Core Viewpoint - The recent operational changes at Mofang Apartment have raised concerns among tenants due to forced evictions and contract terminations, which the company attributes to property owners not renewing leases, claiming these actions are part of normal business adjustments [1][10]. Company Operations - Mofang Apartment has faced tenant complaints regarding forced evictions from several locations, including Shanghai and Hangzhou, with claims that some stores are being taken over by third parties [1]. - The company has stated that the closures involve only a small number of early projects and are due to property owners' decisions, asserting that the overall business remains stable and that new locations are still being opened [1][10]. - Mofang Apartment's operational adjustments are described as strategic optimizations of its property structure, with a focus on normal lease expirations and project optimizations [10]. Financial Performance - Mofang Apartment's financial history shows fluctuating revenues and net profits, with reported revenues of 9.49 billion yuan in 2020, 14.71 billion yuan in 2021, and 17.14 billion yuan in 2022, alongside net profits of -2.30 billion yuan, 3.02 billion yuan, and -2.47 billion yuan for the same years [9]. - The company has faced challenges in its expansion plans due to the impact of COVID-19 on major cities, leading to a more cautious approach in recent years [9]. Market Environment - The housing rental market is experiencing downward pressure on rents, with average monthly rents reported at 2,585.41 yuan as of October 2025, compared to 2,839.2 yuan in the first quarter of the same year [10]. - The emergence of state-owned enterprises in the rental market is shifting the competitive landscape, with a significant increase in the supply of affordable rental housing [10]. Future Prospects - Mofang Apartment has indicated plans to pursue a public listing in the future, although the timeline remains uncertain due to unfavorable market conditions previously encountered [11].