新赛股份(600540.SH)：2025年预亏1.48亿元

Core Viewpoint - The company XinSai Co., Ltd. (600540.SH) expects a net loss attributable to shareholders of approximately 148 million yuan for the year 2025, which represents a reduction in loss of 95.99 million yuan compared to the same period last year [1] Financial Performance - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be around -105 million yuan for 2025, a decrease in loss of 194.88 million yuan year-on-year [1] Market Conditions - The primary reasons for the anticipated loss include a decline in downstream demand in the cotton textile market due to domestic and international environmental factors, leading to insufficient orders for some textile enterprises [1] - The impact of the ongoing U.S. tariff war has made textile companies cautious in their raw cotton procurement, further limiting cotton demand and resulting in a downward trend in cotton prices [1] Operational Challenges - Despite an increase in sales volume of cotton, the company has experienced a significant rise in both beginning and ending inventory compared to the previous year, leading to an increase in loan balances and financial expenses, which negatively impacts profits [1] - The large inventory of cotton has also resulted in increased warehousing costs compared to the same period last year, further affecting the company's profitability [1]