主业承压、费用高企、多项资产减值 均瑶健康2025业绩预亏

Core Viewpoint - Junyao Health (605388.SH) anticipates a significant decline in net profit for 2025, projecting a loss of between 216 million yuan and 144 million yuan due to pressures on its main business, high expenses, and planned asset impairment provisions [1] Financial Performance - The company expects a net profit attributable to shareholders of -216 million to -144 million yuan for 2025, a decrease of 115 million to 187 million yuan compared to the previous year, representing a year-on-year decline of 395.14% to 642.71% [1] - The projected non-recurring net profit is estimated to be -233 million to -155 million yuan, a reduction of 97.04 million to 175 million yuan year-on-year, equating to a decline of 167.33% to 301.00% [1] Reasons for Performance Decline - The decline in performance is attributed to several factors, including a challenging consumer environment leading to reduced market share in the dairy beverage sector and decreased revenue from traditional ambient yogurt business [1] - Increased sales and marketing expenses due to efforts to expand e-commerce, new retail, and chain channels have significantly raised costs compared to the previous year [1] - The company has also increased its R&D investment, contributing to higher expenses [1] Asset Impairment Provisions - Junyao Health plans to make multiple asset impairment provisions based on prudence, including: - Inventory impairment due to declining prices and extended liquidation periods, expected to impact profits by 30 million to 50 million yuan [2] - Credit impairment on receivables due to increased credit risk and decreased collateral value, anticipated to affect profits by 50 million to 90 million yuan [2] - Goodwill impairment related to certain subsidiaries, expected to impact profits by 15 million to 45 million yuan [2] - The total potential impairment could reach up to 185 million yuan, representing a significant source of non-operating losses [2] Business Challenges - Junyao Health is facing multiple challenges, including sluggish growth in its main business and profit pressures during its transformation phase [2] - The company is focusing on its probiotic business as a second growth curve, achieving substantial progress in strain research, but new business initiatives are still in the investment phase and have not yet contributed positively to overall financial performance [2]