Group 1 - The company reported a total revenue of RMB 4.466 billion, a year-on-year decrease of 5.67% [1] - The company recorded a loss attributable to shareholders of RMB 8.814 billion, compared to a profit of RMB 22.312 billion in the same period last year [1] - The loss per share was 2.17 RMB [1] Group 2 - The company emphasized "ensuring delivery" as the core task for operational recovery while accelerating the resolution of domestic debt risks [1] - The company achieved property contract sales of approximately RMB 4.02 billion, with a contracted sales area of about 436,000 square meters [1] - The company continues to deepen its presence in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area, with total land reserves of approximately 5.39 million square meters and equity building area of about 4.06 million square meters as of June 30, 2025 [1] Group 3 - The company aims to leverage the industry recovery window by focusing on three core strategies: deepening sales destocking, accelerating resource integration; tackling debt restructuring, optimizing capital structure; and strengthening operational foundations while exploring new profit models such as light asset construction [2] - The goal is to build sustainable operational capabilities, reshape market confidence, and promote sustainable and steady development, continuously creating value for shareholders, investors, and society [2]

Core Viewpoint - The real estate industry is undergoing significant adjustments and transformations, with traditional heavy asset development models facing challenges, while the "light asset, high quality" model of agency construction is emerging as a key player [1][2]. Industry Background - The real estate market is entering a stock era, and the ongoing "housing is for living, not for speculation" policy makes the agency construction model an effective way to revitalize stock assets and improve resource utilization efficiency, thus becoming an important force in the transition to a new development model in the real estate sector [1]. Company Performance - In the first quarter of 2025, the agency construction platform of the company, Yuan Yang Construction Management, signed new agency construction contracts covering approximately 950,000 square meters, with a sales amount of about 180 million yuan [2]. - Yuan Yang Construction Management has gained recognition in various authoritative rankings for its comprehensive agency capabilities, contract signing scale, delivery scale, and sales scale, indicating a continuous enhancement of its influence in the industry [2]. Policy Alignment - The company's light asset agency construction business aligns well with current national policy directions, actively participating in relief projects under the "ensure delivery of buildings and stabilize people's livelihoods" policy, contributing to the smooth delivery of problematic projects and stabilizing the real estate market [2]. - The company is involved in urban renewal and old city transformation projects, enhancing urban quality and vitality through various methods such as demolition and reconstruction, which aligns with national requirements for high-quality urban development [2]. Health and Sustainability Focus - The company integrates its health building system into agency construction projects, aiming to create healthier, more comfortable, and environmentally friendly living and commercial spaces, thus promoting the development of green and healthy buildings in line with national sustainable development strategies [2].