Core Insights - Greentown China Holdings Limited achieved a sales revenue of 122.1 billion yuan, ranking second in the industry for the first half of 2025, demonstrating resilience during the real estate industry's adjustment cycle [2] - The company has established a rigorous investment logic and systematic support, focusing on core cities and lower-tier markets, providing a model for "precise investment-driven high-quality development" [2] Investment Strategy - Greentown China adheres to a "one project, one investment" requirement and a differentiated investment strategy, focusing on core cities and targeting investment opportunities in cities with potential [3] - In 2024, Greentown China launched 42 new projects with a total construction area of approximately 4.18 million square meters and a new value of 108.8 billion yuan, with 92% of the value concentrated in first and second-tier cities [3] - The company has successfully penetrated high-end markets in cities like Suzhou, Shanghai, and Nanjing, achieving significant sales and market share [3][4] Market Coverage - Greentown China has achieved "almost full coverage" in strong third and fourth-tier cities in Zhejiang, capturing 50% of the new housing market share in certain areas [4] - The company believes that even in limited-capacity markets, acquiring scarce land with healthy supply and demand can lead to benchmark projects [4] Product Quality and Innovation - The investment strategy prioritizes project safety, considering factors such as land quality, competition, and the potential for product development [5] - Greentown China has established the "Greentown Good House Standard," which includes 226 clauses, with 189 exceeding national and industry standards, ensuring high-quality project delivery [5] - The company emphasizes continuous innovation driven by customer feedback, addressing pain points to enhance product offerings [6] Strategic Resilience - Greentown China's strategic focus on "precise investment" and "one project, one investment" reflects its strong resilience and development potential amid industry challenges [6] - The company's unique strategic path serves as a reference model for the industry in the new development phase characterized by inventory competition and quality supremacy [6]