CRE(SH:600217) Sou Hu Cai Jing·2026-01-28 12:13Core Viewpoint - The company, Zhongzai Resources Environment Co., Ltd., anticipates a net profit loss of between 394 million to 574 million yuan for the year 2025 after deducting non-recurring items [1] Group 1: Performance Forecast - The expected loss is attributed to a significant reduction in government subsidies for the waste household appliance recycling industry during the transition period of national subsidy policies [2] - The Ministry of Finance has clarified that the amount allocated for supporting the industry through "awards instead of subsidies" for 2024 is 2.7 billion yuan, which has impacted the company's revenue estimates for the reporting period [2] - The total amount of special funds for 2025 has not yet been clearly defined, with the Ministry of Finance indicating a budget of 2.3 billion yuan for unallocated subsidies from previous policies [2][3] Group 2: Financial Performance - In the first three quarters of 2025, the company's main revenue was 2.449 billion yuan, a year-on-year decrease of 15.56% [6] - The net profit attributable to shareholders was -373 million yuan, a year-on-year decline of 689.07%, while the non-recurring net profit was -384 million yuan, down 804.28% [6] - The company's third-quarter performance showed a slight revenue decrease of 0.72% year-on-year, with a net profit of -7.92 million yuan, reflecting a 92% increase compared to the previous year [6]