瑞斯康达(603803.SH)：2025年预亏4400万元左右

Core Viewpoint - The company, 瑞斯康达 (603803.SH), expects a net loss attributable to shareholders of approximately RMB -44 million for the fiscal year 2025, with a net loss of approximately RMB -91 million after excluding non-recurring gains and losses [1][2]. Group 1: Financial Performance - The company's operating revenue decreased by 11% year-on-year due to the slower-than-expected macroeconomic recovery and intensified industry competition. However, there was a quarter-on-quarter revenue growth trend, with a 26% increase in the fourth quarter compared to the third quarter and a 10% increase compared to the same quarter last year, achieving profitability in the fourth quarter [1]. - The comprehensive gross margin improved by 4 percentage points as the company adjusted its product business structure, increasing investment in next-generation transmission and data communication products while reducing investment in low-margin broadband terminal products [1]. Group 2: Cost Management - The company strengthened budget management and efficiency control, resulting in an 8% year-on-year decrease in period expenses. Research and development expenses decreased by 13%, sales expenses by 3%, and management expenses by 4%, contributing to a reduction in losses compared to the previous year [2]. - The expected impact of non-recurring gains and losses on the net profit attributable to shareholders is approximately RMB 47 million, primarily due to the termination of bankruptcy proceedings for its associate company, 苏州易锐光电科技有限公司, which will lead to a reclassification of RMB 40.48 million from capital reserves to investment income [2].