九联科技(688609.SH)业绩快报：2025年净亏损2.10亿元

Core Viewpoint - Jiulian Technology (688609.SH) reported a decline in revenue and increased losses for the fiscal year 2025, indicating challenges in the competitive market and rising costs of raw materials [1] Financial Performance - Total revenue for 2025 was 2.39 billion yuan, a decrease of 4.70% year-on-year [1] - Operating profit was 246 million yuan, with losses increasing by 33.90% year-on-year [1] - Total profit amounted to -250 million yuan, reflecting a year-on-year loss increase of 33.37% [1] - Net profit attributable to shareholders was -210 million yuan, with a year-on-year loss increase of 47.80% [1] - Net profit excluding non-recurring gains and losses was -196 million yuan, with a year-on-year loss increase of 56.40% [1] Asset and Equity Status - Total assets at the end of the reporting period were 3.50 billion yuan, a decrease of 5.23% year-on-year [1] - Equity attributable to shareholders was 780 million yuan, down 15.78% year-on-year [1] Market and Operational Challenges - The domestic bidding market for smart terminal products faced intense competition, contributing to revenue decline [1] - The increase in procurement prices for key raw materials and tight supply conditions led to a low overall gross margin [1] - The scale of delivery and acceptance of smart city projects decreased during the reporting period, further impacting revenue [1] - The implementation of an employee stock ownership plan and increased share-based payment expenses also contributed to the losses [1]