CYG(SH:600525) Ju Chao Zi Xun·2026-01-17 02:46Core Viewpoint - The company, Changyuan Technology Group Co., Ltd. (ST Changyuan), is forecasting a significant net loss for the year 2025, with expected losses ranging from 1.45 billion to 1.08 billion yuan, indicating a deteriorating financial performance compared to the previous year [2]. Group 1: Financial Performance - The projected net profit attributable to shareholders for 2025 is expected to be between -1.45 billion and -1.08 billion yuan, with the net profit excluding non-recurring gains and losses estimated between -1.15 billion and -800 million yuan [2]. - In comparison, the company's total profit for 2024 was -945.32 million yuan, with a net profit attributable to shareholders of -978.10 million yuan, and a net profit excluding non-recurring gains and losses of -667.47 million yuan, resulting in an earnings per share of -0.74 yuan [2]. Group 2: Reasons for Expected Loss - The primary reasons for the anticipated losses in 2025 include both operational and non-operational factors. The company's main business focuses on smart grid equipment and energy internet technology services, with revenue expected to remain stable compared to the previous year [3]. - The company plans to recognize impairment losses on goodwill and asset groups related to the acquisition of Zhuhai Yuntai Li, due to indications of goodwill impairment. The impairment and fair value loss on related assets are estimated to be between 600 million and 850 million yuan, subject to confirmation by auditing and evaluation agencies [3]. - Non-operational losses are expected to increase, with a projected decrease in investment income of approximately 400 million yuan compared to the previous year, primarily due to a loss of about 282 million yuan from the sale of a 25% stake in Changyuan Electronics [3]. Group 3: Legal Risks - The company has been notified of a civil lawsuit filed by its major shareholder, Zhuhai Gree Financial Investment Management Co., Ltd., and its concerted party, Zhuhai Free Trade Zone Jinnuo Xintai Trading Co., Ltd., regarding securities false statement liability, with an involved amount of approximately 413 million yuan. The impact of this lawsuit on the company's net profit for 2025 remains highly uncertain [4].