Core Viewpoint - ZeRun New Energy is forecasting a significant decline in net profit for 2025, with expectations of a decrease of 58.12% to 69.54% compared to the previous year, primarily due to market competition and rising costs [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 40 million to 55 million yuan for 2025 [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 30 million and 43 million yuan, reflecting a year-on-year decrease of 64.22% to 75.03% [1] - Overall, the company's operating revenue is expected to remain stable despite the profit decline [1] Industry Context - The global photovoltaic industry is experiencing a cyclical adjustment, leading to a mismatch in supply and demand, which has intensified market competition for the company's photovoltaic products [1] - Although the industry has initiated measures to combat "involution," the supply-demand imbalance has not fundamentally improved [1] Cost and External Factors - The company's domestic sales gross margin continues to decline due to the competitive market environment [1] - The introduction of the "Big and Beautiful Act" in the second half of 2025 is expected to result in a significant drop in orders from some overseas customers [1] - Rising prices of key raw materials, particularly copper, along with fluctuations in the RMB exchange rate, are anticipated to negatively impact the company's profits [1]
泽润新能：2025年全年净利润同比预减58.12%—69.54%