森鹰窗业：预计2025年全年净亏损4200万元—5300万元

Core Viewpoint - The company, Senying Windows, is forecasting a significant net loss for the year 2025, primarily due to ongoing challenges in the real estate market and internal operational issues [1] Group 1: Financial Performance - The expected net loss attributable to shareholders for 2025 is projected to be between 42 million and 53 million yuan [1] - The net profit, excluding non-recurring gains and losses, is anticipated to be a loss between 56 million and 67 million yuan [1] Group 2: Market Conditions - The real estate market in China is still undergoing a deep supply-demand adjustment, leading to a contraction in new home deliveries and intensified competition in the existing market [1] - The competitive landscape of the industry continues to be restructured, impacting the company's performance [1] Group 3: Operational Challenges - New products such as plastic windows and entrance doors, as well as overseas market operations, have not yet generated significant revenue [1] - Although there has been a slight recovery in revenue and gross margin during the channel transformation phase, the low capacity utilization continues to affect overall profitability [1] Group 4: Financial Adjustments - Due to the real estate market environment, the collection of accounts receivable from some major business clients has not met expectations, leading to an increase in credit impairment provisions compared to 2024 [1] - The implementation of a restricted stock incentive plan has resulted in higher share-based payment expenses compared to the previous year [1] - Non-recurring gains and losses are expected to impact net profit by approximately 14 million yuan, mainly from government subsidies and recovery of previously impaired receivables [1]