Core Viewpoint - The company, Beijing Haohan Depth Information Technology Co., Ltd., anticipates a significant decline in net profit for the fiscal year 2025, projecting a loss between 2.6 million to 3.9 million yuan, which represents a year-on-year decrease of approximately 107.20% to 110.80% [1][2]. Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -3.9 million yuan and -2.6 million yuan, a decrease of 38.72 million to 40.02 million yuan compared to the previous year [1]. - The projected net profit after deducting non-recurring gains and losses is expected to be between -16 million yuan and -11 million yuan, reflecting a decline of 36.56 million to 41.56 million yuan year-on-year [1]. Previous Year Performance - In the previous year, the total profit was 31.97 million yuan, with a net profit attributable to shareholders of the parent company at 36.12 million yuan, and a net profit after deducting non-recurring gains and losses at 25.56 million yuan [2]. Reasons for Performance Change - The company reported a gross margin of approximately 60%, which, despite an increase from the previous year, was impacted by a reduction in capital expenditure from operators, leading to a decline in revenue [4]. - The issuance of convertible bonds in 2025 will result in increased interest expenses compared to the previous year [4]. - There has been an increase in R&D expenditures, reflecting the company's commitment to innovation [4]. - The implementation of an employee stock ownership plan and restricted stock incentives has led to additional share-based payment expenses [4]. - The company is actively expanding its business in AI solutions, network security, vehicle networking security, and overseas markets, with a sufficient order backlog showing growth compared to the previous year [4]. - The company plans to continue its dual-driven strategy of "internal deepening + external integration" to enhance its product offerings and market presence [4].

Core Viewpoint - The company is forecasting a net loss for 2025, with expected losses ranging from 2.6 million to 3.9 million yuan, a significant decline from a profit of 36.12 million yuan in the previous year [4]. Financial Performance - The company anticipates a non-recurring net profit loss between 11 million and 16 million yuan, compared to a profit of 25.56 million yuan in the same period last year [4]. - The latest closing price indicates a price-to-book ratio (LF) of approximately 5.38 times and a price-to-sales ratio (TTM) of about 14.57 times [4]. Business Operations - The company specializes in network intelligence and information security solutions, including hardware and software [15]. - The gross profit margin is around 60%, which has increased compared to the previous year, but the operating revenue has declined due to reduced capital expenditures from operators [15]. - The company is in the process of expanding its new subsidiaries, which have not yet contributed to profits [15]. - There has been an increase in interest expenses due to the issuance of convertible bonds in 2025, alongside increased R&D expenditures [15]. Market Expansion - The company is actively expanding in AI solutions, large network security, vehicle networking security, and overseas markets, achieving some success [16]. - The order backlog has increased compared to the previous year, indicating a healthy demand for the company's services [16].