Core Viewpoint - The financial performance of Nandu Property has significantly declined, with both revenue and net profit decreasing, highlighting structural risks in the property management industry due to high regional concentration and lack of innovation [2][3][5]. Financial Performance - Nandu Property reported a total revenue of 1.805 billion yuan in 2024, a year-on-year decrease of 2.45% [5]. - The net profit attributable to the parent company was approximately 22 million yuan, down 88.21% year-on-year, marking the largest decline since its IPO in 2018 [5][6]. - The non-recurring net profit also fell by 41.84%, indicating a weakening core business profitability [5]. Investment Losses - The primary reason for the drastic decline in net profit was attributed to investment losses, particularly from holding shares in Anbang Security, which saw a 29.47% drop in stock price, leading to a fair value loss of approximately 53.06 million yuan [5][6]. - The company's aggressive investment strategy without adequate risk hedging has been criticized, revealing a lack of effective risk management [5][9]. Regional Concentration - The Jiangsu, Zhejiang, and Shanghai regions accounted for 85.58% of the total signed area, indicating a high regional concentration that poses risks to long-term growth [3][8]. - Although there was slight revenue growth in non-Jiangsu, Zhejiang, and Shanghai regions, it was insufficient to alter the imbalanced regional structure [8]. Diversification and Innovation Challenges - Nandu Property's diversified value-added services contributed less than 10% to total revenue, with value-added service revenue declining by 5.90% to 159 million yuan [3][8]. - The company has attempted to innovate through technology investments, but R&D expenses decreased by 14.42% to 2.97 million yuan, indicating a mismatch between strategic ambitions and actual investment [9]. Future Outlook - The company faces significant challenges in balancing investment risks, regional dependency, and the potential of value-added services [9][10]. - The ability to implement a comprehensive strategy across residential, commercial, and urban services will be crucial for reversing the current downward trend [10].