Core Viewpoint - The company is actively addressing challenges in the real estate market, particularly in third and fourth-tier cities, while maintaining a stable financial structure and exploring new business opportunities in logistics and senior housing [1][2]. Group 1: Market Response and Strategy - The company is closely monitoring market conditions and implementing a differentiated marketing strategy, including various initiatives such as rental and sales integration, creating scenario model rooms, and enhancing night reception services [1]. - Despite a recovery in the first quarter of 2025, the second quarter saw a decline in transactions due to weakening policy effects, although overall inventory has decreased [1]. Group 2: Financial Health and Debt Management - The company's current operating status and cash flow are normal, with a safe and stable financial structure [2]. - The company has optimized its debt financing structure and is actively promoting the disposal of existing assets to ensure a reasonable debt structure [2]. - On August 27, 2025, the company issued its first medium-term note for 2025, raising 400 million yuan at an interest rate of 2.81%, indicating an ongoing effort to optimize financing costs [2]. Group 3: Support from Major Shareholder - The controlling shareholder, Bright Food Group, provides support through shareholder loans, guarantees, and business collaboration, ensuring the company's liquidity and enhancing its competitiveness [2]. - The pricing of related party transactions follows principles of fairness, openness, and justice, ensuring that the interests of all shareholders are met [2].