万里石(002785.SZ)：预计2025年净亏损4500万元-7500万元

Core Viewpoint - Wanli Stone (002785.SZ) expects a net profit attributable to shareholders of the listed company to be between -75 million to -45 million yuan for 2025, compared to -54.441 million yuan in the same period last year [1] Group 1: Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between -73 million to -43 million yuan [1] - The previous year's net profit excluding non-recurring items was -54.441 million yuan [1] Group 2: Business Environment - The stone business segment faces intense competition, and high fixed costs in traditional manufacturing limit overall gross margins and profitability [1] - The real estate market is undergoing structural adjustments, impacting the financial status of downstream real estate clients [1] Group 3: Credit and Asset Management - The settlement cycle for accounts receivable is lengthening, leading to an expected increase in credit losses [1] - The company is making provisions for impairment on inventory and assets with indications of impairment, following the lower of cost or net realizable value principle [1]