SITONG(SH:603838) Ge Long Hui·2026-01-30 10:24Summary of Key Points Core Viewpoint - *ST Sitong (603838.SH) is expected to report significant losses for the year 2025, with projected total profits ranging from -83 million to -65 million yuan and net profits attributable to shareholders ranging from -84 million to -66 million yuan [1][2]. Financial Projections - The estimated operating revenue for 2025 is projected to be between 360 million and 410 million yuan, with the same range applicable after excluding non-core business revenues [1]. - The expected net assets by the end of 2025 are estimated to be between 850 million and 940 million yuan [1]. Reasons for Expected Losses - The primary reasons for the anticipated losses include: - Decreased market demand for products due to ongoing international geopolitical conflicts and changing market conditions, leading to a decline in export revenue from the ceramic business and increased costs due to lower export tax rebates, which negatively impacted gross profit and gross margin [2]. - The inclusion of Dalian Yiwei New Materials Co., Ltd.'s full-year operating results in the consolidated financial statements is expected to increase revenue by approximately 140 million yuan, but high raw material costs and declining sales prices have resulted in significant losses [2]. - The company's export business is primarily settled in US dollars, and fluctuations in exchange rates have led to increased foreign exchange losses [2]. - There are indications of asset impairment based on cautious analysis of the current competitive landscape and future trends, leading to increased provisions for asset impairment losses, particularly concerning fixed assets and inventory [2].