We maintain BUY rating and raise TP by 2% to 2025E P/E. Basic PM: stable growth with collection rates down. Segment revenue rose 13.1% YoY in 1H25 (Managed GFA: +10.2% YoY), mainly driven by third-party projects (revenue +19.9% YoY, managed GFA +11.9% YoY) and commercial/office projects (revenue +29.8% YoY, GFA +26.5% YoY). Despite sector challenges, average PM fee increased to RMB 2.47/sq.m/month in 1H25 from RMB2.33 in 1H24, which signalled a softer fee collection rate and this was also reflected in 31.5% YoY growth in broader account receivables from FY24 to 1H25 (third-party receivables surged 40%). Key reasons included local fee caps policy dampening payment willingness and higher vacancy rates in newly delivered projects. The company is to launch targeted initiatives to address the issue. Efficiency gains offset by non-owner VAS’s drag on GP margin.