CHINA AOYUAN (03883) announced that the group expects to record a net loss of no more than RMB 9.5 billion for the six months ending June 30, 2025 (corresponding period in 2024: net profit of approximately RMB 22.1 billion). The shift from net profit in the corresponding period of 2024 to net loss in the current period is attributed to overseas debt restructuring gains obtained in the corresponding period of 2024. Excluding the impact of restructuring gains, the net loss for the current period is expected to increase by no more than RMB 5 billion compared to the net loss in the corresponding period of 2024 (approximately RMB 4.5 billion). This increase is mainly due to higher impairment provisions for properties available for sale, increased expected credit loss provisions, and increased losses from asset disposals.