Core Viewpoint - The company, Kaisa Group Holdings (03913), anticipates a net loss of no more than approximately RMB 280 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 69.9 million for the same period ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The expected net loss is primarily attributed to a provision for impairment of trade receivables amounting to no more than RMB 238 million due to the ongoing downturn in the Chinese real estate sector, leading to a slowdown in the collection of trade receivables [1] - The reduction in deferred tax assets will result in a tax expense of no more than RMB 133 million for the period, driven by the continued pressure on the macroeconomic environment and the increase in trade receivables impairment provisions [1] - An impairment of no more than RMB 114 million has been recognized for goodwill and property, plant, and equipment, mainly due to intense market competition and the failure to renew contracts with certain subsidiaries acquired in previous periods [1] Market Environment - The company faces significant challenges due to a weak demand and downward pressure on housing prices in the Chinese real estate market, impacting the overall business environment [1] - Increased costs associated with improving service quality have contributed to a decline in revenue and operating profit for certain subsidiaries, despite these subsidiaries still achieving positive operating profit during the period [1]

Core Viewpoint - The company, Hejing Youhuo (03913), anticipates a net loss of approximately RMB 280 million for the six months ending June 30, 2025, compared to a net profit of approximately RMB 69.9 million for the same period ending June 30, 2024 [1] Group 1: Financial Performance - The expected net loss is primarily attributed to a provision for impairment of trade receivables amounting to no more than RMB 238 million, due to the ongoing downturn in the Chinese real estate sector and significant market changes, including weakened demand and downward pressure on housing prices [1] - The reduction in deferred tax assets will lead to a tax expense of no more than RMB 133 million for the period, mainly due to the continued pressure on the macroeconomic environment, resulting in increased provisions for trade receivables [1] - The company has made an impairment provision of no more than RMB 114 million for goodwill and property, plant, and equipment, primarily due to intense market competition and the failure to renew contracts with several subsidiaries acquired in previous periods [1]