秦川物联2025年业绩亏损扩大，股价近期小幅震荡

Core Viewpoint - Qin Chuan IoT reported a significant decline in performance for 2025, with operating revenue of 270 million yuan, a year-on-year decrease of 15.76%, and a net loss attributable to shareholders of 117 million yuan, an increase in loss of approximately 79% compared to the previous year [1] Financial Performance - The decline in performance is primarily attributed to intensified competition in the domestic market for the core business of IoT smart gas meters, leading to a drop in both sales volume and selling price [1] - Despite a 20.53% revenue growth in the smart sensor business and a staggering 667.04% increase in overseas gas meter business, new businesses have not yet achieved economies of scale [1] - Total assets decreased by 10.41%, and net assets fell by 16.52%, indicating pressure on gross margins while R&D investment remains high [1] Stock Performance - Over the past seven trading days, Qin Chuan IoT's stock price increased by 3.16%, with a volatility of 6.24%, closing at 12.07 yuan, and a single-day drop of 1.71% [2] - The trading volume during this period was approximately 120 million yuan, with a turnover rate fluctuating between 0.84% and 1.23%, and the stock price rose by 1.53% to 11.94 yuan on the day the performance report was released [2] - On February 12, there was a net outflow of 4.3483 million yuan from major investors, indicating a dominance of retail investors and reflecting market divergence [2] Institutional Insights - Analysts point out that Qin Chuan IoT faces dual pressures from the contraction of traditional business and the transitional phase of new business, with short-term technical rebound potential but requiring a breakthrough above the 12 yuan mark for confirmation [3] - The long-term performance inflection point depends on the scaling progress of the sensor business and optimization of cost control [3] - Some viewpoints suggest that the company has rich expertise reserves and the smart sensor's entry into the automotive supply chain is worth monitoring for long-term growth potential, although the current transformation pains are not yet over [3]