CLSA has released a research report indicating that CHINA JINMAO (00817) has achieved profitability for two consecutive years, with contracted sales returning to a growth trajectory. Overall, the brokerage believes the company is on a clear recovery path, and its share purchase plan aligns management interests with those of shareholders, which is expected to drive further valuation reassessment. Additionally, the company's status as a central state-owned enterprise can further bolster investor confidence. The target price has been raised from HK$1.32 to HK$1.52, with a reiterated "Outperform" rating. CLSA anticipates that as high-cost inventory is largely absorbed, the profit margin of development properties will bottom out and rebound. It is expected that high-quality land reserves will support resilient margins, driving earnings growth in the coming years.