After the "National Team" took control, quantum computing revenue doubled, and Guodun Quantum is expected to turn a profit by 2025.

The Daily Economic News reporter | Zhang Baolian    The Daily Economic News editor | Xu Shaohang

On March 24, Guodun Quantum (SH688027), the “first listed company in quantum technology,” released its 2025 annual report. The company achieved operating revenue of 310 million yuan, a year-over-year increase of 22.53%; its net profit attributable to the parent was approximately 5.3919 million yuan, successfully turning from loss to profit year over year.

The company explained that during the reporting period, its total profit and net profit attributable to the parent turned positive mainly due to growth in operating revenue in the quantum computing sector, as well as increases in government subsidies recognized in current profit and investment gains.

The company also disclosed its 2025 profit distribution plan, which will implement the first cash dividend after turning losses around. It is proposed to distribute cash of 0.16 yuan per 10 shares (inclusive of tax), totaling 16.458 million yuan, accounting for 30.52% of net profit. This proposal has been deliberated and approved by the board of directors and still needs shareholder approval.

Public information shows that Guodun Quantum went public in July 2020. In that year, it recorded net profit attributable to the parent of 0.29 billion yuan. From 2021 to 2024, Guodun Quantum was unable to achieve profitability. For Guodun Quantum, 2025 is a pivotal turnaround year.

The company states that during the reporting period, it is among a small number of enterprises worldwide that have large-scale industrialization capabilities in all three major areas of quantum communication, quantum computing, and quantum precision measurement. After completing a targeted issuance of shares to China Telecom’s wholly owned subsidiary, China Telecom Quantum Information Technology Group Co., Ltd. (hereinafter referred to as China Telecom Quantum Group), it became a state-owned enterprise controlled by a central SOE.

From an industry perspective, the company’s main business revenue mainly comes from the quantum communication business and the quantum computing business. During the reporting period, revenue from quantum communication was 140 million yuan, accounting for 47.05% of main business revenue; revenue from quantum computing was 120 million yuan, accounting for 40.17% of main business revenue.

From a product perspective, the company’s main business revenue mainly comes from quantum computing products and quantum communication products. During the reporting period, revenue from the company’s quantum computing products was 118 million yuan, accounting for 39.66% of main business revenue; revenue from quantum communication products was 91.6336 million yuan, accounting for 30.71% of main business revenue.

From a regional perspective, the company’s main business revenue mainly comes from East China. During the reporting period, East China revenue was 247 million yuan, accounting for 82.91% of main business revenue.

By industry, in terms of gross margin: the quantum communication industry has the highest gross margin at 66.27%, up slightly year over year; the quantum computing industry’s gross margin was 38.07%, down 5.68 percentage points year over year; and the quantum precision measurement industry’s gross margin was 43.66%, up 11.4 percentage points year over year. In 2025, the composite gross margin was 52.05%, down 3.12 percentage points year over year.

During the reporting period, the net cash flow from operating activities of the company decreased by 133.32%. The company said this was mainly due to an increase in procurement expenditures during the reporting period.

The annual report discloses that in the first five customers in 2025, sales amounted to 197.1748 million yuan, accounting for 63.51% of the annual total sales; among them, sales to related parties among the top five customers were 134.859 million yuan, accounting for 43.44% of the annual total sales. It is understood that in the quantum computing complete machine and cloud platform business, the company provides an integrated complete-machine build service for the “Tianyan” quantum computing cloud platform of China Telecom Quantum Group. The company completed acceptance testing for the “Tianyan-504” superconducting quantum computer, which has the largest number of bits per domestic single machine it provides. The newly provided “Tianyan-287” superconducting quantum computer, which is the same model as “Zou Chongzhi No. 3,” has completed commissioning.

According to the “Research Report on the Development and Application of Quantum Information Technology” released by the China Academy of Information and Communications Technology (CAICT), currently more than 30 countries and regions worldwide have issued development strategy plans or legislative documents for quantum information, with total investment exceeding 35 billion U.S. dollars.

The annual report shows that Guodun Quantum is increasing R&D investment. In 2025, the company’s total R&D expenditure reached 123.2524 million yuan, a year-over-year increase of 32.42%. R&D expenditure as a percentage of operating revenue was as high as 39.70%, up 2.96 percentage points from the previous year.

The growth in R&D expenses is mainly due to an increase in R&D materials costs and an expansion of R&D personnel. By the end of 2025, the company had 236 R&D personnel, accounting for 45.30% of its total headcount.

In terms of breakthroughs in technical research, during the reporting period, the company continuously improved communication networking capabilities of its fiber-optic QKD products, such as long-distance transmission and classic multi-fiber sharing. In building quantum secure communication networks, as a core equipment supplier, the company supports China Telecom in large-scale construction of quantum-safe infrastructure in 40 key cities nationwide. In terms of security application products, the “Quantum Secure Voice and Secure Message Business,” for which the company provides dedicated technical services, is being promoted nationwide. Currently, the related service platforms have already supported more than 6 million users of quantum secure voice/secure messaging.

It should be noted that the company still faces multiple challenges. First is alleviating cash flow pressure. In 2025, the net cash flow from operating activities was -10.8955 million yuan, down 133.32% year over year. The company explained that this was mainly due to the increase in procurement expenditures. Second is gross margin fluctuations brought by the business structure. The quantum computing business’s gross margin is lower than that of the quantum communication business. As its revenue share increases, the company’s overall gross margin may be affected.

Cover image source: The Daily Economic News media resources

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