Core Viewpoint - The Chinese real estate market is undergoing a profound cyclical transformation and a shift in development logic due to policy easing and market adjustments, with a notable divergence between core first- and second-tier cities and other regions [1][4] Market Dynamics - In Q1 2025, national commodity housing sales fell by 2.1% year-on-year, but core first- and second-tier cities like Shenzhen saw a nearly 70% increase in transactions, indicating a shift from scale expansion to quality competition and from demand driven by first-time buyers to improvement-driven demand [1][4] - High-end residential products are gaining traction, reflecting the scarcity of core assets in first- and second-tier cities, which are viewed as valuable investments in an inflationary and loose monetary environment [1][4] Company Performance - Jianfa Real Estate has successfully carved out a new niche in the high-end residential market through precise interpretation of land culture, innovative integration of technology and architectural aesthetics, and comprehensive upgrades in property services [1][4] - Jianfa Real Estate's sales ranking has improved from 53rd to the top 10 in the industry within a few years, achieving a total sales volume of 133.51 billion yuan in 2024, positioning it as the 7th in the industry [14] Product Innovation - Jianfa Real Estate is leading the industry with its deep exploration of land culture, innovative architectural expression, and forward-looking intelligent living experiences, as demonstrated in recent product launches in Beijing and Xiamen [4][10] - The "Wangfu Chinese Style" project in Beijing and the "Haipai Oriental" project in Xiamen showcase the company's commitment to high-end quality, with significant investments in materials and design that exceed typical residential standards [4][10] Service Enhancement - Jianfa Real Estate has developed a "Good House" concept that integrates functional, emotional, and asset values, continuously iterating its new Chinese-style product offerings to meet diverse consumer needs [11][13] - The company has established a "Good Service" system, focusing on enhancing customer experience and addressing pain points, with a new service product aimed at high-end clients that redefines property service standards [13][14]