QCIOT(SH:688528) Ge Long Hui A P P·2026-02-06 13:48Core Viewpoint - Qin Chuan IoT (688528.SH) reported a significant decline in both revenue and net profit for the fiscal year 2025, indicating challenges in the domestic market due to increased competition in the smart gas meter segment [1] Financial Performance - The company achieved an operating revenue of 270 million yuan, a year-on-year decrease of 15.76% [1] - The net profit attributable to the parent company was -117 million yuan, a decrease of 51.91 million yuan compared to the previous year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -110 million yuan, down by 47.31 million yuan year-on-year [1] Market Dynamics - The decline in revenue is attributed to intensified competition in the domestic market for smart gas meters, leading to a drop in both sales volume and selling price [1] - Despite the challenges in the domestic market, revenue from the overseas market for gas meters and the smart sensor segment showed growth during the reporting period [1] - The related businesses are in a critical stage of market development, with low initial bases and long customer onboarding cycles, which have not yet resulted in significant scale effects [1]