万里马：预计2025年归母净利润为亏损1.32亿元至1.55亿元

Core Viewpoint - The company expects a net loss attributable to shareholders of between 132 million to 155 million yuan for the fiscal year 2025, an improvement from a loss of 176 million yuan in the same period last year [1] Financial Performance - The expected net profit, excluding non-recurring gains and losses, is projected to be a loss of between 126 million to 149 million yuan, compared to a loss of 140 million yuan in the previous year [1] - The overall operating revenue did not meet expectations due to high fixed costs and low gross margin levels [1] Business Segments - The company's live e-commerce and bulletproof protective equipment segments experienced year-on-year growth [1] - The main leather goods business continues to face pressure due to intensified industry competition and weak market demand [1] - A reduction in orders from key group-buying clients has led to underutilization of production capacity [1]