祖名股份2025年业绩扭亏，依赖非经常性损益，战略收缩聚焦长三角

Core Viewpoint - Zunming Co., Ltd. (stock code: 003030) expects to achieve operating revenue of 2 billion to 2.05 billion yuan in 2025, representing a year-on-year growth of 20.16% to 23.17%, and a net profit attributable to shareholders of 25 million to 32 million yuan, turning from loss to profit. However, the net profit excluding non-recurring items is expected to be a loss of 36 million to 43 million yuan, indicating an expanded loss year-on-year, primarily supported by non-recurring gains such as demolition compensation and equity transfer income. The formal annual report has yet to be released [1]. Business Performance - The company plans to exit the joint venture "Zunming Xiangxiang" in the Beijing-Tianjin-Hebei market by transferring 50.83% of its equity and will terminate the soybean product production project in Wuhan's Jiangxia District. These actions are a response to ongoing losses in certain regional businesses and land policy restrictions. The company aims to focus future resources on core areas such as the Yangtze River Delta, optimizing its national layout. This strategic shift may impact the pace of long-term expansion [2]. Strategic Progress - The expected turnaround in 2025 is mainly reliant on one-time gains, such as the recognition of asset disposal income of 39.3468 million yuan from the demolition of the subsidiary in Yangzhou and adjustments from equity transfer income in Nanjing. Such gains are not sustainable, and the profitability of the main business remains to be observed. Investors are advised to pay attention to the first-quarter report of 2026 to verify improvements in the main business [3]. Stock Performance - As of February 2, 2026, Zunming Co., Ltd. closed at 21.22 yuan per share, down 4.5% from the previous day, with a total market value of 2.648 billion yuan. Stock price fluctuations may be influenced by the earnings forecast and strategic adjustment announcements. Market sentiment changes and industry competition environment should be noted [4].