Sales Performance - In January 2026, the company achieved a contracted sales area of 45,000 square meters, a decrease of 45% year-on-year; the contracted sales amount was 590 million yuan, down 53% year-on-year [1] - For the full year of 2025, the company reported a total contracted sales area of 1.21 million square meters, a decrease of 30% year-on-year; the contracted sales amount was 17.73 billion yuan, down 33% year-on-year [1] Tourism Business - In January 2026, the company's tourism enterprises received a total of 5.54 million visitors, a decrease of 15% year-on-year, primarily due to the timing difference of the Spring Festival holiday [1] - For the full year of 2025, the company’s tourism enterprises received a total of 79.7 million visitors, a decrease of 1% year-on-year, with December 2025 seeing 5.71 million visitors, down 6% year-on-year [1] Financial Outlook - The company expects a net loss attributable to shareholders of 13 billion to 15.5 billion yuan for the year 2025; the net loss after excluding non-recurring items is projected to be between 13.2 billion and 15.7 billion yuan [1] - This marks the fourth consecutive year of losses for the company, following a loss of 10.9 billion yuan in 2022, with the loss in 2025 being larger than the previous year [2]