Core Viewpoint - The real estate industry is undergoing a deep transformation from scale expansion to quality leadership during the "14th Five-Year Plan" period, with a focus on providing quality housing rather than speculative investment [1][6]. Group 1: Industry Transformation - The "14th Five-Year Plan" emphasizes that housing is for living, not for speculation, aiming to establish a multi-supplier and multi-channel housing system [1]. - Poly Developments has shifted from rapid expansion to a steady development strategy, leading the industry in proposing a transition from the "peak era" to the "quality era" in housing development [1][6]. Group 2: Quality Housing Concept - Poly Developments is actively exploring the concept of "good housing," which was first included in the 2025 Government Work Report, focusing on safety, comfort, sustainability, and intelligence [2][3]. - The company is addressing basic issues such as water leakage, smoke backflow, and sound insulation to enhance the living experience for residents [3]. Group 3: Financial Resilience - Poly Developments has demonstrated financial resilience with positive cash flow from operating activities from 2018 to 2024, with a net cash flow of 62.57 billion in 2024 and 160.17 billion in the first half of 2025 [4][5]. - The company achieved a sales recovery of 144.8 billion in the first half of 2025, with a comprehensive recovery rate of 100%, reflecting a 15 percentage point increase year-on-year [5]. Group 4: Market Position and Strategy - In 2023, Poly Developments became the industry sales champion with a signed sales area of 23.86 million square meters and a total sales amount of 422.2 billion [6]. - The company is focusing on revitalizing existing projects and accelerating the launch of quality new projects to maintain its leading position in a challenging market [6][10]. Group 5: New Business Model - Poly Developments is transitioning from incremental development to stock operation and comprehensive services, aiming to meet new demands in the rental and property markets [9]. - The company is implementing a strategic restructuring to enhance its real estate investment, operation, and comprehensive service capabilities, with a goal of achieving diversified and balanced development [8][10].