Cash FlowTotal cash fell 12% with operating cashflow taking a hit to deeper outflow upon 25% increase in receivables.
Financial PerformanceBroad cash balance reached RMB 4.3bn, down -12% YoY, due to accounts receivable increasing 24% from end-2023.
Market CompetitionCompetition for third-party PM space also continued to be fierce, led by the property market slowdown, putting pressure on the revenue and margin outlook.