普冉股份：前三季度净利润同比下降73.73%

Core Viewpoint - The financial performance of Purun Co., Ltd. (688766.SH) in Q3 2025 shows a significant revenue increase but a sharp decline in net profit, indicating underlying challenges in profitability despite revenue growth [1] Financial Performance - Q3 revenue reached 527 million yuan, representing a year-on-year increase of 11.94% [1] - Net profit for Q3 was 18.32 million yuan, a year-on-year decrease of 79.37% [1] - Revenue for the first three quarters totaled 1.433 billion yuan, up 4.89% year-on-year [1] - Net profit for the first three quarters was 59.05 million yuan, down 73.73% year-on-year [1] Factors Affecting Performance - The decline in profitability is attributed to a decrease in gross margin, increased R&D and operating expenses, and a significant rise in inventory impairment provisions [1] - Despite the growth in sales volume of the "Storage+" new products contributing to revenue, the reduction in gross profit and an increase in asset impairment losses by 102 million yuan year-on-year have severely impacted profits [1]