Core Viewpoint - The company, Xinbo Co., Ltd., is forecasting a significant net loss for the year 2025, indicating a challenging outlook for its financial performance due to ongoing pressures in the photovoltaic industry and underperformance in its other business segments [1] Financial Performance - The company expects a net profit attributable to shareholders to be a loss of 138 million to 198 million yuan, representing a year-on-year decrease of 181.96% to 217.60% [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 150 million to 210 million yuan, reflecting a year-on-year decline of 206.29% to 248.81% [1] Industry Context - The photovoltaic industry is currently undergoing a phase of adjustment, with prices across the entire supply chain remaining under pressure [1] - The company's photovoltaic product processing fees are still on a downward trend, contributing to the financial challenges [1] Asset Management - In the fourth quarter, the company conducted impairment testing on its photovoltaic segment assets based on a principle of prudence, leading to the recognition of asset impairment provisions as required by accounting standards [1] Other Business Segments - The company's segments in new energy vehicles and recycled aluminum are in a capacity ramp-up phase, with efficiency and outcomes not meeting expectations [1]

本期业绩预告的主要原因：（一）2025年6月末公司控股子公司江西鑫科投产转固。目前尚处于产能爬 坡期，单位产品固定成本较高，全年出现亏损。（二）2024年度因政府征收补偿，公司取得了较高的资 产处置收益，2025年度该项收益较去年有所减少。（三）2025年度，一方面公司享受的先进制造业企业 增值税加计抵减较去年同期有所减少；另一方面公司虽然积极采取措施降低国家取消铜材出口退税政策 对公司外贸业务的不利影响，但公司盈利空间仍然受到挤压。 格隆汇1月29日丨鑫科材料(600255.SH)公布，公司预计2025年度实现归属于母公司股东的净利润2,550万 元到3,800万元，较上年同期减少39.06%至59.10%。公司预计2025年度实现归属于母公司股东扣除非经 常性损益后的净利润980万元到1,460万元，较上年同期减少60.91%至73.76%。 ...

本期业绩变化的主要原因：1、报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订 单，公司合力保交付，营业收入同比实现增长22.91%左右。2、报告期内，公司根据市场变化情况适时 优化内部产品结构，积极实施降本增效措施，使得整体毛利率有所提升，公司盈利能力得以增强。3、 募投项目效益显现:其中，风电齿轮箱零部件项目产能逐步释放，机加工设备平均利用率大幅度提升， 加工产值给予公司较大贡献，并因产能释放而有效降低单位固定成本，实现盈利。海上风电铸件项目通 过一系列技术改造、产线优化、工艺降本、产品多样化等方式促使产能利用率大幅度提升，熔炼产线满 负荷运转，实现盈利。 格隆汇1月29日丨广大特材(688186.SH)公布，经财务部门初步测算，预计2025年度实现营业收入为49.20 亿元左右，与上年同期（法定披露数据）相比，将增加9.17亿元左右，同比增加22.91%左右。预计2025 年度实现归属于母公司所有者的净利润为2.10亿元左右，与上年同期（法定披露数据）相比，预计增加 0.95亿元左右，同比增加82.61%左右。预计2025年度实现归属于母公司所有者的扣除非经常性损益的净 利润为2.00亿元左 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，广大特材1月29日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润为 2.1亿元左右，与上年同期相比，预计增加0.95亿元左右，同比增加82.61%左右。业绩变动主要原因 是，报告期内，公司下游所属行业需求整体向好，营销部门积极拓展客户订单，公司合力保交付，营业 收入同比实现增长22.91%左右。报告期内，公司根据市场变化情况适时优化内部产品结构，积极实施 降本增效措施，使得整体毛利率有所提升，公司盈利能力得以增强。其中，风电齿轮箱零部件项目产能 逐步释放，机加工设备平均利用率大幅度提升，加工产值给予公司较大贡献，并因产能释放而有效降低 单位固定成本，实现盈利。海上风电铸件项目通过一系列技术改造、产线优化、工艺降本、产品多样化 等方式促使产能利用率大幅度提升，熔炼产线满负荷运转，实现盈利。 ...

（记者 曾健辉） 每经AI快讯，鑫科材料1月29日晚间发布业绩预告，预计2025年度实现归属于母公司股东的净利润2550 万元到3800万元，与上年同期相比，将减少2435.46万元~3685.46万元，较上年同期减少 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 39.06%~59.1%。业绩变动主要原因是，2025年6月末公司控股子公司江西鑫科投产转固。目前尚处于产 能爬坡期，单位产品固定成本较高，全年出现亏损。2024年度因政府征收补偿，公司取得了较高的资产 处置收益，2025年度该项收益较去年有所减少。2025年度，一方面公司享受的先进制造业企业增值税加 计抵减较去年同期有所减少；另一方面公司虽然积极采取措施降低国家取消铜材出口退税政策对公司外 贸业务的不利影响，但公司盈利空间仍然受到挤压。 ...

