Core Points - The company, Jingcheng Jiaye (02210), reported a mid-year performance for 2025 with revenue of approximately 1.045 billion, representing a year-on-year increase of 17.48% [1] - The profit attributable to equity shareholders was 22.624 million, a decrease of about 50% compared to the previous year, with earnings per share at 0.15 [1] Revenue Breakdown - Revenue from property management services was approximately 745.6 million, up about 21.2% year-on-year, primarily due to an increase in managed area and the number of projects [1] - As of the reporting period, the total managed project area was about 47.4 million square meters, with approximately 22.5 million square meters from Beijing Urban Construction Group and its joint ventures, and about 24.9 million square meters from third-party projects, reflecting a decrease of about 0.9% and an increase of about 19.8% respectively compared to the previous year [1] Profit Decline Factors - The decline in profit was mainly due to increased upfront and quality maintenance investments in property management projects to gain market share [1] - Additionally, the significant decrease in rental prices for box-type housing, influenced by current market demand changes and industry cyclical adjustments, led to impairment losses recognized on such assets according to relevant international financial reporting standards [1]

Core Viewpoint - The company reported a revenue of approximately 1.045 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.48%, while the profit attributable to equity shareholders decreased by about 50% to 22.624 million yuan, resulting in an earnings per share of 0.15 yuan [1] Revenue Breakdown - Revenue from property management services was approximately 745.6 million yuan, an increase of about 21.2% compared to the same period in 2024, primarily due to the growth in managed area and the number of projects [1] - As of the end of the reporting period, the total managed project area was approximately 47.4 million square meters, with about 22.5 million square meters from Beijing Urban Construction Group and its joint ventures, and approximately 24.9 million square meters from third-party managed projects, reflecting a decrease of about 0.9% and an increase of about 19.8% respectively compared to the previous year [1] Profit Decline Factors - The decline in profit was mainly due to increased upfront and quality maintenance investments in property management projects to gain market share [1] - Additionally, the significant decrease in rental prices for box-type housing, influenced by current market demand changes and industry cyclical adjustments, led to impairment losses recognized on such assets in accordance with relevant international financial reporting standards [1]

Core Viewpoint - The company anticipates a significant decrease in pre-tax profit for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to increased investments in property management and a decline in rental prices for box-type housing [1] Financial Performance - The expected pre-tax profit for the six months ending June 30, 2025, is projected to be between RMB 31.1 million and RMB 37.3 million, representing a decrease of 40% to 50% compared to approximately RMB 62.2 million for the same period in 2024 [1] Market Conditions - The decline in pre-tax profit is attributed to two main factors: increased upfront and quality maintenance investments to gain market share in property management projects, and a significant decrease in rental prices for box-type housing due to changes in market demand and cyclical adjustments in the industry [1] Accounting Implications - The company will recognize impairment losses on its box-type housing equipment holdings in accordance with the relevant provisions of the International Financial Reporting Standards due to the declining rental prices [1]

Core Viewpoint - The company, Jingcheng Jiaye (02210), anticipates a significant decrease in its pre-tax profit for the six months ending June 30, 2025, projecting earnings between RMB 31.1 million and RMB 37.3 million, which represents a decline of 40% to 50% compared to approximately RMB 62.2 million in the same period of 2024 [1] Group 1 - The expected decrease in pre-tax profit is primarily attributed to increased investments in property management projects aimed at gaining market share and maintaining quality [1] - The company is experiencing a notable decline in rental prices for box-type housing due to changes in current market demand and cyclical adjustments within the industry [1] - The company will recognize impairment losses on its box-type housing equipment holdings in accordance with the relevant provisions of the International Financial Reporting Standards [1]

Core Viewpoint - The company anticipates a significant decrease in pre-tax profit for the six months ending June 30, 2025, projecting earnings between RMB 31.1 million and RMB 37.3 million, which represents a 40% to 50% decline compared to approximately RMB 62.2 million in the same period of 2024 [1] Group 1: Financial Performance - The expected pre-tax profit decline is primarily attributed to increased investments in property management projects aimed at gaining market share [1] - The company is experiencing a notable decrease in rental prices for box-type housing due to changes in market demand and cyclical adjustments within the industry [1] - The company will recognize impairment losses on its box-type housing equipment holdings in accordance with the relevant international financial reporting standards [1]