Greenland Holdings(SH:600606) Chang Jiang Shang Bao·2026-01-11 23:36Core Viewpoint - Greenland Holdings (600606) is facing significant operational challenges, with projected net losses for 2025 expected to be between -19 billion to -16 billion yuan, compared to -15.55 billion yuan in the previous year, primarily due to declining asset prices, reduced revenue from real estate and infrastructure, and increased financial costs [1][2]. Financial Performance - The company anticipates a net profit loss of 160 billion to 190 billion yuan for 2025, with a non-recurring net profit loss expected to be between 159 billion to 189.5 billion yuan, indicating an expanded loss compared to the previous year [2]. - As of September 2025, total liabilities reached 943.1 billion yuan, with over a thousand ongoing lawsuits, highlighting the financial strain the company is under [1][4]. Business Operations - Greenland Holdings has shifted focus towards managing existing assets, with only three new real estate projects added in 2025, covering a land area of 116,400 square meters [3]. - The company reported a contract sales area of 7.972 million square meters in 2025, a year-on-year increase of 21.9%, but the sales revenue growth of 6.53% was significantly lower than the sales area growth, indicating a strategy of price reductions to stimulate sales [2][3]. Debt and Legal Issues - The company is under immense short-term debt pressure, with 1 billion yuan of borrowings due within a year and a cash balance of only 14.946 billion yuan, leading to an asset-liability ratio of 89.52% [4]. - The number of lawsuits involving the company has doubled from 3,655 cases in 2022 to 6,998 cases by mid-2025, with the total amount in dispute increasing from 19.324 billion yuan to 29.824 billion yuan [5]. Strategic Adjustments - To alleviate financial pressure, the company is implementing debt restructuring and organizational adjustments, including a plan to repurchase approximately 1.34 billion USD of debt at a significant discount [4]. - Greenland Holdings is also pursuing a "second entrepreneurship" strategy by exploring new business avenues, such as partnerships in the electric vehicle export sector, although these new ventures are not expected to contribute significantly to performance in the short term [6].