Company Overview - Del Future (002631.SZ) expects a loss of 160 million to 240 million yuan in 2025, representing a decrease of 78.73% to 168.09% compared to the same period last year [1] - The expected non-recurring loss is projected to be between 161.4 million and 242.1 million yuan [1] Industry Context - The domestic real estate market is expected to continue its adjustment trend in 2025, leading to persistent insufficient demand in the downstream decoration and home furnishing industry [1] - There is a notable oversupply in the market, exacerbating competition within the industry [1] Financial Performance - The company's main product sales and prices have declined compared to the previous year, impacting core sales channels (distribution and engineering business channels) [1] - As a result, production capacity utilization remains low, and fixed costs have not been effectively allocated [1] - Overall, the company's operating revenue is expected to decline by approximately 23% year-on-year, with a nearly 5% decrease in overall gross margin [1]

Group 1 - The company, Del Future, expects a net loss attributable to shareholders of 160 million to 240 million yuan for 2025, with basic earnings per share loss ranging from 0.2007 yuan to 0.301 yuan [1] - In the same period last year, the company reported a net loss of 89.52 million yuan, with basic earnings per share loss of 0.1333 yuan [1] - The primary reason for the performance change is the ongoing adjustment in the domestic real estate market, leading to insufficient demand in the downstream decoration and home furnishing industry, resulting in a significant oversupply and intensified competition [1] Group 2 - The company's main product sales and prices have declined compared to the same period last year, with core sales channels also experiencing pressure [1] - This has led to a low capacity utilization rate, and fixed costs could not be effectively allocated [1] - Overall, the company's operating revenue is expected to decrease by approximately 23% year-on-year, with a nearly 5% decline in comprehensive gross margin [1]