Core Viewpoint - The company maintains a strong sales performance, ranking third in the industry, with stable rental income growth and a "buy" rating from the institution [1][2] Sales Performance - In May 2025, the company achieved total contract sales of 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% - The total contract sales area was 649,000 square meters, down 26.6% year-on-year - From January to May, cumulative contract sales amounted to 86.85 billion yuan, a year-on-year decline of 6.3%, with a total sales area of 3.222 million square meters, down 19.0% - The average sales price reached 26,955 yuan per square meter, reflecting a year-on-year increase of 15.8% [1] Land Acquisition - The company ranked fourth in land acquisition amount from January to May, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% - The newly acquired land has a value of 65.03 billion yuan and a building area of 10.57 billion square meters, with an average acquisition price of 31,381 yuan per square meter, which is higher than the sales price - The land acquisition is primarily concentrated in high-tier cities such as Beijing, Shanghai, Hangzhou, and Ningbo, indicating a significant improvement in land quality [2] Regular Income Growth - In May 2025, the company's regular income was 4.09 billion yuan, up 6.2% year-on-year, with rental income from operational real estate reaching 2.69 billion yuan, an increase of 13.0% - From January to May, cumulative regular income was 20.44 billion yuan, a year-on-year increase of 9.6%, with cumulative rental income of 13.28 billion yuan, up 12.9% - The company plans to sell the Nanxiang Wucai City project in Jiading District, Shanghai, with an expected sale price of 300 to 400 million yuan, focusing on core quality assets by exiting low-efficiency assets [2]