QLPIPESINDUSTRY(SZ:002457)2026-01-23 10:25Financial Projections - The estimated net profit for 2025 is projected to be between 12,500 and 18,000 million CNY, representing a decline of 53.31% to 32.77% compared to the previous year[4]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 11,700 and 17,000 million CNY, reflecting a decrease of 52.46% to 30.92% year-on-year[4]. - The basic earnings per share is expected to be between 0.3784 and 0.5449 CNY, down from 0.8092 CNY in the same period last year[4]. Performance Decline Factors - The decline in performance is attributed to a decrease in order volume and overall shipment volume due to industry adjustments, leading to a reduction in operating revenue[6]. - The gross profit margin has decreased due to changes in product sales structure, with an increase in urban pipeline renovation and sponge city projects, primarily involving drainage pipes[6]. - Increased investments in market promotion and talent acquisition have led to higher management costs, contributing to the rise in period expenses[6]. Future Outlook - The company anticipates a recovery in performance driven by national infrastructure policies and the company's 50 years of technical expertise in pipeline manufacturing[7]. - The company emphasizes that there are no significant uncertainties affecting the accuracy of this earnings forecast[8]. Financial Reporting - The financial data presented is preliminary and has not been audited by an external auditor[9]. - Detailed performance data will be disclosed in the company's 2025 annual report[9].