Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, with a focus on the challenges faced in property development and overall profitability [1] Financial Performance - Total revenue amounted to RMB 8.1238 billion, representing a year-on-year decrease of 5.8% [1] - Revenue from property development was RMB 5.4808 billion, down 8.3% year-on-year, while the average settlement price increased by 33% to approximately RMB 30,614 per square meter [1] - Profit attributable to the company’s owners was RMB 104.7 million, a decline of 26.6% year-on-year [1] - After excluding losses from investment property fair value and exchange rate losses totaling approximately RMB 139.5 million, the core net profit attributable to owners (non-HKFRS) was approximately RMB 244.2 million, reflecting a year-on-year increase of 25.1% [1] Financing Strategy - The company maintained good relationships with banks and actively expanded financing channels while optimizing its financing structure [1] - The average financing cost for the period was approximately 3.59%, which is considered low within the industry [1]