Core Viewpoint - Shanghai Ailu expects a net loss attributable to shareholders of 90 million to 120 million yuan for the year 2025, primarily due to operational losses and asset/credit impairment losses [1] Group 1: Financial Performance - The projected net profit loss for 2025 is estimated at 90 million to 120 million yuan, with a non-recurring net profit loss of 80 million to 110 million yuan [1] - Operational losses are expected to impact net profit by approximately 25 million to 35 million yuan, while asset/credit impairment losses are projected to affect net profit by about 65 million to 85 million yuan [1] Group 2: Operational Challenges - The industrial paper packaging expansion project, funded by a convertible bond, is experiencing increased fixed asset depreciation, leading to operational losses [1] - The project is in a ramp-up phase, with lower capacity utilization and a longer capacity digestion cycle due to weakened demand in downstream industries, resulting in reduced gross margins compared to 2024 [1] - The photovoltaic frame material business is still in its commercialization early stage, with high initial R&D costs and a lengthy validation period for new materials, impacting overall revenue [1] Group 3: Asset Impairment - The company has conducted thorough assessments of receivables, fixed assets, and inventory, identifying significant impairment indicators in its photovoltaic backsheet film business [1] - Impairment provisions have been made for other subsidiaries based on prudence, with total asset/credit impairment losses estimated to impact net profit by 65 million to 85 million yuan [1] - As of the reporting period, the company has completed accurate impairment provisions for its consolidated assets [1]
上海艾录：2025年全年净亏损9000万元—12000万元