Core Viewpoint - The report from Daiwa Capital Markets indicates that China Resources Land (01109) is expected to experience an 18.8% year-on-year decline in core net profit for 2025, primarily due to a decrease in gross margin from real estate development and delayed recognition of income from REIT listings [1] Financial Projections - The profit margin for the real estate development business is projected to drop from 16.8% in 2024 to 14.5% in 2025 [1] - Earnings forecasts for China Resources Land for the years 2025 to 2027 have been revised downwards by 14.6%, 11.4%, and 10.7% respectively [1] Target Price Adjustment - The target price for China Resources Land has been reduced from HKD 37.51 to HKD 35.4 [1] - Despite the adjustments, the company maintains a "Buy" rating, highlighting confidence in its commercial operations and core strengths in high-end residential development [1]