GuoDun Quantum turns a profit of 5.39 million yuan in 2025, reversing losses; quantum computing revenue surges | Annual report season

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On the evening of March 24, 2026, “the first stock in quantum technology” Guodun Quantum (688027.SH) released its 2025 annual report, delivering its first annual profit statement since listing, marking a key turning point in the company’s development.

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Guodun Quantum Announcement

01

Industrialization is still in its early stages

In 2025, Guodun Quantum achieved a total operating revenue of 310 million yuan, a year-on-year increase of 22.53%; net profit attributable to the parent company was 5.3919 million yuan, successfully turning from a net loss of 31.8414 million yuan in the same period last year, with basic earnings per share turning positive from -0.40 yuan to 0.05 yuan.

Quarterly, performance showed clear structural differentiation. In Q4, revenue was 121 million yuan, down 21.43% year-on-year, but net profit attributable to the parent reached 31.8615 million yuan, up 36.89%, with quarterly profit covering the entire year’s scale, highlighting industry characteristics of project-based revenue acceptance.

On the financial structure level, the company’s asset base remains solid. As of the end of 2025, total assets were 3.63B yuan, up 1.60% from the beginning of the year; equity attributable to the parent was 3.25B yuan, up 0.17%; net asset per share was 31.55 yuan. The ample net assets provide a strong safety cushion for subsequent R&D investments.

Notably, the company’s net profit after deducting non-recurring gains and losses for the full year was -43.5497 million yuan, although this narrowed significantly by 19.09 million yuan compared to the same period last year, indicating continuous improvement in core business profitability. However, it has not yet turned positive, meaning that the profitability in 2025 largely depends on investment income and government subsidies from non-recurring gains and losses. The quality of profits still has room for improvement and reflects that the quantum technology industry remains in its early stages of industrialization.

The core driver behind this performance turnaround stems from a substantial breakthrough in moving quantum computing from laboratory to industrialization. The company has also completed a strategic transformation from “single-driver quantum communication” to a “dual-drive of quantum communication + quantum computing.”

The annual report clearly states that the main factor behind the performance growth during the reporting period was a significant increase in revenue from the quantum computing sector. The delivery and acceptance of two flagship projects directly boosted income: first, the delivery and acceptance of a 200-qubit superconducting quantum computer and ultra-fusion system for the Hefei Advanced Computing Center “Chaohu Bright Moon”; second, the successful delivery of the “Tiany-504” superconducting quantum computer customized for the controlling shareholder China Telecom Quantum Group, forming the largest domestic 880-qubit superconducting quantum computing cluster.

The implementation of these two projects not only directly increased current revenue but also validated the company’s engineering delivery capabilities in quantum computer integration and ultra-fusion system construction, breaking the market’s stereotype that it relies solely on quantum communication for its revenue.

02

Quantum computing business surges

From the revenue structure perspective, in 2025, the company’s quantum computing revenue reached 120 million yuan, a surge of 111.82% year-on-year, surpassing the quantum communication revenue for the first time and becoming the new main revenue driver, maintaining this high growth trend throughout the year.

After China Telecom Quantum Group became the controlling shareholder in mid-2024, the synergy between both parties continued to release. Relying on Tianyi Cloud, the “Tiany” quantum cloud platform was built to realize market-oriented output of quantum computing resources, jointly exploring applications in weather forecasting, financial analysis, and other vertical scenarios, opening long-term space for quantum computing commercialization.

Growth in investment income and government subsidies not only provided a buffer during the high-investment early industrialization phase but also confirmed the policy support for quantum technology as a national strategic industry.

As a leading domestic quantum technology company, Guodun Quantum originates from the team led by Pan Jianwei at the University of Science and Technology of China. It is the only listed company in China covering all three core fields of quantum communication, quantum computing, and quantum precision measurement. Its deep technical accumulation and scarce industry positioning form its strongest moat.

