万润新能(688275.SH)发预亏，预计2025年年度归母净亏损4亿元至4.8亿元

Core Viewpoint - Wanrun New Energy (688275.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -400 million yuan, representing a reduction in losses of 390.37 million to 470.37 million yuan compared to the previous year, an increase of 44.85% to 54.04% year-on-year [1] Group 1: Performance Analysis - The company experienced significant growth in the sales volume of its main product, lithium iron phosphate, despite a decrease in the average annual price of lithium carbonate, which led to a corresponding reduction in product prices [2] - The company's capacity utilization rate improved significantly, and the economies of scale on production lines resulted in a decrease in unit costs that outpaced the decline in revenue, leading to a recovery in the gross margin of lithium iron phosphate compared to the previous year [2] - The company implemented enhanced inventory management and cost reduction measures, which are expected to result in a decrease in the provision for inventory impairment for the 2025 fiscal year, thereby narrowing overall losses compared to the previous year [2] Group 2: Pricing and Accounting Impact - The company adopted a point pricing model for some of its lithium carbonate procurement, where the purchase price is determined based on the price adjustment mechanism agreed upon at the time of control transfer [2] - Due to a rapid increase in lithium carbonate prices in the fourth quarter, the company recognized fair value changes as losses in accordance with accounting standards, which were reported as non-recurring gains and losses [2]