Financial PerformanceRevenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%) was constrained by declining client payment capacity and heightened competition.
LeadershipThe stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun.
Market ConditionsA 19% YoY drop in new contract value reflects reduced land supply, slow sales recovery which dampened clients’ confidence in development, and insufficient funds to start projects.