Core Viewpoint - Zhongyuan Jianye is facing a critical situation as it has been suspended from trading for nearly 17 months, with only about 30 days left to meet the Hong Kong Stock Exchange's requirement to avoid delisting [1][2]. Financial Performance - In the first half of 2025, Zhongyuan Jianye reported a revenue of 140 million yuan, a decrease of 4.5% year-on-year, and a net profit of 37 million yuan, down 23.4% year-on-year [6][10]. - The company’s net profit margin for the period was 26.5% [6]. - In contrast, in 2021, the company achieved a peak revenue of 1.301 billion yuan, with a year-on-year increase of 13% [7]. Business Expansion and Strategy - Zhongyuan Jianye aims to expand beyond Henan province, with the goal of increasing its managed area and revenue through a light-asset model [11][16]. - In the first half of 2025, the company signed 11 new projects, with a total contracted area of 731,000 square meters, a decrease of 47.3% year-on-year [13]. - The revenue contribution from projects outside Henan was only 8.5%, down from 14.2% in the previous year, indicating challenges in expanding its market presence [11][13]. Market Conditions - The company is facing intense competition in the construction agency sector, exacerbated by the downturn in the domestic real estate market and a decrease in service fee prices [6][10]. - Despite the challenges, the company’s management has expressed optimism about 2025 being a pivotal year for recovery and growth [3][4].