Summary of Key Points Core Viewpoint - China First Heavy Industries Company Limited is forecasting a significant net loss for the first half of 2025, with expected net profit attributable to shareholders ranging from -0.9 billion to -1.08 billion yuan, and a net profit excluding non-recurring items between -1.77 billion and -2.12 billion yuan [1][2]. Performance Forecast - The performance forecast period is specified, indicating that the company anticipates a net loss for the first half of 2025 [1]. - The expected net profit attributable to shareholders is projected to be between -0.9 billion and -1.08 billion yuan, while the net profit excluding non-recurring items is expected to be between -1.77 billion and -2.12 billion yuan [1][2]. Previous Year Comparison - In the same period last year, the net profit attributable to shareholders was -1.73 billion yuan, and the net profit excluding non-recurring items was -2.55 billion yuan, with a total profit of -1.50 billion yuan [1]. Reasons for Performance Decline - The primary reasons for the anticipated loss include adjustments in energy structure and certain industrial policies, which have negatively impacted the demand for metallurgical equipment manufacturing. Although the power station casting and nuclear power sectors performed well, the overall contribution to profit was limited due to lower-than-expected order volume and structure [2]. - The sale of a wind farm by the company's subsidiary, Yichong Electric (Qiqihar), positively influenced the total profit, but the overall net profit remains negative after tax deductions [2]. Additional Notes - The performance forecast data is preliminary and has not been audited by registered accountants. The company assures that there are no significant uncertainties affecting the accuracy of the forecast [2]. - Investors are advised to await the official disclosure of the 2025 semi-annual report for precise financial data [2].

Core Viewpoint - China First Heavy Industries (中国一重) expects a net loss of 90 million to 108 million yuan for the first half of 2025, an improvement from a loss of 173 million yuan in the same period last year [1] Financial Performance - The company anticipates a net profit attributable to the parent company in the range of -90 million to -108 million yuan for H1 2025, compared to a loss of 173 million yuan in H1 2024 [1] - Despite the expected loss, the total profit for the period is projected to be positive due to the good performance of the power station casting and nuclear power sectors, as well as the impact from the sale of a wind farm by its subsidiary [1] Market Conditions - The demand for equipment manufacturing in the metallurgy sector has weakened, leading to lower-than-expected order volume and structure, which has limited its contribution to the company's performance [1] - The adjustments in energy structure and certain industrial policies have significantly impacted the company's operations [1]