建发股份：2025年度业绩预亏，供应链业务仍稳健盈利

Core Viewpoint - The company expects a negative net profit attributable to shareholders for the fiscal year 2025 due to various operational challenges and losses in subsidiaries [1] Group 1: Financial Performance - The supply chain operations remain profitably stable, while the bulk commodity business shows an increase in volume [1] - The consumer goods business has seen a scale-up, and overseas business revenue is approximately $14 billion, reflecting a year-on-year growth of about 37% [1] Group 2: Subsidiary Challenges - The subsidiary Lianfa Group is facing a decline in revenue from real estate project completions and an increase in inventory impairment provisions, contributing to the expected negative net profit [1] - Meikailong is experiencing losses due to changes in the fair value of investment properties and increased impairment provisions, which also impacts the overall net profit forecast for the company [1]