华发股份(600325.SH)：2025年度预亏70亿元至90亿元

Core Viewpoint - Huafa Co., Ltd. (600325.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from -9 billion to -7 billion yuan for the fiscal year 2025, with a net profit excluding non-recurring gains and losses projected between -7 billion to -5 billion yuan [1] Group 1: Financial Performance - The company reported a revenue growth of approximately 40% year-on-year, achieving a sales amount of 78.56 billion yuan, maintaining a leading position in the industry [1] - The overall decline in the real estate market has led to a decrease in the company's gross profit margin [1] Group 2: Loss Drivers - The primary reasons for the losses include a reduction in total asset scale, leading to fewer real estate projects eligible for interest capitalization, resulting in decreased capitalized interest and increased interest expenses [1] - The company is actively revitalizing its existing assets to recover cash, but some land reserve operations have incurred losses [1] - The decline in the overall real estate market has negatively impacted the fair value expectations of certain investment properties, prompting the company to recognize impairment losses on inventory, investments in joint ventures, and receivables in accordance with accounting standards [1]