Core Viewpoint - The company, Road King Infrastructure (01098.HK), anticipates a significant loss for the six months ending June 30, 2025, primarily due to the ongoing downturn in the real estate market and challenging industry conditions [1] Financial Performance - The group expects a loss of approximately HKD 1.5 billion to HKD 1.7 billion for the period, while the loss attributable to shareholders is projected to be around HKD 1.9 billion to HKD 2.1 billion [1] - In comparison, for the six months ending June 30, 2024, the group reported a loss of HKD 394 million, with a loss attributable to shareholders of HKD 1.027 billion [1] Market Conditions - The anticipated losses are attributed to declining profit margins from real estate projects in mainland China and Hong Kong, alongside increased impairment provisions for properties and related assets [1] - The significant increase in losses compared to the previous year is partly due to the sale of the entire stake in the mainland China highway business, which generated a post-tax net gain of HKD 1.49 billion (approximately HKD 1.118 billion attributable to shareholders) in the first half of 2024, offsetting some operational losses from the previous year [1] - Excluding the net gain from the sale, the net loss for the first half of 2024 would be similar to the anticipated loss for the current period [1] Upcoming Events - The company plans to hold a board meeting on August 26 to approve the interim results [1]

路劲(01098)发布公告，预期截至2025年6月30日止六个月，集团取得期内亏损约为港币15亿元至港币17 亿元，而公司拥有人应占亏损则约为港币19亿元至港币21亿元(2024年上半年:集团亏损为港币3.94亿 元，而公司拥有人应占亏损为港币10.27亿元)。 公司于期内取得此亏损，主要由于受房地产市场持续低迷及行业经营环境严峻所影响，导致中国内地及 中国香港的房地产项目利润率下滑和物业与相关资产减值拨备增加。期内亏损较去年同期增加主要因集 团于2024年上半年出售全部中国内地公路业务权益而确认出售税后净收益港币14.90亿元(公司拥有人应 占约为港币11.18亿元)，从而抵销去年同期部分营运亏损。若剔除该出售净收益，2024年上半年与期内 净亏损相若。 ...

公司于期内取得此亏损，主要由于受房地产市场持续低迷及行业经营环境严峻所影响，导致中国内地及 中国香港的房地产项目利润率下滑和物业与相关资产减值拨备增加。期内亏损较去年同期增加主要因集 团于2024年上半年出售全部中国内地公路业务权益而确认出售税后净收益港币14.90亿元(公司拥有人应 占约为港币11.18亿元)，从而抵销去年同期部分营运亏损。若剔除该出售净收益，2024年上半年与期内 净亏损相若。 智通财经APP讯，路劲(01098)发布公告，预期截至2025年6月30日止六个月，集团取得期内亏损约为港 币15亿元至港币17亿元，而公司拥有人应占亏损则约为港币19亿元至港币21亿元(2024年上半年:集团亏 损为港币3.94亿元，而公司拥有人应占亏损为港币10.27亿元)。 ...

Core Viewpoint - The company anticipates a significant loss for the upcoming six months ending June 30, 2025, with estimated losses between RMB 1.1 billion and RMB 1.5 billion, following a loss of approximately RMB 2.6 billion for the six months ending June 30, 2024, primarily due to adverse macroeconomic conditions and a sluggish real estate market [1] Financial Performance - The company expects to incur a loss attributable to equity shareholders of approximately RMB 1.1 billion to RMB 1.5 billion for the six months ending June 30, 2025 [1] - For the six months ending June 30, 2024, the company reported a loss attributable to equity shareholders of approximately RMB 2.6 billion [1] Market Conditions - The anticipated losses are attributed to the ongoing downturn in the macroeconomic environment and the real estate market [1] - The company has made provisions for impairment of inventory and receivables based on a cautious approach due to the prevailing market conditions [1] Revenue and Profitability - There has been a decline in revenue recognition and gross profit margin, which has hindered the company's ability to cover its costs and expenses [1]

