凯尔达：预计前三季度归母净利润同比下降58.17%-54.68%

Core Viewpoint - The company expects a significant decline in net profit for the first three quarters of 2025, with estimates ranging from 12.24 million to 13.26 million yuan, representing a year-on-year decrease of 58.17% to 54.68% [1] Financial Performance - The estimated net profit for the third quarter of 2025 is projected to be between 9.97 million and 10.80 million yuan, showing a year-on-year increase of 73.25% to 87.69% [1] - The increase in research and management expenses, along with higher share-based payment costs and inventory impairment provisions, negatively impacted the net profit for the first three quarters of 2025 [1] Market Dynamics - The company has been increasing its investment to enhance product competitiveness, which has led to a significant rise in R&D and management expenses compared to the previous year [1] - The recovery in performance for the third quarter of 2025 is attributed to improved product competitiveness and a relative rebound in downstream market demand [1]