Kaipuyun has responded to the Shanghai Stock Exchange's review inquiry letter on its 2025 annual report, addressing its first loss since listing and the performance slump at subsidiary Tianyi Shuju. The company's 2025 revenue was 419 million yuan, down 32.18 percent year on year, with a net loss attributable to the parent of 11 million yuan, swinging from profit to loss. In the first quarter of 2026, revenue fell another 21.44 percent to 47.37 million yuan, with a net loss of 8.43 million yuan. Core subsidiary Tianyi Shuju barely met its performance targets with a 101.81 percent completion rate during the 2021 to 2023 commitment period, but in 2025 its revenue dropped 39.61 percent to 184 million yuan and net profit fell 62.80 percent to 8.45 million yuan. The company attributed this to changes in the settlement model of its client State Grid, AI technology substitution, and intensifying industry competition. On the financial side, the R&D capitalization rate jumped from 21.68 percent to 35.29 percent. Inventory at period-end had a book value of 247 million yuan, of which about 214 million yuan in contract fulfillment costs had not yet been backed by formal contracts with clients, mainly stemming from Tianyi Shuju's upfront investments under the State Grid framework agreement. As of July 16, Kaipuyun shares traded at 68.44 yuan, with a cumulative decline of over 60 percent for the year, giving it a total market value of 4.62 billion yuan.
Ucap Cloud Information Technology Co LtdFirst loss since listing, revenue decline, and Shanghai Stock Exchange inquiry
Revenue and net profit sharply declined after performance commitment period, attributed to client settlement model changes and AI substitution