A：As of June 30, 2026, the area of ocean-going services in the tube is 84.48 million square meters, of which the first and second-tier cities in the tube area accounted for a high of 81.1 percent, continued to focus on high-energy cities.

A：In the first half of the year, the company made significant progress in external expansion, with the new single-year contract amount reaching 0.13 billion billion yuan, an increase of 76% over the same period last year. A total of 50 new projects, covering 22 cities, and 68% of them are located in the main cities, effectively landing the strategy of focusing on the main cities.

A：In the first half of the year, the company added 25 new customer representative projects and gained market recognition in the field of non-residential services. At the same time, the company is committed to systematically improving customer service capabilities, improving business indicators and building the core competitiveness of the company through a series of measures such as customer research, job review, and service model optimization.

A：The company improves quality and service standardization from multiple dimensions, including increasing the sample size of customer research, formulating corrective measures to address high-frequency feedback problems, promoting job review and service innovation cases, implementing full-staff quality inspection and hierarchical control mechanisms, and building a replicable service case library and normalization promotion mechanism. In terms of community value-added services, the company reconstructs the service system, selects high-frequency just-needed explosives, adopts a two-line operation model, and builds a systematic service capability. In addition, relying on the advantages of community scenes and customer reach, integrating high-quality cultural and tourism resources to carry out tourism business, and cooperating with Yuanyang Group's Chunxuan Mao to provide elderly care services, and gradually establishing a replicable and sustainable growth model. At the same time, community retail select business, home service, etc. have also been optimized and upgraded, enhancing revenue stability.

A：The company in the community to create a co-construction, brand IP activities and interest communities as the carrier to activate the community ecology, deepen the three-way collaborative governance mechanism. In the first half of the year, 1283 community activities were held, covering 223000 owners. The brand IP activities "Sunshine has Lingjie" and "Small Citizen Practice Base" have become important carriers of community culture. The first national owners' table tennis competition has also achieved good results.

A：In the first half of the year, the income from commercial property management services was 0.16 billion yuan, accounting for 16% of the total property management income. The company has established a 1 plus 4 plus N service structure, to achieve full-cycle services, to create a standard system, non-residential industry scale expansion has been consolidated.

A：The company's revenue structure has been substantially strengthened, the proportion of non-cyclical revenue has continued to increase, the proportion of basic property management revenue has increased from 74.4 in the same period last year to 77.7, and the ability to resist cycles has been further enhanced. Third-party revenue accounted for 93.5 per cent, verifying the ability to operate independently and compete in the market, and consolidating revenue diversity and stability. The business structure is clearer, and the company actively reduces non-owner value-added services to reduce the impact of cyclical fluctuations. In terms of profitability, after business restructuring and fine cost control, gross margin increased by 3.8 percentage points to 15.5 percent year-on-year, core net profit was repaired to 81.407 million yuan, and core net profit margin increased to 66.3 percent.

A：Cost control was significant, with sales and marketing expenses down 30.3 percent year-on-year and administrative expenses down 6.2 percent year-on-year. Profitability restoration mainly comes from two aspects: first, the proportion of high gross profit business increases, and the contribution of community value-added service income continues to increase; Second, cost control and operation efficiency improvement measures have emerged. For example, the purchasing end has reduced costs by 3.5 through centralized procurement, and a standardized cost model has been established to focus on accurate control of core subjects. Take the initiative to withdraw from isolated island cities and concentrate resources on core areas to reduce cross-regional management costs; Actively promote streamlining, optimize authorization and business processes to improve decision-making efficiency, increase digital application, deploy AI customer service and online inspection tools, and promote technology transformation into efficiency improvement.

A：The Company's receivables risk was fully released, and inventory de-stocking progressed steadily, with cash in hand of $0.64 billion and net operating cash flow of $0.24 billion billion as of 630. Accounts receivable management to implement the responsibility to the person, grading strategy, according to the age, subject, reason one by one combing and clear responsibility subject and collection plan, to achieve hierarchical management. Inventory fell by 12.4 from 0.212 billion yuan at the end of last year to 0.184 billion yuan, a decrease of. Historical problems were resolved through the establishment of asset dynamic ledgers and unified wind control audit standards.

A：The company adheres to the concept of "customer-oriented, people-oriented and shareholder-oriented. Customer-oriented, improve cash flow and optimize accounts receivable by improving service capabilities, and enhance the core competitiveness of the company; people-oriented, strengthen service quality, and empower front-line employees to carry out work; focus on shareholders, create value, and improve cash flow in the short term, Improve the quality of accounts receivable in the medium term, and build core competitiveness for sustainable development in the long term. In terms of business strategy, the company will reshape the system, improve the quality of business development, focus on the construction of the main team, the main market and the main product, strengthen the layout and project management in the main city, optimize the product service standards and bidding ability, and promote the value-added services and the satisfaction of the needs of the owners with customers as the center, and enhance the product strength.

A：OK, let me answer this question. In the past stage, although the company has achieved market coverage and business volume growth, but along with the rapid expansion of scale, there have been problems such as uneven regional service capacity. In the face of the current macroeconomic situation and the iterative trend of the industry, the company has determined to adhere to the concept of long-term development, take the construction of the core competitiveness of sustainable development as the overall strategic direction, clarify the idea of three-dimensional collaborative and integrated development, take customers as the core orientation, people-oriented as the endogenous support, and shareholders as the value goal, so as to consolidate the foundation of the company's long-term development in all directions. Specific measures include continuous improvement of customer service capacity, optimization of service quality, to achieve the system, cash flow, accounts receivable quality all-round optimization, and through the main team, the main city, the main product construction innovation resource allocation model, to promote the precise convergence of resources centralized, enabling the core sector.

