禾川科技(688320.SH)：2025年度净亏损1.29亿元

Core Viewpoint - Hechuan Technology (688320.SH) reported a revenue of 1.028 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 26.79%. However, the net profit attributable to the parent company narrowed to -129 million yuan, with a net profit excluding non-recurring gains and losses at -163 million yuan [1]. Revenue Performance - The company's revenue growth was primarily driven by increased orders from downstream clients in the lithium battery, hydraulic and injection molding, laser, and packaging industries, as well as from the ODM segment [1]. Profitability Analysis - The narrowing of the net profit attributable to the parent company was mainly due to the increase in gross profit from revenue growth, along with higher amounts from other income such as immediate tax refunds and input tax deductions [1]. - The slight reduction in net profit excluding non-recurring gains and losses was attributed to increased gains from asset disposals and fair value changes, which offset the growth in net profit attributable to the parent company [1].