ST Nachuan: It is expected that the net profit will be negative in 2025.

ST Na Chuan announcement, it is expected that the net profit for the year 2025 will be between -305 million yuan and -245 million yuan, compared to -307 million yuan in the same period last year. The expected operating income is between 70 million yuan and 80 million yuan, compared to 157 million yuan in the same period last year. The expected equity attributable to owners of the parent company is between -175 million yuan and -115 million yuan, compared to 127 million yuan at the end of last year. The company expects a decline in performance for this reporting period, mainly due to the following reasons: 1. Due to long-term arrears in accounts receivable from the company's invested PPP and BT projects, intensified market competition, and other factors, the company has encountered difficulties in liquidity, resulting in debt defaults, freezing of certain accounts, and inability to efficiently carry out production operations and market expansion, leading to a decrease in overall revenue compared to the same period last year. 2. Due to the unsatisfactory collection of returns from PPP and BT projects, the recognized credit and asset impairment losses have increased. 3. Affected by liquidity difficulties, the company is unable to efficiently carry out production operations. In order to control costs and improve production efficiency, the company continues to suspend operations and production at some subsidiaries, leading to an increase in the provision for impairment of assets for certain entities. 4. Affected by liquidity difficulties, the company's bank loans have become overdue, and operational debts cannot be paid on time, resulting in an increase in provision for penalties, default interest, and other charges.