连续多年亏损！贵广网络应收账款高企，资产负债率持续攀升

Group 1 - The core reason for the company's projected loss in 2025 is intensified market competition and a continued industry downturn, leading to a significant reduction in project revenues due to stricter payment guarantees for engineering projects [3] - The company has experienced a decline in revenue, with a drop from 37.24 billion in 2022 to 15.96 billion in 2024, representing a nearly 57% decrease [3] - The company has reported continuous losses since 2020, with a total loss of 5.54 million in 2020, escalating to 4.45 billion in 2021, and further losses of 1.14 million in 2022, 13.85 billion in 2023, and 10.84 billion in 2024 [3][4] Group 2 - The company's core profit indicator, the net profit excluding non-recurring items, has shown a continuous decline from -77.02 million in 2020 to a projected -11.94 billion in 2024, accumulating a total loss of up to 51 billion over six years [4] - Accounts receivable have remained high, around 3 billion, with a reported figure of 2.808 billion as of the end of Q3 2025 [4] - The company's debt ratio has been increasing, reaching 80.62% by the end of Q3 2025, with total liabilities amounting to 12.242 billion and cash reserves of only 164 million [4]