China Aoyuan (03883) announced that the group expects to record a net loss of no more than RMB 19.8 billion for the year ending December 31, 2025, compared to a net loss of approximately RMB 2.1 billion in the 2024 fiscal year. The significant increase in the net loss for the current year is attributed to the recognition and inclusion of gains from the offshore debt restructuring in the audited consolidated financial statements for 2024. Excluding the impact of the 2024 restructuring gains, the net loss for the current year is projected to decrease by about 28% to 33% compared to the previous year. This improvement is primarily due to better impairment provisions and continued effective control and reduction in sales and administrative expenses as part of ongoing measures to streamline the group's organizational structure. Given that the real estate market remains in a period of adjustment, the company anticipates a net loss for the current year, which mainly includes non-cash provisions such as impairment losses on properties held for sale, trade and other receivables, and losses on disposal of assets.