禾信仪器(688622.SH)：2025年预亏8900万元左右

Core Viewpoint - Hexin Instruments (688622.SH) is expected to report a significant decline in net profit and revenue for the year 2025, primarily due to market adjustments and strategic business decisions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -89 million yuan for 2025, a decrease of about 43.01 million yuan compared to the previous year, representing a year-on-year decline of approximately 93.52% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be around -93 million yuan, down by approximately 29.90 million yuan year-on-year, which is a decline of about 47.39% [1] - The anticipated operating revenue for 2025 is around 97 million yuan, reflecting a decrease of approximately 105.51 million yuan compared to the previous year, which is a year-on-year decline of about 52.10% [1] - The operating revenue, excluding unrelated business income and income without commercial substance, is expected to be around 90 million yuan, falling below 100 million yuan [1] Business Environment - The company's core business is highly concentrated in the field of online environmental monitoring mass spectrometers, which is currently undergoing a deep adjustment period influenced by government procurement cycles [1] - The company is experiencing transitional pains as it shifts towards new application areas in research and development, with new product revenues not yet compensating for the decline in traditional product lines [1] - The company has proactively implemented quality control measures, strategically selecting and abandoning orders with higher credit risks and longer payment terms, contributing to a reduction in orders and revenue for 2025 [1]