Financial Projections - The company expects a net profit in the range of -5,000 to -2,500 thousand yuan for the year 2025, compared to a profit of 2,862.37 thousand yuan in the previous year[4] - The net profit after deducting non-recurring gains and losses is projected to be between -6,900 and -3,800 thousand yuan, down from 1,208.80 thousand yuan in the same period last year[4] Reasons for Expected Loss - The primary reason for the expected loss in 2025 is the expansion of the sales team and increased market investment, which has raised labor costs and operational expenses[4] Impact of Non-Recurring Items - Non-recurring gains and losses are estimated to impact net profit by approximately 13 to 19 million yuan, mainly from impairment reversals and debt restructuring gains[4] Financial Reporting Status - The financial data provided is preliminary and has not been audited, with detailed figures to be disclosed in the 2025 annual report[6]
山水比德(300844) - 2025 Q4 - 年度业绩预告