ST华扬：归母净资产保持为正筑牢根基 优化结构提升长期发展能力

Core Viewpoint - ST Huayang (603825.SH) has disclosed its 2025 performance forecast, indicating that despite facing operational losses due to industry conditions and transformation adjustments, the net assets attributable to shareholders will remain positive by the end of 2025, signaling a stable and improving operational fundamental [1][2] Group 1: Business Performance and Strategy - The core reason for the operational pressure in 2025 is intensified industry competition and ongoing structural adjustments, which have slowed revenue growth [1] - Since 2024, the company has been focusing on enhancing long-term operational quality and sustainable development by optimizing its business structure and upgrading internal management, with 2025 being a critical phase for business transformation and structural adjustment [1] - To mitigate the operational pressure during the transformation period, the company will implement cost reduction and efficiency enhancement measures, divesting underperforming business units and focusing on core operations while acquiring stable profit-generating assets [1][2] Group 2: Asset Management and Financial Health - The company plans to increase asset impairment provisions based on a cautious principle, conducting comprehensive impairment tests on assets showing signs of impairment to accurately reflect asset status and operational results, thereby improving asset quality and reducing future operational uncertainties [2] - Following the business structure adjustments and asset divestitures, the company will maintain positive net assets and significantly optimize its asset structure by eliminating inefficient assets, which clarifies the focus on core business [2] - The company has announced plans to use the remaining fundraising of 260 million yuan and accrued interest to permanently supplement working capital, which aligns with its asset structure optimization efforts to enhance financial structure and operational capacity [2] Group 3: Future Outlook - Looking ahead to 2026, the company's core goal is to reduce losses and restore profitability, with plans to optimize asset and capital structures while solidifying the foundation of its main business [2] - As the effects of the transformation adjustments gradually materialize, the company is expected to achieve steady improvements in operational quality through its optimized business layout [2][3] - Market analysts highlight that ST Huayang's proactive adjustments in business structure and asset allocation not only solidify its foundation against delisting risks but also create favorable conditions for sustainable development, potentially providing investors with more stable returns [3]