鑫科材料公告称，预计2025年度归属于母公司股东的净利润2550万元到3800万元，同比减少2435.46万 元到3685.46万元，降幅39.06%至59.10%；扣非净利润980万元到1460万元，同比减少2275.20万元到 2755.20万元，降幅60.91%至73.76%。上年同期净利润为6235.46万元，扣非净利润为3735.20万元。业绩 下降主因是子公司仍处产能爬坡期亏损、资产处置收益减少、税收优惠减少及出口退税政策影响。 ...

南财智讯1月29日电，鑫科材料发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 2550万元—3800万元，同比预减39.06%—59.10%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为980万元—1460万元，同比预减60.91%—73.76%。本期业绩变动主要原因：（一） 2025年6月末公司控股子公司江西鑫科投产转固。目前尚处于产能爬坡期，单位产品固定成本较高，全 年出现亏损。（二）2024年度因政府征收补偿，公司取得了较高的资产处置收益，2025年度该项收益较 去年有所减少。（三）2025年度，一方面公司享受的先进制造业企业增值税加计抵减较去年同期有所减 少；另一方面公司虽然积极采取措施降低国家取消铜材出口退税政策对公司外贸业务的不利影响，但公 司盈利空间仍然受到挤压。 ...

1月29日，A股三大指数涨跌不一。截至收盘，沪指涨0.16%，报4157.98点，深成指跌0.3%，报14300.08点，创业板指跌 0.57%，报3304.51点。从板块行情上来看，今日表现最好的是白酒板块，出现涨停潮，其次表现较好有超级品牌和AI智能 体，而中芯概念、存储芯片和PCB等板块下跌。 | 基金经理 | 基金名称 | 基金代码 | 公告日期 | 变动日期 | 任职状态 | 变动原因说明 | | --- | --- | --- | --- | --- | --- | --- | | 张立晨 | 华泰保兴安盛 | 007385 | 2026/1/29 | 2026/1/29 | 在职 | 开始任职 | | 快訊團 | 广发恒生生物科技ETF | 691691 | 2026/1/29 | HULL | 在职 | 开始任职 | | 吴秋松 | 东方阿尔法优势产业混合A | 009644 | 2026/1/29 | 2026/1/28 | 在职 | 开始任职 | | | 东方阿尔法优势产业混合C | 009645 | 2026/1/29 | 2026/1/28 | 在职 | 开始任职 | | 王栋 | 路 ...

（原标题：振江股份(603507.SH)：目前公司美国工厂订单已逐步增多，单季度已有正向利润） 格隆汇1月29日丨振江股份(603507.SH)在互动平台表示，目前公司美国工厂订单已逐步增多，单季度已 有正向利润。 ...

Summary of Tongnan Co., Ltd. Conference Call Company Overview - Tongnan Co., Ltd. specializes in high-temperature alloys and special stainless steel, with applications in aerospace and high-end equipment, particularly in casting large complex thin-walled structures, where it holds a leading domestic advantage [2][3] - The company's revenue is primarily derived from casting high-temperature alloys and deformed high-temperature alloys, each accounting for approximately 40% of total revenue, while special stainless steel and other alloys contribute 10% [2][4] - The company has a stable shareholding structure controlled by Chairman Wan Baifang and his father, with a completed equity incentive plan initiated in 2021 to enhance management efficiency and performance [2][6] Core Competencies - Tongnan's core competitiveness in the aerospace engine sector lies in its advanced casting technology, particularly in high-temperature alloy master alloys and deformed high-temperature alloys, which are essential for complex components like turbine blades and discs [3][4] - The company can produce large complex thin-walled structures with diameters exceeding 1 meter and wall thicknesses less than 2 millimeters, a capability that is rare among domestic competitors [3] Business Structure and Development - The business is categorized into four main segments: casting high-temperature alloys, deformed high-temperature alloys, special stainless steel, and other alloys, with a focus on expanding into the aerospace fastener market through subsidiaries [4][9] - The Shenyang subsidiary, while currently not significantly profitable, is expected to benefit from increasing demand for commercial aerospace engines, potentially becoming a new growth driver in the coming years [10] Order Situation and Future Prospects - As of mid-2025, the company faces performance pressure but has seen a significant increase in signed but unfulfilled contracts amounting to approximately 1.7 billion yuan, indicating strong future growth potential [7] - The company is targeting overseas markets and diversifying its product offerings to expand its customer base, which includes developing new businesses in aerospace fasteners [7] Industry Position and Competition - In the domestic high-temperature alloy sector, Tongnan is positioned alongside key players such as the Aviation Engine Group 621 Institute, Steel Research Institute, and the Shenyang Institute of Metal Research, forming a competitive triad [8] - The company relies on collaboration with the Shenyang Institute for technological advancements while also maintaining its own R&D capabilities [8] Future Development Path - Tongnan aims to evolve from a casting-focused company to a comprehensive aerospace component manufacturer, expanding into niche areas such as deformed high-temperature alloy bars and pipes, as well as special stainless steel pipes [9] - The establishment of subsidiaries is part of a strategy to achieve integrated supply chain management from raw materials to finished components, which is expected to drive long-term growth [9]