Qingdao Topscomm Communication Inc. (603421.SH) announced a forecasted net loss of 2.09 billion to 2.5 billion yuan for the fiscal year 2024, turning from profit to loss.

Qingdao Topscomm Communication INC. (603421.SH) announced that the company expects to achieve a net loss attributable to the owners of the parent company of 2.09 billion to 2.5 billion yuan in the year 2024, compared to a profit of 1.31 billion yuan in the same period last year (according to statutory disclosure data). During the reporting period, the company was blacklisted by State Grid Corporation of China for 2 years and faced market entry restrictions by Southern Power Grid Co., Ltd. for 15 months, resulting in a significant decrease in the number of winning bids related to the electricity business. Additionally, the deep adjustment in the real estate industry has affected the fire protection business, and the company's construction projects have been impacted by falling prices. Overall, impairments on goodwill, inventory, accounts receivable/bills receivable, etc., have led to a year-on-year decrease in net profit attributable to the owners of the parent company in the reporting period.