启迪环境：2025年度预亏28亿元至35亿元 公司股票可能被实施退市风险警示

Core Viewpoint - The company, Qidi Environment (000826.SZ), is forecasting a significant net loss of between 2.8 billion to 3.5 billion yuan for the fiscal year 2025, primarily due to substantial investment losses and increasing receivables [1] Financial Performance - The expected net loss for 2025 is attributed to several factors, including the judicial auction of equity in some subsidiaries, leading to large investment losses [1] - Continuous growth in receivables has resulted in significant credit impairment losses being recognized [1] - The company has also recorded substantial asset impairment losses due to incomplete settlement of transferred assets and underperformance of certain projects [1] Debt and Financial Pressure - The overall debt burden is considerable, with some debts overdue, contributing to heavy financial costs and significant penalties and default fees [1] - The forecast indicates that the company's net assets attributable to the parent company may be negative by the end of 2025 [1] Regulatory Implications - If the audited net assets attributable to the parent company are negative, the company's stock may face delisting risk warnings from the Shenzhen Stock Exchange following the disclosure of the 2025 annual report [1]