DFAC(SH:600006) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-22 23:38Core Viewpoint - Dongfeng Motor Corporation is forecasting a significant net loss for the year 2025, with expected losses ranging from 480 million to 390 million yuan, indicating a challenging financial outlook for the company [2][3]. Financial Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -390 million yuan [2][3]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -930 million and -840 million yuan [4]. Previous Year Comparison - In the previous year, the total profit was -233.97 million yuan, with a net profit attributable to shareholders of the parent company at 29.16 million yuan, and a net profit excluding non-recurring items at -689.96 million yuan [6]. Reasons for Performance Change - The company faces intensified competition in the light commercial vehicle market, leading to pressure on product sales and a decline in overall gross margin [8]. - The transition from traditional fuel to new energy is a critical period for the company, prompting adjustments in operational strategies, including inventory reduction and retail expansion [8]. - The company has reassessed the collection of certain receivables, leading to increased provisions for credit impairment based on accounting prudence [8]. Impact of Non-Operating Gains and Losses - For 2025, the impact of non-recurring gains and losses on the net profit attributable to shareholders is expected to decrease compared to the previous year, primarily due to a reduction in government subsidies received [9].