JINGCHENG MAC (00187) fell over 4%. As of the time of writing, the stock was down 4.4%, trading at HK$4.13, with a turnover of HK$21.64 million. Recently, JINGCHENG MAC issued an announcement stating that, based on preliminary calculations by the company's finance department, it is estimated that the net profit attributable to owners for the 2025 financial year will be a loss of approximately RMB 46 million to RMB 55.2 million, representing a shift to a loss compared to the same period last year. It is also estimated that the net profit attributable to owners after deducting non-recurring gains and losses for the 2025 financial year will be a loss of approximately RMB 74.6 million to RMB 89.5 million. The primary reasons for the company's loss in the current period are as follows: affected by intensifying international trade frictions, the export business of the company's gas storage and transport segment is under significant pressure, facing considerable downward momentum, leading to a decline in sales volume and profit for some products. Simultaneously, emerging businesses such as hydrogen energy are still in the early stages of industry cultivation, and the overall market size has not yet met expectations; although the company's related business revenue achieved year-on-year growth, profitability in the current period remained below expectations due to increasingly fierce market competition. Furthermore, to enhance core competitiveness, the company has continued to increase investment in new product R&D and industrial chain layout, resulting in higher R&D expenses for the current period compared to the same period last year.