Core Viewpoint - Country Garden Services reported over 10% revenue growth in the first half of the year, but profit performance declined, with management emphasizing that the annual operational goals remain unchanged [1][2]. Financial Performance - The company achieved operating revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, with core property management service revenue reaching 13.61 billion yuan, up 6.7% [1]. - Community value-added service revenue was 2.1 billion yuan, growing by 5.3%, while "Three Supplies and One Industry" service revenue surged to 5.07 billion yuan, marking a 51.6% increase [1]. - The core net profit attributable to shareholders was approximately 1.568 billion yuan, which contributed to a decline in stock price [1]. Operational Scale - As of June 30, the total number of property projects managed by Country Garden Services reached 8,108, with a managed area of 1.06 billion square meters, including 90 million square meters from "Three Supplies and One Industry" residential management [1]. - Projects located in first- and second-tier cities accounted for approximately 40.2% of the managed area [1]. Strategic Focus - Management stated that the decline in profit is attributed to temporary factors, including the impact of long-term receivables clearance and strategic contraction in the relatively inefficient sanitation sector [2]. - The company is prioritizing cash flow over scale growth and is actively seeking solutions to improve cash flow from less profitable projects [2]. - Country Garden Services is undergoing digital transformation to enhance customer experience, service quality, and operational efficiency, with nearly 100 self-developed "Zero Resident" cleaning robots already in use [2]. Market Positioning - In response to the trend of reducing property management fees in the industry, Country Garden Services is building core capabilities in low property fee markets and has made progress by entering nearly 20 low property fee communities this year [3]. - The company plans to accelerate differentiation in new business markets within the segmented market [3].