JST Group (HKG:6687) said it expects to post a net loss attributable to equity owners of 1.60 billion yuan to 1.70 billion yuan for 2025, compared with a net profit of 12.2 million yuan a year earlier, according to a Friday Hong Kong bourse filing.

The Chinese e-commerce SaaS ERP provider said the forecast was mainly due to a loss of about 1.77 billion yuan related to convertible redeemable preferred shares issued before its October 2025 listing, reflecting a fair value change following the company's higher valuation after listing.

The company expects to publish its annual results in March.