IRICO NEWENERGY (00438) has released an announcement indicating that, based on the board of directors' review of the company's unaudited management accounts for the year ending December 31, 2025, the group is expected to achieve operating revenue of approximately RMB 2.885 billion to RMB 2.915 billion for the year ending December 31, 2025. This represents a decrease of approximately 11.02% to 11.94% compared to the operating revenue of approximately RMB 3.276 billion for the corresponding period ended December 31, 2024. The net loss attributable to owners of the parent company for the year ending December 31, 2025, is anticipated to be approximately RMB 542 million to RMB 592 million. This figure reflects a significant increase of about 44.15% to 57.45% compared to the net loss attributable to owners of approximately RMB 376 million in the corresponding period. The board of directors attributes the primary reasons for the increased net loss in 2025 to the following factors: although the group's sales volume of photovoltaic glass in 2025 showed growth compared to 2024, a supply-demand mismatch in production capacity led to a substantial year-on-year decline in the product's price. Consequently, the operating revenue for 2025 decreased compared to the previous year. In response to intensifying competition within the photovoltaic glass industry, the group has actively pursued cost-reduction and efficiency-improvement initiatives, accelerating technological innovation and the development, mass production, and sales of high value-added products. However, the sharp decline in photovoltaic glass prices resulted in a significant drop in the gross profit margin for the group's photovoltaic glass business in 2025. Due to the falling prices of photovoltaic glass products, and adhering to the principle of prudence, the group made impairment provisions for certain inventories in 2025.