Core Viewpoint - The company, Jianye Real Estate (00832.HK), anticipates a significant loss for the upcoming financial period due to ongoing challenges in the macroeconomic environment and the real estate market [1] Financial Performance - The company expects a loss attributable to equity shareholders of approximately RMB 1.1 billion to RMB 1.5 billion for the six months ending June 30, 2025 [1] - For the six months ending June 30, 2024, the anticipated loss attributable to equity shareholders is around RMB 2.6 billion [1] Market Conditions - The losses are primarily attributed to the prolonged downturn in the real estate market and adverse macroeconomic conditions [1] - The company has adopted a cautious approach, leading to provisions for impairment of inventory and receivables [1] Revenue and Profitability - There has been a decline in recognized revenue and gross profit margin, which has hindered the company's ability to cover its costs and expenses [1]

Core Viewpoint - Jianye Real Estate (00832) anticipates a significant loss for the upcoming financial periods, reflecting ongoing challenges in the macroeconomic environment and the real estate market [1] Financial Performance - The company expects a loss attributable to equity shareholders of approximately RMB 1.1 billion to RMB 1.5 billion for the six months ending June 30, 2025 [1] - For the six months ending June 30, 2024, the anticipated loss is around RMB 2.6 billion [1] Market Conditions - The losses are primarily attributed to the prolonged downturn in the real estate market and adverse macroeconomic conditions [1] - The company has adopted a cautious approach, leading to provisions for impairment of inventory and receivables [1] Revenue and Profitability - There has been a decline in revenue recognition and gross profit margin, which has hindered the company's ability to cover costs and expenses [1]

Core Viewpoint - The real estate market in Shanghai's suburban areas is experiencing a significant price drop, with some properties selling for as low as 200,000 yuan, raising concerns about the quality and value of these homes [1][3][11]. Group 1: Price Trends - Properties in suburban Shanghai are being sold at unprecedented low prices, with examples including a unit in Songjiang district dropping from 22,000 yuan per square meter to 18,000 yuan [5]. - In Jiading district, a property is listed for 800,000 yuan, while in Fengxian district, a two-bedroom unit can be purchased for 650,000 yuan, and another in Pudong for as low as 580,000 yuan [5]. - The lowest prices have reached 200,000 yuan for an entire unit, which is comparable to the extremely low prices seen in smaller cities like Hegang [1][5]. Group 2: Market Sentiment - There is a mixed reaction to the low prices, with some viewing it as an opportunity while others express skepticism about the quality of these homes, citing issues such as poor location and lack of amenities [3][9]. - New residential developments are also struggling, with properties like "Jiaxin Hui" in Anting selling only 215 out of 369 units since its launch, indicating a lack of market confidence [7]. - The overall sentiment suggests that despite the low prices, the properties may not represent a good investment due to their undesirable characteristics and the long commutes required for city workers [12]. Group 3: Market Implications - The drastic price reductions in suburban Shanghai indicate a broader decline in the real estate market, suggesting that the sector is facing significant challenges [11]. - The perception that these low-priced homes are a "lifeline" for first-time buyers is countered by warnings that they may actually represent a poor investment choice, with long-term implications for buyers [12].

Core Viewpoint - The PVC market is expected to experience low-level fluctuations in the near term, with recommendations to short-sell during high points [1] Supply and Demand Dynamics - Upstream calcium carbide prices remain stable, while PVC operating rates decreased by 0.53 percentage points to 78.09%, which is relatively high for this time of year [1] - Downstream operations continue to decline slightly, with cautious procurement observed [1] - Social inventory has increased slightly but remains at a high level, indicating significant inventory pressure [1] Policy and Market Influences - India's BIS policy has been postponed for six months until December 24, 2025, which may impact PVC exports from China due to the upcoming rainy season and anti-dumping measures [1] - Taiwan's Formosa Plastics raised its July prices by $10 to $25 per ton, but high-priced exports are facing challenges [1] Real Estate Sector Impact - Real estate data showed slight improvement from January to May 2025, but year-on-year figures remain negative, with significant declines in investment, sales, and completed area [1] - The weekly transaction area of commercial housing in 30 major cities has rebounded but is at the lowest level for the same period in previous years, indicating that real estate recovery will take time [1] Price Trends and Futures Market - In June, PVC maintenance increased, leading to slightly higher operating rates, but weak support from calcium carbide prices and lack of substantial demand keep PVC under pressure [1] - The PVC 2509 futures contract saw a downward trend with a minimum price of 4807 yuan/ton and a closing price of 4821 yuan/ton, reflecting a decline of 2.09% [1] - As of July 1, the mainstream price of calcium carbide method PVC in East China dropped to 4720 yuan/ton, with a basis of -101 yuan/ton, indicating a low level [1]

