Margin CompressionGross margin decline from prior years to ~12% and net margin near zero reflect erosion of pricing power or rising costs. Sustained margin pressure weakens intrinsic earnings power, limits reinvestment capacity and increases sensitivity to cyclical downturns, prolonging the time needed to restore healthy profitability.
High And Rising LeverageElevated debt-to-equity (~3.8x) with declining equity and collapsed ROE materially reduces financial flexibility. High leverage raises refinancing and liquidity risk, constrains new project investment, and increases the probability of asset sales or equity needs, a persistent structural constraint in a cyclical property sector.
Sharp Cash-flow ReversalA roughly 93% drop in free cash flow and a sharp fall in operating cash flow in 2025 undermines liquidity and raises reliance on external funding. This sudden reversal increases refinancing risk, may force slower project completion or asset disposals, and elevates execution risk over the medium term.