Tai Mei Ti A P P·2026-01-27 11:13Core Viewpoint - The company, HaiMuxing, is expected to report a net loss of 850 million to 910 million yuan for the fiscal year 2025, indicating a further deterioration in performance compared to the previous year due to multiple factors including declining gross margins and increased impairment provisions [2][3] Group 1: Financial Performance - The gross margin has significantly declined from 34.22% in Q3 2022 to 17.76% in Q3 2025, representing a drop of over 48% [3] - The company reported a gross margin of 30.50% for the entire year of 2022, which decreased to 15.20% in the first half of 2025, with a slight recovery to 17.76% in the first three quarters of 2025 [3] - The company has accumulated over 500 million yuan in impairment losses in the first three quarters of 2025, attributed to inventory write-downs and bad debts [5] Group 2: Operational Challenges - The company faces increased operational challenges, reflected in rising inventory turnover days, which reached 526.73 days in 2025 compared to 335.23 days in 2022, and accounts receivable turnover days, which increased to 186 days from 75.61 days in 2022 [5] - The capital liability ratio has risen to 82.36% by Q3 2025, indicating increased debt pressure due to declining operational efficiency and ongoing investments in R&D and overseas expansion [6] Group 3: Market Conditions and Future Outlook - The company has reported a potential turnaround in Q4 2025, with an expected net profit of 2.518 million to 62.52 million yuan, marking a year-on-year increase of 100.76% to 118.92% [7] - The company has over 10 billion yuan in orders on hand, which may support performance in 2026, but confirmation of a sustainable recovery will depend on Q1 2026 data [7] - The company is exploring new technologies in collaboration with industry leaders, but faces challenges in resource allocation across multiple business segments and the need for effective market positioning [8]