Core Viewpoint - The real estate market is facing significant challenges in the third quarter of 2023, but there remains a strong demand for quality properties in prime locations, particularly in first- and second-tier cities [1] Financial Performance - For the first half of 2023, the company reported a revenue of 58.75 billion yuan, representing a year-on-year increase of 25.4% [1] - The attributable profit to shareholders was 3.22 billion yuan, with a core profit of 1.38 billion yuan after excluding fair value changes of investment properties and other financial instruments [1] - The real estate development segment generated a revenue of 45.48 billion yuan, up 34.7% year-on-year [1] - The operational and service segments achieved a record revenue of 13.27 billion yuan, accounting for 22.6% of total revenue [2] Debt Management - As of June 30, 2023, the total borrowing was 169.8 billion yuan, a decrease of approximately 6.53 billion yuan from the end of 2024 [3] - The company had cash reserves of 44.67 billion yuan and a net debt ratio of 51.2% [3] - The average financing cost dropped to 3.58%, with the average loan term extended to 10.95 years [3] - The company plans to reduce interest-bearing debt by approximately 10 billion yuan annually from 2026 to 2028 [3]