Wenke Holdings: It is estimated that the net profit will be a loss of 200-300 million yuan by 2025.

The humanities company announced that it is expected to incur a net loss of 200 million to 300 million yuan attributable to shareholders of the listed company in 2025, compared to a loss of 118 million yuan in the same period last year. After deducting non-recurring gains and losses, the net loss is expected to be 350 million to 450 million yuan, compared to a loss of 301 million yuan in the same period last year. The main reasons for the performance loss in this reporting period are as follows: 1) an increase in impairment provisions for accounts receivable with long aging and related assets with low recoverability; 2) contraction of the main business revenue in the ecological environment sector, compression of gross profit margin, and a decline in operating income and gross profit in the reporting period compared to the same period last year.