Core Insights - The company achieved a revenue of 8.4 billion yuan in the first half of 2025, representing an 8% year-on-year growth, and a net profit attributable to shareholders of 900 million yuan, which is a 5% increase compared to the previous year [1] Group 1: Property Management Business - The property management business generated revenue of 6.3 billion yuan in the first half of 2025, marking a 13.1% year-on-year increase, with residential, commercial, and public service revenues at 3.6 billion, 1.1 billion, and 1.6 billion yuan respectively [2] - The gross margin for the property management business was 16.6%, a slight decrease of 0.2 percentage points year-on-year [2] - The company operates in 191 cities with 2,912 projects under management, covering an area of 830 million square meters, and has a total of 3,269 contracted projects covering 1 billion square meters [2] Group 2: Community Value-Added Services - Revenue from community value-added services was 1.2 billion yuan in the first half of 2025, showing a slight decline, while the gross margin improved to 39.9%, an increase of 1.1 percentage points year-on-year [3] - The community life service revenue accounted for 77% of the total community value-added services, while community asset management services made up 23% [3] - The company focused on high-quality cities, with new contract amounts from the core 50 cities accounting for 84.6%, a growth of 5.1 percentage points year-on-year [3] Group 3: Investment Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders of 1.6 billion and 1.7 billion yuan for 2025 and 2026 respectively, with corresponding EPS of 2.85 and 3.05 yuan [3] - The price-to-earnings ratio based on the latest stock price is projected to be 10.9 and 10.2 times for 2025 and 2026 respectively [3]