A：In the next three years, the company will focus on the implementation of the strategy around the three main forces, namely, focusing on the main team, focusing on the main city and focusing on the main products. The characteristics of the main team include: 1. concentrated core customer resources, sufficient business volume, good market reputation and outstanding performance contribution; 2. stable team structure, strong professional ability and efficient collaboration; 3. strong market space expansion ability and continuous expansion ability to ensure stable and high-quality business output.

A：The characteristics of the main cities are: 1. The city scale base is strong, the economic scale is large, the population base is large, the property stock is large, and the market development space is sufficient; 2. The customer consumption quality is excellent, the payment ability is strong, and the property fee collection rate is high; 3. The business format structure is diversified and balanced, and the non-residential property resources are rich, which helps to avoid the risk of single business format; 4, high penetration rate of value-added services such as community services; 5. The advantages of location level are obvious, the business environment is superior, the policy environment is standardized and supports the development of the industry.

A：The characteristics of the main products: 1. The product matrix layout is scientific to meet the needs of customers in multiple formats; 2. Relying on standardized operating procedures and refined management and control systems, it outputs high-quality services to improve customer satisfaction and stickiness; 3. Strong market adaptability, It can be iteratively upgraded, conforms to industry policy guidance and consumption upgrade trends, and has brand recognition, market competitiveness and profit stability.

A：In 2026, affected by the retirement of low-quality and inefficient projects and the contraction of non-owner value-added services, the first half of the revenue scale was under short-term pressure, but through operational efficiency improvements and cost control, gross margin rebounded moderately, and the return of net profit repaired to close to break-even. The goal in 2027 is to achieve a return to positive profits and a healthy level of net operating cash flow; in 2028, we will pursue an overall improvement in operating conditions and build a solid foundation for sustainable development.

A：The company will implement the strategy through the following key measures: 1. Carry out the reform of the company system, strengthen the matching of rights and responsibilities and independent accounting at the level of city companies and projects; 4. To strengthen the basic service capacity, enhance the market competitiveness of residential business, professional development of commercial writing and construction business, return value-added services to the real needs of customers, improve the level of digital services, and ensure sustainable profits.

A：Profitability showed a phased repair in the first half of the year, with gross margin of 15.5, up 3.8 percentage points year-on-year, mainly due to fine cost control and reduced inventory impairment. Sales fees have decreased significantly, and the cost leverage has continued to be released. Although the return net profit is still dragged down by non-operating factors such as asset impairment, the overall loss has narrowed significantly. The profit margin is expected to fluctuate within a normal level range for the full year 2026.

A：Yes, the company is now in the late release phase, and the late disruption to profits is waning. After excluding non-operating factors such as impairment amortization and deferred income tax, the core net profit is 81.4 million yuan, the core net interest rate is 6.3, the operating profit has been realized, and the profitability of the main business is substantially improved. For the whole year, due to the impact of project maintenance work arrangements, the gross profit margin is expected to vary between the first and second half of the year, with the annual gross profit margin of about 9%. Although the return of net profit may still be a small loss, but the year-on-year loss reduction will expand. Goodwill impairment charges are nearing completion, the overall impairment growth rate has slowed, and the trend of loss reduction is evident as the business structure transitions to high quality.

A：In terms of cost control, we do not simply reduce costs or sacrifice service quality, but aim at the sustainable operation of the project, improve the output efficiency of each cost, and match the service quality with the cost input. In the first half of the year, we completed two basic tasks: first, we achieved a 3.5 per cent cost reduction rate through strategic collection at the national and regional levels, and second, we conducted a special analysis of the five core subjects, such as security and cleaning, to form a standardized cost model and optimization path. In the second half of the year, we will extend from procurement price reduction to operational efficiency improvement, focusing on three tasks: promoting standard cost models to solve the cost differences and budget disconnects of similar projects.

A：In the first half of the year, the company's operating net cash flow improved. After excluding one-time inflow, the operating net profit was negative 70 million, but it was still in a small net outflow state. The decrease in the inflow side was mainly due to the active liquidation of low-quality projects and the adjustment of business structure, the improvement of the outflow side was obvious, the rigid expenditure decreased, the supply chain account period shortened, and the book value of the overall payables also decreased. The expenditure on engineering maintenance and renovation increased for work area renovation, equipment upgrading and benchmarking projects. Looking ahead to the full year, operating cash flow is expected to continue to improve as stock risk resolution and the proportion of high-quality projects under management increase.

A：According to the strategic guidance of building core competitiveness, the company adjusts the direction of expansion strategy, from the previous focus on scale to supplement quality, density, main cities and main products, adhere to long-term doctrine, improve the quality and ability of expansion. Systamatized reconstruction of the market expansion system, focusing on high-quality high-success rate projects, the first half of the new saturated contract amount of 0.23 billion yuan, an increase of 76% year-on-year, 50 landing projects, covering 22 cities, 25 new cooperative customers, the structure continued to optimize. The next step will continue to focus on quality priority to deepen the expansion strategy, strict control of project access, to ensure the overall health of new projects, while increasing the proportion of the main cities, focusing on the advantages of resources to cultivate Beijing, Shanghai, Shenzhen and other core cities.

A：In the first half of the year, the company's overall impairment scale fell significantly, risk controllability increased. Among them, the impairment of accounts receivable decreased significantly by 45% year-on-year, and the impairment of goodwill decreased by 90% year-on-year. The current impairment is mainly due to business restructuring, including the impairment of receivables arising from the liquidation of low-quality items and the natural accumulation of third-party accounts receivable. Related party risks have been largely cleared and third parties are under temporary pressure. It is expected that the impairment of accounts receivable will be around 0.13 billion in the future, and the impairment of goodwill will basically remain at a 20 million level. With the gradual adjustment of the project structure in place and the deepening of the liquidation work, the impairment growth rate will further slow down.