Core Viewpoint - The company achieved profitability in the first half of 2025 primarily through asset disposals, but its operational fundamentals have not shown substantial improvement [1][3]. Financial Performance - In the first half of 2025, the company's net profit attributable to shareholders was approximately 193 million yuan, a significant increase of 687.86% year-on-year, marking the first positive figure in five years [1][3]. - Revenue for the same period was only 141 million yuan, a decline of 22.95% year-on-year, representing the lowest revenue in three years [1][4]. - The net cash flow from operating activities was about 49 million yuan, down 74.14% year-on-year [1][4]. - The basic and diluted earnings per share were both 0.2292 yuan, compared to a loss of 0.0390 yuan in the previous year, reflecting a 687.69% increase [2]. Business Segments - The real estate segment generated approximately 94 million yuan in revenue, a decrease of 26.25% year-on-year [4]. - Revenue from the conference and exhibition business and the Shihuang Tunnel operating rights was approximately 22 million yuan and 26 million yuan, respectively, down 25.42% and 4.76% year-on-year [4]. Asset Disposal Impact - The significant increase in net profit was largely due to the transfer of a 1% stake in Longfu Company, which resulted in an investment income recognition of 240 million yuan [3][4]. - The company has not acquired any new residential or commercial land since obtaining commercial land in Jiangbeizui, Chongqing, in the second half of 2023 [6]. Future Outlook - The company has reduced its total land reserve area to 241,500 square meters, a decrease of 62.93% compared to the same period in 2024 [6]. - The company plans to focus on urban development and property services to drive future growth, but has not yet established new revenue growth points [6][7]. - Only two of the six product categories saw revenue increases, with property management revenue at 22 million yuan (up 22.39%) and commercial and parking space sales at 2 million yuan (up 190.19%) [7].