Core Viewpoint - Xi'an Yichai (688783.SH) is expected to report a net loss attributable to shareholders of approximately -738 million yuan for the year 2025, which is roughly in line with the previous year [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be around -809 million yuan, representing an increase in loss of approximately 46.45 million yuan, or about 6.09% year-on-year [1] Market Environment - Despite a clear recovery trend in the semiconductor industry, there is a lag in the transmission of downstream customer demand to the semiconductor wafer segment [1] - The company's second factory is currently in the capacity ramp-up phase, and the product structure is continuously being optimized [1] Cost and R&D - Due to the incomplete release of production capacity, the scale effect has not yet fully materialized, and fixed costs such as depreciation of fixed assets have not been effectively diluted [1] - The company maintains a high level of R&D investment to ensure core competitiveness, which, along with other factors, has contributed to the ongoing performance losses during the reporting period [1] Cash Flow and Future Outlook - The company has maintained positive operating cash flow, indicating good sustainable operational capability [1] - As the semiconductor wafer market continues to recover, combined with the optimization of the company's product structure and the further realization of scale effects, the company's profitability is expected to improve continuously, laying a solid foundation for long-term stable development [1]
西安奕材：2025年预亏7.38亿元