TOREAD(SZ:300005) Sou Hu Cai Jing·2025-10-17 14:41Core Viewpoint - The company, Explorer (300005), is experiencing a significant decline in net profit for the first three quarters of 2025, with projections indicating a drop of 64.62% to 70.51% compared to the same period last year [1] Financial Performance - As of October 17, 2025, Explorer's stock closed at 8.3 yuan, down 2.12% from the previous trading day, with a total market capitalization of 7.335 billion yuan [1] - The projected net profit for the period from January 1 to September 30, 2025, is expected to be between 30 million to 36 million yuan, a decrease from 101.75 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 25 million to 29 million yuan, down from 91.20 million yuan year-on-year [1] Reasons for Performance Decline - The decline in performance is attributed to several factors: - The outdoor business has been adversely affected by market conditions and the pace of new product iterations, leading to lower-than-expected product sales [1] - Although the chip business is developing positively, exchange rate fluctuations have negatively impacted the financial results due to foreign exchange losses [1]