Company Dynamics - The company participated in a capital market open event hosted by China Resources Land and Vanke Life on November 18-19, conducting research on its Northeast and North China operations, visiting commercial and residential projects in Hohhot and Taiyuan, and engaging in discussions with company and local management [1] Market Position and Product Strategy - The company effectively captures structural opportunities in the development market, maintaining a leading position in low-bottom market areas. For the period from January to September 2025, the company's market share in Shenyang and Dalian reached approximately 10%, ranking second in the market [1] - The company leverages government-enterprise relationships and brand reputation to acquire core land parcels in high population density areas with scenic resources. It focuses on high-end products to meet the needs of improvement-oriented customers, enhancing its bargaining power [1] - The company’s "City No. 1 Project" strategy includes innovative designs, such as the first fourth-generation residential project in Shenyang, which features practical living solutions for the Northeast climate, achieving a maximum usable area ratio of 126% [1] Pricing and Sales Performance - The company’s three main projects in the Northeast region show stable pricing since 2024, with a premium of 20-30% over surrounding second-hand housing. The expected sales rate and profit margin are both positive [1] Operational Strength and Rental Growth - The company’s operational strength is highlighted by the continuous iteration of flagship projects, such as the Shenyang MixC, which has undergone three upgrades since its opening in 2011, with further enhancements planned for 2024 [2] - Growth is also anticipated from the integration of emerging projects, with four luxury brands expected to open in Changchun MixC over the next two years. Additionally, there are two and four major projects in Northeast and North China, respectively, awaiting opening [2] - The company’s held properties contributed 34% and 50% to core net profit in 2024 and the first half of 2025, respectively, indicating that this segment is expected to stabilize profits [2] Profit Forecast and Valuation - The company maintains its profit forecast and continues to rate outperforming the industry with a target price of HKD 44.63, corresponding to 0.9 times the 2026 target P/B and a potential upside of 52% [2] - The company is currently trading at 0.7 and 0.6 times the 2025 and 2026 P/B, with dividend yields of 4.7% and 5.0% for 2025 and 2026, respectively [2]