Sharp Revenue DeclineA near-29% revenue drop in 2025 signals shrinking scale and weaker demand, which undermines pricing power and operating leverage. Over several months this reduces cash inflows from unit handovers, increases the per-unit fixed-cost burden, and can force reliance on asset disposals or external funding to sustain operations.
High And Rising LeverageElevated debt-to-equity (~2.76x) materially increases refinancing, interest-rate and covenant risk. With tighter credit and cyclical real estate cash flows, high leverage constrains the firm's ability to fund new projects, raises interest burden and amplifies downside if sales or prices deteriorate further in the coming months.
Large Net Losses And Negative ReturnsNegative gross profit and very large net losses (net margin ~-149%) are eroding shareholder equity and impairing retained capital. Sustained losses reduce investor and lender confidence, limit reinvestment capacity, and may force asset sales or restructuring, weakening the firm's strategic options over the medium term.