Summary by Moomoo AI
SHIMAO GROUP has issued a profit warning, expecting to record a net loss of approximately RMB 42.9 billion to 43.9 billion for the year ending December 31, 2024, significantly widening from a net loss of approximately RMB 23.6 billion in 2023. This anticipated loss is mainly affected by the continuing slump in the Real Estate Industry, which has led to a low gross margin, and an increase in provisions for impairment losses on property projects.In addition, due to several Assets being ruled by the court for enforcement to repay debts, a significant debt repayment loss will be recognized this year. The company stated that it is still implementing the full-year results for 2024, and the disclosed data this time is a preliminary assessment by the management and has not yet been reviewed by the company's auditors or the Board of Directors. An audited full-year results announcement is expected to be published in late March 2025.
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