西王食品(000639) - 2025 Q4 - 年度业绩预告

Financial Performance - The company expects a net loss attributable to shareholders of approximately 132 million RMB for 2025, compared to a loss of 44.36 million RMB in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 130 million RMB, compared to a loss of 43.27 million RMB in the previous year[3]. - The basic earnings per share is expected to be -1.22 RMB, down from -0.41 RMB per share in the same period last year[3]. Reasons for Performance Decline - The primary reason for the performance decline is the rising cost of whey protein and increasing competitive pressure in the sports nutrition sector[5]. Impairment and Future Plans - The company anticipates an impairment loss on intangible assets between 950 million to 1.5 billion RMB, subject to final audit[5]. - In 2026, the company plans to diversify its product portfolio and reduce reliance on whey protein, focusing on high-margin products in new protein, creatine, peptides, and collagen[6]. Investment and Operational Strategy - The company will increase investment in digital channels, with Amazon as a core growth engine, and optimize product offerings at Walmart[6]. - A dynamic budget monitoring mechanism will be established to control expenses and improve operational efficiency[6]. Audit and Investment Risks - The preliminary financial data has not been audited by an accounting firm and is subject to change[7]. - Investors are advised to pay attention to investment risks as the data is based on initial estimates and will be detailed in the 2025 annual report[7].