TOP SPRING (03688) has announced that the group expects to record a net loss of HK$3 billion for the year ending December 31, 2025, compared to a net loss of approximately HK$1.9 billion in 2024. The board attributes the anticipated increase in net loss primarily to fair value losses on investment properties, fair value losses on certain financial assets measured at fair value through profit or loss, and impairment losses on certain inventories.