Shang Hai Zheng Quan Bao·2026-01-27 19:30Core Viewpoint - The company, Huadian Liaoning Energy Development Co., Ltd., anticipates a significant decline in net profit for the year 2025, projecting a decrease of over 50% compared to the previous year [1][3]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of between 0.25 billion and 0.35 billion yuan for 2025, which represents a decrease of 0.50 billion to 0.60 billion yuan compared to 2024, equating to a year-on-year decline of 59.17% to 70.84% [3][5]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 0.14 billion and 0.19 billion yuan, reflecting a decrease of 0.24 billion to 0.29 billion yuan from the previous year, or a year-on-year decline of 54.90% to 67.79% [3][5]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 0.81 billion yuan, with a net profit attributable to shareholders of 0.85 billion yuan and a net profit excluding non-recurring gains and losses of 0.43 billion yuan [5][6]. Group 3: Reasons for Performance Change - The primary reason for the anticipated decline in net profit is the issuance of REITs in December 2024, which resulted in a change in ownership stakes in four subsidiaries from 100% to 20.02%. Consequently, 79.98% of the income from these subsidiaries will be recognized as minority shareholder profit [7]. - Excluding the impact of the REITs issuance, the company's net profit attributable to shareholders is expected to increase by 1.03 billion to 1.13 billion yuan, while the net profit excluding non-recurring gains and losses is projected to rise by 1.34 billion to 1.39 billion yuan [7].