Chengdu Qinchuan Iot 秦川物联
9 significant filings since 30 May 2026: 4 on buyback, 3 on major holder selling and 2 on guarantee or financial assistance. The latest, on 2 Sep 2026: 关于为全资子公司提供担保的进展公告.
自 30 May 2026 起有 9 份重大公告：buyback 4 份、major holder selling 3 份、guarantee or financial assistance 2 份。最新一份（2 Sep 2026）：关于为全资子公司提供担保的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Chengdu Qinchuan Iot, listed on the Shanghai Stock Exchange as 688528, operates in the General-purpose Machinery industry. The company reported a wider net loss in 2025 at -RMB115.8m compared to -RMB65.2m in 2024, with revenue declining by 15.8% to RMB270.0m. Gross margin was 13.2%, while net margin was -42.9%, reflecting weak profitability. Operating cash flow per share was negative at -RMB0.10 in 2025, indicating cash outflows from core operations. Receivables take 229 days to collect, well above 180 days, raising concerns about liquidity and collection efficiency. Although the first half of 2026 shows a narrowed loss and revenue growth, the full-year 2025 picture remains weak. The company’s liabilities to assets ratio is 45.2%, suggesting a manageable leverage level. Risks center on sustained losses, poor cash generation, and slow receivables turnover.
秦川物联（688528）为上海证券交易所上市的通用设备行业公司。2025年归母净利润亏损扩大至-1.16亿元，较2024年-6,523.7万元恶化，营业收入同比下降15.8%至2.70亿元。毛利率为13.2%，净利率为-42.9%，显示盈利能力疲弱。2025年每股经营现金流为-0.10元，主业产生现金流出。应收账款周转天数达229天，远超180天，反映回款效率偏低。尽管2026年上半年亏损收窄、收入增长，但2025全年表现仍弱。资产负债率为45.2%，杠杆水平尚可。主要风险集中在持续亏损、经营性现金流为负及应收账款周转缓慢。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a wider attributable net loss in 2025. 公司2025年归母净利润亏损扩大。 | A widening net loss erodes shareholder equity and may impair the company's ability to invest or withstand downturns. The 2025 loss of -RMB115.8m, widened from -RMB65.2m in 2024, reflects deteriorating profitability. 亏损扩大侵蚀股东权益，可能削弱公司投资能力或抗风险能力。2025年亏损-1.16亿元，较2024年-6,523.7万元扩大，显示盈利能力恶化。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative in 2025. 2025年每股经营现金流为负。 | Negative operating cash flow indicates the core business is consuming cash rather than generating it, which may lead to liquidity pressure. In 2025, operating cash flow per share was -RMB0.10, compared to +RMB0.09 in 2024. 经营现金流为负表明主业消耗现金而非产生现金，可能引发流动性压力。2025年每股经营现金流为-0.10元，2024年为+0.09元。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款周转天数超过180天。 | Long collection periods tie up working capital and increase credit risk. At 229 days as of 30 Jun 2026, receivables are highly illiquid and may lead to cash shortfalls or bad debts. 回款周期过长占用营运资金，增加信用风险。截至2026年6月30日，应收账款周转天数为229天，流动性差，可能引发现金流短缺或坏账。 |
- Change in attributable net profit for the full year 2026, to see if the loss continues to narrow.
2026全年归母净利润变动，观察亏损是否持续收窄。 - Operating cash flow per share in the 2026 annual report, to assess if cash generation improves.
2026年报每股经营现金流，评估现金生成能力是否改善。 - Receivable days as of 31 Dec 2026, to determine if collection efficiency improves.
截至2026年12月31日的应收账款周转天数，判断回款效率是否提升。 - Revenue growth in 2026 compared to 2025, to confirm if the upward trend in the first half continues.
2026年收入较2025年增长情况，确认上半年增长趋势是否延续。 - Net profit excluding non-recurring items for 2026, to evaluate core profitability trends.
2026年扣除非经常性损益后的净利润，评估核心盈利能力趋势。 - Liabilities to assets ratio at year-end 2026, to monitor leverage stability.
2026年末资产负债率，监测杠杆水平是否稳定。
- Company: Chengdu Qinchuan Iot 秦川物联, Shanghai Stock Exchange 688528; industry General-purpose Machinery; listed 1 Jul 2020.
公司：秦川物联，上海证券交易所 688528；行业：通用设备；上市日期：2020年7月1日。 - Close on 24 Sep 2026 RMB10.31; close on 24 Sep 2025 RMB12.13; one-year change -15.0%.
2026年9月24日收盘价10.31元；2025年9月24日收盘价12.13元；一年涨跌幅-15.0%。 - 52-week range RMB7.52 to RMB13.05.
52周区间7.52元至13.05元。 - Market capitalisation RMB1.73bn; P/E TTM not meaningful (loss-making); price to book 3.99x.
总市值17.32亿元；市盈率（TTM）不适用（亏损）；市净率3.99倍。 - Revenue 2025 RMB270.0m; 2024 RMB320.5m; change -15.8%.
营业收入2025年2.70亿元；2024年3.21亿元；同比-15.8%。 - Attributable net profit 2025 -RMB115.8m; 2024 -RMB65.2m; change -77.6% (the loss widened).
归属于母公司股东的净利润2025年-1.16亿元；2024年-6,523.7万元；同比-77.6%（亏损扩大）。 - Net profit excluding non-recurring items, 2025 change -64.2%.
2025年扣除非经常性损益后的净利润同比-64.2%。 - Basic EPS 2025 -RMB0.73; 2024 -RMB0.41.
基本每股收益2025年-0.73元；2024年-0.41元。 - Operating cash flow per share 2025 -RMB0.10; 2024 RMB0.09.
每股经营现金流2025年-0.10元；2024年0.09元。 - 2025 gross margin 13.2%; net margin -42.9%; ROE -23.4%.
2025年毛利率13.2%；净利率-42.9%；净资产收益率-23.4%。 - At 30 Jun 2026: liabilities to assets 45.2%; current ratio 1.10; quick ratio 0.78; receivable days 229; inventory days 138.
截至2026年6月30日：资产负债率45.2%；流动比率1.10；速动比率0.78；应收账款周转天数229；存货周转天数138。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB145.2m, change +13.8%; attributable net profit -RMB42.7m, change +29.9% (the loss narrowed); operating cash flow per share -RMB0.20.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入1.45亿元，同比+13.8%；归母净利润-4,266.4万元，同比+29.9%（亏损收窄）；每股经营现金流-0.20元。 - Ownership: actual controller 邵泽华; largest holder at 30 Jun 2026: 邵泽华, 60.22%.
股权：实际控制人：邵泽华；2026年6月30日第一大股东：邵泽华，持股60.22%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 23.4 of 100, graded within a peer group of 256 companies in its industry; no rank among peers is given.
金源评级E，得分23.4（满分100），于行业同业256家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。