海正生材：预计2025年归母净利润为750万元到950万元，同比减少73.24%到78.88%

Core Viewpoint - The company, Haizheng Shengcai (688203.SH), is expected to see a significant decline in net profit for the year 2025, with projections indicating a decrease of 73.24% to 78.88% compared to the previous year [1] Financial Performance - The estimated net profit attributable to the parent company is projected to be between 7.5 million to 9.5 million yuan, a decrease of 26.0046 million to 28.0046 million yuan year-on-year [1] - The net profit excluding non-recurring gains and losses is expected to be between 5.5 million to 7.5 million yuan, reflecting a year-on-year decrease of 75.98% to 82.39% [1] Operational Insights - The company has seen steady progress in its production and operations, with an upward trend in the sales volume of its main products [1] - Despite the growth in sales revenue due to deepening and expanding the domestic market, the company faces downward pressure on product sales prices due to market competition [1] Financial Challenges - There has been a year-on-year decrease in interest income and foreign exchange gains, leading to an increase in financial expenses [1] - The transition of construction projects from investment to fixed assets has resulted in increased depreciation and tax expenses, further compressing profits for the period [1]