裕兴股份(300305.SZ)：预计2025年净亏损2.2亿元-2.9亿元

Core Viewpoint - Yuxing Co., Ltd. (300305.SZ) expects a net profit attributable to shareholders of the listed company to be between -290 million and -220 million yuan for 2025, with a net profit excluding non-recurring gains and losses expected to be between -300 million and -230 million yuan [1] Industry Summary - The functional polyester film industry is experiencing weak downstream demand, leading to a decrease in orders and a decline in overall operating revenue for the company [1] - The industry is facing supply-demand imbalances and intensified competition, resulting in a continuous decline in market prices for polyester film products [1] Company Summary - The company has seen insufficient operation of some medium-thick film production lines during the new product transformation and upgrade process, which is affected by small batch sizes, low yield rates, and capacity ramp-up issues [1] - As a result of the above factors, the company's production costs have increased, leading to a decline in operating gross margin compared to the previous year [1] - The company has accrued interest expenses for convertible bonds amounting to approximately 35.8 million yuan during the reporting period [1]