Core Viewpoint - The recent personnel changes at Country Garden Services reveal a new strategic direction, with a focus on optimizing governance and enhancing business innovation and transformation [1][3]. Group 1: Personnel Changes - Huang Peng has resigned as Chief Financial Officer (CFO) to focus on managing the group's incubation business, while Tian Tian has been appointed as the new CFO [1][2]. - Huang Peng, a veteran with the company since September 2016, will continue as Executive President and manage the incubation business [1][2]. Group 2: Organizational Restructuring - The company has reorganized its business structure into three main segments: the "Large Property Management" segment, the "Incubation Business" segment, and the "Functional Services" segment [3]. - The "Large Property Management" segment aims to enhance value creation, focus on deepening core services, and improve operational efficiency through systematic construction [3]. - The "Incubation Business" segment will focus on diverse growth opportunities, including existing independent businesses and the development of innovative services [3][5]. Group 3: Financial Performance - In the first half of the year, the core property management service revenue reached 13.61 billion yuan, a year-on-year increase of 6.7% [4]. - The total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters, of which approximately 40.2% is located in first- and second-tier cities [4]. - Community value-added service revenue was 2.1 billion yuan, reflecting a year-on-year growth of 5.3% [4]. Group 4: Business Development and Market Expansion - The "Incubation Business" segment includes environmental services, commercial management, and asset management, which are expected to have growth potential but require strong leadership to overcome current growth bottlenecks [5][6]. - In the first half of the year, the "Three Supplies and One Industry" segment signed 315 new contracts, with a total contract value of approximately 1.787 billion yuan [6]. - The company is focusing on urban service areas such as environmental management and smart operations, although revenue from urban services decreased by approximately 18% year-on-year [6]. Group 5: Market Outlook and Analyst Insights - Analysts from Dongfang Securities believe that Country Garden Services has potential in value-added services and is actively expanding community services, including partnerships in the electric vehicle charging sector [7]. - The organizational restructuring is seen as a practical response to industry challenges, aiming to solidify service foundations while allowing space for high-value innovative business incubation [7].