NAND Power: Downgrade 2025 performance expectations with an expected loss of 890 million to 1.25 billion yuan.

Nandu Power disclosed a revised forecast for its performance in 2025, expecting a loss of 2.4 to 2.8 billion yuan, compared to the previous forecast of a loss of 0.89 to 1.25 billion yuan. In the same period last year, the company reported a loss of 1.497 billion yuan. The reason for the revision in performance is due to the long-term impact of the mismatch between the prices of waste batteries and lead. Nandu's wholly-owned subsidiary, Huabo Recycling Resources, has been under continued pressure and in sustained losses. The company has decided to agree to cease operations of Huabo Recycling Resources and will make full provision for impairment of long-term assets such as buildings, machinery, and equipment under its name, with an estimated impairment amount of about 1.3 billion yuan. The company is facing tight liquidity, with delivery of orders being hindered. The company is optimizing and adjusting its business model, and these adjustments may have a significant impact on the operational efficiency and future profit levels of some entities.