HQTI(SH:688281) Ge Long Hui·2026-02-13 07:51Core Viewpoint - The company, Huayin Technology (688281.SH), reported its 2025 performance forecast, indicating a revenue increase but a significant decline in net profit due to various operational challenges and increased R&D investments [1][2]. Group 1: Financial Performance - The company expects to achieve an operating revenue of 1.251 billion yuan, representing a year-on-year growth of 9.83% [1] - The net profit attributable to the parent company is projected to be 313 million yuan, a decrease of 24.28% year-on-year [1] - The net profit after deducting non-recurring gains and losses is estimated at 270 million yuan, down 30.47% year-on-year [1] Group 2: Operational Challenges - The company is undergoing a critical phase of product updates for its special functional materials, with a rising proportion of revenue from research and trial products, but these new models have not yet achieved mass production, leading to high trial costs [1] - The pricing adjustments for certain special functional materials have also impacted the revenue and profit for 2025 [1] Group 3: R&D Investments - The company plans to invest approximately 146 million yuan in R&D for 2025, an increase of about 59.65% compared to 2024, driven by a rise in R&D personnel and numerous ongoing projects [1] - The significant increase in R&D expenditures, including material consumption, labor costs, external collaboration fees, and testing expenses, is expected to exert short-term pressure on profitability [1] - However, these investments are aimed at strengthening the company's technological barriers and establishing a solid foundation for sustainable long-term development [1]