GRAND MING Group Holdings (01271) announced that it expects to record a net loss of approximately HK$25 million to HK$30 million for the six months ending September 30, 2025, compared to a net profit of HK$52.6 million for the same period in 2024. The board attributed the expected net loss to the following combined factors: (i) a significant decrease in delivered residential property area and the expiration of a data center lease, leading to a reduction in revenue and gross profit by approximately HK$430 million and HK$218 million, respectively; (ii) a corresponding decrease in sales expenses by around HK$160 million due to lower property sales revenue; and (iii) a substantial decline in fair value gains from the revaluation of investment properties under development, recording only HK$0.4 million compared to HK$25.6 million in the prior-year period.