业绩预告期内，公司在德国全资子公司杜克普爱华有限责任公司（以下简称"DA公司"）受下游主要市 场欧洲汽车制造及皮革加工需求不景气以及能源和原材料价格居高不下等因素的影响，经营持续低迷。 德国DA公司高毛利的产品销售收入同比下降，产能利用率不足，制造成本同比上升，毛利率大幅下 降。以及德国DA公司，为应对订单不足，积极进行人员、生产整合，同比增加裁员补偿、整合费用； SGIA公司的通用航空飞行器制造业务仍处于生产恢复期，尚未盈利；国内业务虽然总体盈利，但无法 覆盖境外业务的亏损等综合影响所致。 格隆汇1月28日丨上工申贝(600843.SH)公布，经公司财务部门初步测算，预计2025年年度实现归属于母 公司所有者的净利润为-12,000万元到-15,000万元，与上年同期（-24,423.13万元）相比，将继续出现亏 损。预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-34,000万元到-37,000 万元。 ...

Group 1 - The company, Shangong Shenbei, is currently in a product production recovery phase for its general aviation aircraft manufacturing business [1] - The company is also in the process of establishing its domestic production base [1]

Core Viewpoint - The company, Shangong Shenbei, has faced a decline in stock price and performance despite initial excitement surrounding its entry into the low-altitude economy sector, with significant losses reported in its overseas operations [1][3][5]. Group 1: Company Overview - Shangong Shenbei's stock price peaked at 19.28 yuan per share but has since fallen, with a current price of 10.54 yuan and a market capitalization of 7.517 billion yuan [1]. - The company has been involved in overseas business primarily in sewing equipment and smart manufacturing, as well as general aviation aircraft manufacturing, which is a new venture for 2024 [1][3]. Group 2: Financial Performance - In 2024, the company reported overseas revenue of 1.333 billion yuan, accounting for over 30% of total revenue, with a gross margin of 24.79%, down 10.58 percentage points from the previous year [3]. - The subsidiary Dürkopp Adler GmbH (DA Company) experienced a revenue decline of 15.95% in 2024, resulting in a net loss of 178 million yuan, marking a shift from profit to loss [3]. Group 3: Strategic Moves and Challenges - The company announced plans to invest in DA Company and acquire assets from the bankrupt ICON Company in the U.S., raising concerns from the Shanghai Stock Exchange regarding the relevance of these investments to its core business [2][3]. - Despite a history of international acquisitions since 2004, the company lacks experience in managing U.S. aircraft manufacturing, which poses a challenge for its new business direction [3]. Group 4: Ownership and Control - The company is currently without a controlling shareholder, as both the largest shareholder and the second-largest shareholder hold less than 30% of the shares, leading to a lack of control over the company [4]. - The recent change in indirect ownership involving the "King of Rare Metals," Zhu Shihui, adds complexity to the company's governance structure [4].