*ST佳沃：预计2025年归母净利润亏损3.9亿元至6.4亿元

Core Viewpoint - *ST Jiawo expects a net profit loss attributable to shareholders of 390 million to 640 million yuan for the fiscal year 2025, primarily due to continuous losses from its subsidiary Beijing Jiawo Zhencheng Technology Co., Ltd. [1] Financial Performance - The company completed a significant asset restructuring on June 2025, which will affect the consolidation of financial statements, leading to a decrease in revenue and a substantial reduction in net profit loss for the second half of 2025 [1] - The financial report for the current period includes the income, expenses, and profits of Beijing Zhencheng from the beginning of the year until the disposal date [1] Business Operations - The raw material prices for the company's cod fish business have been rising sharply, impacting profitability [1] - Although there is a slight recovery in market demand for cod fish fillet products, intense competition in downstream sales has led to a decline in sales revenue and a decrease in gross profit margin [1] - The company's sales prices are higher than the industry average, but they still face significant sales pressure due to rising costs [1]