Core Viewpoint - The company, 雅戈尔, has confirmed that its last concentrated delivery project, 明湖懿秋苑, has a residential pre-sale ratio of 100% with a pre-sale amount of 39 billion yuan, which will start recognizing revenue and profit in Q4 2025 and 2026 [1] Group 1 - The last concentrated delivery project is 明湖懿秋苑, with a pre-sale amount of 39 billion yuan [1] - The revenue and profit from this project will be recognized starting from Q4 2025 and into 2026 [1] - Other existing projects will gradually recognize revenue as well [1] Group 2 - As of the end of Q3 2025, the company's real estate inventory (excluding cooperative projects) has a book value of approximately 66 billion yuan [1] - Among this, the pre-sale amount already realized is about 44 billion yuan [1]

Core Viewpoint - The company has completed the delivery of its last major residential project, Minghu Yiqiuyuan, with a 100% pre-sale ratio and a pre-sale amount of 3.9 billion [1] Group 1: Company Performance - The company’s real estate inventory (excluding cooperative projects) has a book value of approximately 6.6 billion [1] - Of this inventory, the pre-sold amount that has been received is about 4.4 billion [1] - The company is monitoring market dynamics closely and will conduct impairment tests based on the realizable value of its inventory [1] Group 2: Market Risks - There is a potential risk that some unsold projects may not sell as quickly as expected [1]