In terms of product layout, the company has completed its transformation from a “research equipment supplier” to an “industrial-grade comprehensive solution provider,” with all three business segments forming competitive product matrices.

In the traditional advantage of quantum communication, the company’s QKD core equipment has long held over 90% domestic market share, leading national benchmark projects such as the “Beijing-Shanghai trunk line” and “Mozi” satellite. Its products are widely used in high-security fields like government, finance, and electricity, providing a stable foundation and cash flow support.

In quantum computing, besides the two major machine projects delivered in 2025, the company has achieved domestication and mass production of core components like the ez-Q Fridge dilution refrigerator, breaking overseas monopolies, reducing supply chain risks, and providing core support for domestic independent control.

The “quantum + supercomputing” integrated model built by the Hefei ultra-fusion computing center offers a replicable commercial example, solving the core pain point of transitioning quantum computing from laboratory to practical application.

In terms of customer structure, the company focuses on key sectors such as government, finance, and energy, undertaking quantum metropolitan network construction in cities like Hefei and Xiong’an, serving major financial clients like the “Big Five” banks. The top five customers account for over 60% of sales, indicating high order stability.

From a long-term strategic perspective, Guodun Quantum is not only an industrialization platform for quantum technology but also a core builder of the national quantum information infrastructure. With the advancement of strategies like “East Data West Computing” and “New Infrastructure,” and leveraging its technical accumulation and the advantages of its state-backed shareholders, it is expected to undertake more national projects, further consolidating its leading position. Its technological scarcity and industry positioning in the hard tech race are irreplaceable.

Currently, the global quantum technology industry is at a critical window transitioning from technological validation to large-scale application exploration. China, supported by policy and technological accumulation, leads the world, providing broad industry dividends for Guodun Quantum.

03

Multi-field deployment accelerates

On the policy front, quantum technology has been incorporated into the “14th Five-Year” and “15th Five-Year” national key plans, with large-scale deployment in government and financial sectors continuing to accelerate; on the capital side, the global quantum field’s investment and financing scale exceeded $9.7 billion in 2025, with industry funding increasing steadily; on the technological front, China has achieved international leadership in 200-qubit superconducting quantum computing and quantum key distribution, with technological maturity continuously improving, laying a foundation for commercialization.

From market opportunities, the three core tracks are all at a scale-up inflection point: in 2024, the domestic quantum communication market was about 89.2 billion yuan, expected to surpass 93.7 billion yuan in 2025, and potentially break the 1 trillion yuan mark by 2030; quantum computing is entering early industrialization, with a market size of about 11.56 billion yuan in 2025, maintaining a compound annual growth rate of over 30%, with accelerating applications in finance, medicine, and energy; quantum precision measurement has demonstrated applications in geophysical exploration and power inspection, with huge long-term growth potential.

Meanwhile, Guodun Quantum, still in early industrialization, faces multiple challenges, including industry commonalities and its own development. The company’s full-year net profit after deducting non-recurring gains and losses remains negative, performance still depends on non-recurring gains and losses, and stability and sustainability need market validation.

The technological route for quantum computing has not yet fully converged; core issues like quantum error correction still need breakthroughs, and technological iteration introduces uncertainties. Both domestic and international companies are accelerating their layout, intensifying industry competition, which may pressure margins.

The company’s revenue heavily depends on government and large enterprise projects, and seasonal delivery patterns may cause revenue fluctuations. Additionally, issues like performance improvements in high-end domestically produced equipment and a shortage of industry professionals could constrain long-term growth.

Overall, Guodun Quantum’s 2025 turnaround marks an important milestone in China’s quantum industry moving from laboratory R&D to commercial deployment. It signifies a critical leap in the company’s industrialization delivery capabilities.

This is not the end of the industrialization process but a new starting point. Whether the company can shift from project-driven to sustainable profit-driven growth, overcome core technological bottlenecks, and expand large-scale application scenarios will be key to its future development and an important indicator of the domestic quantum technology industry’s trajectory.