C&D INC.(SH:600153) Sou Hu Cai Jing·2026-01-16 13:28Core Viewpoint - Company Jianfa Co. is expected to report its first loss since its listing, with a projected negative net profit attributable to shareholders for the fiscal year 2025, primarily due to losses in its real estate business and increased impairment provisions [5][7]. Group 1: Supply Chain Operations - The company's supply chain operations continue to maintain steady profitability, with core commodity business volume showing growth. The overseas business, excluding mainland China, reached approximately $14 billion, reflecting a year-on-year increase of about 37% [6]. Group 2: Real Estate Subsidiary Performance - Subsidiary Lianfa Group is expected to report a negative net profit attributable to shareholders for 2025, as revenue from real estate projects is projected to decline year-on-year. This is compounded by the impact of high land prices from previous projects and increased inventory impairment provisions due to market fluctuations and aggressive promotions [6]. - Subsidiary Meikailong is also expected to report a negative net profit attributable to shareholders for 2025. The ongoing downturn in the real estate market has weakened demand in the home retail sector, leading to a significant decline in rental income and a reassessment of future rental yields, resulting in a substantial decrease in the fair value of investment properties [6].