消息面上，中国国航公布，预计公司2025年度将出现亏损，归属于上市公司股东的净亏损约为人民币13 亿元到人民币19亿元，归属于上市公司股东扣除非经常性损益后的净亏损约为人民币19亿元到人民币27 亿元。2024年归属于上市公司股东的净亏损为人民币2.37亿元，归属于上市公司股东的扣除非经常性损 益的净亏损为人民币25.40亿元。 西部证券（002673）指出，2025年Q1-Q3中国国航累计实现归母净利润18.70亿元，结合预亏公告2025 全年归母净利润在-19至-13亿之间，由此可以推算公司25Q4亏损在31.7-37.7亿元之间。25Q4较24年同期 亏损幅度扩大。根据公告2024年Q4中国国航归母净利润为-16.00亿元，由此可说明25年Q4公司归母净 利润亏损幅度扩大，原因是公司对递延所得税资产的账面价值进行复核，相应转回部分递延所得税资 产。 中国国航（601111）(00753)盘中跌近3%，截至发稿，跌2.44%，报6.81港元，成交额1.32亿港元。 ...

西部证券指出，2025年Q1-Q3中国国航累计实现归母净利润18.70亿元，结合预亏公告2025全年归母净 利润在-19至-13亿之间，由此可以推算公司25Q4亏损在31.7-37.7亿元之间。25Q4较24年同期亏损幅度扩 大。根据公告2024年Q4中国国航归母净利润为-16.00亿元，由此可说明25年Q4公司归母净利润亏损幅 度扩大，原因是公司对递延所得税资产的账面价值进行复核，相应转回部分递延所得税资产。 消息面上，中国国航公布，预计公司2025年度将出现亏损，归属于上市公司股东的净亏损约为人民币13 亿元到人民币19亿元，归属于上市公司股东扣除非经常性损益后的净亏损约为人民币19亿元到人民币27 亿元。 2024年归属于上市公司股东的净亏损为人民币2.37亿元，归属于上市公司股东的扣除非经常性损 益的净亏损为人民币25.40亿元。 智通财经APP获悉，中国国航(00753)盘中跌近3%，截至发稿，跌2.44%，报6.81港元，成交额1.32亿港 元。 ...

中国东航(600115.SH)发布公告，公司预计2025年度归属于上市公司股东的净利润约为人民币-13亿元 至-18亿元。 公司全年完成运输总周转量279.81亿吨公里，旅客运输量近1.50亿人次，分别同比增长10.82%和 6.68%，利润总额预计为人民币2亿元至3亿元，实现扭亏为盈。根据会计准则，公司报告期内转回部分 前期可抵扣亏损形成的递延所得税资产，增加所得税费用，导致公司归属于上市公司股东净利润为负 值。 ...

2025年，中国经济总体平稳向好，民航业延续稳健增长趋势，公司抓住市场机遇、积极应对行业发展新 常态，深入推进提质增效。持续优化生产组织，挖潜可用飞机资源确保有效投入；动态把握市场流向， 科学平衡量价关系稳定收益品质；全面升级成本管控，强化"过紧日子"意识压降成本水平。公司全力以 赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特点，巩固了经营质量持续向优态势。公 司严格执行企业会计准则，于资产负债表日对递延所得税资产的账面价值进行覆核，相应转回部分递延 所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 格隆汇1月30日丨中国国航(00753.HK)公告，经公司财务部门初步测算，预计公司2025年度将出现亏 损，归属于上市公司股东的净亏损约为人民币13亿元到人民币19亿元，归属于上市公司股东扣除非经常 性损益后的净亏损约为人民币19亿元到人民币27亿元。 ...

2025年，中国经济总体平稳向好，民航业延续稳健增长趋势，公司抓住市场机遇、积极应对行业发展新 常态，深入推进提质增效。持续优化生产组织，挖潜可用飞机资源确保有效投入;动态把握市场流向， 科学平衡量价关系稳定收益品质;全面升级成本管控，强化"过紧日子"意识压降成本水平。公司全力以 赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特点，巩固了经营质量持续向优态势。公 司严格执行企业会计准则，于资产负债表日对递延所得税资产的账面价值进行复核，相应转回部分递延 所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 中国国航（601111）(00753)公布，预计公司2025年度将出现亏损，归属于上市公司股东的净亏损约为 人民币13亿元到人民币19亿元，归属于上市公司股东扣除非经常性损益后的净亏损约为人民币19亿元到 人民币27亿元。2024年归属于上市公司股东的净亏损为人民币2.37亿元，归属于上市公司股东的扣除非 经常性损益的净亏损为人民币25.40亿元。 ...

智通财经APP讯，中国国航(00753)公布，预计公司2025年度将出现亏损，归属于上市公司股东的净亏损 约为人民币13亿元到人民币19亿元，归属于上市公司股东扣除非经常性损益后的净亏损约为人民币19亿 元到人民币27亿元。 2024年归属于上市公司股东的净亏损为人民币2.37亿元，归属于上市公司股东的扣 除非经常性损益的净亏损为人民币25.40亿元。 2025年，中国经济总体平稳向好，民航业延续稳健增长趋势，公司抓住市场机遇、积极应对行业发展新 常态，深入推进提质增效。持续优化生产组织，挖潜可用飞机资源确保有效投入;动态把握市场流向， 科学平衡量价关系稳定收益品质;全面升级成本管控，强化"过紧日子"意识压降成本水平。公司全力以 赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特点，巩固了经营质量持续向优态势。公 司严格执行企业会计准则，于资产负债表日对递延所得税资产的账面价值进行复核，相应转回部分递延 所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 ...

