市场需求萎缩，振华新材2025年预亏4亿元-5亿元

Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -500 million and -400 million yuan, indicating a reduction in losses compared to the previous year by 27.71 million to 127.71 million yuan, with a year-on-year reduction rate of 5.25% to 24.2% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -514 million and -414 million yuan, reflecting a decrease in losses of 20.49 million to 120.49 million yuan compared to the previous year, with a year-on-year reduction rate of 3.83% to 22.54% [2] - In 2024, the company's total profit was -630.14 million yuan, with a net profit attributable to shareholders of -527.71 million yuan and a net profit after deducting non-recurring gains and losses of -534.49 million yuan, resulting in an earnings per share of -1.05 yuan [2] Group 2 - The company attributes the losses to a decline in market demand for existing products, while new products have not yet generated bulk orders, leading to low capacity utilization and high fixed costs per unit, which significantly pressures overall profits [3] - The company has increased R&D investment to maintain technological leadership and expand into new markets, covering traditional lithium-ion battery cathode materials as well as sodium-ion battery cathode materials and solid-state battery materials, resulting in a year-on-year increase in R&D expenses [3] - The narrowing of losses in the current year is primarily due to effective cost control measures and a reduction in impairment losses from rising raw material prices [3]