Ge Long Hui A P P·2026-01-26 14:26Core Viewpoint - *ST Jiahua (300268.SZ) expects a loss of 390 million to 640 million yuan in 2025, with a non-recurring loss of 370 million to 630 million yuan, and operating revenue projected between 1.4 billion to 1.8 billion yuan [1] Financial Performance - The company’s subsidiary, Beijing Zhencheng, has been continuously losing money in recent years [1] - A significant asset restructuring is expected to be completed by June 2025, which will impact the consolidated financial statements [1] - The financial results for the first half of 2025 will include the income, expenses, and profits of Beijing Zhencheng up to the disposal date [1] - From the second half of 2025, Beijing Zhencheng will no longer be included in the consolidated financial statements, leading to a year-on-year decline in revenue but a significant reduction in net loss and a positive net asset position [1] Market Conditions - The raw material prices for the company's cod fish business have been rising sharply [1] - Although there is a slight recovery in market demand for cod fish products, intense competition in downstream sales is affecting performance [1] - The company's sales prices are higher than the industry average, but the rising costs create significant sales pressure, resulting in a decline in sales revenue and a decrease in gross profit margin [1]