Company repurchases any H Shares pursuant to the September 2024 Repurchase Mandate, the Company will either (i) cancel the H Shares repurchased and reduce the Company’s registered capital by an amount equivalent to the aggregate nominal value of the H Shares so cancelled, and/or (ii) hold such H Shares as treasury shares, subject to market conditions and the Company’s capital management needs at the relevant time any repurchases of H Shares are made. The H Shares repurchased shall not exceed 10% of the total number of H Shares in issue (excluding any treasury shares and H Shares repurchased but not yet cancelled) as at the date of the extraordinary general meeting.

On May 16, 2025, the Company considered and approved the grant of general mandate to the Board to repurchase H shares (the “H Shares”) of the Company (the “May 2025 Repurchase Mandate”) on the annual general meeting. The numbers of H Shares repurchased shall not exceed 10% of the total number of H Shares in issue as at the date of the annual general meeting. The September 2024 Repurchase Mandate lapsed on the same date.

During the Reporting Period, the Company commenced the H Shares repurchase on January 2, 2025. As of December 31, 2025, the Company has repurchased 5,802,600 H Shares in total during the Reporting Period, representing 0.50% of the total share capital (excluding treasury shares) of the Company as of December 31, 2025, and the total amount paid was approximately HK$115,869,835.60 (excluding transaction fees). For the year ended December 31, 2025, the monthly report on H Shares repurchase is as follows:

Month of Repurchase	Number of Shares Repurchased	Price per Share		Total Amount (HK$)
		Highest (HK$/per Share)	Lowest (HK$/per Share)
January 2025	4,250,000	20.50	19.34	84,866,975.00
November 2025	798,300	20.82	20.40	16,493,516.60
December 2025	754,300	19.40	19.02	14,509,344.00

The Board believes that repurchase of shares under the current market conditions will demonstrate the Company’s confidence in the development and prospects of its business and will ultimately benefit the Company and create a return of value for the shareholders, which is in the interests of the Company and the shareholders as a whole.

On July 10, 2025, the Company cancelled 3,512,200 H Shares repurchased during the period from August 23, 2024 to September 25, 2024. As of the date of this announcement, 13,112,800 H Shares repurchased during the period from October 4, 2024 to December 18, 2025 have not been cancelled and are held by the Company as treasury shares.

As of the date of this announcement, 14,364,500 repurchased shares have not been cancelled and are held by the Company as treasury shares (as defined in the Listing Rules). The Company did not sell or transfer any treasury shares during the Reporting Period. As at the end of the Reporting Period, the Company had no intention to use any of the treasury shares.

Save as set forth above, during the Reporting Period, the Group and its subsidiaries did not purchase, sell or redeem any listed securities of the Company (including sale of treasury shares (as defined in the Listing Rules)).

6. Corporate Governance Code

The Group is committed to implementing high standards of corporate governance to safeguard the interests of the shareholders of the Company and enhance the corporate value as well as the responsibility commitments. The Company has adopted the Corporate Governance Code (the "CG Code") as set out in Appendix C1 to the Listing Rules as its own code of corporate governance and to the best knowledge of the Directors, the Company has complied with all applicable code provisions set out in the CG Code during the Reporting Period, save as disclosed below.

Pursuant to code provision C.2.1 of the CG Code, the roles of chairman and chief executive should be separated and should not be performed by the same individual. Mr. Zhu Baoquan is our chairman of the Board and the general manager of the Company and the roles of Mr. Zhu Baoquan have not been separated as required under code provision C.2.1 of the CG Code.

In view of the fact that Mr. Zhu Baoquan has been managing and operating the Company as the chairman, an executive Director and the general manager since February 2011, the Board believes that Mr. Zhu Baoquan should continue to assume the responsibilities of the general manager of the Company as this arrangement will improve the efficiency of the Company's decision-making and execution process and provide strong and consistent leadership to the Company. Further, the Company has put in place an appropriate check-and-balance mechanism through the Board and the independent non-executive Directors. In light of the above, the Board considers that the deviation from code provision C.2.1 of the CG Code is appropriate in the circumstances of the Company. The Board will review the current structure from time to time and will make any necessary arrangement as appropriate.

7. Model Code for Securities Transactions by Directors

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") set out in Appendix C3 to the Listing Rules as its code for dealing in securities in the Company by the Directors.

After specific enquiries made to all Directors, the Directors have confirmed compliance with the required standards set out in the Model Code during the Reporting Period.

Audit Committee

The Board of the Company has established the Audit Committee with written terms of reference in compliance with the Listing Rules and the CG Code. The Audit Committee is mainly responsible for reviewing, supervising and coordinating internal and external audit procedures, proposing the appointment or replacement of external auditors, and reviewing the Company’s financial information and disclosures as well as the Company’s internal control system and other matters authorized by the Board.

