Baoye Group (02355.HK) announced on August 29th that for the six months ended June 30, 2024, the Group achieved approximately RMB 12.771 billion in revenue, a decrease of approximately 11% compared to the same period last year. The decrease in revenue is mainly due to the decrease in revenue from real estate development operations compared to the same period last year. The owner's share of profit for the company was approximately RMB 0.374 billion, a significant decrease of approximately 47% compared to the same period last year. Earnings per share were approximately RMB 0.72, a significant decrease of approximately 46% compared to the same period last year. In the same period last year, a wholly-owned subsidiary of the company located in Wuhan, Hubei Province, had its land and buildings acquired by the government for urban rail transit construction. This acquisition resulted in a one-time compensation income for the Group of approximately RMB 0.337 billion. Excluding this one-time compensation income, the company's operating profit decreased by approximately 20% compared to the same period last year, mainly due to the decrease in revenue from real estate development operations and operating profit compared to the same period last year.