XINSAI CO.,LTD(SH:600540)2025-01-17 11:05Financial Performance - The company expects a net profit attributable to shareholders of approximately -240 million yuan for the year 2024, indicating a decrease compared to the previous year's profit [2]. - After deducting non-recurring gains and losses, the estimated net profit attributable to shareholders for 2024 is approximately -299 million yuan, representing an increase in losses compared to the previous year [2]. - In the same period last year, the net profit attributable to shareholders was 14.71 million yuan, while the net profit after deducting non-recurring gains and losses was -35.54 million yuan [4]. Market Conditions - The decline in profit is primarily due to a decrease in cotton prices, with cottonseed sales prices dropping from approximately 2,900 yuan/ton in 2023 to 2,100 yuan/ton in 2024 [6]. - The price of cotton protein for aquaculture has significantly decreased from 4,500-5,000 yuan/ton at the beginning of the year to 2,850 yuan/ton, leading to substantial losses [6]. - The company has made a provision for inventory impairment of approximately 100 million yuan for cotton and related products due to poor market conditions [6]. Non-Recurring Items - Non-recurring gains and losses for the reporting period are estimated at around 59 million yuan, primarily from financial derivatives and government subsidies [7]. Financial Outlook - The company has experienced increased interest expenses due to high cotton inventory levels, impacting overall profitability [6]. - The company does not foresee any significant uncertainties that would affect the accuracy of this earnings forecast [8]. - The data provided is preliminary and subject to change pending the audited financial report for 2024 [9].