普冉股份：2025年全年净利润同比预减约29.89%

Core Viewpoint - The company expects a significant decrease in net profit for 2025, with a projected net profit of approximately 205 million yuan, representing a year-on-year decline of about 29.89% [1]. Group 1: Main Business Impact - Starting from the second quarter of 2025, the company anticipates an increase in revenue from its main storage chip products due to favorable changes in the storage chip market supply and a surge in demand from AI servers, high-end smartphones, and PC replacements [1]. - The company is focusing on continuous iteration and optimization of its storage chip products and increasing R&D investment in "storage+" chip products to maintain and expand its core competitive advantages [1]. - The total employee compensation has significantly increased due to the expansion of the R&D team, leading to a notable rise in overall management, operational, and sales expenses, which collectively increased by approximately 90 million yuan compared to the previous year [1]. Group 2: Inventory and Impairment - The company has adopted a proactive supply chain strategy, resulting in a higher inventory level and a decrease in inventory turnover rate, leading to an increase in asset impairment losses by approximately 63 million yuan year-on-year [1]. Group 3: Acquisition Impact - In November 2025, the company acquired 51% of Zhuhai Noah Changtian Storage Technology Co., Ltd., which positively impacted the company's profits during the reporting period [1]. - The acquisition is expected to contribute approximately 35 million yuan to the net profit attributable to the parent company and about 27 million yuan to the net profit after excluding non-recurring gains and losses [1]. - The newly acquired company is expected to enhance the company's product line and core competitiveness in the storage chip sector, contributing approximately 210 million yuan to the revenue and 20 million yuan to the net profit attributable to the parent company during the reporting period [1].