Core Viewpoint - Jin Yuan Co., Ltd. (000546.SZ) is expected to report a significant loss in the first half of 2025, transitioning from profit to loss primarily due to the absence of one-time investment gains from the previous year [1] Financial Performance - The company anticipates a net loss attributable to shareholders of between 30 million to 50 million yuan, compared to a profit of approximately 173.83 million yuan in the same period last year [1] - The non-recurring net profit is expected to be a loss of 110 million to 150 million yuan, compared to a loss of about 79.37 million yuan in the previous year [1] - Basic earnings per share are projected to be a loss of 0.04 to 0.06 yuan per share, down from a profit of 0.23 yuan per share last year [1] Business Transformation - The company is currently in a transitional phase, focusing on environmental protection and new energy materials as its main business lines [2] - In 2022, Jin Yuan Co. sold its cement business and acquired a 66% stake in Ali Lithium Source, marking a strategic shift towards "environmental protection + new energy materials" [2] - The environmental business, which focuses on resource utilization, accounts for over 95% of the company's operations [2] Growth Drivers - The subsidiary Jiangxi Huiying has seen significant increases in sales and production, contributing to a 105.85% growth in net profit [2] - Despite rising prices for electrolytic copper and gold-containing materials, the overall profitability remains limited due to the market dynamics [2] - The company is advancing its new lithium extraction technology, which is currently in the testing phase at the Qiangcang Salt Lake project, representing a global first [3] Future Outlook - Jin Yuan Co. aims to solidify its environmental business while expanding into the upstream new materials sector of the energy industry [3] - The company is expected to gradually release growth potential in its new materials business as operational experience accumulates [3]