万孚生物(300482.SZ)：预计2025年净利润同比下降87.71%-91.81%

Core Viewpoint - Wanfu Biological (300482.SZ) expects a significant decline in net profit attributable to shareholders for 2025, projecting between 46 million to 69 million yuan, representing a year-on-year decrease of 91.81% to 87.71% [1] Financial Performance - The company's main business revenue has declined year-on-year, primarily due to a drop in domestic revenue influenced by changes in VAT rates and the impact of medical industry policies, which have pressured both volume and pricing [1] - The projected net profit attributable to shareholders shows a substantial decline, with a forecasted net profit excluding non-recurring gains and losses ranging from -15 million to -7.5 million yuan [1] Business Operations - The decline in net profit is attributed to several factors: 1. Decrease in gross profit margin due to terminal price reductions in the domestic market and changes in product structure [1] 2. The company has maintained high R&D and sales expenses to strengthen product competitiveness and explore new markets and applications [1] 3. The divestiture of non-core, less profitable businesses has resulted in certain impairment losses [1] International Business - Despite challenges in the domestic market, the company's overseas business has developed steadily, providing an important support point for overall sustainable growth [1]