SXBN(SH:600831) Zheng Quan Ri Bao·2026-01-16 23:39Core Viewpoint - The company anticipates a significant increase in net losses for the year 2025, projecting a net profit attributable to shareholders of between -1.29 billion and -1.55 billion yuan, indicating a worsening financial performance compared to the previous year [2][4]. Financial Performance Summary - The forecasted net profit for 2025 is expected to be between -12.90 billion and -15.50 billion yuan, with a similar range for net profit after deducting non-recurring gains and losses, estimated at -12.75 billion to -15.30 billion yuan [2][5]. - The previous year's net profit was reported at -10.59 billion yuan, indicating a year-over-year increase in losses [5]. Reasons for Performance Decline - The primary reasons for the anticipated increase in losses include a decline in traditional business revenue, insufficient support from new business growth, increased credit impairment losses, and a high proportion of fixed costs [7]. - Traditional business segments, such as cable television maintenance fees and data transmission services, are facing challenges due to user attrition and reduced pricing, leading to revenue declines [7]. - The company is focusing on business transformation and has seen positive trends in its new 5G business, with user numbers surpassing one million, but this has not yet compensated for the losses in traditional revenue streams [7]. Cost Management and Impairment Issues - The company has made efforts to improve accounts receivable collection, resulting in a reduction in overall accounts receivable, but the aging of these receivables has led to increased provisions for bad debts, significantly impacting annual performance [8]. - Despite efforts to reduce costs through various measures, fixed costs related to asset depreciation, network maintenance, and interest expenses remain high, limiting the overall reduction in costs [8][9].