Zhi Tong Cai Jing·2026-02-02 07:28Core Viewpoint - Kaisheng New Energy (600876)(01108) has experienced a decline of over 3%, currently trading at HKD 3.7 with a transaction volume of HKD 13.1761 million. The company has announced an expected increase in net losses for the fiscal year 2025 compared to the previous year, indicating ongoing financial challenges [1]. Financial Performance - The company anticipates a net loss attributable to shareholders of approximately RMB 900.7 million to RMB 2.9 billion for the fiscal year 2025, which represents a significant increase compared to the previous year [1]. - For 2024, the expected net loss attributable to shareholders is around RMB 6.1 billion, with a net loss excluding non-recurring items estimated at RMB 6.42 billion [1]. Operational Challenges - The primary reasons for the reported operational losses include persistent supply and demand pressures in the photovoltaic glass market, leading to a further decline in gross margins for photovoltaic glass [1]. - Additionally, the company has made provisions for asset impairments based on a cautious approach due to signs of impairment [1].