Financial Performance Summary - In 2025, the company reported a total profit of -82.14 million RMB and a net profit attributable to shareholders of -95.43 million RMB, with a net profit excluding non-recurring gains and losses of -99.34 million RMB [4][12] - The total operating revenue for the year was 97.34 million RMB, representing a year-on-year decline of 51.93%. The revenue after excluding unrelated business income was 87.82 million RMB [4][6][12] - By the end of the reporting period, the company's total assets were 716.64 million RMB, down 18.30% year-on-year, and the equity attributable to shareholders was 303.16 million RMB, a decrease of 21.11% [4][12] Operational Challenges - The company's core business focuses on environmental online monitoring mass spectrometers, which are currently affected by government procurement cycles and are in an adjustment phase. New product revenues have not compensated for the decline in traditional product lines [5][6] - The company has strategically selected and reduced high-risk orders with long payment cycles, contributing to a decrease in both orders and revenue for 2025 [5][7] - The company has made provisions for inventory impairment due to the net realizable value being lower than the book cost, and has conducted impairment tests on long-term assets with insufficient utilization [5][7] Future Outlook and Risks - The company anticipates that some deferred tax assets recognized in previous years related to recoverable losses may not be fully realizable in the future, leading to a reversal in accordance with accounting standards [5][7] - If the audited net profit (lower of net profit or net profit excluding non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million RMB, the company's stock may face delisting risk warnings [12][14]

Core Viewpoint - HeXin Instruments (688622.SH) announced a significant expected loss for the fiscal year 2025, with a projected net profit attributable to shareholders of approximately -89 million yuan, representing a substantial year-on-year decline of 93.52% [1] Financial Performance Summary - The expected net profit after deducting non-recurring gains and losses is approximately -93 million yuan, a year-on-year decrease of 47.39% [1] - The anticipated operating revenue is 97 million yuan, a decline of over 50% year-on-year, with core business revenue expected to be around 90 million yuan, falling below 100 million yuan [1] Factors Influencing Performance - The significant decline in performance is attributed to three main factors: 1. The core product market for environmental online monitoring mass spectrometers is undergoing a deep adjustment due to government procurement cycle impacts, and new product revenues have not compensated for the decline in traditional business. Additionally, the company has voluntarily abandoned some high-risk orders, leading to revenue contraction [1] 2. Asset impairment, with the company recognizing impairment provisions for inventory and certain long-term assets [1] 3. A reduction in government subsidies and the reversal of deferred tax assets, which have negatively impacted profits [1] Regulatory Implications - Due to the preliminary assessment indicating that the lower of the two net profit figures (before and after deductions) is negative, and the operating revenue excluding non-core income is below 100 million yuan, the company has triggered a delisting risk warning as per the Shanghai Stock Exchange's regulations. This may lead to a *ST designation following the disclosure of the 2025 annual report [1]

Core Viewpoint - Guangzhou Hexin Instrument Co., Ltd. is expected to report a significant net loss for the year 2025, with a projected net profit of approximately -89 million yuan, representing a year-on-year decrease of about 93.52% compared to the previous year [2][5][19]. Financial Performance Summary - The company anticipates a total profit of approximately -75 million yuan for 2025, a decrease of about 34.44% from the previous year [5]. - The expected net profit attributable to the parent company is projected to be around -89 million yuan, down by approximately 4.3 million yuan from the previous year [2][5]. - The net profit after deducting non-recurring gains and losses is expected to be around -93 million yuan, a decrease of about 2.99 million yuan year-on-year [2][5]. - The anticipated operating revenue for 2025 is approximately 97 million yuan, which is a decline of about 52.10% compared to the previous year [2][5]. Reasons for Performance Changes - The primary reason for the expected loss is the impact on the core business, which is heavily concentrated in the environmental online monitoring mass spectrometer sector. This market is currently undergoing a deep adjustment due to government procurement cycles, and the company is experiencing transitional pains as it shifts to new application areas [9]. - The company has implemented quality control measures, strategically selecting and abandoning orders with high credit risk and long payment terms, leading to a reduction in orders and revenue [9]. - The company has made provisions for asset impairment due to long-held inventory and market price fluctuations, which have resulted in a lower net realizable value than cost [10]. - A decrease in government subsidies recognized during the period has also contributed to the reduced profit total [11]. - The company has reassessed its deferred tax assets based on updated internal operational plans and external environment predictions, leading to a reversal of some previously recognized deferred tax assets [12]. Risk of Delisting - If the audited net profit (after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face delisting risk warnings according to the Shanghai Stock Exchange rules [3][20]. - The company’s stock may be marked with "*ST" if these conditions are met following the disclosure of the 2025 annual report [3][20].

Core Viewpoint - Hexin Instruments (688622.SH) is expected to report a significant decline in net profit and revenue for the year 2025, primarily due to market adjustments and strategic business decisions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -89 million yuan for 2025, a decrease of about 43.01 million yuan compared to the previous year, representing a year-on-year decline of approximately 93.52% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be around -93 million yuan, down by approximately 29.90 million yuan year-on-year, which is a decline of about 47.39% [1] - The anticipated operating revenue for 2025 is around 97 million yuan, reflecting a decrease of approximately 105.51 million yuan compared to the previous year, which is a year-on-year decline of about 52.10% [1] - The operating revenue, excluding unrelated business income and income without commercial substance, is expected to be around 90 million yuan, falling below 100 million yuan [1] Business Environment - The company's core business is highly concentrated in the field of online environmental monitoring mass spectrometers, which is currently undergoing a deep adjustment period influenced by government procurement cycles [1] - The company is experiencing transitional pains as it shifts towards new application areas in research and development, with new product revenues not yet compensating for the decline in traditional product lines [1] - The company has proactively implemented quality control measures, strategically selecting and abandoning orders with higher credit risks and longer payment terms, contributing to a reduction in orders and revenue for 2025 [1]

Core Viewpoint - The company, Hexin Instruments, is expected to report a net profit loss of approximately 89 million yuan for the year 2025, representing a decline of about 93.52% compared to the previous year [1] Group 1: Reasons for Profit Decline - The core business is highly concentrated in the field of online environmental monitoring mass spectrometers, which is currently undergoing a deep adjustment period influenced by government procurement cycles [1] - The company is experiencing a transitional phase in R&D towards new application areas, with new product revenues not yet compensating for the decline in traditional product lines [1] - The company has strategically chosen to abandon certain high-credit-risk orders with long payment terms, leading to a reduction in orders and revenue for 2025 [1] Group 2: Asset Impairment and Financial Adjustments - The company has made provisions for inventory impairment due to cautious principles, as some long-held inventory has a realizable net value lower than cost [1] - A reduction in government subsidies recognized in the current period compared to the previous year has weakened the contribution to total profit from "other income" [1] - The company has reassessed its deferred tax assets based on updated internal operational plans and external environment predictions, leading to the reversal of certain previously recognized deferred tax assets [1]