*ST星农：2025年预亏9000万元到1.35亿元

Core Viewpoint - *ST Xingnong (603789.SH) is expected to report significant losses for the year 2025, with projected total profit ranging from -100 million to -70 million yuan and net profit attributable to shareholders expected to be between -135 million and -90 million yuan [1] Financial Projections - Estimated total profit for 2025 is projected to be between -100 million and -70 million yuan [1] - Expected net profit attributable to the parent company is forecasted to be between -135 million and -90 million yuan [1] - Projected net profit after deducting non-recurring gains and losses is estimated to be between -220 million and -150 million yuan [1] - Anticipated operating revenue for 2025 is expected to be between 350 million and 400 million yuan, with core operating revenue (excluding unrelated business income) projected to be between 310 million and 350 million yuan [1] - Expected net assets by the end of 2025 are estimated to be between 100 million and 150 million yuan [1] Reasons for Performance Decline - The primary reason for the expected loss is the company's expansion into new business areas, forming two main segments: agricultural machinery and automotive, which led to a significant increase in revenue compared to the previous year [1] - Despite revenue growth, the overall cost structure remains high, particularly in the agricultural machinery segment, where industry fluctuations and market competition have forced the company to adjust its production capacity and divest subsidiaries, resulting in a substantial decline in revenue compared to the previous year [1] - The company faces ongoing fixed cost pressures from facilities and equipment depreciation, leading to high product costs and weak profitability [1] - The new business segments have not yet generated sufficient profits to offset the losses from the original agricultural machinery segment, contributing to the overall expected losses [1] - The company has made provisions for bad debts and asset impairments according to accounting standards, which is expected to reduce net profit by approximately 37 million yuan [1]