Core Viewpoint - Jiutai Bonda Energy (02798) anticipates a net loss after tax of approximately RMB 178 million to RMB 218 million for the fiscal year ending December 31, 2025, a significant decline from a net profit of approximately RMB 440 million for the fiscal year ending December 31, 2024 [1] Group 1 - The expected shift from profit to loss is primarily attributed to a decline in global coal market prices, which has led to a substantial decrease in coal selling prices and directly compressed the company's gross margin [1] - The recent drop in coal market prices has prompted the company to adopt a conservative forecast for future coal product sales during impairment assessments, resulting in anticipated impairment losses on mining rights and property, plant, and equipment [1] - The expected impairment losses are characterized as non-cash and non-recurring, indicating that they will not have a direct impact on the company's cash flow [1]