Greenland Holdings(SH:600606) Chang Jiang Shang Bao·2026-01-12 00:04Core Viewpoint - Greenland Holdings is facing significant operational challenges, with projected net losses for 2025 expected to be between -190 billion and -160 billion yuan, compared to -155.52 billion yuan in the previous year [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 estimated at 159 billion to 189.5 billion yuan, indicating an expanded loss compared to the previous year [2] - As of September 2025, Greenland Holdings reported total liabilities of 943.1 billion yuan, with over a thousand ongoing lawsuits [1][4] Operational Challenges - The decline in asset prices and increased project liquidation pressure have led to significant impairment provisions for inventory, contributing to the expected losses [2] - The real estate sector is experiencing a "volume up, price down" trend, with contract sales area increasing by 21.9% to 7.972 million square meters, while sales revenue grew by only 6.53% to 68.099 billion yuan, indicating a clear strategy of price concessions [2][3] Business Strategy - The company has shifted focus towards revitalizing existing assets, with only three new real estate projects added in 2025, covering a land area of 116,400 square meters [3] - The infrastructure business, while showing some resilience, is also under pressure, with total cash collections of 84.9 billion yuan in the first three quarters of 2025, and a significant decline in new project contracts [3] Debt Management - To alleviate financial pressure, Greenland Holdings is implementing debt restructuring and organizational adjustments, with total liabilities reaching 943.1 billion yuan and a cash balance of only 14.946 billion yuan as of September 2025 [4] - The company has initiated an overseas debt reduction plan, aiming to repurchase approximately 1.34 billion USD of bonds at a significant discount [4] Legal Issues - The number of lawsuits involving the company has doubled from 2022 to the first half of 2025, with ongoing cases increasing to 2,777 by September 2025, involving over 10 billion yuan [5] - The company is actively working to resolve these legal issues through specialized task forces and has set clear objectives to reduce the number and financial impact of lawsuits [5] New Business Ventures - In parallel with its traditional business contraction, Greenland Holdings is pursuing a "second entrepreneurship" strategy by entering new sectors such as the export of new energy vehicles, leveraging overseas resources and partnerships [6] - However, the development of these new business lines is expected to take time and is unlikely to significantly impact financial performance in the short term [6]