滨海能源(000695.SZ)：预计2025年净亏损6900万元-9800万元

Core Viewpoint - Binhai Energy (000695.SZ) expects a net loss of 98 million to 69 million yuan for 2025, with a non-recurring net loss of 96 million to 67 million yuan [1] Group 1: Financial Performance - The company's overall capacity for negative electrode materials is still small and has not yet fully ramped up, leading to high fixed asset depreciation and labor costs, compounded by rising prices of upstream raw materials such as petroleum coke and calcined coke, resulting in a decline in gross margin for the year [1] - Financial expenses during the reporting period were high, primarily due to the construction of production lines and working capital being mainly funded by debt, as the company has only recently entered the new energy negative electrode materials industry [1] Group 2: Project Development - The company's subsidiary in Baotou has not advanced its crystalline silicon photovoltaic business construction project, and as a precaution, impairment provisions have been made for related construction projects in progress [1]