Extremely High Leverage And Negative EquityVery high debt and negative shareholder equity materially weaken the capital buffer and financial flexibility. Elevated leverage increases refinancing and covenant risk, raises funding costs, and limits the company's ability to fund new projects or absorb further operational shocks without significant deleveraging.
Sharp Revenue ContractionA roughly 44% year-over-year revenue decline signals sustained demand or delivery weakness. Continued top-line contraction reduces scale economies, compresses margins and pre-sale cash inflows, and hinders the firm's ability to rebuild reserves and finance ongoing development activity.
Volatile, Low-quality ProfitabilityHighly erratic earnings and deeply negative gross profit in prior years indicate weak underlying margin structure. Low-quality, volatile profitability impairs forecasting, slows equity recovery, and raises the risk that reported net profit is fragile unless core margins and revenue stability improve sustainably.