Zhengfan Technology: Net profit in 2025 was 138 million yuan, a year-on-year decrease of 73.85%.

Zhengfan Technology released a performance report, achieving operating income of 4.92 billion yuan in 2025, a year-on-year decrease of 10.04%; net profit of 138 million yuan, a year-on-year decrease of 73.85%. In 2025, the company's operating profit, total profit, net profit attributable to the owners of the parent company, net profit attributable to the owners of the parent company after deducting non-recurring gains and losses, and basic earnings per share all decreased by more than 30% year-on-year. The main reasons are: slowdown in capital expenditure in some downstream industries, intensified market competition and delayed delivery of some projects, resulting in a decline in the company's revenue and gross profit; the new production capacity of the OPEX business is put into use, leading to increased depreciation of fixed assets; the company's investment in construction increased bank loans and the issuance of convertible bonds, leading to an increase in financial expenses.