Financial Performance - The company's net profit for the fiscal year 2025 is projected to be between -13,000 and -9,000 thousand yuan, compared to a profit of 3,599.67 thousand yuan in the same period last year[5]. Cost and Margin Analysis - The decline in gross margin and increase in operating costs are attributed to intensified industry competition and falling product prices[6]. - Increased logistics, employee compensation, and sales expenses have all risen compared to the same period last year[6]. Operational Challenges - The company is experiencing high fixed costs due to underutilization of capacity at its Zhongshan base, which began production in Q4 2024 and is still ramping up[6]. - The company has made provisions for impairment of receivables and inventory due to uncertainties in collection and signs of significant impairment in certain inventory[6].
富恒新材(920469) - 2025 Q4 - 年度业绩预告