Vanward(SZ:002543)2026-01-30 09:25Financial Performance Expectations - The company expects a net profit of 140 million yuan for 2025, representing a decline of 68.83% to 78.71% compared to the previous year's profit of 657.63 million yuan [2]. - The net profit after deducting non-recurring gains and losses is projected to be 210 million yuan, down by 52.77% to 68.01% from 656.42 million yuan in the same period last year [2]. - Basic earnings per share are anticipated to be 0.19 yuan, a decrease from 0.88 yuan per share in the previous year [2]. Operational Challenges - The establishment of factories in Thailand and Egypt is currently in the capacity ramp-up phase, leading to increased costs that impact net profit [4]. - The company is enhancing its overseas market presence, with export business revenue steadily increasing, although this has resulted in a decline in gross margin due to pricing adjustments [5]. - Increased promotional expenses are being allocated to optimize offline terminal layouts and enhance online marketing effectiveness, including live streaming and community marketing [6]. - Rising employee compensation and social security costs have led to a slight increase in management expenses, alongside increased R&D investment in the new energy sector [6]. Income and Valuation Changes - The company anticipates a decrease in fair value change income by approximately 30.49 million yuan due to preliminary fund valuation results [6]. - Other income is expected to decrease by about 26.26 million yuan due to reduced government subsidies [6]. - The company has not identified any significant uncertainties that would affect the accuracy of this earnings forecast [7].