恒申新材：预计2025年全年净亏损12500万元—16200万元

Core Viewpoint - Hengshen New Materials has released an annual performance forecast indicating a significant decline in net profit for 2025, primarily due to decreased market demand and intensified industry competition [1] Financial Performance - The company expects a net profit attributable to shareholders of between -162 million to -125 million yuan for 2025, representing a year-on-year decrease of 77.97% to 130.64% [1] - The forecasted net profit after deducting non-recurring gains and losses is projected to be between -143 million to -112 million yuan, reflecting a year-on-year decline of 165.18% to 238.58% [1] Operational Challenges - The decline in product prices has led to a decrease in both operating revenue and gross margin, which are insufficient to cover current operating expenses [1] - An increase in asset impairment losses has contributed to the operational losses experienced by the company [1] Market Environment - The overall market environment has resulted in a downward adjustment of valuations for bank equity and investment properties, leading to a decrease in fair value and further exacerbating the company's losses [1]