九鼎投资：2025年全年预计净亏损30000万元—35000万元

Core Viewpoint - Jiuding Investment has announced a projected net loss of 350 million to 300 million yuan for the fiscal year 2025, indicating an increase in losses compared to the previous year [1] Group 1: Reasons for Performance Decline - The decline in performance is primarily attributed to the continuous downturn in the company's private equity investment management business, including reduced management fee income due to existing funds entering the exit phase [1] - The decrease in project exit income compared to the previous year has led to a reduction in management fee revenue [1] - The decline in the valuation of managed projects has resulted in significant fair value losses on the company's own capital investments [1] - Ongoing losses from associated companies have contributed to substantial investment losses for the company [1] Group 2: Real Estate Business Impacts - The company anticipates impairment of certain assets in its real estate business and plans to terminate the recognition of some deferred tax assets [1] - Due to the overall unfavorable conditions in the real estate industry and a declining market environment, the company expects to recognize an impairment provision of approximately 136 million yuan for real estate inventory [1] - The fair value of investment properties is expected to decline further, leading to an estimated fair value change loss of about 40 million yuan for the reporting period [1] - The company will terminate the recognition of deferred tax assets amounting to approximately 80 million yuan based on prudence and future expectations for the real estate business [1]