Ge Long Hui·2026-01-23 14:56Group 1 - The company expects a loss of approximately RMB 159.85 billion to RMB 238.37 billion for the fiscal year 2025, compared to a loss of about RMB 37.28 billion for the fiscal year 2024, indicating a continued trend of losses [1] - The anticipated net loss attributable to the parent company for 2025 is projected to be between RMB 153.60 billion and RMB 228.60 billion, which is a significant increase from the net loss of approximately RMB 34.92 billion recorded in 2024 [1] Group 2 - The expected losses for 2025 are primarily due to fair value changes and impairment losses related to investment properties, influenced by the ongoing downturn in the real estate sector and declining demand in the home furnishing and building materials industry [2] - The company is actively adjusting its strategy and product mix to attract quality brands and businesses, which has led to a significant decrease in rental and management income due to rent reductions and management fee discounts [2] - The valuation of investment properties is expected to be adjusted downwards by approximately RMB 131 billion to RMB 220 billion for 2025, reflecting changes in market expectations regarding future rental income [2] - The company has also estimated impairment provisions of RMB 45 billion to RMB 57 billion for various assets based on the latest recoverable amounts, which are closely tied to the valuation of investment properties and market selling prices [2]