"Profit Warning" SINO-OCEAN SERV estimates a full-year loss of at least 1.35 billion RMB

SINO-OCEAN SERV (06677.HK) issued a profit warning, expecting a loss of between RMB 1.35 billion and RMB 1.45 billion for the fiscal year 2025, compared to a profit of RMB 28.9 million in the previous year. The shift from profit to loss is mainly due to the continued adverse impact of the domestic real estate market and the overall downturn in the real estate market, leading to an extended settlement cycle for related businesses and resulting in increased impairment losses on inventory and goodwill; as well as losses from the transaction of returning parking spaces to the controlling shareholder SINO-OCEAN GP (03377.HK)