凯因科技(688687.SH)：预计2025年净利润同比减少73.31%到81.74%

Core Viewpoint - The company, Kaiyin Technology (688687.SH), expects a significant decline in net profit for the year 2025, primarily due to substantial asset impairment provisions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 26 million to 38 million yuan, representing a year-on-year decrease of 73.31% to 81.74% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 20 million to 30 million yuan, reflecting a year-on-year decline of 78.10% to 85.40% [1] Reasons for Performance Change - The primary reason for the performance change is the company's decision to make a large asset impairment provision due to the withdrawal of a drug registration application for a new hepatitis B indication, following the latest review recommendations from the National Medical Products Administration [1] - The company has fully provisioned the development expenses related to this project as asset impairment, but excluding this impact, the net profit for 2025 would remain roughly stable compared to the previous year, indicating continued stable development of the core business [1]