成大生物：2025年全年净利润同比预减59.34%—63.98%

Core Viewpoint - Chengda Biological has announced its annual performance forecast, expecting a significant decline in net profit for 2025, primarily due to reduced operating income and increased asset impairment losses [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 123.47 million to 139.39 million yuan for 2025, representing a year-on-year decrease of 59.34% to 63.98% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 31.85 million and 47.77 million yuan, reflecting a year-on-year decline of 85.25% to 90.16% [1] Group 2: Business Impact - The decline in net profit is attributed to a decrease in operating income and an increase in asset impairment losses, primarily influenced by changes in the domestic rabies vaccine market environment [1] - Factors contributing to reduced operating income include regulatory changes, intensified market competition, and a slowdown in product sales due to inventory adjustments and procurement rhythm changes [1] Group 3: Asset Impairment and Management - The increase in asset impairment losses is mainly due to the company's strategic decision to terminate the development of the Hib vaccine project, leading to a full impairment of capitalized R&D investments [1] - Despite the challenges, the company experienced growth in overseas sales and has effectively controlled selling and administrative expenses through enhanced internal management, which has somewhat mitigated the downward pressure on performance [1] Group 4: Non-Operating Gains - The company reported an increase in non-operating gains, primarily due to the recovery in asset valuations from investments in private equity funds within the innovative drug sector, resulting in increased income [1]