Cinda Real Estate expects a net loss of 7.88 billion yuan in 2025, with revenue down 40%.

On April 1, Great Wall Trust & Investment Holding Co., Ltd. (600657) released its 2025 annual report. The company’s operating revenue was RMB 4.58 billion, down 42.9% year over year; its net profit attributable to shareholders swung from a loss of RMB 784 million in the same period last year to a loss of RMB 7.88 billion, with the loss amount further widening; net profit attributable to shareholders after deducting non-recurring items swung from a loss of RMB 817 million in the same period last year to a loss of RMB 7.86 billion, with the loss amount further widening; net operating cash flow was RMB 511 million, up 144.8% year over year; EPS (fully diluted) was -2.7615 yuan.

Of that, in the fourth quarter, the company’s operating revenue was RMB 1.89 billion, down 58.2% year over year; its net profit attributable to shareholders swung from a loss of RMB 697 million in the same period last year to a loss of RMB 2.57 billion, with the loss amount further widening; net profit attributable to shareholders after deducting non-recurring items swung from a loss of RMB 713 million in the same period last year to a loss of RMB 2.58 billion, with the loss amount further widening; EPS was -0.8999 yuan.

As of the end of the fourth quarter, the company’s total assets were RMB 76.6B, up 0.2% from the end of the prior year; net assets attributable to shareholders were RMB 15.96B, down 33.0% from the end of the prior year.

The company said its operating performance in 2025 underwent significant changes. During the reporting period, the scale of concentrated delivery of real estate development projects declined, leading to a drop in operating revenue. Management noted that the parent company had accumulated losses that had not been covered, with the amount of uncovered losses totaling RMB 309 million. Although the company did not distribute cash dividends, management emphasized that this has no direct link to the parent company’s uncovered losses.

In its report, the company mentioned that it will continue to monitor changes in the real estate market, adjust its operating strategy, and respond to the pressure from market competition. In particular, against the backdrop of an overall downturn in the real estate industry, the company will strive to improve product quality and service levels, actively participate in emerging businesses such as urban renewal, and explore diversified business models to enhance competitiveness.

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