Anzheng Fashion(SH:603839) Xin Lang Cai Jing·2026-01-23 08:25Core Viewpoint - Anzheng Fashion (603839.SH) is expected to report a net loss of 130 million to 210 million yuan for 2025, marking the fourth consecutive year of losses in net profit excluding non-recurring items, with cumulative losses exceeding 680 million yuan over the past four years [1][8]. Group 1: Financial Performance - The anticipated losses are primarily attributed to the underperformance of its subsidiary, Lishang Information, which is expected to incur losses of approximately 146 million to 166 million yuan [1][8]. - The company plans to recognize asset impairment provisions totaling between 230 million to 250 million yuan for 2025, significantly impacting its net profit [4][12]. - Anzheng Fashion's core apparel business has faced revenue declines for two consecutive years, with a 3.92% decrease in 2023 and a further 13.99% drop in 2024 [6][14]. Group 2: Subsidiary Performance - Lishang Information's revenue for 2023, 2024, and the first half of 2025 was 671 million, 733 million, and 412 million yuan respectively, with fluctuating net profits [3][11]. - The new business expansion initiated by Lishang Information in 2024 has not met expectations, leading to a goodwill impairment of approximately 63 million yuan [4][12]. - The company has faced significant risks related to prepayments for goods, with potential impairment of 40 million to 60 million yuan due to uncertainty in recovery [4][12]. Group 3: Brand Performance - The main brand, Jiuzi, has seen a revenue increase of 23.93% in the first half of 2025, while the overall company revenue grew by 12.74% [6][14]. - Multiple brands within the company have experienced varying degrees of gross margin decline, indicating that revenue growth may come at the cost of profit margins [6][15]. - The company has previously recognized substantial goodwill impairment losses related to Lishang Information, totaling 364 million yuan in 2022 and 33.58 million yuan in 2024 [6][13].