ST新研2025年业绩预告：扭亏为盈但扣非仍亏，股价震荡下行

Group 1 - The company ST Xinyan expects to achieve a net profit attributable to shareholders of between 40 million and 51 million yuan for the year 2025, marking a turnaround from losses, although the net profit excluding non-recurring items is still projected to be a loss of between 288 million and 368 million yuan due to ongoing operational challenges and market cyclicality [1] - In the first three quarters of 2025, the company reported a net loss attributable to shareholders of 241 million yuan, a year-on-year decrease of 35.81%, with a single-quarter loss of 72.83 million yuan in Q3, reflecting a significant year-on-year decline of 78.14% [1] - The company's debt ratio is notably high at 119.64%, with financial expenses constituting a large portion of revenue, indicating tight cash flow and potential debt risks [1] Group 2 - Over the past seven trading days, ST Xinyan's stock price has experienced a downward trend, with a decline of 2.52%, closing at 3.10 yuan on February 11, 2026 [2] - On February 11, 2026, there was a net outflow of 1.4845 million yuan from institutional funds and 2.017 million yuan from retail funds, while retail investors saw a net inflow of 3.5015 million yuan, indicating significant short-term selling pressure [2] - The stock price is currently near the lower band of the 20-day Bollinger Bands, with a support level at 3.02 yuan, and the MACD indicator shows a weak trend, reflecting cautious market sentiment [2] Group 3 - The recent rise in interest surrounding aerospace exploration, particularly following the successful maiden flight tests of the Long March 10 and Dream Boat spacecraft, has increased attention on the aerospace industry chain, which may indirectly benefit ST Xinyan's business in aerospace structural component manufacturing [3] - However, the company's core business remains focused on agricultural machinery, with agricultural machinery revenue accounting for 75.11% of total revenue in the 2025 mid-year report, necessitating a distinction between speculative trading and actual performance [3] - The agricultural machinery industry is facing overall weak demand, with a year-on-year decline in tractor production in the first three quarters of 2025, coupled with intensified competition within the industry [3]