PDH(SH:600048) Zhong Zheng Wang·2026-01-20 13:23Core Viewpoint - Poly Developments anticipates a significant decline in net profit for 2025, projecting a net profit of 1.026 billion yuan, a year-on-year decrease of 79.49% [1] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 1.026 billion yuan for 2025, down 79.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses is projected to be 628 million yuan, a decrease of 85.25% year-on-year [1] - Excluding impairment impacts, the operating net profit attributable to shareholders is estimated at 5.2 billion yuan, with the fourth quarter contributing approximately 3.3 billion yuan [1] Group 2: Strategic Actions - Poly Developments has actively implemented inventory reduction strategies, which, while pressuring short-term profits, help avoid systemic risks and facilitate structural adjustments [1] - The company maintains a leading expansion scale, with total expansion amount exceeding 79 billion yuan in 2025 and cumulative expansion exceeding 390 billion yuan from 2022 to 2024 [1] Group 3: Market Position and Financial Health - The company achieved a total sales amount of 253 billion yuan in 2025, ranking first in the industry for three consecutive years [2] - The asset-liability ratio has decreased for four consecutive years, reaching 73% as of September 2025, down approximately 5 percentage points from its peak [2] - As of September 30, 2025, the company had a cash balance of 122.646 billion yuan [2]