HFM(SH:603011) Mei Ri Jing Ji Xin Wen·2026-01-23 14:36Core Viewpoint - The company, HuanDuan Intelligent, is expected to report a significant increase in losses for the year 2025, primarily due to the impact of a "price war" in the automotive industry affecting its high-end forming machine tools segment, which has seen a continuous decline in gross margin [2][3]. Group 1: Financial Performance - For 2025, the company forecasts a net profit attributable to shareholders of between -260 million yuan and -180 million yuan, representing an increase in losses of 102.27% to 192.17% compared to the previous year [2]. - In the first three quarters of 2025, the company's net profit attributable to shareholders was -44.32 million yuan, with a third-quarter revenue of 689 million yuan, reflecting a year-on-year growth of 23.44%, but a net profit of -53.84 million yuan [3]. Group 2: Business Challenges - The company attributes its increased losses to the transmission of the automotive industry's "price war" to the supply chain, leading to a decline in the gross margin of its high-end forming machine tools segment [2]. - Additionally, the company has made provisions for asset impairment based on prudence, further contributing to its financial difficulties [3]. Group 3: Market Outlook and Opportunities - Despite the challenges in its core business, the capital market holds optimistic expectations for the company's advanced manufacturing initiatives, particularly in nuclear fusion equipment, which is seen as a potential new pillar for growth [4]. - The company has been involved in the nuclear fusion sector since 2021 and successfully secured a project for the construction of a vacuum chamber for a compact fusion energy experimental device, with an order value of 209 million yuan [4]. - The company's subsidiary, Zhongke Optoelectronics, has achieved a top-three global market share in the intelligent sorting industry, indicating strong competitive positioning in another core business area [4].