归属于上市公司股东的净利润亏损，主要系：1、光伏产业周期调整，所处细分领域价格竞争激烈，销 售数量减少，胶膜产品毛利率处于低位，盈利能力承压。2、因产能利用率处于低位，期末部分资产的 可收回金额低于其账面价值。基于审慎性原则，公司聘请专业机构对报告期末光伏业务各项资产进行专 业评估后，按会计准则要求计提资产减值准备。3、公司新领域业务的研发和市场持续投入，对利润造 成负面影响。 海优新材(688680.SH)发布2025年年度业绩预告，公司预计2025年度实现归属于母公司所有者净亏损4.4 亿元至5.2亿元。 ...

智通财经APP讯，海优新材(688680.SH)发布2025年年度业绩预告，公司预计2025年度实现归属于母公 司所有者净亏损4.4亿元至5.2亿元。 归属于上市公司股东的净利润亏损，主要系：1、光伏产业周期调整，所处细分领域价格竞争激烈，销 售数量减少，胶膜产品毛利率处于低位，盈利能力承压。2、因产能利用率处于低位，期末部分资产的 可收回金额低于其账面价值。基于审慎性原则，公司聘请专业机构对报告期末光伏业务各项资产进行专 业评估后，按会计准则要求计提资产减值准备。3、公司新领域业务的研发和市场持续投入，对利润造 成负面影响。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's revenue for H1 2025 was 633 million yuan, a year-on-year decrease of 57.47%, with a net profit attributable to shareholders of -133 million yuan, indicating a narrowing loss [1]. - The profitability of the encapsulation film business is under short-term pressure due to fluctuations in the photovoltaic industry and intense price competition, leading to historically low gross margins [2]. - The automotive materials business is expected to become a new growth driver, with significant progress in the development of self-researched PDCLC instant light-adjustable liquid crystal films, which have been successfully industrialized [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 318 million yuan, a year-on-year decrease of 48.07%, but a quarter-on-quarter increase of 0.66% [1]. - The net profit for Q2 2025 was -76 million yuan, continuing the loss trend [1]. Business Segments - The encapsulation film business faces challenges due to the photovoltaic industry's cyclical adjustments and market competition, prompting the company to adopt a conservative strategy while focusing on innovation [2]. - The automotive business has made substantial advancements, with the successful launch of the PDCLC film in vehicles, and the company is actively expanding production capacity [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.605 billion, 2.840 billion, and 3.993 billion yuan, respectively, with net profits expected to improve from -197 million yuan in 2025 to 227 million yuan in 2027 [4][5]. - The company anticipates a significant increase in revenue driven by the automotive business, with corresponding PE ratios of 76X for 2026 and 18X for 2027 [4].