SHUI ON LAND (00272) has announced an expected net loss attributable to shareholders for the fiscal year ending December 31, 2025, projected to be in the range of RMB 1.7 billion to RMB 1.8 billion. This compares to a net profit attributable to shareholders of RMB 180 million recorded in the same period of 2024. The anticipated net loss is primarily attributed to fair value impairments on the group's investment properties and provisions for impairment on unsold inventory. The estimated impact of these revaluations and provisions on the company's consolidated total assets (calculated on an attributable basis) is expected to be between 2% and 3%. Excluding the effects of these items, the company expects to report a core profit for the 2025 fiscal year. The downward revaluations are non-cash items and will not reduce cash flow, therefore they will not directly impact the company's liquidity. SHUI ON LAND anticipates that its total bank balances and cash at the end of 2025 will be higher than the level reported on June 30, 2025. Furthermore, the group's net debt-to-asset ratio is expected to remain stable at approximately 52%. Given the continued weakness in the Chinese real estate market, the company maintains a cautious outlook for its near-term business prospects, as overall liquidity in the property sector is likely to remain tight. The company will continue to manage its finances prudently and will review and implement optimal strategies to support long-term growth.