对于2025年业绩变化的主要原因，公司从三方面进行说明： 其一，主营业务方面，报告期内公司维持原有市场销售政策，以出货量和市场份额为核心，加大销售力度，产品出货量较去年同期 增加，营业收入及综合毛利率同比实现一定增长，但相较于现有营收规模，综合毛利率仍处于较低水平。 其二，期间费用影响方面，公司持续推进团队建设，加大研发投入与产品迭代力度，进一步丰富产品结构并开展新产品研发，导致 期间费用率仍处于较高水平。 其三，资产减值损失影响方面，报告期内下游市场景气度提升，行业市场供求关系向好，公司计提的资产减值损失金额同比减少， 但该因素对公司净利润仍存在较大影响。 1月19日，恒烁股份发布2025年年度业绩预告，预计2025年年度实现归属于母公司所有者的净利润为-9,832万元左右，相较于上年同 期减少亏损；预计归属于母公司所有者扣除非经常性损益后的净利润为-11,276万元左右。 回溯2024年度业绩情况，公司利润总额为-16,109.78万元，归属于母公司所有者的净利润为-16,099.89万元，归属于母公司所有者扣除 非经常性损益的净利润为-17,856.33万元，基本每股收益为-1.95元。 ...

Group 1 - The company aims to enhance operational capabilities by upgrading existing assets and processing isooctane and MTBE into finished gasoline to mitigate the negative impact of consumption tax [1] - The first phase of the project is expected to achieve 50% capacity utilization in its first full accounting year, generating revenue of 1.106 billion yuan and a net profit of 15 million yuan [1] - Upon full capacity, the project is projected to generate 2.213 billion yuan in revenue and a net profit of 35 million yuan [1] Group 2 - As of the end of 2024, the company's construction in progress amounts to 637 million yuan, an increase of 28.14% from the previous year [2] - The total budget for significant construction projects is 1.761 billion yuan, with a remaining balance of 558 million yuan [2] - Some projects have exceeded 100% completion but have not yet been transferred to fixed assets [2] Group 3 - The company has identified reasons for underutilization of capacity in major projects, including downstream demand, competition, and core product competitiveness [2][3] - Specific measures are being developed to improve capacity utilization, including price adjustments and enhancing product quality [2] - The company is actively exploring new markets, particularly in Africa, to boost sales [2] Group 4 - The company has a liquidity surplus after meeting operational and project funding needs, indicating no liquidity risk [9] - The company plans to optimize its organizational structure and focus on core business areas to improve its capital structure [9] Group 5 - The company acquired a 55% stake in Guan Zhen Technology for 60 million yuan, with performance commitments for net profits from 2022 to 2024 [10] - Guan Zhen Technology's actual net profits fell short of commitments, leading to a compensation obligation of 60 million yuan [10] - The company plans to transfer its stake in Guan Zhen Technology while ensuring compensation payments are made according to the agreed schedule [12] Group 6 - The company has reallocated goodwill among three asset groups, including Guan Zhen Technology, due to significant changes in the industry [15][19] - The reallocation of goodwill is in compliance with accounting standards and reflects the company's strategic adjustments [17][19]