SANAN(SH:600703) Ge Long Hui·2026-01-12 10:20Core Viewpoint - Sanan Optoelectronics (600703.SH) is expected to report a net loss attributable to shareholders of between -200 million to -400 million yuan for the fiscal year 2025, with a net profit excluding non-recurring gains and losses projected to be between -750 million to -850 million yuan [1] Financial Performance - The proportion of high-end LED products has further increased during the reporting period [1] - Revenue scale and profitability of the integrated circuit business have improved year-on-year, but the filter and silicon carbide segments continue to significantly drag down overall profits [1] Government Support and Expenses - Government subsidies received have decreased year-on-year [1] - Research and development expenses have increased year-on-year [1] Investment Income and Inventory - Adjustments in the sales price of precious metal waste relative to the Shanghai Gold Exchange price have led to a reduction in investment income [1] - The company has increased provisions for inventory write-downs due to the net realizable value being lower than cost, in accordance with accounting standards [1]