Core Viewpoint - Jiutai Bonda Energy (02798) is expected to report a significant decline in after-tax net profit for the first half of 2025, projecting a profit of approximately RMB 6 million to 10 million, representing a year-on-year decrease of about 97.6% to 99.9% due to various operational challenges and market conditions [1] Group 1: Financial Performance - The company anticipates a drastic reduction in after-tax net profit for the first half of 2025, estimating between RMB 6 million to 10 million [1] - This projection indicates a year-on-year decline of approximately 97.6% to 99.9% [1] Group 2: Market Conditions - The decline in profit is primarily attributed to a significant drop in the market price of premium coal, which has severely reduced coal prices and compressed the company's gross margin [1] Group 3: Operational Challenges - Geological complexities at the Hongguo and Baogushan coal mines have slowed operational progress, reduced coal mine utilization rates, and increased costs related to underground preparation and waste disposal [1] - Despite implementing operational efficiency measures, the company faces rising compliance-related costs due to increased safety management expenses, land compensation for expansion, and the development of compliant waste landfills [1]