ST德豪：预计2025年全年扣非后净利润亏损1.33亿元至1.42亿元

Core Viewpoint - ST Dehao is expected to report a net profit loss of between RMB 133 million and RMB 142 million for the full year of 2025, primarily due to declining revenues in its small home appliance export business and challenges in its LED packaging segment [1] Group 1: Performance Forecast - The company's small home appliance export business is projected to see a revenue decline of approximately 12% to 16% compared to the previous year [1] - Despite an increase in sales volume for the LED packaging business, revenue is expected to decrease by about 6% to 8% due to reduced overseas backlight orders and intensified industry competition [1] - The impact of ongoing operations on the net profit attributable to shareholders is estimated to be between RMB -68 million and RMB -95 million, reflecting a reduction in losses of approximately RMB 62 million to RMB 35 million compared to the previous year, with a year-on-year loss narrowing by about 27% to 47% [1] Group 2: Asset and Non-Recurring Gains - Following the termination of the LED business, the company will continue to incur depreciation and impairment provisions on unsold related assets, which is expected to negatively impact net profit attributable to shareholders by approximately RMB -47 million to RMB -65 million [1] - The estimated impact of non-recurring gains on net profit is expected to be between RMB 155 million and RMB 175 million, primarily from the disposal of idle assets in Dalian and gains from the gradual settlement of historical debts [2] Group 3: Financial Highlights - For the first three quarters of 2025, the company's main revenue was RMB 487 million, a year-on-year decrease of 10.92% [2] - The net profit attributable to shareholders for the same period was RMB 90.15 million, a significant increase of 277.69% year-on-year [2] - The company's debt ratio stands at 63.53%, with an investment income of RMB 22.76 million and financial expenses of RMB -6.33 million, while the gross profit margin is reported at 16.36% [2]