Core Viewpoint - The company is currently executing a "1+5" strategic plan, focusing on its core real estate business while simultaneously advancing five other business segments: services, leasing, hotels, elderly care, and industrial investment [1] Group 1: Business Strategy - The company remains committed to refining and strengthening its real estate operations, ensuring safe operations and quality [1] - The company plans to maintain a moderate scale ratio with leading enterprises in the real estate sector [1] - Non-real estate investment areas include new energy, internet, and health projects, with a focus on effective post-investment management of existing projects [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 45.449 billion yuan, representing a year-on-year increase of 87.8% [1] - The company reported a net profit attributable to shareholders of 1.853 billion yuan, reflecting a year-on-year growth of 58.87% [1]

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for Midea Real Estate (03990), predicting EPS for 2025/26/27 to be RMB 0.42/0.57/0.74, with a target price of HKD 5.46 based on a 12x PE for 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of RMB 199.66 billion, a year-on-year increase of 41.3%, and core net profit of RMB 31.21 billion, up 119.4% year-on-year [1] - The gross profit margin for 1H25 was 30.8%, a decrease of 3 percentage points due to rising sales costs; financial income net amount was RMB 1.16 billion, turning positive from negative, attributed to the repayment of all borrowings during the period [1] - The board announced a mid-term dividend of HKD 0.15 per share on August 27, 2025, maintaining a competitive dividend policy with a yield consistently above 8% since its listing in 2018 [1] Group 2: Business Structure Optimization - The company will focus on four main sectors: "Development Services + Property Management Services + Asset Operations + Real Estate Technology," aiming to enhance synergy among these business areas [2] - In 1H25, revenue from property management services, asset operations, real estate technology, and development services were RMB 92.99 billion, RMB 27.49 billion, RMB 28.70 billion, and RMB 50.47 billion, respectively, with year-on-year growth rates of 8.7%, 13.9%, -9.2%, and development services being a new business unit [2] - The area under management and contracts for property management services reached 79.46 million square meters and 96.06 million square meters, reflecting year-on-year growth of 5% and 4%, respectively, with seven new contracts exceeding RMB 10 million in non-residential projects [2] Group 3: Development Business Growth - Following the restructuring on October 22, 2024, the company undertook full-chain development management of existing real estate resources from its controlling shareholder, focusing on technology, health, and energy efficiency [3] - In 1H25, the company expanded into four third-party residential projects in cities like Guiyang, Wuxi, and Xuzhou, with a total signed amount of RMB 160 million; the Wuxi Midea Dongwangfu project achieved a sales rate exceeding 90% [3]