Core Viewpoint - The article analyzes the fiscal revenue and expenditure situation of various provinces in China for the first five months of 2025, highlighting the growth in public budget revenues in some provinces despite overall economic challenges [1]. Group 1: Fiscal Revenue Growth - Among the 17 provinces that disclosed their fiscal data, 15 experienced growth in general public budget revenue, with Jilin Province showing the highest growth rate of 15% [2]. - Jilin's non-tax revenue increased by 30.6%, driven by the activation of state-owned assets, particularly in resource utilization, which saw a 104.6% increase in revenue from the paid use of state resources [2]. - Qinghai Province followed Jilin with a revenue growth rate of 7.4%, also attributed to a significant rise in non-tax revenue, which grew by 60.2% [2]. Group 2: Challenges in Revenue Growth - Other provinces, such as Jiangsu and Beijing, reported modest revenue growth of less than 3%, primarily due to economic pressures, a sluggish real estate market, and complex foreign trade conditions [3]. - National tax revenue decreased by 1.6% in the first five months, reflecting broader economic challenges, although the decline has been narrowing month by month [3]. Group 3: Expenditure Trends - Despite low revenue growth, public budget expenditures in 17 provinces generally maintained an upward trend, with Shanghai recording the highest growth rate of 14.2% [5]. - The increase in expenditures is primarily focused on social welfare, education, and healthcare, indicating a prioritization of human investment [5]. - The fiscal imbalance is evident as expenditures in 16 provinces exceeded revenues, a situation that is expected to be addressed through central government transfers and debt financing [5][6]. Group 4: Land Sales and Government Fund Revenue - Government fund revenues, heavily reliant on land sales, have declined due to a sluggish real estate market, with land transfer income dropping by 11.9% year-on-year [7]. - Provinces like Shaanxi and Jilin experienced significant declines in land sale revenues, with decreases of approximately 42.3% and 33.5%, respectively [7]. - Analysts suggest that without new policies, the short-term outlook for government fund revenue will remain bleak, as the real estate market continues to show downward trends [7].

Core Viewpoint - The real estate market has been increasingly sluggish over the past two years, with high property prices in major cities leading to a lack of buyers and a significant number of unsold properties [1][4][35]. Group 1: Market Challenges - The real estate market faces three major challenges: the issue of vacant properties, the surge in foreclosed properties, and the problem of unfinished buildings [2][6][16]. - The number of vacant properties in China is approximately 130 million, which could theoretically accommodate 300 to 400 million people, highlighting a significant waste of resources due to speculative buying [8][10]. - The increase in foreclosed properties has been dramatic, with over 1.6 million in 2021, rising to over 3 million in 2022, and projected to exceed 3.5 million in 2023, driven by economic uncertainty and rising defaults [17][19][21]. Group 2: Economic Implications - The rise in vacant and foreclosed properties is causing a strain on banks, leading to increased operational costs and potential liquidity issues, which could further destabilize the financial system [23][41]. - The unfinished buildings, or "zombie projects," are a result of developers mismanaging funds and facing tightening financing conditions, which negatively impacts urban development and the overall economy [27][29][39]. Group 3: Market Dynamics - The current real estate environment is characterized by a shift back to the fundamental value of housing, with location becoming a critical factor, while the overall market remains oversupplied [33][41]. - The government is attempting to stimulate the market by expanding the buyer pool and reducing restrictions, but significant disparities between property prices and income levels persist, complicating recovery efforts [35][43].