普冉公告，利润大减

Core Viewpoint - The company expects a significant decrease in net profit for 2025, projecting approximately 205 million yuan, a reduction of about 29.89% compared to the previous year, despite an increase in revenue [1][2]. Group 1: Financial Projections - The company anticipates a net profit attributable to shareholders of approximately 205 million yuan for 2025, down by about 87.42 million yuan year-on-year [1]. - The projected net profit after deducting non-recurring gains and losses is around 170 million yuan, reflecting a decrease of approximately 36.87% compared to the previous year [1]. - Expected operating revenue for 2025 is about 2.32 billion yuan, an increase of approximately 28.63% year-on-year [1]. Group 2: Business Impact Factors - The increase in revenue is attributed to favorable changes in the supply landscape of the memory chip market and a surge in demand from AI servers, high-end mobile phones, and PC upgrades, leading to a structural optimization [2]. - The company is investing in the continuous iteration and optimization of its memory chip products and increasing R&D expenditures to maintain its competitive edge [2]. - The total employee compensation has significantly increased due to the expansion of the workforce, particularly in R&D, alongside rising management and operational costs, which collectively grew by approximately 90 million yuan year-on-year [2]. Group 3: Inventory and Asset Management - The company has adopted a proactive supply chain strategy, resulting in higher inventory levels and a decrease in inventory turnover rate, leading to an increase in asset impairment losses by approximately 63 million yuan [3]. - To enhance competitiveness in the memory chip sector, the company acquired a 51% stake in Zhuhai Noah Changtian Storage Technology Co., which is expected to positively impact profits [3][4]. Group 4: Acquisition Details - The acquisition of Zhuhai Noah Changtian Storage Technology Co. is expected to contribute approximately 35 million yuan to net profit attributable to shareholders and around 27 million yuan to net profit after excluding non-recurring gains and losses [5]. - The newly acquired company is projected to contribute about 210 million yuan to operating revenue and approximately 20 million yuan to net profit for the reporting period [5].