GDM(SZ:002636) Hua Xia Shi Bao·2025-07-11 04:52Core Viewpoint - Company expects a significant decline in net profit for the first half of 2025, while non-recurring net profit is projected to increase dramatically due to improved operational management and product structure optimization [2][3] Financial Performance - The company forecasts a net profit attributable to shareholders of 15 million to 22.5 million yuan, representing a year-on-year decline of 67.83% to 78.56% [2] - The non-recurring net profit is expected to be between 60 million and 80 million yuan, showing a year-on-year increase of 4700% to 6300% [2][3] - The decline in net profit is attributed to the absence of investment income from the sale of a subsidiary, which generated 77.01 million yuan in the same period last year [3] Subsidiary Sale - The company is adjusting the sale price of its 60% stake in Shanghai Jinban Technology Co., Ltd. to no less than 71 million yuan, marking the second price reduction this year [2][6] - This is the third attempt to sell the subsidiary, with previous attempts failing to attract qualified buyers, leading to a price drop from approximately 127 million yuan to the current price [6][9] - The repeated failure to sell the subsidiary raises concerns about its asset attractiveness and may impact the company's resource allocation and financial structure [6][9] Industry Context - The company operates in the electronic industry, focusing on the research, production, and sales of copper-clad laminates, which are widely used in various sectors including home appliances and communications [4] - The PCB sector has seen increased activity, with the company's PCB business reporting a revenue of 168 million yuan, a year-on-year increase of 32.81% [4] - Despite revenue growth, the company faces challenges due to intense competition and declining profit margins in the consumer electronics sector [4][5] Performance of Subsidiary - Shanghai Jinban's performance has not met expectations, with cumulative non-recurring net profit significantly below the promised figures, leading to financial pressure on the company [7][8] - The subsidiary's poor performance is attributed to weak demand in the electronic industry and increased competition, resulting in reduced orders and lower product prices [8][9] - The company has entered into a performance compensation agreement with the former shareholders of Shanghai Jinban, requiring them to pay 70 million yuan due to unmet performance commitments [10]