MFSP(SH:600235) Ge Long Hui A P P·2026-01-19 08:00Core Viewpoint - Minfeng Special Paper (600235.SH) is expected to see a significant decline in net profit for the year 2025, with projections indicating a decrease of approximately 78% compared to the previous year [1] Financial Performance - The estimated net profit attributable to the parent company for 2025 is around 15.7 million yuan, a decrease of 56.3 million yuan year-on-year [1] - The estimated net profit after deducting non-recurring gains and losses for 2025 is around 6 million yuan, reflecting a decrease of 65.57 million yuan year-on-year, which is approximately a 92% decline [1] Production Changes - The company's PM20 and PM22 paper machines are scheduled to cease operations by the end of May and August 2024, respectively, resulting in no production from these machines during the reporting period [1] - The South Lake plant is set to fully shut down by the end of June 2025, leading to the simultaneous cessation of production from PM19 and PM21, with no output expected in the second half of 2025 [1] Capacity and Revenue Impact - Despite the commissioning of the first and second phases of the Haiyan plant project by the end of March and June 2025, respectively, the production capacity is still ramping up, contributing to a year-on-year decline in overall production and sales volume [1] - This decline in production and sales has resulted in a decrease in both operating revenue and operating profit compared to the previous year [1]