通威股份：2025年预亏90 - 100亿元，评级维持不变

Core Viewpoint - The company anticipates a significant operational loss in 2025 due to industry oversupply, declining operating rates, rising raw material costs, and falling product prices [1] Group 1: Financial Performance - The company expects an operating net profit loss of approximately 75 to 80 billion yuan, representing an increase in loss of 12 to 17 billion yuan year-on-year [1] - A long-term asset impairment provision is estimated at around 15 to 20 billion yuan, which is an increase of about 7 to 12 billion yuan compared to the previous year [1] - The projected net profit attributable to the parent company for 2025 is expected to be between -90 billion and -100 billion yuan [1] Group 2: Credit Rating - After communication with the company, the credit rating agency maintains the previous rating results, with the company's individual and entity long-term credit rating at AAA [1] - The credit rating for "Tong 22 Convertible Bond" is also rated AAA, with a stable outlook [1] - The outstanding balance of the convertible bond is 119.83 billion yuan, maturing on February 24, 2028 [1]