Sayyas Windows(SZ:301227) Ge Long Hui A P P·2026-01-26 08:56Core Viewpoint - The company, Senying Windows (301227.SZ), expects a loss of 42 million to 53 million yuan in 2025, with a previous year's loss of 42.19 million yuan, indicating ongoing challenges in the real estate market and operational adjustments [1] Group 1: Company Performance - For the fiscal year 2025, the company anticipates a continued downturn in the real estate market, leading to a contraction in new home deliveries and intensified competition in the existing market [1] - The company's new products, including plastic windows and entrance doors, along with overseas market operations, have not yet generated significant revenue [1] - Despite a slight recovery in revenue and gross margin during the channel transformation phase, the company's capacity utilization remains low, adversely affecting overall profitability [1] Group 2: Financial Adjustments - The impact of the real estate market has resulted in slower-than-expected receivables from some major business clients, leading to an increase in credit impairment provisions compared to 2024 [1] - The implementation of a restricted stock incentive plan has led to an increase in share-based payment expenses compared to 2024 [1] - The expected impact of non-recurring gains and losses on the company's net profit is approximately 14 million yuan, primarily from government subsidies, recovery of previously impaired receivables, and cash management income [1]