志邦家居：2025年全年净利润同比预减42.92%—55.89%

Core Viewpoint - Zhigang Home is expected to experience a significant decline in net profit for the year 2025, with projections indicating a decrease of 42.92% to 55.89% compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 170 million to 220 million yuan [1] - The estimated net profit, excluding non-recurring gains and losses, is projected to be between 110 million to 150 million yuan, reflecting a year-on-year decrease of 55.82% to 67.60% [1] Market Conditions - The decline in profit is primarily attributed to a continuous reduction in new housing deliveries, leading to structural adjustments in the company's bulk business and a year-on-year scale decline [1] - Increased competition within the industry amid economic uncertainty has resulted in a temporary decline in the company's overall gross profit margin, further compressing profit margins [1] - Demand for existing housing renovations and overseas markets is still in a gradual release phase, which is insufficient to fully offset the downward pressure from the main sales channels [1]