Xinyichang(SH:688383) Zhi Tong Cai Jing·2026-01-28 11:19Core Viewpoint - The company expects to report a net loss attributable to shareholders of the parent company for the year 2025, ranging from -160 million to -110 million yuan compared to the same period last year [1] Group 1: Financial Performance - The company anticipates a significant decline in net profit for 2025, indicating a challenging financial outlook [1] - The expected net loss reflects the impact of industry cyclical adjustments and the transition from old to new growth drivers [1] Group 2: Industry Context - Traditional LED technologies in general lighting and consumer electronics have reached maturity, leading to insufficient market growth momentum [1] - The company is actively pursuing industrial structural upgrades and enhancing quality and efficiency by focusing on core areas such as semiconductor and new display packaging technologies [1] Group 3: Operational Challenges - The weakening operational fundamentals of some clients have increased credit risk, resulting in a rise in provisions for bad debts related to accounts receivable and long-term receivables [1] - The company has increased its provisions for inventory write-downs due to the lower net realizable value compared to costs, in accordance with accounting standards [1] Group 4: R&D Investment - The company emphasizes long-term technological accumulation and product innovation, leading to an increase in R&D expenditures [1] - The focus on building a technological moat through enhanced R&D efforts is a strategic priority for the company [1]