HANGZHOU TOKA(SH:688571) Ge Long Hui A P P·2026-02-12 08:27Core Viewpoint - Hanghua Co., Ltd. (688571.SH) reported a decline in both revenue and net profit for the fiscal year 2025, indicating challenges in the market environment and increased competition [1] Financial Performance - The company achieved operating revenue of 1.249 billion yuan, a year-on-year decrease of 1.61% [1] - The net profit attributable to the parent company was 109 million yuan, down 21.97% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 99.49 million yuan, reflecting a 23.30% year-on-year decline [1] Operational Challenges - The primary reasons for the changes in operating performance include: 1. Overall slowdown in demand in the downstream printing market due to the broader market environment and international trade conditions, coupled with intensified market competition [1] 2. The newly acquired photolithography material project is still in the market cultivation phase and is currently operating at a loss [1] 3. Some fundraising projects have entered trial operation, leading to increased depreciation and operating costs [1]