特发信息去年业绩预亏，资产减值成主因，公司主业经营稳健

Core Viewpoint - The company, Tefa Information, is expected to report a net loss of 400 million to 520 million yuan for the year 2025, marking its third consecutive year of losses, with total losses exceeding 1.075 billion yuan over this period [1][3]. Financial Performance - The projected net loss attributable to shareholders is between 400 million and 520 million yuan, compared to a loss of 402.57 million yuan in the previous year [6]. - The net loss after excluding non-recurring gains and losses is expected to be between 417 million and 542 million yuan, compared to a loss of 465.10 million yuan in the previous year [6]. - The basic earnings per share are projected to be a loss of 0.4443 to 0.5776 yuan, compared to a loss of 0.4471 yuan in the previous year [6]. Business Segments - The core cable segment continues to show resilience, with both revenue and profit experiencing year-on-year growth, despite the overall losses in 2025 [3][8]. - The non-core business segments, particularly the smart city project and previous acquisitions, have been significant burdens, leading to asset impairment provisions [8]. Challenges and Market Outlook - The company has faced challenges with the smart city project, which has experienced multiple delays and has not met market expansion expectations, resulting in asset impairment [8]. - While the company is not currently at risk of being delisted under new A-share regulations, continuous losses may undermine market confidence and affect financing capabilities [9].