Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The gross profit margin is showing signs of recovery compared to the previous year, and the long-term valuation is expected to improve. The company has a relatively abundant amount of unrecognized resources and stable asset impairment levels, which should support future performance [2][12] - The company remains the industry leader in sales, with proactive investment expansion and continuous optimization of land reserve quality through regulatory adjustments [2][12] - The successful issuance of convertible bonds indicates that the intrinsic value of the company is gradually being recognized, suggesting potential for long-term valuation recovery [2][12] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 116.9 billion yuan, a decrease of 16.1%, and a net profit attributable to shareholders of 2.7 billion yuan, down 63.5%. The decline in revenue is primarily due to a decrease in project completion and revenue recognition [6][12] - The gross profit margin for the first half of 2025 was 14.9%, slightly down by 0.9 percentage points from the previous year, while the comprehensive gross profit margin was 14.6%, down 1.4 percentage points [12] Sales and Investment - The company achieved sales of 145.2 billion yuan in the first half of 2025, a decrease of 16.2%, with a sales area of 7.14 million square meters, down 25.2%. The average selling price increased by 12.0% to 20,300 yuan per square meter [12] - The company actively expanded its investment, with land acquisition amounting to 50.9 billion yuan, an increase of 303.7%, and the area acquired was 2.28 million square meters, up 96.5% [12] Business Highlights - The company reported operational income of 2.54 billion yuan from asset management, a 13% increase, and the property management segment showed stable performance with a net profit of 890 million yuan, up 5.3% [12] - The issuance of 8.5 billion yuan in convertible bonds at a low interest rate reflects strong investor confidence in the company's value [12]