TIANMA TECH(SH:603668) Ge Long Hui A P P·2026-01-30 12:58Core Viewpoint - Tianma Technology (603668.SH) is expected to report a net loss attributable to shareholders of the listed company ranging from -180 million to -120 million yuan for the fiscal year 2025, indicating a decline compared to the previous year [1] Financial Performance - The projected net profit excluding non-recurring gains and losses for 2025 is estimated to be between -200 million and -140 million yuan [1] - The company is facing a challenging financial outlook due to macroeconomic fluctuations, cyclical adjustments in the industry, and intensified market competition [1] Industry Context - The eel industry is currently in a downturn, with a decrease in sales prices for live eels and grilled eel products due to an expected increase in supply from Japan's abundant eel fry production in 2025 [1] - The company has experienced losses in both the farming and grilled eel food segments as a result of these industry challenges [1] Operational Insights - Despite the adverse market conditions, the company has managed to maintain stable output of live eels and sales volume of grilled eel products [1] - However, the company is facing pressure on product sales prices and rising production costs, leading to a decline in gross margins for the feed segment [1] - Increased operating expenses and provisions for asset impairment have also contributed to the company's projected losses for the year [1]