菲林格尔(603226.SH)：2025年预亏6500万元到8500万元

Core Viewpoint - The company, Filinger (603226.SH), expects to report significant losses for the year 2025, primarily due to ongoing challenges in the real estate and home decoration industries, which are still in an adjustment phase [1] Financial Projections - The company anticipates a net profit attributable to shareholders of between -85 million to -65 million yuan for 2025 [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -90 million to -70 million yuan [1] - Projected operating revenue for 2025 is estimated to be between 340 million to 370 million yuan, with core operating revenue (excluding unrelated business income) expected to be between 330 million to 360 million yuan [1] Business Performance - The primary reason for the anticipated losses is the impact of the main business operations, as the real estate sector remains in a downturn, and there is no significant recovery in market demand for the downstream home decoration industry [1] - Although the company's main business revenue has seen a slight increase compared to the same period last year, the gross profit margin has declined [1] - The decline in gross profit margin is attributed to a higher proportion of revenue from lower-margin mid-to-low-end products and increased fixed costs due to the transition of the Danyang subsidiary to fixed assets in the second half of 2024 [1] - The company plans to make provisions for asset impairment on certain fixed assets and inventory, further exacerbating the expected losses [1]