火星人：主体信用评级展望被调整为负面

Core Viewpoint - The credit rating outlook for Marsman (300894.SZ) has been adjusted from stable to negative due to declining financial performance and industry demand [1] Financial Performance - For the period of January to September 2025, the company's revenue was 577 million, representing a year-on-year decrease of 43.03% [1] - The net loss for the same period was 218 million, reflecting a significant year-on-year decline of 1,546.12% [1] - The operating cash flow was negative at 199 million, indicating ongoing cash flow issues [1] Industry Context - The primary reasons for the company's financial decline include weak industry demand leading to reduced sales volume and high sales expenses impacting profitability and cash flow [1]