Core Viewpoint - The real estate market has stabilized but faces ongoing challenges, with Poly Developments leveraging strategic management and market adaptability to maintain its leading position and achieve high-quality growth [1]. Financial Performance - In the first half of 2025, Poly Developments reported total sales of 145.171 billion yuan, maintaining its industry leadership, with operating revenue of 116.9 billion yuan and a net profit of 2.711 billion yuan, showcasing resilience during market adjustments [1][3]. - The company achieved a pre-sale amount of 330.301 billion yuan, ensuring a robust reserve for future revenue [3]. - The comprehensive gross profit margin was approximately 14.6%, slightly higher than the full-year level of 2024 [3]. Cash Flow and Risk Management - Poly Developments emphasized cash flow safety, achieving a sales recovery amount of 144.8 billion yuan with a recovery rate of 100%, up 15 percentage points year-on-year [3]. - The net cash flow from operating activities reached 16.017 billion yuan, turning positive compared to the previous year, fully covering cash outflows from investment and financing activities [4]. - The company actively managed its debt structure, reducing interest-bearing liabilities by 5.4 billion yuan, resulting in a debt-to-asset ratio of 73.53% and a net debt ratio of 59.64%, both showing improvement [5]. Market Position and Sales Strategy - Poly Developments achieved a sales area of 7.1354 million square meters, securing its position as the industry leader [7]. - The company adopted a strategy of optimizing products and enhancing displays to capture market opportunities, achieving a contract sales amount of approximately 63 billion yuan in the first quarter [7]. - The sales amount from newly acquired projects reached 93.7 billion yuan, accounting for 65% of total sales, reflecting a 5 percentage point increase from 2024 [8]. New Business Development - Poly Developments is exploring new growth areas, focusing on real estate investment, operation, and comprehensive services as its three main businesses [12]. - The company reported an increase in operating assets, with a total area of 5.73 million square meters, and a 13% increase in operating income to 2.54 billion yuan [13]. - The property management segment saw a 19.9% increase in third-party management income, contributing to a total revenue of 8.392 billion yuan, up 6.6% year-on-year [14]. Future Outlook - The company aims to reshape its strategy over the next three to five years, transitioning into a diversified and balanced development model as a real estate developer, operator, and service provider [15].