ZONECO(SZ:002069) Xin Lang Cai Jing·2025-10-17 10:13Core Viewpoint - The company, Zhangzidao, is expected to report a net loss attributable to shareholders of between 29 million to 35 million yuan for the first three quarters of 2025, representing a year-on-year decline of 17.16% to 41.40% compared to the same period last year [1] Group 1: Financial Performance - The significant disparity in performance is attributed to non-recurring factors, including tax payments totaling 21.54 million yuan due to non-compliance with a policy, which directly reduced net profit by 12.49 million yuan [2] - The company also made provisions for asset impairment of 2.90 million yuan and wrote off 8.00 million yuan in damaged fixed assets, collectively impacting net profit by 10.73 million yuan [2] - In the first half of the year, the company experienced a profit window, achieving a net profit of 10.15 million yuan, a year-on-year increase of 146.39% due to tight supply and rising prices of scallops [2] Group 2: Industry Challenges - The scallop farming business is highly dependent on market cycles, and the company has not been able to convert price advantages into long-term benefits, while the sea cucumber business faces structural challenges [3] - Financial pressure is severe, with a debt-to-asset ratio of 95.16% as of June, and financial expenses reaching 20.31 million yuan, indicating ongoing liquidity issues [3] - The company has experienced frequent performance fluctuations, with a projected net loss of 21.91 million yuan for 2024, a year-on-year decline of 354.69%, and continued losses expected in the first quarter of 2025 [3]