Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1.82 billion yuan in H1 2025, representing a year-on-year growth of 13.8%, with a net profit of 220 million yuan, also up by 13.2% [1] - The property management revenue reached 1.06 billion yuan in H1 2025, growing by 23.1% year-on-year, accounting for 58.0% of total revenue, indicating strong growth in the property management segment [2] - Community value-added services generated 450 million yuan in H1 2025, a 23.5% increase year-on-year, with home living services seeing a significant growth of 33.9% [4] Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 460 million yuan, maintaining a gross margin of 25.2% [1] - The company’s projected net profits for 2025 and 2026 have been revised down to 380 million yuan and 425 million yuan respectively, with an EPS forecast of 0.27 yuan for 2025 [4][5] Business Operations - The company manages a total area of 83.28 million square meters, with 74.2% located in the Haixi region, showcasing significant scale effects [3] - The company’s property management business remains the largest revenue source, with a strong pipeline of projects due to the robust performance of its affiliated real estate company [2] Community Value-Added Services - The company is diversifying its services, with a focus on home living, smart community, and elderly care, which are increasingly aligned with owner needs [4] - Non-owner value-added service revenue decreased by 19.4% to 280 million yuan, primarily due to a reduction in the number of sales centers in the real estate market [4]