麒麟信安：2025年预亏5700万元

Core Viewpoint - Kirin Trust (688152.SH) expects to achieve an operating revenue of approximately 310 million yuan in 2025, representing an increase of about 23.62 million yuan or 8.25% year-on-year. However, the net profit attributable to the parent company is projected to be -57 million yuan, a decrease of 64.94 million yuan compared to the previous year [1][2]. Group 1 - The company anticipates steady growth in revenue from the power and special industries, driven by the gradual implementation of the Xinchuang industry and the digital transformation across various sectors [1]. - The company is focusing on key industry customer demands, promoting product iteration and innovation, which supports the collaborative development of its three core product lines: operating systems, cloud computing, and information security [1]. Group 2 - The decline in net profit attributable to the parent company is primarily due to increased credit impairment losses, which have significantly impacted the current performance [2]. - The company has increased its marketing network construction and R&D investment to deepen regional market layout, leading to higher employee compensation expenses without corresponding revenue growth, thus putting short-term profitability under pressure [2]. - The company has also seen an increase in share-based payment expenses related to equity incentives, and the impact of non-recurring gains and losses on net profit has increased compared to the previous year, mainly due to higher government subsidies recognized in the current period [2].