Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a decrease of over 50% compared to the previous year, despite a steady increase in revenue due to its global M2C brand strategy [1][2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an anticipated positive net profit that will decline by more than 50% [1]. - The preliminary data for the performance forecast is based on initial calculations by the company's finance department and has not been audited by the accounting firm [1][3]. Group 2: Reasons for Performance Changes - The company's revenue has shown steady growth year-on-year, but net profit is under pressure due to external macroeconomic factors and strategic adjustments [2]. - Fluctuations in the external environment have led to a decrease in gross profit margin, particularly due to geopolitical issues and changes in export trade policies, which have increased costs [2]. - The company has increased investments in brand building and market promotion to enhance long-term competitiveness, resulting in a rise in sales expense ratio, which has diluted current profits [2]. - Currency exchange rate fluctuations have caused estimated exchange losses of approximately 20 million to 30 million yuan for the year, with a significant portion expected in the fourth quarter [2]. Group 3: Additional Information - The performance forecast is a preliminary estimate and has not been audited [3]. - Detailed financial data for the year 2025 will be disclosed in the annual report [3].