Manchester: expected net loss of 90 to 110 million yuan in 2025.

Manchester announcement expects a net loss of 90-110 million yuan in 2025. In 2024, the lithium battery industry faced changes in supply and demand structure, and the pace of expansion slowed down, which had an impact. As an upstream lithium battery equipment supplier, the company had fewer new orders that year. Although the overall demand for lithium batteries in 2025 has shown signs of recovery, the utilization rate of downstream customers' production capacity has steadily increased, driving the company's new orders for coating applications to grow year-on-year. However, due to intensified competition in the industry, pressure on some order prices, and long project delivery and acceptance cycles, the company's revenue from coating applications and energy system business both declined year-on-year. Coupled with the continued increase in period expenses, the company's net profit attributable to shareholders after deducting non-recurring items in 2025 expanded losses compared to the same period last year, and its operating performance was significantly under pressure.