Core Viewpoint - In November 2025, the company reported a significant decline in contract sales and area, indicating challenges in its real estate business, while its tourism segment showed slight growth in visitor numbers [1] Group 1: Contract Sales Performance - In November 2025, the company achieved a contract sales area of 86,000 square meters, representing a year-on-year decrease of 61% and a month-on-month decrease of 5% [1] - The contract sales amount for November 2025 was 1.2 billion yuan, down 65% year-on-year and down 8% compared to October [1] - From January to November 2025, the cumulative contract sales area reached 1.071 million square meters, a year-on-year decrease of 31%, while the total contract sales amount was 15.75 billion yuan, down 33% year-on-year [1] Group 2: Tourism Segment Performance - In November 2025, the company's tourism enterprises received a total of 6.97 million visitors, marking an 8% increase year-on-year [1] - From January to November 2025, the total number of visitors to the company's tourism enterprises was 73.98 million, which represents a 1% decrease compared to the previous year [1]

Core Viewpoint - The company reported a significant decline in contract sales area and amount for October 2025, indicating ongoing challenges in the real estate market, while showing slight improvements in a month-over-month comparison [1] Sales Performance - In October 2025, the company achieved a contract sales area of 91,000 square meters, representing a year-on-year decrease of 62% but a month-on-month increase of 16% [1] - The sales amount for October 2025 was 1.3 billion yuan, down 57% year-on-year but up 20% month-on-month [1] - Cumulatively, from January to October 2025, the total sales area reached 984,000 square meters, reflecting a year-on-year decline of 26% [1] - The cumulative sales amount for the same period was 14.55 billion yuan, which is a 27% decrease compared to the previous year [1] Land Acquisition - There were no new land acquisitions reported in October 2025, indicating a potential pause in expansion efforts [1] Tourism Business - In October 2025, the company's tourism segment received 7.46 million visitors, a decrease of 7% year-on-year [1] - From January to October 2025, the total number of visitors was 67.01 million, which is a 2% decline compared to the same period last year [1] - The decline in visitor numbers is attributed to a decrease in consumer enthusiasm for certain holiday activities [1]