以上投资性房地产公允价值的下降以及各类减值准备的计提，旨在如实反映当前市场环境变化引起的各 类非经营事项对公司财务信息造成的影响。相关投资性房地产的公允价值变动，不影响公司持有物业创 造现金流的能力，不影响公司整体经营的止跌企稳，以及不改变公司出租率和经营活动净流入已改善的 现状。公司将顺应国家"十五五"规划及新的市场环境，主动调整，将战略定位升级为"家居生活新商业 运营商与家居产业生态服务商"，聚焦家居主业升级，同时拓展家居产业生态服务，打造第二增长曲 綫，实现规模价值双提升。 集团2025年度的预期亏损主要是缘于投资性房地产的公允价值变动损失，以及相关资产的减值损失造成 的。受房地产行业不景气以及家居建材行业需求下滑的持续影响，家居零售市场的需求减弱，公司持续 通过减免租金及管理收入的方式稳商留商，同时积极调整战略与品类布局，以优惠的商业条款吸引优质 业态及品牌入驻，并在拓展初期给与租金及管理费优惠，使得租赁及管理收入受到较为明显的影响，租 金水平较以往年度显着下降。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的估计已 需要进行调整，因此公司对未来租金预期的收益情况进行了相应调整，致使投资性房 ...

Core Viewpoint - The company, Meikailong (601828.SH), is projected to incur significant losses in 2025, with net profit attributable to shareholders expected to range from -22.5 billion to -15 billion yuan, and net profit excluding non-recurring items estimated between -5.8 billion to -4.6 billion yuan [1] Group 1: Financial Projections - The anticipated losses for 2025 are primarily due to fair value changes in investment properties and related asset impairment losses [2] - The estimated decline in the fair value of investment properties is projected to be between 12.6 billion to 21.5 billion yuan [2] - The company plans to recognize impairment provisions of approximately 4.5 billion to 5.7 billion yuan for various assets by the end of 2025 [2] Group 2: Market Conditions and Strategic Adjustments - The ongoing downturn in the real estate sector and reduced demand in the home furnishing and building materials industry have weakened retail market demand [2] - The company is implementing strategies such as rent reductions and management fee discounts to retain tenants while adjusting its strategic focus and product categories [2] - The company aims to reposition itself as a "new commercial operator in home living and a service provider in the home industry ecosystem," focusing on upgrading its core business and expanding its service offerings [3]