PDH(SH:600048) Ge Long Hui A P P·2026-01-19 10:54Core Viewpoint - Poly Developments (600048.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a net profit attributable to shareholders of approximately 1.026 billion yuan, representing a year-on-year decrease of 79.49% [1] Group 1: Profit Forecast - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of about 628 million yuan for 2025, which is a year-on-year decrease of 85.25% [1] - The projected decline in profit is primarily attributed to a decrease in gross profit margin from real estate project turnover due to industry and market fluctuations [1] Group 2: Impairment Losses - The company plans to recognize asset impairment losses and credit impairment losses totaling approximately 6.9 billion yuan, which is expected to reduce the net profit attributable to shareholders by around 4.2 billion yuan for 2025 [1] - Without considering these impairment factors, the company would achieve a net profit of about 5.2 billion yuan for 2025, with an estimated net profit of around 3.3 billion yuan in the fourth quarter [1]