航天动力(600343.SH)：2025年预亏1.78亿元至2.1亿元

Core Viewpoint - The company, Aerospace Power (600343.SH), expects a significant net loss for the year 2025, with projected net profit attributable to shareholders ranging from -210 million to -178 million yuan [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -189 million and -158 million yuan for 2025 [1] - The expected loss is primarily due to a decrease in revenue by approximately 10% compared to the previous year, impacting profits by about 105 million yuan [1] Group 2: Operational Challenges - The decline in revenue is attributed to a contraction in product categories and models, as well as adverse market conditions [1] - There are indications of impairment for certain inventories due to product transformation and changes in customer orders, leading to a provision for inventory write-downs of approximately 32 million yuan [1] - The company also faces impairment risks for some equipment and patents due to new national standards, resulting in a provision for asset impairment of around 16 million yuan [1] Group 3: Non-Operating Losses - Non-operating losses are expected to impact profits by about 41 million yuan, primarily due to the underperformance of the company's joint venture, Xi'an Hangli Technology Co., Ltd., and provisions for liabilities related to investor lawsuits [1]