PDH(SH:600048) Ge Long Hui·2026-01-19 11:02Core 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, 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, reflecting a year-on-year decrease of 85.25% [1] - The decline in profit indicators for 2025 is primarily attributed to the following factors: a decrease in gross profit margin from real estate project turnover due to industry and market fluctuations [1] Group 2: Asset Impairment - 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 about 4.2 billion yuan for 2025 [1] - Without considering the aforementioned factors, the company would achieve a net profit attributable to shareholders of around 5.2 billion yuan for 2025, with an estimated net profit of about 3.3 billion yuan in the fourth quarter [1]