（文章来源：北京商报） 北京商报讯1月30日晚间，易成新能（300080）发布2025年度业绩预告显示，公司预计全年实现归属净 利润约为-6.5亿元到-5.6亿元，上年同期为-8.51亿元。 对于业绩变动原因，易成新能表示，2025年至今，公司主营业务涉及的碳材料、光伏铝边框、锂离子电 池等行业竞争态势激烈，市场供需环境导致主营产品毛利率持续承压，对公司业绩持续产生影响。 ...

易成新能1月30日公告，预计2025年度归母净利润亏损5.6亿元-6.5亿元。2024年，公司对亏损严重的平 煤隆基光伏电池片业务进行剥离，帮助公司一定程度上改善了盈利状况，整体亏损面呈收窄态势。2025 年至今，公司主营业务涉及的碳材料、光伏铝边框、锂离子电池等行业竞争态势激烈，市场供需环境导 致主营产品毛利率持续承压，对公司业绩持续产生影响。 ...

易成新能公告，预计2025年度净利润为负值，预计在-5.6亿元至-6.5亿元之间。2025年至今，公司主营 业务涉及的碳材料、光伏铝边框、锂离子电池等行业竞争态势激烈，市场供需环境导致主营产品毛利率 持续承压，对公司业绩持续产生影响。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company reported a revenue of 9.05 billion yuan for the first three quarters of 2025, a year-on-year increase of 58%, but a significant decline in net profit attributable to shareholders, down 99% to 0.02 billion yuan [3][6]. - In Q3 2025, the company achieved a revenue of 3.352 billion yuan, up 52% year-on-year and 8% quarter-on-quarter, primarily driven by rising aluminum prices [4][6]. - The company is expanding its production capacity in Wuhu and Vietnam, with the Vietnam facility expected to contribute significantly to revenue growth due to its differentiated production capabilities [4][5]. Summary by Sections Performance Review - The company disclosed its Q3 2025 results, showing a revenue of 3.352 billion yuan, a 52% increase year-on-year and an 8% increase quarter-on-quarter, while net profit was a loss of 0.49 billion yuan [3][4]. Operational Analysis - The company is ramping up production in Wuhu and Vietnam, achieving full capacity by the end of August 2025, with Q3 shipments estimated at approximately 110,000 tons, including 25,000 tons from Vietnam [4]. - The gross margin decreased by 3.7 percentage points to 0.79% in Q3 2025 due to declining processing fees in the aluminum frame industry, impacting overall performance [4]. - The Vietnam facility is focusing on markets in the U.S. and India, where it is expected to achieve higher processing fees and profit margins due to limited supply [4][5]. Capacity Expansion and Business Development - The company is actively expanding its aluminum frame production capacity, with a new project in Baotou expected to produce 100GW of photovoltaic aluminum frames and 600,000 tons of aluminum alloy materials [5]. - The acquisition of Zhejiang Jienowei is aimed at entering high-growth sectors such as new energy vehicles and energy storage, enhancing the company's competitive edge [5][6]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 0.08 billion, 3.29 billion, and 5.48 billion yuan respectively, with expectations of profit and market share growth driven by the Vietnam facility and the acquisition of Jienowei [6].