GOLDENHOME(SH:603180) Ge Long Hui A P P·2026-01-29 13:38Core Viewpoint - The company, Jinpai Home (603180.SH), is expected to experience a significant decline in net profit and net profit excluding non-recurring gains in 2025, primarily due to adverse market conditions and strategic investments impacting short-term profitability [1][2]. Group 1: Financial Projections - The company anticipates a net profit attributable to shareholders of between 20 million to 28 million yuan for 2025, representing a year-on-year decrease of 85.95% to 89.96% [1]. - The expected net profit excluding non-recurring gains is projected to be between -26 million to -18.5 million yuan, indicating a year-on-year decline of 113.15% to 118.47% [1]. - The forecasted operating revenue for 2025 is estimated to be between 3.475 billion to 3.266 billion yuan, reflecting a year-on-year decrease of 0% to 6% [1]. Group 2: Reasons for Decline - The decline in profit is attributed to factors such as the downturn in the real estate market, weak industry demand, and intensified price competition, which have led to reduced operating revenue and a decline in gross margin [2]. - The company is investing in a multi-channel retail strategy, including the establishment of new retail formats and overseas production bases, which is expected to impact short-term profits but aims to strengthen long-term competitiveness [2]. - Additional costs from the issuance of convertible bonds, estimated at approximately 25 million yuan, and increased depreciation from new production facilities are also contributing to the temporary profit decline [2].