EarningsInability to control labor costs may pose earnings downside risk and slower-than-expected expansion.
Financial PerformanceBroad cash balance reached RMB 4.3bn, down -12% YoY, due to accounts receivable increasing 24% from end-2023.
Revenue And MarginsCompetition for third-party PM space continued to be fierce, led by the property market slowdown, putting pressure on the revenue and margin outlook.