Core Insights - The company reported a strong interim performance with a revenue of 47.57 billion yuan, a year-on-year increase of 34.6%, and a core net profit of 1.52 billion yuan [1] - Despite a general decline in sales within the real estate sector, the company achieved a contract sales amount of 61.5 billion yuan, reflecting an 11% increase year-on-year [1] - The company's strategic focus on first and second-tier cities has been a key factor in its sales growth, with 94% of its total land reserves located in these core urban areas [1] Financial Performance - The company’s sales average price increased from 29,500 yuan per square meter in mid-2024 to 42,100 yuan per square meter [2] - As of June 30, 2025, the company maintained a debt-to-asset ratio of 64.6% and a net gearing ratio of 53.2%, with cash reserves of 44.64 billion yuan, covering short-term debt by 1.7 times [2] Market Position and Ratings - The company received an investment-grade rating from S&P, with a stable outlook, making it the only local state-owned enterprise in the industry to achieve this rating [3] - Prior to S&P's rating, Fitch upgraded the company's rating outlook to "stable" in June, maintaining a "BBB-" investment-grade rating [3]