Golden Securities: Expected net loss of 101 million to 144 million yuan in 2025.

Jinzhen Stock announced that it is expected that the net profit attributable to the owners of the parent company in 2025 will be between -143.7171 million yuan and -101.2092 million yuan, and the non-recurring net profit will be between -178.873 million yuan and -136.3651 million yuan. The net profit in the same period last year was -202.4184 million yuan, and the non-recurring net profit was -246.146 million yuan. The main reasons for the loss are uncertainty in the repayment of the digital economy sector projects and impairment of long-term equity investments; the reduction in losses compared to the previous year is due to focusing on the core business and reducing costs. It is expected to recognize non-recurring gains and losses of 35.16 million yuan, a decrease of about 20% year-on-year. The performance forecast is unaudited, and the final data is subject to the annual report.