综合毛利率仍处于较低水平，恒烁股份2025年预亏9832万元

Core Viewpoint - Hengshuo Co., Ltd. anticipates a net loss of approximately 98.32 million yuan for the year 2025, representing a reduction in losses compared to the previous year [2] Group 1: Financial Performance - The projected net profit attributable to the parent company for 2025 is expected to be -98.32 million yuan, a decrease in loss compared to the previous year's net profit of -160.99 million yuan [2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be -112.76 million yuan for 2025, compared to -178.56 million yuan in 2024 [2] - Basic earnings per share for 2024 were reported at -1.95 yuan [2] Group 2: Business Operations - The company maintains its existing market sales policy, focusing on shipment volume and market share, which has led to an increase in product shipment volume compared to the same period last year [2] - Revenue and overall gross margin have shown a certain level of growth year-on-year, although the overall gross margin remains low relative to the current revenue scale [2] Group 3: Expense and Asset Management - The company is actively enhancing team building and increasing R&D investment, which has resulted in a high level of period expense ratio [2] - The reduction in asset impairment losses is attributed to improved market conditions in the downstream market, although this factor still significantly impacts the company's net profit [2]