Core Viewpoint - The company reported a revenue increase of 13.8% year-on-year for H1 2025, with a net profit attributable to shareholders rising by 13.2% [4]. Group 1: Financial Performance - The company achieved an operating income of 18.2 billion yuan in H1 2025, reflecting a year-on-year growth of 13.8% [4]. - Gross profit reached 4.6 billion yuan, also up by 13.8% year-on-year, maintaining a gross margin of 25.2% [4]. Group 2: Business Operations - The property management revenue for H1 2025 was 10.6 billion yuan, showing a significant increase of 23.1% year-on-year, accounting for 58.0% of total revenue [5]. - The company managed a total area of 83.28 million square meters as of June 30, 2025, with 74.2% located in the Haixi region, indicating strong scale effects [5]. - The company’s overall gross margin of 25.2% is considered high within the industry, with a sales management expense ratio of 11.0% [5]. Group 3: Community Value-Added Services - Community value-added services generated 4.5 billion yuan in revenue for H1 2025, marking a year-on-year growth of 23.5% [6]. - The home living service segment, which includes housekeeping, repairs, and retail, saw a 33.9% increase in revenue, making up 32.4% of the community value-added segment [6]. - Non-owner value-added service revenue decreased by 19.4% to 2.8 billion yuan, primarily due to a reduction in the number of sales centers amid market adjustments [6].