严牌股份：预计2025年度净利润同比下降55.19%-69.18%

Core Viewpoint - The company, Yanpai Co., Ltd. (301081.SZ), forecasts a significant decline in net profit for the year 2025, with estimates ranging from 13 million to 18.9 million yuan, representing a year-on-year decrease of 55.19% to 69.18% [1] Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between 13 million and 18.9 million yuan, a decline of 55.19% to 69.18% year-on-year [1] - The forecasted net profit after deducting non-recurring gains and losses is estimated to be between 10.4 million and 15.1 million yuan, reflecting a year-on-year decrease of 63.55% to 74.89% [1] Group 2: Strategic Investments - The decline in net profit is primarily attributed to the strategic deployment of new production capacity, which has led to upfront costs and performance pressure [1] - The company is actively advancing its capacity upgrade strategy to seize long-term market opportunities, with significant investments in fixed costs and initial operating expenses during the ramp-up phase of its subsidiaries [1] - The losses incurred during this initial investment phase are viewed as a necessary process for achieving long-term returns, aligning with the company's long-term development plan [1] Group 3: Talent Acquisition - Increased investment in talent acquisition has been implemented to support the company's strategic planning for technology research and business expansion over the next three years [1] - The related costs for recruitment, training, and compensation have risen, which are considered strategic expenditures aimed at securing sustainable growth [1] - This investment is expected to positively impact the company's long-term competitiveness [1] Group 4: Market Challenges - The company has faced increased tariff costs in certain overseas markets, particularly due to the impact of the US-China trade environment, which has contributed to profit decline [2] - In response, the company is actively engaging in negotiations with customers, optimizing its supply chain, and diversifying its market to mitigate the long-term effects of tariff policy changes [2]