中国房地产 - 2025 财年前瞻：资产减值 “触底”，2026-30 年开启新起点-China Property FY25E Preview Kitchen Sinking on Write-off for a New Start in 26-30

Vi e w p o i n t | 21 Jan 2026 06:34:39 ET │ 13 pages China Property FY25E Preview: Kitchen Sinking on Write-off for a New Start in '26-30 CITI'S TAKE Key focus for '26E: (i) kitchen sinking in FY25E with write-offs & lower GPM for a lower base, paving way for new start in 2026-30E but most likely to report profit (not a loss; (esp SOE); (ii) ambiguous on '26E sales targets after 2H25 market challenges & 1Q25 was high base (1Q26 decline); (iii) de-stocking on track but expect lower sales through on inventor ...