NXGF(SZ:002757) 中国基金报·2026-01-06 00:31Core Viewpoint - Naxing Co., Ltd. is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 90 million and 120 million yuan, compared to a loss of 175.14 million yuan in the previous year [2][3]. Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [4]. - The company anticipates a positive net profit, indicating a turnaround from previous losses [4]. - The projected net profit is between 90 million and 120 million yuan, while the previous year's loss was 175.14 million yuan [4]. - The expected net profit after deducting non-recurring gains and losses is between 75 million and 105 million yuan, compared to a loss of 186.20 million yuan last year [4]. - Basic earnings per share are projected to be between 0.3046 yuan and 0.4062 yuan, compared to a loss of 0.5928 yuan per share in the previous year [4]. Reasons for Profit Turnaround - The company attributes the profit turnaround to a significant reduction in goodwill impairment, which amounted to 364 million yuan in 2024, leading to a substantial decrease in net profit for that year [5]. - The IDC business has shown growth, and the impact of goodwill impairment on current profits is expected to be minimal [5]. - For the first three quarters of 2025, the company reported a net profit of 92 million yuan, with an estimated fourth-quarter profit ranging from a loss of 2 million yuan to a profit of 28 million yuan, compared to a loss of 382 million yuan in the same quarter last year [5]. Business Segments - Naxing Co., Ltd. was established in 1996 and went public in 2015. Its main business is divided into two segments: traditional smart furniture equipment and the IDC and cloud computing business acquired in 2018 [5]. - The IDC business has become the largest revenue contributor, accounting for 54.51% of total revenue as of June 30, 2025, with revenue of 877 million yuan [5]. Goodwill Impairment - The company recorded a goodwill of 618 million yuan when acquiring the unique network, with a total impairment provision of 364 million yuan for the IDC business assets by the end of 2024 [6]. - The total accumulated impairment provision reached 498 million yuan, leaving approximately 120 million yuan of unimpairment goodwill [6]. Market Performance - Naxing Co., Ltd. has gained attention in the market due to its positioning in the AI technology and computing infrastructure sectors, leading to a surge in stock prices, with three consecutive trading days of limit-up, reaching a price of 21.42 yuan per share and a market capitalization of 6.329 billion yuan [8]. - The company has confirmed that its recent operational conditions are normal, with no significant changes in disclosed operational situations or external environments [10].