Core Viewpoint - The company, China Overseas Development, reported a decline in revenue and profit for the first half of 2025, but maintained a strong sales scale and a stable land acquisition strategy, focusing on high-energy cities, leading to a "Buy" rating from the analysts [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 832.2 billion, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 86.0 billion, down 16.6% [2]. - The gross profit margin was 17.4%, a decrease of 4.7 percentage points year-on-year, remaining stable compared to the full year of 2024 [2]. - The company had a cash reserve of 1,089.6 billion, accounting for 12.1% of total assets, and declared a dividend of 0.25 HKD per share, representing 28.7% of core net profit [2]. Sales and Land Acquisition - The sales amount for H1 2025 was 1,201.5 billion, down 19.0%, maintaining the second position in the industry with a market share of 2.72% [2]. - The company acquired 17 plots of land in H1 2025, with a total expenditure of 403.7 billion, achieving a land acquisition intensity of 33.6% [2]. Commercial Operations - The commercial revenue for H1 2025 was 35.4 billion, remaining flat year-on-year, with commercial and office income accounting for 81% of total revenue [3]. - The average occupancy rate for hotels was 68.2%, while long-term rental apartments had a 94% occupancy rate [3]. - The average financing cost decreased by 20 basis points to 2.9%, placing the company in the lowest range within the industry [3].