中钢洛耐(688119.SH)：2025年度预亏1.2亿元至1.9亿元

Group 1 - The company, Zhonggang Luonai (688119.SH), expects a net profit attributable to shareholders of the parent company for 2025 to be between -190 million to -120 million yuan, representing a year-on-year decrease of 103.06% to 221.51% [1] - The expected net profit after deducting non-recurring gains and losses for 2025 is projected to be between -260 million to -180 million yuan, indicating a year-on-year decrease of 58.26% to 128.60% [1] - The demand for refractory materials in the steel and building materials sectors, which are the company's core services, continues to weaken, leading to an oversupply in the market and intensified competition [1] Group 2 - The company's main product sales prices have generally declined, significantly squeezing profit margins and directly impacting current operating performance [1] - To strengthen accounts receivable management and ensure asset quality, the company has initiated litigation procedures for certain large overdue accounts receivable [1] - Based on accounting prudence principles, the company has fully provided for bad debt reserves on related amounts, which will affect current profits; if these amounts are recovered in the future, the company will reverse the impairment provisions according to accounting standards [1]