Shangshi Development: It is expected that the net profit will be approximately a loss of 670 million yuan in 2025.

Shanghai Shimao Development announced on January 19th that it is expected to achieve a net loss attributable to the owners of the parent company of approximately 670 million yuan in 2025. The main reason for the loss in 2025 is that the real estate industry is still in the stage of stabilizing after a decline, and there are signs of significant impairment of inventory in some of the company's projects. In addition, the revenue and profit from real estate sales carried over in the current period are relatively low.