Core Viewpoint - The company reported a revenue increase of 6.5% year-on-year for H1 2025, with a net profit growth of 7.4%, indicating stable financial performance amidst market challenges [4]. Group 1: Financial Performance - The company's revenue for H1 2025 reached 8.5 billion, a 6.5% increase year-on-year, with the commercial segment contributing 3.27 billion (up 14.6%) and the property segment generating 5.16 billion (up 1.1%) [4]. - Gross profit amounted to 3.17 billion, reflecting a 16.3% increase, with a gross margin of 37.1%, up 3.1 percentage points year-on-year [4]. - The net profit attributable to shareholders was 2.03 billion, marking a 7.4% increase compared to the previous year [4]. Group 2: Business Segments - The shopping center operations showed strong performance, with a gross margin increase. The company managed 120 shopping centers and 27 office buildings, opening 4 new shopping centers and signing 6 new projects in H1 2025 [5]. - The retail sales in the shopping centers reached 122 billion, a 21.1% increase year-on-year, with rental income from owners at 14.7 billion, up 17.2% [5]. - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion, despite a decline in value-added services [6]. Group 3: Profitability and Dividends - Operating profit (gross profit minus selling and administrative expenses) for H1 2025 was 2.63 billion, reflecting a 20.2% increase year-on-year [7]. - The company declared an interim and special dividend totaling 0.881 per share, representing 100% of the core net profit attributable to shareholders, indicating a generous dividend policy [7].

Group 1 - The company's operating revenue for H1 2025 is approximately 405 million yuan, a year-on-year decrease of 7.1%, primarily due to the shift from self-owned financing to technology integration platform financing [1] - The platform technology service revenue has shown strong performance, reaching about 211 million yuan, a year-on-year increase of 37.0%, accounting for over 50% of total revenue for the first time [1] - The net profit for the company is approximately 203 million yuan, a year-on-year increase of 22.9%, benefiting from AI technology cost reduction and the performance contribution from joint ventures [1] Group 2 - The company has achieved its first commercial success with AI Agent, generating 400,000 yuan in revenue by providing targeted bidding information and industry trend analysis [2] - The company has expanded its platform ecosystem, with over 19,100 cumulative clients as of June 30, 2025, a year-on-year growth of 14.4%, and a client retention rate exceeding 80% [2] - The total amount of supply chain assets processed by the company has reached 2.78 trillion yuan, a year-on-year increase of 28.7% [2] Group 3 - The company has issued over 2.8 billion yuan in loans in the e-commerce sector, an increase of nearly 8 times compared to the same period last year [3] - The company has formed a strategic partnership with a top global industrial mobile robot company, entering the 190 billion yuan Chinese robot market [3] - The company is actively expanding into strategic emerging industries such as e-commerce, robotics, and AI applications while continuing to focus on key national pillar industries [3] Group 4 - The company is expected to continue rapid growth in performance, focusing on innovative fields such as e-commerce, AI applications, and robotics [4] - Revenue forecasts for FY2025 are adjusted to 499 million yuan for digital financial solutions, 543 million yuan for platform technology services, and 49 million yuan for supply chain asset sales [4] - The projected net profit for the company for FY2025-FY2027 is 489 million yuan, 644 million yuan, and 826 million yuan respectively, with a target market capitalization of 19.32 billion yuan [4]