晨鸣纸业(000488) - 2025 Q2 - 季度业绩预告

I. Estimated Performance for the Current Period The company anticipates a significant loss for the first half of 2025, with net profit attributable to shareholders expected to be a loss of 3.5 billion to 4 billion yuan, a substantial turnaround from profit in the prior year, and non-recurring adjusted net loss also significantly widens (I) Period Covered by Performance Forecast - The performance forecast covers the period from January 1, 2025, to June 30, 2025[3] (II) Performance Forecast Details Key Financial Indicators | Item | Current Period (Jan-Jun 2025) (million yuan) | Prior Period (Jan-Jun 2024) (million yuan) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Loss: 3,500 – 4,000 | Profit: 28.65 | | Net Profit After Non-Recurring Items | Loss: 3,270 – 3,770 | Loss: 270.87 | | Basic Earnings Per Share (yuan/share) | Loss: 1.19 – 1.36 | Profit: 0.01 | - The company expects a negative net profit for the first half of 2025, with net profit attributable to parent company shareholders projected to be a loss of 3.5 billion to 4 billion yuan, a significant turnaround from a profit of 28.65 million yuan in the prior year, marking a substantial year-over-year shift from profit to a massive loss[3] - Net profit after non-recurring items is expected to be a loss of 3.27 billion to 3.77 billion yuan, significantly wider than the loss of 270.87 million yuan in the prior year[3] II. Communication with Accounting Firm The company has held preliminary discussions with its annual audit accounting firm regarding this performance forecast, with no disagreements on the data, though it is emphasized that the figures are preliminary and unaudited - The performance forecast data represents preliminary estimates by the company's finance department and has not been audited by an accounting firm[4] - The company has conducted preliminary communication with its annual audit accounting firm, and there are no disagreements regarding the performance forecast[4] III. Explanation of Performance Changes The significant loss is primarily due to a substantial decline in production and sales volumes caused by maintenance shutdowns at major production bases during the reporting period, impacting revenue and profit, alongside provisions for asset impairment and bad debts; the company is actively implementing measures to improve operations, including equipment upgrades, cost control, cash flow management, and negotiating loan extensions and interest reductions with financial institutions, with plans to gradually resume production with government and financial support - Major production bases underwent shutdown for maintenance, leading to a significant year-over-year decline in production and sales volumes, severely impacting revenue and profit[5] - Due to the shutdowns, the company made provisions for impairment on certain assets and bad debts on accounts receivable[5] - During the shutdown period, the company utilized the time for equipment inspection, overhaul, and upgrade to enhance equipment integrity and operational efficiency[5] - For production lines that have resumed operations, the company implemented full-process control, including raw material procurement, cost reduction, quality improvement, and strengthened cash flow and expense management to restore profitability[5] - The company actively communicated with financial institutions to implement loan extensions and interest rate reductions to alleviate operational burdens[5] - With the support of government and financial institutions, the company will raise working capital through multiple channels and gradually advance the resumption of production at various bases based on funding and market conditions to achieve continuous and stable operations[5] IV. Other Relevant Information The financial data in this performance forecast are predictive in nature, with final specific figures to be based on the 2025 semi-annual report, and the company advises investors to be aware of investment risks - The financial data disclosed herein are all forecast figures, with the final specific data to be detailed in the 2025 semi-annual report[6] - The company reminds investors to be aware of investment risks[6]