三元股份：预计 2025 年营收63.5 亿元，亏损1.78 亿元至3.56 亿元

Core Viewpoint - The company expects to report a significant net loss in 2025 due to impairment related to its investment in the French joint venture HCo, despite projecting a substantial increase in net profit when excluding this impact [1][2] Group 1: Financial Projections - The company anticipates achieving approximately 6.35 billion yuan in revenue for 2025 [1] - The expected net loss attributable to shareholders for 2025 is projected to be between 178 million yuan and 356 million yuan [1] - After excluding the impact of the impairment, the company forecasts a net profit attributable to the parent company of between 260 million yuan and 318 million yuan for 2025 [1] Group 2: Impairment and Investment Impact - The impairment is primarily due to the acquisition of StHubert and its sales company ValleItalia, which resulted in a 49% stake held by the company in HCo [1] - The anticipated impairment loss on long-term equity investments is estimated to be between 496 million yuan and 616 million yuan [1] - The company expects a significant increase in net profit growth of 374% to 480% year-on-year for 2025 when excluding the impairment effects [2] Group 3: Operational Quality Improvement - The company projects a substantial increase in its net profit excluding non-recurring items, with an expected growth of 705% to 899% year-on-year for 2025 [2] - This indicates a significant improvement in the actual operational quality of the company [2]