扣除后营收同比增近20%，这家公司将申请“摘星脱帽”！

Core Viewpoint - The company reported a revenue of 342 million yuan for 2025, with a net profit attributable to shareholders of -218 million yuan, indicating a significant loss primarily due to market downturns and declines in the fair value of investment properties [1][2]. Financial Performance - The company's operating revenue, after excluding unrelated business income, was 333 million yuan, representing a year-on-year increase of 19.78% [1]. - The net cash flow from operating activities was 165 million yuan, while the gross profit from operations was 101 million yuan [1]. Loss Factors - The losses were attributed to a decline in the fair value of investment properties, investment losses, and asset impairment losses, exacerbated by a challenging market environment [2]. Stock Status and Future Plans - The company plans to apply for the removal of the delisting risk warning, as it meets the criteria based on its financial performance, potentially becoming the first *ST company to achieve this in 2026 [3]. - The company aims to enhance its operational capabilities and investment value in 2026, focusing on optimizing asset structure and improving profitability [5]. Revenue Composition - Revenue from property leasing and commercial operations was 263 million yuan, a decrease of 9.76% year-on-year, attributed to project cancellations and early lease terminations [3]. - Despite the decline in revenue, the overall occupancy rate improved by nearly 4 percentage points [3]. Industry Context - The commercial real estate market remains under pressure, with rental demand weak and rental prices continuing to decline, leading many projects to adopt a "price for volume" strategy to stabilize occupancy rates [4]. Strategic Initiatives - The company plans to optimize existing assets and accelerate the disposal of inefficient assets to enhance profitability [5]. - The new controlling shareholder has committed to providing financial support to the company in case of operational cash flow difficulties [6]. Financial Health - As of the end of 2025, the company had total assets of 4.477 billion yuan and total liabilities of 1.919 billion yuan, resulting in a debt-to-asset ratio of 42.86%, which is relatively low compared to industry averages [6]. - The company has significantly reduced its interest-bearing debt by 51.07% over the past five years, indicating improved debt structure and risk management [6].