Core Viewpoint - On August 18, Kaisa Prosperity (03913.HK) issued a mid-term profit warning, projecting a net loss of no more than 280 million yuan for the first half of the year, compared to a net profit of 69.9 million yuan in the same period last year [1] Summary by Relevant Categories Financial Performance - The company anticipates a net loss of up to 280 million yuan for the first half of the year, a significant decline from the previous year's profit of 69.9 million yuan [1] Reasons for Loss - The company cited three main reasons for the anticipated loss: 1. A provision for impairment of trade receivables of no more than 238 million yuan due to the ongoing downturn in the real estate sector, leading to a slowdown in the recovery of trade receivables [1] 2. A decrease in deferred tax assets resulting in tax expenses of no more than 133 million yuan, primarily due to the continued pressure on the macroeconomic environment [1] 3. An impairment of no more than 114 million yuan related to goodwill and property, plant, and equipment, driven by intense market competition and failure to renew contracts with certain subsidiaries [1]

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]

(ii)集团的递延税项资产减少，导致期间扣除所得税开支不多于人民币1.33亿元。该减少乃主要由于宏观 经济环境持续受压，导致贸易应收款项减值拨备持续增加。集团已削减集团若干附属公司递延税项资产 的账面值，乃集团预期该等附属公司不大可能于未来期间产生足够的应课税利润以利用该等部分的递延 税项资产的利益；及 (iii)集团就商誉及物业、厂房及设备作出不多于人民币1.14亿元的减值。此乃主要由于激烈的市场竞争 使得集团于过往期间收购的若干附属公司的若干合同未能续签。该等附属公司的新客户群扩展亦未达预 期，加之用于提升服务质量的成本增加，导致该等附属公司收入及经营利润下降。尽管该等附属公司录 得的经营利润下降，该等附属公司仍于期间录得经营利润净额。 格隆汇8月18日丨合景悠活(03913.HK)公布，集团预期截至2025年6月30日止六个月将录得亏损净额不多 于约人民币2.80亿元，而截至2024年6月30日止六个月则为利润净额约人民币6990万元。董事会认为预 期期间录得亏损净额乃主要由于下列因素所致： (i)集团就贸易应收款项作出不多于人民币2.38亿元的减值拨备。此乃主要由于中国房地产行业持续低 迷，且市场环境 ...