TJCD has announced that the group expects to record a net loss attributable to equity shareholders of between approximately RMB 46 million and RMB 51 million for the year ending December 31, 2025. This contrasts with a profit of approximately RMB 21.8 million reported for the year ended December 31, 2024. The board of directors attributes the anticipated shift from profit to loss primarily to two factors. Firstly, a slowdown in the development of the Tianjin construction industry and increased competition have led to a decrease in revenue. Secondly, impairment losses on trade receivables, contract assets, and other receivables were recognized for the 2025 fiscal year. The recognition of these impairment losses is mainly due to a slowdown in the collection of trade receivables, resulting in an increase in aged receivables, as well as a slow billing process for contract assets, leading to an increase in aged contract assets.