Core Viewpoint - In the first half of 2025, the company reported a revenue of 15.678 billion yuan, a signed area of 1.254 million square meters, and a signed amount of 17.15 billion yuan, with a net loss attributable to shareholders of approximately 3.7 billion yuan. The company is focusing on cash flow and financial stability while gradually restoring operational momentum through a dual approach of focusing on core development and diversified business collaboration [1][2]. Group 1: Financial Performance - The company achieved a revenue of 15.678 billion yuan in the first half of 2025, with a net loss of approximately 3.7 billion yuan [1]. - The company has a total land reserve of approximately 27.01 million square meters, with equity land reserves of about 11.62 million square meters, of which 79% is located in first- and second-tier cities [3]. - The company has successfully repaid its medium-term notes on time, and its interest-bearing debt has shown a steady decline, with 98.5% of the debt being bank loans and long-term debt accounting for 60.88% of total interest-bearing debt [3]. Group 2: Operational Strategy - The company is actively promoting operational momentum recovery by revitalizing existing assets and optimizing new projects, focusing on land exchanges and planning adjustments [2][3]. - The company has acquired new residential land in Hangzhou and Shanghai, providing new growth momentum for future performance [3]. - The company’s commercial property indicators have stabilized, with a 3% year-on-year increase in foot traffic and a 1% increase in sales [5]. Group 3: Business Development - The company’s construction management business has maintained a top-three position in the industry for several years, with a 52% year-on-year increase in new signed contracts, totaling 6.98 million square meters [6]. - The company has launched a new product brand "Qinglan" in Xi'an, which has received high recognition from clients [7]. - The company continues to strengthen its exploration of new real estate development models, focusing on holding assets, property services, and construction management [5].

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]