热景生物：2025年预计营收为4亿元至4.2亿元，同比减少17.79%至21.71%

Core Viewpoint - The company, Rejuve Biotech, expects a significant decline in revenue and an increase in net losses for the fiscal year 2025 compared to the previous year [1] Financial Performance - Projected annual revenue for 2025 is between 400 million to 420 million yuan, representing a year-on-year decrease of 17.79% to 21.71% [1] - Expected net loss attributable to shareholders is approximately 210 million to 230 million yuan, an increase in losses of 9.94% to 20.42% compared to the previous year [1] - After excluding non-recurring gains and losses, the net loss is projected to be around 250 million to 270 million yuan [1] Reasons for Performance Decline - The decline in performance is primarily attributed to industry policy impacts leading to price reductions and decreased demand [1] - Adjustments in tax policies have negatively affected the overall gross margin [1] - Significant increases in research and development expenses due to the company's investment in its associate, ShunJing Pharmaceutical, which has become a subsidiary, have substantially impacted net profit [1] - Increased investment losses from other associates in the field of biopharmaceutical innovation have further affected the company's net profit [1]