科思股份(300856.SZ)：预计2025年净利润同比下降78.67%-84%

Core Viewpoint - The company, Kesheng Co., Ltd. (300856.SZ), expects a significant decline in net profit attributable to shareholders for 2025, forecasting a range of 90 million to 120 million yuan, representing a decrease of 78.67% to 84.00% compared to the previous year [1] Group 1: Financial Performance - The net profit after deducting non-recurring gains and losses is projected to be between 85 million and 115 million yuan, reflecting a decline of 78.31% to 83.97% year-on-year [1] - The anticipated impact of non-recurring gains and losses on net profit for 2025 is approximately 5 million yuan, primarily from government subsidies and the disposal of non-current assets [1] Group 2: Market Conditions - The decline in net profit is attributed to a slowdown in demand for sunscreen products and the downstream customers' digestion of previous inventory, leading to a decrease in the shipment volume of sunscreen agents compared to the same period last year [1] - Increased market competition and customer inventory reduction have resulted in a drop in market prices for sunscreen products compared to the previous year [1]