Ge Long Hui·2026-03-27 15:17Core Viewpoint - Lixin Development (00488.HK) reported a revenue of HKD 2.584 billion for the year ending December 31, 2025, representing a year-on-year increase of 1.4%. However, the company experienced a significant adjusted EBITDA decline of 23.3% to HKD 379 million, alongside a substantial net loss attributable to shareholders of HKD 1.167 billion, compared to a net loss of HKD 118 million in the same period last year [1]. Financial Performance - The company achieved a revenue of HKD 2.584 billion, which is a 1.4% increase year-on-year [1]. - Adjusted EBITDA for the group was HKD 379 million, reflecting a decrease of 23.3% compared to the previous year [1]. - The net loss attributable to shareholders was HKD 1.167 billion, a significant increase from the net loss of HKD 118 million in the prior year [1]. Loss Drivers - The increase in net loss was primarily due to several factors: 1. The sale of a residential building (T1) and the write-down of properties (mainly T3) in the Hengqin Innovation Phase II by Lifen Group [1]. 2. Fair value losses on investment properties held by the group [1]. 3. Fair value losses and impairment losses on properties held by joint ventures [1].