The Audit Committee consists of three members, namely Ms. Law Elizabeth (羅君美), Mr. Chen Yuyu (陳玉宇) and Mr. Sun Jia (孫嘉). The Audit Committee has reviewed the Company’s consolidated financial information for the year ended December 31, 2025 and has discussed it with the Company’s external auditor, Ernst & Young, confirming that the Group’s consolidated financial information has complied with all applicable accounting principles, standards and requirements, and has been adequately disclosed. The Audit Committee has also discussed the matters of audit and financial reporting.

Ernst & Young, the Group’s auditor, agreed that the figures in the Group’s consolidated statements of profit or loss, consolidated statements of comprehensive income and consolidated statements of financial position for the year ended December 31, 2025 as set out in this announcement and related notes hereto are consistent with the amounts set out in the Group’s consolidated financial statements for the year. The work performed by Ernst & Young in this respect did not constitute an assurance engagement conducted in accordance with Hong Kong Standards on Auditing, Hong Kong Standard on Review Engagements or Hong Kong Standard on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and therefore no assurance has been expressed by Ernst & Young on this announcement.

Annual General Meeting

The annual general meeting (the “2025 AGM”) of the Company will be held on May 8, 2026. A notice of the 2025 AGM will be published and despatched to the shareholders in due course.

Final Dividend

The final dividend of RMB0.481 (equivalent to HK$0.521) per share (including tax) and a special dividend of RMB0.394 (equivalent to HK$0.427) per share (including tax), totaling RMB1,011.9 million (equivalent to HK$1,109.6 million) declared for the year ended December 31, 2024, was approved by the Shareholders at the annual general meeting held on May 16, 2025, and was paid during the year.

On August 18, 2025, the Board declared an interim dividend of RMB0.951 (equivalent to HK$1.043) per share (including tax) for the six months ended June 30, 2025, totaling RMB1,099.4 million (equivalent to HK$1,217.2 million), which has been approved by the Shareholders at the extraordinary general meeting of the Company held on September 3, 2025, all of which have been paid during the year.

The Board recommends an annual dividend totaling RMB1,730.6 million, which will be declared to shareholders for the year ended December 31, 2025. In terms of the number of shares with a par value of RMB1.00 each (the "Shares") in the share capital of the Company as at the end of the period (excluding, as at December 31, 2025 (i) the overseas listed shares (the "H Shares") designated as treasury H shares and (ii) H Shares subject to cancellation), the dividend per share is RMB1.497 (tax inclusive) (inclusive of the declared interim dividend for 2025). Excluding interim dividends of RMB0.951 per share (tax inclusive) paid in 2025, the final dividend for the year ended December 31, 2025 to be paid is RMB0.546 per share (tax inclusive).

For the payment of dividends, dividends for holders of H Shares will be declared in RMB but paid in Hong Kong dollars. The 2025 Final Dividend are subject to the approval by the shareholders at the forthcoming 2025 AGM. The 2025 Final Dividend are expected to be paid in cash on or about June 12, 2026 to the shareholders whose names appear on the register of members of the Company on May 18, 2026.

The Company will publish, among others, further details of the Company's payment of the 2025 Final Dividend in due course.

Dividend Taxes

In accordance with the Enterprise Income Tax Law of the People's Republic of China and its implementation rules and the Notice of the State Taxation Administration on Issues Concerning Withholding the Enterprise Income Tax on the Dividends Paid by Chinese Resident Enterprises to H Shareholders Who Are Overseas Non-resident Enterprises (Guo Shui Han [2008] No. 897) (國家稅務總局《關於中國居民企業向境外H股非居民企業股東派發股息代扣代繳企業所得稅有關問題的通知》(國稅函[2008]897號)), as a PRC domestic enterprise, the Company will, after withholding 10% of the final dividend as enterprise income tax, distribute the final dividend to non-resident enterprise shareholders whose names appear on the H Shares register of members (i.e. any shareholders who hold H Shares in the name of non-individual shareholders, including but not limited to HKSCC Nominees Limited, other nominees, trustees, or H shareholders registered in the name of other organizations and groups). After receiving dividends, the non-resident enterprise shareholders may apply to the competent tax authorities for enjoying treatment of taxation treaties (arrangement) in person or by proxy or by the Company, and provide information to prove that it is an actual beneficiary under the requirements of such taxation treaties (arrangement). After the competent tax authorities have verified that there is no error, it shall refund the tax difference between the amount of tax levied and the amount of tax payable calculated at the tax rate under the requirements of the relevant taxation treaties (arrangement).

Pursuant to the Notice on the Issues Regarding Levy of Individual Income Tax after the Abolishment of Guo Shui Fa [1993] No. 045 Document (Guo Shui Han [2011] No. 348) (《關於國稅發[1993]045號文件廢止後有關個人所得稅徵管問題的通知》(國稅函[2011]348號)), the Company shall withhold and pay individual income tax for individual holders of H Shares. If the individual holders of H Shares are Hong Kong or Macau residents or residents of other countries or regions that have a tax rate of 10% under the tax treaties with the PRC, the Company will withhold and pay individual income tax at the rate of 10% on behalf of such shareholders.

