宝胜股份：2025年预亏3000万元至4500万元

Core Viewpoint - The company, Baoshen Co., Ltd. (600973.SH), expects a significant reduction in net losses for the fiscal year 2025 compared to the previous year, indicating improved financial performance despite ongoing challenges [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of between -30 million to -45 million RMB for 2025, which represents a decrease in losses by approximately 255 million to 270 million RMB compared to the previous year, marking a year-on-year decline in losses of about 84.99% to 90.00% [1]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -50 million to -70 million RMB, reflecting a reduction in losses of approximately 414 million to 434 million RMB year-on-year, equating to a decline in losses of about 85.53% to 89.66% [1]. Reasons for Performance Changes - Credit impairment losses are a significant factor, with the company planning to fully provision for credit impairment losses of approximately 79.457 million RMB related to receivables from Evergrande that have not been processed [1]. - Investment losses from subsidiaries, specifically Changfei (Jiangsu) Marine Technology Co., Ltd. and Changfei Marine Engineering Co., Ltd., are expected to contribute to losses, with an estimated equity method recognition of investment income of about -90 million RMB for 2025 due to longer product delivery cycles [1]. Revenue Outlook - The company expects stable revenue growth for 2025, and if the impacts of the credit impairment and short-term performance fluctuations of certain subsidiaries are excluded, the net profit attributable to shareholders is projected to be positive [2].