Negative Free Cash FlowNegative free cash flow and zero operating cash flow in 2024 materially constrain internal funding for capex, working capital and debt service. This increases reliance on external financing or asset disposals and raises execution risk for strategic plans.
Margin Compression And LossSustained gross margin decline and a negative net margin indicate structural profitability pressure from cost or pricing dynamics. Persisting compression undermines internal cash generation and ROE, making self-funded growth and property commitments more difficult without operational changes.
Shrinking Asset Base / Weaker Equity RatioA shrinking asset base and lower equity ratio reduce the company’s collateral and capital buffer. That can limit borrowing capacity, constrain investment in industrial or property projects, and impair long-term growth options if the trend continues.