Core Viewpoint - The company has achieved significant results in its "guaranteed delivery" efforts in the first half of 2025, delivering high-quality homes to over 10,000 families, which is crucial for stabilizing market expectations and boosting market confidence [1][3]. Delivery Achievements - The company has completed nearly 700,000 deliveries over the past three years, with the guaranteed delivery tasks expected to be fully completed by the end of this year, allowing the company to enter a normal cycle of project development, sales, and delivery [1][3]. - In 2022, 186,000 units were delivered, followed by 312,000 units in 2023, and 170,000 units in 2024, totaling over 668,000 units delivered [9][12]. Project Highlights - The Xi'an Rongchuang Lan Yuefu project exemplifies high-quality delivery, featuring 51 traditional Chinese courtyard homes that blend historical aesthetics with modern landscaping, receiving widespread acclaim [4]. - The Chongqing Chang Le Ya Song project showcases a deep practice of Eastern aesthetics, with meticulous attention to architectural details and landscaping inspired by historical Chinese gardens [7]. Strategic Focus - The company emphasizes a systematic approach to quality control and resource allocation, which has been pivotal in its delivery success [12]. - 2025 is identified as a critical year for the company, aiming to deliver over 50,000 units and complete all guaranteed delivery tasks by year-end, marking a transition to a new phase of sustainable operational development [12].

Core Viewpoint - The real estate industry is expected to see a significant decline in delivery volumes after 2024, marking the end of a peak delivery period driven by the "guarantee delivery" policy [1][2] Group 1: Industry Overview - The national housing completion area from 2021 to 2024 was reported as 101,412 million square meters, 86,222 million square meters, 99,831 million square meters, and 73,743 million square meters respectively, indicating a rebound in 2023 after a decline in 2022 [1] - The delivery volume for real estate companies in the first half of 2025 is expected to drop significantly, with a general decline of over 50% in the number of units delivered [1] - The top 10 real estate companies accounted for 38.08 million units delivered, representing 56.46% of the total deliveries from 50 companies [1] Group 2: Company Focus - Sunac - Sunac delivered 186,000 units in 2022, 312,000 units in 2023, and 170,000 units in 2024, totaling over 668,000 units delivered [2] - In the first half of this year, Sunac delivered 15,000 units, including notable projects such as Xi'an Sunac Lan Yue Fu and Chongqing Chang Le Ya Song [2] - For 2025, Sunac aims to deliver over 50,000 units, with expectations to complete all guarantee delivery tasks by the end of the year [2] - The company is transitioning into a new development phase characterized by debt restructuring, stabilized sales, and the completion of guarantee delivery tasks [2]