【中国国航：预计2025年净亏损13亿元-19亿元】智通财经1月30日电，中国国航(601111.SH)公告称，预 计2025年度归属于上市公司股东的净亏损约为13亿元到19亿元。上年同期归属于上市公司股东的净亏损 为2.37亿元。2025年，公司全力以赴促生产、强经营、稳增长，经营效益整体呈现增投增收降本特点， 巩固了经营质量持续向优态势。公司严格执行企业会计准则，于资产负债表日对递延所得税资产的账面 价值进行复核，相应转回部分递延所得税资产，预计2025年归属于上市公司股东净利润出现亏损。 转自：智通财经 ...

Core Viewpoint - Sifang New Materials (605122.SH) is expected to report a net loss of approximately 30 million yuan for the fiscal year 2025, indicating an increase in losses compared to the previous year [1] Financial Performance - The company anticipates a revenue of around 100 million yuan for 2025 [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be a loss of about 32 million yuan [1] Market Conditions - The primary sales market for the company's ready-mixed concrete is Chongqing, where the real estate sector has declined significantly [1] - From January to December 2025, the newly started construction area in Chongqing's real estate sector is expected to decrease by 29.4%, leading to a substantial reduction in demand for ready-mixed concrete products [1] Cost and Profitability - The decline in the cost of key raw materials for ready-mixed concrete has not kept pace with the decrease in sales prices, resulting in a lower gross margin for concrete sales [1] - The overall profitability of the company has been adversely affected due to the market downturn [1] Tax and Accounting Implications - Due to the decline in profitability, the company is unlikely to generate sufficient taxable income during the allowable tax deduction period [1] - In accordance with the relevant provisions of the Accounting Standards for Enterprises, the company has partially reversed previously recognized deferred tax assets, negatively impacting net profit [1]

Core Viewpoint - The company Sifang New Materials is forecasting a significant decline in net profit for the year 2025, primarily due to adverse market conditions in the real estate sector in Chongqing, which has led to reduced demand for ready-mixed concrete products [1] Group 1: Financial Forecast - The company expects a net profit attributable to shareholders of approximately -300 million yuan for 2025, representing a year-on-year decrease [1] - The net profit after deducting non-recurring gains and losses is projected to be around -320 million yuan for the same period [1] Group 2: Market Conditions - The primary sales market for the company's ready-mixed concrete is Chongqing, where the real estate sector has experienced a downturn, with new construction area declining by 29.4% from January to December 2025 [1] - This decline in the real estate market has significantly reduced the demand for the company's products, leading to lower-than-expected overall sales [1] Group 3: Cost and Profitability Issues - The decrease in the gross profit margin for ready-mixed concrete is attributed to the decline in raw material costs not keeping pace with the drop in sales prices, negatively impacting the company's profitability [1] Group 4: Asset and Credit Impairments - The company anticipates a reversal of deferred tax assets due to insufficient taxable income during the allowable deduction period, which will negatively affect net profit [1] - The company has recognized asset impairment losses due to underperformance of acquired subsidiaries and indications of impairment in goodwill and fixed assets [1] - Credit impairment losses have been recognized as a result of liquidity issues faced by downstream enterprises, leading to delays in the collection of accounts receivable [1]

Core Insights - Jiangling Motors (000550.SZ) reported a decline in Q3 2025 revenue to 9.196 billion yuan, a year-on-year decrease of 6.26%, with net profit attributable to shareholders dropping to 16.406 million yuan, down 93.94% [1][2] - The company's net profit excluding non-recurring gains showed a loss of 72.93 million yuan, a decline of 126.67%, indicating that the core business is operating at a loss when excluding government subsidies [1][2] Financial Performance - For the first three quarters of 2025, Jiangling Motors achieved a total revenue of 27.289 billion yuan, a decrease of 1.59% year-on-year, while net profit attributable to shareholders was 749 million yuan, down 35.76% [4] - The net profit excluding non-recurring gains for the same period was 467 million yuan, reflecting a significant decline of 56.95% [4] Sales and Cash Flow - The company sold a total of 260,957 vehicles in the first three quarters, representing a year-on-year increase of 7.73%, including 70,773 light passenger vehicles, 52,726 trucks, 45,404 pickups, and 92,054 SUVs [2] - Despite the increase in sales volume, revenue from sales decreased, indicating that selling more vehicles did not translate into higher earnings [2] - The net cash flow from operating activities decreased by 15.24 billion yuan, a decline of 88.30%, primarily due to reduced cash receipts from sales [2] Accounts Receivable - By the end of Q3, accounts receivable increased by 1.536 billion yuan, a rise of 36.75%, mainly due to growth in vehicle export business [2] - The surge in accounts receivable poses a risk of bad debts and consumes significant working capital [2]