Zhi Tong Cai Jing·2026-01-21 12:29Core Viewpoint - Jingcheng Holdings (600860.SH) is expected to report a net loss of approximately RMB -46 million to -55.2 million for the fiscal year 2025, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company to be in the range of RMB -46 million to -55.2 million for 2025, marking a loss compared to the same period last year [1] - The expected loss is primarily due to intensified international trade frictions, which have significantly impacted the company's gas storage and transportation export business, leading to a decline in both sales and profits for certain products [1] Group 2: Business Challenges - The emerging hydrogen energy sector is still in its early developmental stage, and while the company has seen a year-on-year increase in revenue from related businesses, the overall market scale has not met expectations [1] - Increased market competition has resulted in the company's profitability for this period falling below expectations, despite revenue growth in new business areas [1] Group 3: Investment in R&D - To enhance core competitiveness, the company has continued to increase investments in new product development and supply chain layout, resulting in a rise in R&D expenses compared to the same period last year [1]