GOLDEN UNION(SH:603682) Zhi Tong Cai Jing·2026-01-20 12:10Core Viewpoint - The company Jinhe Commercial Management (603682.SH) forecasts a significant decline in net profit for the year 2025, projecting a loss between 125 million to 75 million yuan, primarily due to market pressures and declining rental prices [1] Group 1: Financial Performance - The expected net profit attributable to shareholders is projected to be between -125 million to -75 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -225 million to -175 million yuan [1] - The decline in net profit compared to the previous year is attributed to overall market demand pressure, intensified competition, and falling rental prices [1] Group 2: Market Conditions - The commercial office market is experiencing overall demand pressure and increased competition, leading to a downward trend in market rental prices [1] - Despite implementing a strategy to increase occupancy through price adjustments, the marginal rental transaction prices have decreased, resulting in a decline in the company's gross profit margin [1] Group 3: Asset Management - The company has adopted a price-for-volume strategy, which has led to a slight increase in occupancy rates by the end of 2025 compared to the beginning of the year [1] - Due to the decline in marginal rental transaction prices, the company plans to conduct impairment tests on certain assets and goodwill, and will recognize impairment provisions based on cautious principles [1] - The company will also perform impairment tests on accounts receivable and other receivables, and will recognize credit impairment provisions based on expected credit losses [1]