建发股份回复监管函：2025年由盈利转大额亏损

Core Viewpoint - The company, Jianfa Co., Ltd. (建发股份), has revised its 2025 financial outlook, projecting significant losses due to underperformance in its real estate and home furnishing segments, with a shift from profit to substantial losses [1] Group 1: Financial Projections - Jianfa Co., Ltd. expects 2025 revenue to be between 673.6 billion to 693.6 billion yuan, with a projected net loss attributable to shareholders ranging from 10 billion to 5.2 billion yuan [1] - The supply chain business is anticipated to generate revenue of 510 billion to 530 billion yuan, while real estate development is expected to contribute approximately 157 billion yuan, and home furnishing operations around 6.6 billion yuan [1] - The net profit margin for the supply chain business is projected to be between 0.63% to 0.67%, with real estate and home furnishing segments expected to incur significant losses [1] Group 2: Real Estate Business Performance - Jianfa Co., Ltd.'s real estate operations are managed by subsidiaries Jianfa Real Estate and Lianfa Group, which have shown contrasting performance [2] - Jianfa Real Estate is projected to achieve a net profit of approximately 6 billion yuan in 2025, while Lianfa Group is expected to incur a net loss between 10.8 billion to 9.3 billion yuan [3] - Lianfa Group's losses are attributed to market downturns and adjustments in sales strategies, leading to significant inventory write-downs estimated between 6 billion to 8 billion yuan [3] Group 3: Home Furnishing Operations - The home furnishing segment, primarily operated by subsidiary Meikailong, is expected to generate revenue of about 6.6 billion yuan but face a net loss between 22.5 billion to 15 billion yuan [4] - The decline in demand in the home retail market and reduced rental income have led to a significant drop in the fair value of investment properties, estimated to decrease by 12.6 billion to 21.5 billion yuan [4][5] - Meikailong has also made provisions for asset impairments ranging from 4.5 billion to 5.7 billion yuan, affecting various asset categories [5]