Core Viewpoint - Tianyi New Materials (688033.SH) expects a decline in revenue and net profit for the first three quarters of 2025, primarily due to the cyclical downturn in the photovoltaic new energy sector and other financial pressures [1] Financial Performance - The company anticipates revenue between 500 million to 600 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 6.13% to 21.78% [1] - The projected net profit attributable to shareholders is expected to be between -420 million to -320 million yuan, indicating a year-on-year reduction in losses of 28.47% to 45.50% [1] - The net profit after deducting non-recurring gains and losses is forecasted to be between -390 million to -290 million yuan, reflecting a year-on-year reduction in losses of 37.39% to 53.44% [1] Industry Impact - The photovoltaic new energy business continues to be affected by industry cyclicality, resulting in a persistent decline in revenue compared to the same period last year [1] - Factors such as low product prices, high fixed costs from depreciation and amortization, and elevated financing costs have contributed to reduced gross profit and ongoing net losses [1] - The reduction in net losses compared to the previous year is attributed to the absence of significant inventory impairment provisions in the current reporting period, unlike the previous year [1]