Core Viewpoint - The company, Feitian Yundong (06610), anticipates a significant increase in pre-tax losses for the fiscal year ending December 31, 2025, projecting losses of at least approximately RMB 363 million, compared to pre-tax losses of about RMB 44.85 million reported for the fiscal year ending December 31, 2024 [1] Financial Summary - The increase in pre-tax losses is primarily attributed to several key factors, including: - A substantial increase in impairment losses related to trade receivables, expected to be at least approximately RMB 110 million, which is an increase of at least approximately RMB 93 million compared to the fiscal year 2024 [1] - An increase in sales and distribution expenses, projected to be at least approximately RMB 130 million, which is an increase of at least approximately RMB 42 million compared to the fiscal year 2024. This change is mainly due to increased marketing expenses from third-party service providers, reflecting the company's commitment to enhancing the launch and promotion of its services and platforms [1] - An increase in research and development expenses, expected to be at least approximately RMB 230 million, which is an increase of at least approximately RMB 146 million compared to the fiscal year 2024. This increase is primarily due to a significant rise in investments aimed at expanding the company's technical reserves across various R&D projects [1]