PIESAT(SH:688066)2026-01-30 08:30Financial Performance - The company expects a net profit attributable to shareholders of approximately -1,030 million yuan for the year 2025, and a net profit of -1,080 million yuan after deducting non-recurring gains and losses [3]. - In 2024, the company reported a net profit attributable to shareholders of -1,392.89 million yuan, with a basic earnings per share of -5.33 yuan [7]. - The estimated net assets at the end of 2025 are expected to be around -280 million yuan, indicating potential financial distress [3]. Revenue and Orders - The company experienced a 13% decline in new orders compared to the previous year, primarily due to adjustments in strategic planning and a suspension of military procurement qualifications [8]. - Revenue from military procurement dropped significantly from 660 million yuan last year to approximately 50 million yuan this year due to procurement qualification issues [8]. Impairment and Cash Flow - The company has increased its provision for inventory impairment and credit impairment losses due to prolonged collection periods from clients amid a challenging macroeconomic environment [8]. - The company is actively communicating with local government clients to facilitate payment collections and has implemented measures to address cash flow issues [8]. Audit and Listing Status - The financial data presented is preliminary and subject to change pending the completion of the audit, with potential implications for the company's listing status if net assets remain negative [10][11].