Group 1 - The company reported a revenue of 430 million yuan for 2024, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 40 million yuan, down 50% year-on-year, which aligns with the performance forecast of 35-45 million yuan [1] - The decline in performance is primarily due to a significant contraction in the real estate sales business, with property sales revenue dropping to 1.143 million yuan, a year-on-year decrease of 99%, and its contribution to total revenue falling from 18.81% to 0.27% [1] - The company has adopted a rental strategy to generate income, leasing out all remaining 122 apartments in the Hualian Urban Business Center project, resulting in an additional rental area of 22,000 square meters, contributing positively to performance [1] Group 2 - The company holds two urban renewal projects in Shenzhen, with the "Yupin Luanshan" project expected to start pre-sales in October 2025, which could positively impact future performance [2] - The company is actively cultivating new growth points, with the Zhuhai Juneng production line for enriched materials having commenced production in September 2024, and the product is now in the market promotion phase [2] - The company decided to cancel 80.1153 million shares from the 97.2153 million shares repurchased between January 2024 and January 2025, amounting to approximately 250 million yuan, enhancing shareholder equity value [2] Group 3 - The company has adjusted its net profit forecasts for 2025 and 2026 to 80 million yuan and 90 million yuan, representing decreases of 22% and 18% respectively, with an expected net profit of 190 million yuan for 2027 [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.05, 0.06, and 0.13 yuan respectively, with a book value per share (BPS) of 3.48 yuan for 2025 [3] - Considering the recovery of the real estate market and the acceleration of urban village renovations, the company’s reasonable price-to-book ratio (PB) for 2025 is estimated at 1.1x, with a target price of 3.83 yuan [3]