Core Viewpoint - CICC maintains its profit forecast for Midea Real Estate (03990), expecting a year-on-year growth of 19% and 13% in core net profit attributable to the parent company for 2025-26, reaching 601 million and 682 million respectively, while raising the target price by 36% to HKD 5.8 per share, corresponding to a 5.5% dividend yield for 2025 and a 23% upside potential [1] Group 1 - Midea Real Estate's 1H25 performance met market expectations, with revenue increasing by 41% to 1.997 billion, and core net profit attributable to the parent company rising by 119.4% to 312 million [2] - The inclusion of development services in the interim report significantly supported revenue and profit growth, with development service revenue of 505 million and operating profit of 162 million recorded in 1H25 [3] - The company expanded its property management and asset operation businesses, with property management revenue increasing by 9% to 930 million, while asset operation revenue rose by 14% to 275 million [4] Group 2 - The company is committed to enhancing its core competitiveness by deepening its layout in the real estate development industry chain, expecting development service revenue to reach approximately 1 billion for the full year of 2025 [5] - Midea Real Estate plans to maintain a competitive dividend policy, continuing its practice of semi-annual dividends, which is expected to provide a solid foundation for shareholder returns [6]