If the individual holders of H Shares are residents of countries or regions that have a tax rate lower than 10% under the tax treaties with the PRC, the Company will withhold and pay individual income tax at the rate of 10% on behalf of such shareholders. If such shareholders claim refund of the amount in excess of the individual income tax payable under the relevant tax treaties, the Company may apply, on behalf of such shareholders and according to the relevant tax treaties, for the treatment under tax treaties, provided that the relevant shareholders submit the relevant documents and information required by the Administrative Measures on Enjoying Treatment under Tax Treaties by Non-resident Taxpayers (State Taxation Administration Announcement, 2015, No.60) (《非居民纳税人享受税收協議待遇管理辦法》(國家税務總局公告2015年第60號)) and the provisions of the relevant tax treaties in a timely manner. The Company will assist with the tax refund for the overpaid tax subject to the approval of the competent tax authorities.

If the individual holders of H Shares are residents of countries or regions that have a tax rate higher than 10% but lower than 20% under the tax treaties with the PRC, the Company will withhold and pay individual income tax at the applicable tax rates stated in such tax treaties on behalf of such shareholders.

If the individual holders of H Shares are residents of countries or regions that have a tax rate of 20% under the tax treaties with the PRC, or have not entered into any tax treaties with the PRC, or otherwise, the Company will withhold and pay individual income tax at the rate of 20% on behalf of such shareholders.

Pursuant to the Notice on the Tax Policies Related to the Pilot Program of the Shanghai-Hong Kong Stock Connect (Caishui [2014] No. 81) 《(關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知》(財稅[2014]81號)) and the Notice on the Tax Policies Related to the Pilot Program of the Shenzhen-Hong Kong Stock Connect (Caishui [2016] No. 127) 《(關於深港股票市場交易互聯互通機制試點有關稅收政策的通知》(財稅[2016]127號)), for dividends received by mainland domestic individual investors and securities investment funds from investment in the H shares listed on the Stock Exchange through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the companies of such H shares shall withhold and pay individual income tax at the rate of 20% on behalf of such investors. The companies of such H shares will not withhold the income tax of dividends for domestic enterprise investors and those domestic enterprise investors shall report and pay the relevant tax by themselves.

Where the Company withholds and pays individual income tax for individual holders of H Shares, and If the competent tax authority has other opinion, advice or guidance on the above withholding and payment, the Company shall implement the same with reference to the opinion, advice or guidance of the relevant competent tax authority.

Shareholders are recommended to consult their tax advisors regarding the ownership and disposal of H Shares in the PRC and in Hong Kong and other tax effects.

Closure of Register of Members

For determining the entitlement of the shareholders to attend and vote at the 2025 AGM

The register of members of the Company will be closed from May 5, 2026 to May 8, 2026 (both days inclusive), during which period no transfer of shares of the Company will be registered. In order to determine the identity of members who are entitled to attend and vote at the 2025 AGM, all share transfer documents accompanied by the relevant share certificates must be lodged with the H Share Registrar of the Company, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not later than 4:30 p.m. on May 4, 2026.

For determining the entitlement of the shareholders to the proposed 2025 Final Dividend

Subject to the approval by shareholders of the Company at the 2025 AGM, the 2025 Final Dividend will be paid on or about June 12, 2026. For determining the entitlement to the proposed 2025 Final Dividend, the register of members of the Company will be closed from May 14, 2026 to May 18, 2026 (both days inclusive), during which period no transfer of shares will be registered. In order to qualify for the entitlement to the proposed 2025 Final Dividend, all share transfer documents of the Company accompanied by the relevant share certificates must be lodged with the H Share Registrar of the Company, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not later than 4:30 p.m. on May 13, 2026.

Publication of Annual Results Announcement and Annual Report on the Websites of the Stock Exchange and the Company

This announcement is published on the websites of the Stock Exchange (http://www.hkexnews.hk) and the Company (https://www.onewo.com). The annual report of the Company will be dispatched to the Company's shareholders and published on the above websites in due course.

This annual results announcement is prepared in both English and Chinese versions. In the event of any discrepancies in interpretation between the English version and Chinese version, the Chinese version shall prevail.

By order of the Board

Onewo Inc.

Zhu Baoquan

Chairman, executive Director and general manager

Shenzhen, the PRC, March 19, 2026

As of the date of this announcement, the board of directors of the Company comprises Mr. Zhu Baoquan as Chairman and executive Director; Mr. He Shuhua as executive Director; Mr. Bu Lingqiu, Ms. Hua Cui, Mr. Sun Jia, Mr. Yao Jinbo and Mr. Zhou Qi as non-executive Directors; Mr. Chen Yuyu, Ms. Law Elizabeth, Mr. Shen Haipeng and Mr. Song Yunfeng as independent non-executive Directors.