供销大集(000564.SZ)：预计2025年亏损13亿元-19亿元

Core Viewpoint - The company expects a loss of 1.9 billion to 1.3 billion yuan in 2025, compared to a loss of 1.32 billion yuan in the same period last year, indicating ongoing financial challenges [1] Group 1: Business Operations - The company is focusing on the synergistic development of three main businesses: commercial operations, trade logistics, and commodity trading [1] - The commercial operations segment is emphasizing "model innovation and adjustment upgrades," leading to a steady increase in overall occupancy rates [1] - The trade logistics segment is targeting "cost reduction and efficiency enhancement along with business model innovation," achieving breakthroughs in cost management [1] Group 2: Financial Performance - Revenue remains stable, and operating expenses have decreased year-on-year, indicating an improvement in the company's operational development [1] - However, the ongoing downturn in the commercial real estate market and declining rental levels have significantly reduced the fair value of investment properties, resulting in increased losses compared to the previous period [1] - The company has also increased the provision for asset impairments related to inventory, goodwill, and other long-term assets, contributing to the continued loss in this reporting period [1]