万里石：2025年全年预计净亏损4500万元—7500万元

Core Viewpoint - Wanli Stone has released its earnings forecast for 2025, projecting a net profit attributable to shareholders of between -45 million and -75 million yuan, and a net profit excluding non-recurring losses of between -73 million and -43 million yuan [1] Group 1: Business Performance - The stone business segment faces intense competition and high fixed costs typical of traditional manufacturing, resulting in low overall gross margins and limited profitability [1] - The real estate market is undergoing structural adjustments, affecting the company's downstream real estate clients' financial conditions, leading to longer accounts receivable settlement periods and increased expected credit losses [1] Group 2: Asset Management - The company has recognized impairment provisions for inventory and assets like housing for compensation that show signs of impairment, following the principle of lower of cost and net realizable value [1] - The lithium extraction business from salt lakes has not yet achieved large-scale production, and fixed cost expenditures have negatively impacted the company's profits [1] - The company has prudently recognized asset impairment provisions for the front-end production line, which has had a temporary impact on the net profit for the current year [1]