碧兴物联：前三季度扣非净利润亏损4848.39万元 经营性现金流净额大幅下滑

Core Insights - The company reported a revenue of 185 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.11% [1] - The net profit attributable to shareholders was a loss of 40.32 million yuan, compared to a loss of 11.35 million yuan in the same period last year [1] - The company experienced a significant decline in cash flow from operating activities, with a net cash flow of -47.04 million yuan, down from 163 million yuan in the previous year [1] Financial Performance - In Q3, the company achieved a revenue of 73.62 million yuan, with a net profit loss of 16.40 million yuan and a non-recurring net profit loss of 19.29 million yuan [1] - The increase in credit impairment losses was 7.51 million yuan compared to the same period last year, and asset impairment losses increased by 0.97 million yuan [1] Operational Challenges - The decrease in high-margin orders and the return of equipment from the Shenzhen Water Environment Automatic Monitoring Station construction EPC project reduced net profit by 6.64 million yuan [1] - The company has increased its R&D and marketing expenditures, leading to a rise in R&D costs by 6.06 million yuan and sales expenses by 3.12 million yuan [1]