The impact of the pandemic compounded the drag on asset operations, and revenue performance declined. In the first half of 2020, the company achieved revenue of 2.80 billion yuan, down 9.8% year on year, 5.7 percentage points narrower than the same period last year, and recorded a loss of 75 million yuan. Profit for the same period last year was 63 million yuan, down 218.8% year on year. The negative increase in the company's revenue was mainly due to active adjustments to the financial services business and the obvious decline in the decoration business due to the impact of the pandemic. Revenue of the two fell 66.6% and 61.9%, respectively. At the performance level, there was a loss of 75 million yuan, mainly due to losses in the asset operation business, which clearly dragged down gross profit. The gross profit of the asset operation business in the first half of the year was -250 million yuan. The trading services business has been growing steadily, and the company's largest basic market is still stable. The company's transaction service business is mainly composed of agency sales business and Internet+ business, providing developers with direct sales and distribution services for new homes by establishing a comprehensive platform and integrating marketing channels and resources. The trading services business achieved revenue of 1.89 billion yuan in the first half of the year, up 0.56% year on year, and gross profit of 390 million yuan, down 0.5% year on year. The transaction service business revenue accounts for 68.6% of total revenue, and gross profit accounts for 162.5% of total gross profit, which is the company's largest basic market. The stability of this business indicates that the company has not experienced a real business crisis. Property management services are on the rise and are expected to become a new bright spot in the future. The company's property management business achieved revenue of 280 million yuan in the first half of the year, a year-on-year decrease of 4.0%. The decline in revenue was mainly due to the company's voluntary withdrawal from some projects. It is worth noting that in the first half of the year, property management business revenue accounted for 9.9% of total revenue, an increase of 3.1 percentage points over 2018, reflecting the rise of the property management business and increasingly becoming an important business component of the company. As of the end of June 2020, the actual charging area of the project under management was nearly 4.95 million square meters. The gross margin of the property management business was 14.8%, down 2.6 percentage points from the previous year. Mainly due to the decline in revenue due to the voluntary withdrawal of some projects, improving brand service capabilities also brought about a certain increase in costs. Maintain a buy rating. Considering improvements in asset management and operating business, we forecast the company's EPS for 2020-2022 to be 0.05/0.06/0.06 yuan. Risk warning: The decline in trading services exceeded expectations; the development of property management fell short of expectations