中际旭创：预计2025年归母净利润98亿元–118亿元，同比增长89.50%-128.17%

Core Viewpoint - The company expects a significant increase in net profit attributable to shareholders for the fiscal year 2025, projecting between 9.8 billion to 11.8 billion yuan, representing a year-on-year growth of 89.50% to 128.17% [1] Financial Performance - The company experienced rapid growth in product shipments, particularly in high-speed optical modules, due to strong investments in computing infrastructure by end customers [1] - Both operating revenue and net profit saw substantial growth compared to the same period last year [1] Profit Adjustments - The net profit attributable to shareholders was reduced by approximately 223 million yuan due to expenses related to stock incentive plans and employee shareholding plans [1] - An additional reduction of about 113 million yuan in net profit was attributed to inventory impairment provisions and credit impairment losses on receivables [1] - A foreign exchange loss of approximately 270 million yuan due to the continuous decline of the US dollar also impacted net profit [1] Investment Gains - The company recognized investment income and fair value changes, resulting in an increase of about 296 million yuan in net profit attributable to shareholders, with approximately 48 million yuan classified as non-recurring gains [1] - The primary source of these gains was from equity method investments in joint ventures and fair value changes in other equity investments [1]