万盛股份：2025年度经营业绩将出现亏损

Group 1 - The company expects a net profit attributable to shareholders to be negative in 2025, indicating an anticipated loss due to various adverse factors [1][2] - Key reasons for the expected loss include international geopolitical conflicts, inflation in Europe and the US, and a continued weak global economy leading to lower-than-expected end-product demand [1] - The company is adjusting its product structure and capacity layout in response to industry competition and trends, including relocating some production capacity to Thailand to mitigate international trade barriers [1] Group 2 - Despite the challenging industry environment, the management is actively responding by adjusting development strategies, enhancing R&D innovation, and exploring market opportunities [2] - The company has maintained a good level of operating cash flow, with revenue expected to grow year-on-year, although significant fixed asset depreciation and asset impairment will pressure overall performance [2] - As of the end of Q3 2025, the net profit attributable to shareholders was approximately 50 million yuan, but the company anticipates a full-year loss [2]