Core Viewpoint - *ST Zhongdi reported significant financial improvements in Q3 2025, driven by a major asset restructuring that divested its real estate business, leading to a substantial increase in net profit and a positive shift in net assets [1][2] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.293 billion, a year-on-year increase of 16.48% [1] - The net profit attributable to shareholders reached 4.827 billion, marking a significant turnaround from losses in the previous year [1] - Earnings per share stood at 6.46 yuan [1] - In Q3 alone, the company reported operating revenue of 1.048 billion, a decrease of 63.84% year-on-year, but net profit soared to 6.006 billion, indicating a strong recovery [1] Asset Restructuring - On August 31, the company completed a major asset restructuring, transferring its real estate-related assets to its controlling shareholder, China Communications Real Estate Group [1] - This restructuring allowed the company to recognize investment income according to accounting standards, which was a key factor in the significant increase in net profit [1] - Post-restructuring, the company no longer includes the real estate business in its consolidated financial statements [1] Strategic Focus - Following the restructuring, the company has shifted its focus to "full urban services" and "full transportation services," aiming to establish a dual-driven model of "property management + asset management and operation" [1] - The company plans to deepen collaboration with China Communications Group, leveraging its resources in infrastructure, urban renewal, and commercial operations to implement a new growth model characterized by "light assets + brand" [1] Business Operations - The company's property management business is experiencing steady growth, with competitive advantages emerging in various segments such as residential, transportation, and public services [2] - The company has secured high-end projects, including services for China Mobile in Shantou and the Zhongjiao Zhishu Valley service park [2] - Value-added services are becoming more stable and efficient through refinement and digitization, contributing to brand value [2] - The asset management and operation segment focuses on industrial parks, office buildings, and hotels, maintaining high occupancy rates and steadily improving profit margins [2] - The company's main business segments are working synergistically, enhancing its full-cycle service capabilities and laying a solid foundation for sustainable high-quality growth [2]

Core Viewpoint - *ST Zhongdi is transitioning towards a service-oriented business model, focusing on light asset operations and enhancing its service quality and operational management capabilities [1][2] Group 1: Business Strategy - The company aims to establish a business structure centered around "property management + asset management and operation" after divesting its real estate business [1] - The company plans to expand its business scale and improve operational efficiency through various measures, including industry mergers and acquisitions [1] Group 2: Property Management - The property service business will be managed by China Communications Property Service Group Co., Ltd., offering comprehensive value-added services such as security, cleaning, and maintenance [1] - As of the end of 2024, the company will manage a property service area of 62.65 million square meters, with an annual contract amount of 1.218 billion yuan [1] Group 3: Asset Operation and Management - The asset operation and management business includes commercial management and self-owned property management, with a signed contract amount of 6.7 million yuan and a signed area of 62,600 square meters as of the end of 2024 [2] - The core asset for self-owned property leasing is Shenzhen Zhongjian Technology City, which has an overall occupancy rate of 90.32% and generated operating income of 83.39 million yuan and net profit of 32 million yuan [2] Group 4: Financial Performance - Following the restructuring, the company is projected to achieve operating revenue of 1.097 billion yuan and net profit of 98 million yuan in 2024 [2] - The company will have a cash balance of 999.7 million yuan, accounting for 48.97% of total assets, providing strong financial support for future business development and potential acquisitions [2]

Group 1 - The company, China Communications Real Estate Co., Ltd., plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd., as part of a major asset sale and related party transaction [1] - After the completion of this restructuring, the company will no longer engage in real estate development and sales, shifting its focus to property services and asset management, thereby transitioning to a light asset operation model [2][3] - The controlling shareholder has issued a commitment to avoid any competition with the company's future business operations, ensuring that its subsidiaries will not engage in activities that could adversely affect the company's main business [2][3] Group 2 - The commitments from both the controlling shareholder and the indirect controlling shareholder are effective from the completion of the transaction and will hold during their respective periods of control over the company [3][4] - If there is a violation of these commitments, the controlling shareholders will be liable for any economic losses incurred by the company [3][4]