Bluebird Fire Safety's revenue and net profit both declined in 2025, with R&D investment increasing by 12%

Ask AI · How will the downturn in real estate and the switch to new national standards impact fire safety business?

Blue Whale News, April 1st — On March 30th, Qingniao Fire Protection released its 2025 performance report. Data shows that the company is projected to achieve an operating revenue of 4.7B yuan in 2025, a year-on-year decrease of 4.58%; net profit attributable to the parent company is 320 million yuan, down 9.47% year-on-year; and net profit excluding non-recurring gains and losses is 305 million yuan, down 8.68% year-on-year.

It is reported that the main reason for the decline in performance comes from the domestic civil and commercial fire protection business segment, which accounts for 62.15% of revenue, making it the largest source of income. The phased pressure in this segment directly constitutes the core driver of overall performance pressure. The financial report indicates that this business is affected by the continued downturn of the real estate industry and the switch between old and new national standards. The old national standard products have shown a temporary weakening in price competitiveness, leading to a slowdown in order conversion and execution pace.

In terms of regional business distribution, domestic regions contribute 82.87% of revenue, while overseas regions account for 17.13%, maintaining nearly one-fifth, reflecting the company’s foundational diversified presence in both domestic and international markets.

From a quarterly perspective, the fourth quarter achieved net profit attributable to the parent of 82 million yuan and net profit excluding non-recurring gains and losses of 83 million yuan, accounting for 25.63% and 27.21% of the full-year totals, respectively. This is compared to the combined contribution of 74.37% and 72.79% in the first three quarters.

In 2025, the company’s gross profit margin is 34.67%, down 2.52 percentage points year-on-year; net profit margin attributable to the parent is 6.81%, down approximately 0.73 percentage points year-on-year.

Regarding expense structure, sales expenses amount to 622 million yuan, a decrease of 6.71% year-on-year. R&D investment shows an opposite growth trend, reaching 369 million yuan for the year, an increase of 12.19%, accounting for 7.85% of revenue. The number of R&D personnel remains unchanged at 456.

During the reporting period, the company’s short-term debt is 1.24B yuan, long-term debt is 590 million yuan, with an asset-liability ratio of 34.16%, and a current ratio of 2.60.