Core Viewpoint - The company reported a significant loss in the first half of 2025, but is focusing on cash flow management and operational strategies to stabilize its financial position and explore potential recovery opportunities in the industry [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 15.678 billion yuan, with a signed area of 1.254 million square meters and a signed amount of 17.15 billion yuan, resulting in a net profit loss of approximately 3.7 billion yuan [1] - The company has successfully repaid its medium-term notes on time and has seen a steady decline in its interest-bearing debt, with 98.5% of this debt being bank loans and long-term debt accounting for 60.88% of total interest-bearing debt [3] Group 2: Operational Strategies - The company is focusing on its core business and has implemented various measures to revitalize its operational momentum, including land exchanges and optimizing existing assets [2] - The company has acquired new residential land in key cities such as Hangzhou and Shanghai, contributing to a total land reserve of approximately 27.01 million square meters, with 79% located in first and second-tier cities [2] Group 3: Business Development - The company is exploring new models in real estate development, with a focus on holding assets, property services, and construction management, leading to a recovery in key operational indicators in commercial properties [4] - The company's construction management business has seen a 52% year-on-year increase in new signed contracts, totaling 6.98 million square meters, with a significant portion coming from residential and commercial projects [5]