Core Viewpoint - The company has undergone a restructuring to create a new listing platform and will focus on the real estate industry, enhancing its core capabilities and service offerings in response to new industry demands [1][8]. Financial Performance - In the first half of the year, the company reported revenue of approximately 2 billion yuan, a year-on-year increase of 41%, with a gross margin of 30.8% and a core net profit attributable to shareholders of 310 million yuan, up 119% [1]. - The company declared an interim dividend of 0.15 HKD per share [1]. Business Segments - The company is focusing on four core segments: development services, property management, asset operation, and real estate technology [2][3]. - Property management services accounted for nearly 50% of total revenue, generating approximately 930 million yuan, a year-on-year increase of 8.7%, and representing 46.5% of total revenue [3]. - Asset operation revenue was about 275 million yuan, up 13.9%, while real estate technology revenue was approximately 287 million yuan, down 9.2% [3]. Operational Highlights - As of June 30, 2025, the company managed a contract area of 96.06 million square meters in property management, a 4% increase year-on-year, with an operational area of 79.46 million square meters, up 5% [5]. - The company signed seven non-residential projects with contracts exceeding 10 million yuan, with non-residential contract revenue reaching 510 million yuan [5]. Cash Flow and Shareholder Returns - The company reported an operating cash flow of approximately 440 million yuan in the first half of the year [7]. - The total assets reached 9.49 billion yuan, with net assets of 4.98 billion yuan and no interest-bearing debt, maintaining a cash balance of 1.27 billion yuan [7]. - The company has a strong commitment to shareholder returns, having declared an interim dividend and maintaining a competitive dividend policy [7]. Future Outlook - The management expressed confidence in achieving a revenue growth rate of around 20% for the full year of 2025, reflecting optimism about the company's strategic direction and market opportunities [8].