丽岛新材2025年预亏，子公司产能爬坡拖累业绩

Core Viewpoint - Lida New Materials (603937) has announced a projected net loss for 2025, estimating a loss between 26 million to 36 million yuan, primarily due to factors such as subsidiary capacity ramp-up, asset impairment, and convertible bond interest expenses [1][2]. Financial Performance - For the year 2025, the company expects a net profit attributable to shareholders of the parent company to be a loss of 26 million to 36 million yuan, with a non-recurring net profit loss projected between 31 million to 43 million yuan [2]. - The anticipated losses are mainly attributed to the ramp-up period of its subsidiary, Lida New Energy (Anhui) Co., Ltd., which has resulted in higher unit costs, asset impairment losses, declining processing fees, and interest expenses from convertible bonds [2]. Stock Performance - As of January 28, 2026, Lida New Materials' stock price increased by 2.04%, closing at 12.99 yuan per share, with a net inflow of 1.27 million yuan in main funds, although the stock remains influenced by market sentiment and industry adjustments [3]. - Since November 2025, the stock has experienced significant volatility, correlating with the overall performance of the non-ferrous metal sector [3]. Subsidiary Development - The losses from the Anhui subsidiary during its capacity ramp-up period are a major factor dragging down overall performance, necessitating close monitoring of future capacity release and cost control progress [4]. Industry Policy and Environment - In the long term, the aluminum industry is influenced by macroeconomic factors, such as the increasing penetration rate of electric vehicles potentially driving demand; however, challenges remain due to overcapacity and cost pressures, including fluctuations in alumina prices [5].