秦川物联(688528.SH)2025年归母净亏损1.17亿元

Core Viewpoint - Qin Chuan IoT (688528.SH) reported a significant decline in revenue and increased net losses for the fiscal year 2025, primarily due to intensified domestic market competition affecting its smart gas meter sales [1] Financial Performance - The company achieved an operating revenue of 270 million yuan, representing a year-on-year decrease of 15.76% [1] - The net loss attributable to the parent company was 117 million yuan, with a net loss of 119 million yuan after excluding non-recurring gains and losses [1] Business Segments - The sales volume and unit price of smart gas meters declined due to increased competition in the domestic market [1] - Revenue from the overseas market for gas meters and the smart sensor segment increased during the reporting period, although these businesses are still in a critical market development phase with low initial bases and long customer onboarding cycles [1] Cost Structure - The decline in smart gas meter sales, combined with low production and sales volumes of smart sensors, resulted in low capacity utilization across various business segments [1] - High fixed costs, including depreciation and labor, contributed to elevated unit costs for the company's products, while intensified market competition led to a decrease in sales prices, ultimately causing a decline in gross margin [1]