爱仕达预亏最高超2亿元，股东持续减持

Core Viewpoint - Aishida (002403), known as the "first stock of cookware," is expected to report a net loss attributable to shareholders of 154 million to 222 million yuan for 2025, marking a significant shift from a profit of 15.07 million yuan in the same period last year, indicating a transition from profit to loss [1][3]. Financial Performance - The projected net profit attributable to shareholders for 2025 is a loss of 154 million to 222 million yuan, compared to a profit of 15.07 million yuan in the previous year [1][2]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 174 million to 250 million yuan, compared to a loss of 34.73 million yuan in the same period last year [1][2]. - Basic earnings per share are projected to be between -0.45 yuan and -0.65 yuan, down from 0.04 yuan per share in the previous year [1][2]. Reasons for Loss - The decline in revenue is attributed to the impact of U.S. tariff fluctuations on the company's cookware and small appliance exports, leading to delayed or canceled orders [3]. - The industrial robot segment is undergoing strategic expansion, resulting in increased sales efforts; however, this has led to a decline in gross margins and increased operating expenses, exacerbating losses [3]. - The company anticipates higher asset impairment and credit impairment losses for 2025, particularly in the industrial robot segment, including inventory and goodwill impairments [4]. - Non-recurring gains and losses are expected to negatively impact net profit by approximately 24 million yuan, a decrease of about 25 million yuan from the previous year, primarily due to reduced government subsidies [4]. Historical Performance - Aishida has reported losses for several consecutive years, with net profits attributable to shareholders from 2021 to 2024 being -88.51 million yuan, -78.73 million yuan, -378 million yuan, and 15.07 million yuan, respectively [4]. - The company is set to incur its fourth annual loss in the past five years in 2025 [1][4]. Recent Trends - As of the end of the third quarter of 2025, Aishida reported a revenue of 1.954 billion yuan, a year-on-year decline of 7.57%, with a net loss attributable to shareholders of 58.99 million yuan, a staggering year-on-year drop of 365.22% [6]. - The company's asset-liability ratio has risen to 66.9%, with a current ratio of only 0.8, indicating potential liquidity issues [6]. Shareholder Activity - From October 20, 2025, to January 15, 2026, the controlling shareholder's action group, Taizhou Fuchuang Investment Co., Ltd., reduced its stake by 2.21 million shares, representing 0.65% of the total share capital, at prices ranging from 12.32 yuan to 14.64 yuan [7]. - Additionally, from October 20, 2025, to January 7, 2026, the same entity sold 1.2153 million shares, reducing its holding from 3.16% to 2.80% [7].