Xiangtan Electric forecasts Q1-Q3 net profit down 93-95% to 10-14M yuan

The striking detail here is the split between headline profit and a non-recurring loss: the reported bottom line stays positive only because of items outside core operations, so the underlying business is already underwater. The stated drivers — falling selling prices against rising copper and silver costs — point to margin compression that is structural rather than one-off, and it lands on a manufacturer exposed to both metals. Whether pricing pressure eases or input costs retreat is the open question, as is how much of the profit gap recurring items keep masking.