2026-03-31 03:00Financial Performance and Profitability - The Group achieved contracted sales of RMB 251.23 billion, ranking first in the industry for attributable sales for two consecutive years[8, 13] - Profit before tax reached RMB 20.61 billion, with core profit attributable to shareholders at RMB 13.01 billion[8, 33] - Commercial property operations revenue reached RMB 7.20 billion, with shopping malls and offices contributing 81% of the total revenue[8, 25] Capital Structure and Liquidity - The liability-to-asset ratio stood at 54.1%, with the ratio excluding presales proceeds at 46.9%[10, 38] - Net operating cash inflow was RMB 16.73 billion, and cash on hand amounted to RMB 103.63 billion[10, 42] - The average borrowing cost remained at a low level of 2.8%[10, 64] Investment and Market Positioning - The Group acquired 35 new land parcels with an attributable land premium of RMB 92.42 billion, ranking first in the industry for investment scale[8, 47] - Investments in first-tier cities accounted for 73.9% of the total attributable land premium[8, 47] - The Group maintained a leading market share in 34 cities, ranking No. 1 in 15 of them[8, 13] Operational Efficiency and ESG - Selling, distribution, and administrative (SG&A) expenses as a percentage of revenue were maintained at 4.0%[10, 64] - The Group achieved a 100% on-time delivery rate for over 46,000 residential units in 2025[58]