PER ENERGY (02798) has announced an expected net loss after tax for the fiscal year ending December 31, 2025. The projected loss is between approximately 178 million yuan and 218 million yuan. This contrasts sharply with the previous fiscal year ending December 31, 2024, which recorded a net profit after tax of about 440 million yuan. The shift from profit to loss is primarily attributed to two key factors. First, a decline in global market prices for coal products led to a significant decrease in the company's coal selling prices during the current year, directly compressing its gross profit margin. Second, due to the recent drop in coal prices and in accordance with applicable accounting standards and a prudent approach, the company adopted conservative forecasts for future coal sales in its impairment assessment. Consequently, an impairment loss is expected to be recognized for mining rights, as well as property, plant, and equipment. These anticipated losses are classified as non-cash and non-recurring items and are not expected to have a direct impact on the group's cash flow.