招商蛇口：2025年净利同比预降69%~75%

Core Viewpoint - The company, China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商蛇口), expects a significant decline in net profit for 2025, projecting a range of 1.005 billion to 1.254 billion yuan, which represents a decrease of 69% to 75% compared to the previous year [1]. Group 1: Financial Performance - The anticipated decline in net profit is primarily attributed to impairment signs in certain real estate development projects, leading the company to prudently recognize impairment provisions based on market conditions [1]. - The scale of property development project deliveries has decreased, resulting in a year-on-year decline in operating revenue [1]. - Investment income from joint ventures and gains from equity sales have also decreased compared to the previous year [1].