Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, primarily due to intensified industry competition and a lagging effect from the overall downturn in the real estate market [1] Group 1: Profit Warning - The company issued a profit warning on August 8, indicating that the net profit attributable to shareholders for the first half of 2025 is expected to decrease by approximately 40% to 50% compared to about RMB 5.01 billion in the same period of 2024 [1] - The anticipated decline in profit is attributed to increased competition in the industry and the lagging effects of the overall downturn in the real estate market, leading to a decrease in overall project revenue [1] Group 2: Business Growth - Despite the challenging market conditions, the company experienced strong growth in new construction management projects, with a total contracted construction area of 19.89 million square meters, representing an increase of approximately 13.9% year-on-year [1] - The estimated management fees for new construction projects are projected to be around RMB 5 billion, reflecting a year-on-year growth of approximately 19.1% [1] - The company has seen an increase in the proportion of commercial construction management and repeat commissioning rates, demonstrating its strong expansion capabilities and customer trust even under market pressure, which will contribute to performance certainty and lay a foundation for sustainable high-quality development [1]