Core Insights - The company reported a revenue of RMB 832.2 billion for the first half of 2025, with commercial property revenue at RMB 35.4 billion [1] - Shareholders' profit attributable to the company was RMB 86 billion, while core shareholders' profit was RMB 87.8 billion [1] - The company achieved contract property sales of RMB 1,201.5 billion, with a corresponding sales area of 5.12 million square meters [1] Financial Performance - As of June 30, 2025, total borrowings amounted to RMB 2,274.5 billion, a decrease of RMB 141.2 billion compared to the end of 2024 [1] - The company held bank deposits and cash totaling RMB 1,089.6 billion [1] - The net debt ratio stood at 28.4%, with an average financing cost of 2.9%, which is among the lowest in the industry [1] Land Acquisition and Development - During the reporting period, the company acquired 17 new land parcels across 10 cities in mainland China and Hong Kong, adding a total construction area of 2.58 million square meters [1] - The total land cost was RMB 403.7 billion, with equity land cost at RMB 401.1 billion [1] - As of June 30, 2025, shareholders' equity was RMB 3,866.2 billion [1]