SUNAC (01918) has announced an expected net loss attributable to shareholders of between RMB 12 billion and RMB 13 billion for the fiscal year ending December 31, 2025. This represents a significant decrease compared to the net loss attributable to shareholders of approximately RMB 257.0 billion recorded for the year ended December 31, 2024. The primary reason for the reduced loss is the recognition of gains from the company's offshore debt restructuring during the current year. Excluding the impact of these debt restructuring gains, the loss for the year was mainly driven by a substantial decline in revenue recognized due to market conditions, pressure on gross profit margins, and further provisions made for asset impairments and contingent liabilities.