Gross profit margin declined, highly concentrated customers, Tianqin Equipment responds

On the evening of April 9th, Tianqin Equipment disclosed its annual report for the year 2025. During the reporting period, the total sales amount of the company's top five customers was approximately 219 million yuan, accounting for 94.41% of the total annual sales amount, indicating a high concentration of customers and attracting widespread attention. In addition, the gross profit margin of the company decreased to 34.97% during the reporting period. In the past 3 years, the company's gross profit margin was approximately 38%, 35.39%, and 34.97% respectively. In response to this, an exclusive statement was given by the Tianqin Equipment Securities Department to China Securities Journal Securities Gemini Journalist, attributing the decline in gross profit margin to changes in product structure. The high proportion of sales from the top five customers was due to the inclusion of some major customers' related companies in the calculation.