HRTN(SZ:000665) Ge Long Hui A P P·2026-01-23 08:45Core Viewpoint - Hubei Broadcasting (000665.SZ) expects a significant loss in 2025, with projected losses ranging from 896.5 million to 1.1465 billion yuan, primarily due to competitive market pressures and fixed cost structures [1] Group 1: Financial Projections - The company anticipates a total revenue between 1.48 billion and 1.68 billion yuan for 2025 [1] - The expected net loss is projected to be between 896.5 million and 1.1465 billion yuan, with a non-recurring loss estimated between 930 million and 1.18 billion yuan [1] Group 2: Market Competition and Revenue Impact - To address intense market competition, the company has implemented various market expansion strategies, which have led to a decrease in the Average Revenue Per User (ARPU) [1] - As a result of the declining ARPU, revenues from high-profit segments such as television and broadband services have also decreased [1] Group 3: Cost Structure and Impairment - The company operates as a capital-intensive business, facing rigid fixed costs such as labor and depreciation, which do not decrease proportionally with revenue declines [1] - Cost reduction efforts are limited and insufficient to offset the impact of revenue declines and fixed cost expenditures on profits [1] - The company plans to recognize goodwill impairment related to its acquisition of Wuhan Broadcasting Network (Weiquan), with the actual impairment amount to be determined based on evaluations and audits [1]