Core Viewpoint - The company reported a decline in contract sales for the first eight months of 2025, but showed improvements in sales price and asset operations, indicating a focus on core cities and stable cash flow generation [1][4]. Sales Performance - In August 2025, the company achieved a contract sales amount of 13.2 billion yuan, a year-on-year decrease of 13.2%, with a sales area of 539,000 square meters, down 26.7% [1]. - For the period from January to August 2025, the company recorded a contract sales amount of 136.8 billion yuan, a year-on-year decline of 12.0%, and a sales area of 5.12 million square meters, down 23.3% [1]. - The average sales price increased significantly, with a signed sales price of 26,800 yuan per square meter in the first half of 2025, reflecting an 11.9% year-on-year increase [2]. Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and long-term cash flow stability, with revenue of 12.11 billion yuan in the first half of 2025, up 5.5% year-on-year [3]. - As of June 30, 2025, the total area of shopping centers was 11.85 million square meters, with 94 operational centers and retail sales of 110.15 billion yuan, a 20.2% increase [3]. - The total area of office buildings reached 1.46 million square meters, with an average occupancy rate of 74.5%, maintaining industry leadership [3]. Financial Health - The company maintained a cash reserve of 120.24 billion yuan and a net interest-bearing debt ratio of 39.2%, with a weighted average financing cost reduced by 32 basis points to 2.79%, the lowest in the industry [3]. Profit Forecast and Valuation - Due to the ongoing downturn in the national real estate market, the company adjusted its net profit forecasts for 2025-2027 to 24.74 billion, 25.27 billion, and 25.53 billion yuan, respectively [4]. - The current stock price corresponds to a PE valuation of 8.5, 8.3, and 8.3 times for 2025-2027 [4]. - The company maintains a "buy" rating, supported by its strong brand reputation, focus on core cities, and stable cash flow from asset operations [4].