遥望科技(002291) - 2025 Q2 - 季度业绩预告

Foshan Yaowang Technology Co., Ltd. 2025 Semi-Annual Performance Forecast Current Period Performance Forecast The company anticipates a net loss for the first half of 2025, with the magnitude of loss narrowing compared to the prior year, projecting a net loss attributable to shareholders between 170 million and 240 million yuan and a non-recurring net loss between 174 million and 244 million yuan 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (January 1 - June 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Loss: 170 million – 240 million yuan | Loss: 218.7756 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | Loss: 174 million – 244 million yuan | Loss: 249.5778 million yuan | | Basic Earnings Per Share | Loss: 0.1801 – 0.2542 yuan/share | Loss: 0.2351 yuan/share | Communication with Accounting Firm The company explicitly states that this performance forecast has not been pre-audited by an accounting firm - The company's performance forecast has not been pre-audited by an accounting firm[4] Explanation of Performance Changes The company attributes its 2025 H1 loss primarily to challenges in its footwear business during asset-light transformation and high costs from digital marketing innovation projects, compounded by reduced government subsidies and increased income tax expenses, prompting deep strategic adjustments since H2 2024 - The company's net profit loss during the reporting period is primarily due to the combined impact of transformation pressures in the footwear business and high innovation investment costs in the digital marketing business[5][6] Footwear Business The footwear business is transitioning to an asset-light model focused on brand and supply chain management, experiencing operating losses due to transformation pressures, inventory impairment, and bad debt provisions, despite significant online sales growth, with expected substantial reduction in asset impairment losses in H2 as inventory structure improves - The footwear business is transitioning to an asset-light operating model, where new business expansion has not fully alleviated transformation pressures, compounded by inventory impairment and bad debt provisions, resulting in operational losses[5][6] - Online sales performance grew significantly, with the company's footwear brands achieving over 1.5 billion yuan in total network GMV during Double 11 in 2024, an increase of over 40% year-on-year[6] - The company expects a substantial year-on-year and quarter-on-quarter decrease in footwear business-related asset impairment losses in the second half of the year, as inventory clearance is nearing completion and the inventory structure has significantly improved[6] Digital Marketing Business Hangzhou Yaowang's digital marketing business incurred losses due to rapid growth in personnel and expenses from aggressive innovation projects like X27 Commercial Complex, which are still in incubation, coupled with approximately 120 million yuan in amortization of prior investments, a 31.6 million yuan year-on-year decrease in government subsidies, and a 20 million yuan year-on-year increase in income tax expenses - Since 2024, the company has aggressively expanded innovative businesses, leading to rapid growth in related personnel and expenses, but these innovative businesses are still in their incubation phase and have not yet contributed significant profits, exemplified by the high renovation and operating costs of the X27 Commercial Complex project[6] Digital Marketing Business Negative Financial Impact Factors | Impact Factor | Amount/Description | | :--- | :--- | | Amortization of Prior Investments | Approximately 120 million yuan accumulated during the reporting period | | Government Subsidies Income | Decreased by approximately 31.6 million yuan year-on-year | | Income Tax Expense | Increased by approximately 20 million yuan year-on-year | Strategic Adjustments and Reforms To address challenges, the company initiated deep reforms in H2 2024, focusing on restructuring unprofitable innovation projects, optimizing organizational efficiency through reduced labor costs and planned Q3 deployment of its self-developed AI product 'V5chat', and cultivating a second growth curve by building a new consumer brand matrix, exemplified by the successful launch of the 'Duowei' brand - Operating model adjustment: Increased investment in continuously profitable projects and adopted a strategy of closure, suspension, merger, and transfer for innovative incubation projects, expected to be completed by Q3 2025[8] - Organizational efficiency optimization: Optimized labor costs and plans to fully implement the self-developed AI product 'V5chat' in Q3 2025 to enhance organizational operational efficiency[8] - Cultivating a second growth curve: Building an IP-based new consumer brand matrix, successfully launching the sanitary napkin brand 'Duowei' with strong market performance[9] Other Relevant Information The company emphasizes that this performance forecast is a preliminary estimate by the finance department, unaudited, and final financial data will be based on the 2025 semi-annual report, advising investors to exercise caution regarding investment risks - This performance forecast is a preliminary estimate by the company's finance department, unaudited by an accounting firm, and investors are advised to make cautious decisions and be aware of investment risks[10]