Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company's revenue for the first half of 2025 was 488 million yuan, a decrease of 23.19% year-on-year, while the net profit attributable to the parent company was 18 million yuan, down 75.16% year-on-year [1]. - The network visualization business saw significant growth, achieving revenue of 262 million yuan, a year-on-year increase of 43.48%, driven by the gradual implementation of projects in the operator market [2]. - The intelligent system platform business faced challenges, with revenue of 226 million yuan, a decline of 49.95% year-on-year, primarily due to a decrease in orders [3]. - The company is focusing on domestic product integration and enhancing its competitive edge in vertical industries, with plans to increase investment in core technology development for domestic chip adaptation and algorithm optimization [3]. Financial Summary - The company forecasts revenues of 1.36 billion yuan, 1.65 billion yuan, and 2.01 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 120 million yuan, 160 million yuan, and 204 million yuan for the same years [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 83.98, 63.35, and 49.56 respectively, indicating a positive outlook for the company's visualization business and potential recovery in the intelligent computing sector [4].

Core Insights - Hengwei Technology reported significant declines in both revenue and net profit for the first half of 2025, with revenue at 488.40 million yuan, a year-on-year decrease of 23.19%, and net profit attributable to shareholders at 17.82 million yuan, down 75.16% [2][3] Financial Performance - Total revenue for the first half of 2025 was 488.40 million yuan, compared to 635.89 million yuan in the same period last year, reflecting a decrease of 23.19% [3] - Total profit for the period was 17.06 million yuan, a decline of 77.11% from 74.55 million yuan year-on-year [3] - The net profit attributable to shareholders was 17.82 million yuan, down 75.16% from 71.74 million yuan in the previous year [3] - The net profit after deducting non-recurring gains and losses was 15.07 million yuan, a decrease of 77.99% compared to 68.46 million yuan last year [3] - The net cash flow from operating activities was 72.64 million yuan, a significant improvement from a negative cash flow of 104.35 million yuan in the previous year [3] - As of the end of the reporting period, the net assets attributable to shareholders were 1.37 billion yuan, a slight increase of 0.86% from the previous year [3] Business Segmentation - The network visualization business generated revenue of 262 million yuan, a year-on-year increase of 43.48%, primarily benefiting from the implementation of projects in the operator market [4] - Conversely, the intelligent system platform business saw revenue drop to 226 million yuan, a decline of 49.95%, which was the main factor dragging down overall performance [4] - The decline in the intelligent system platform business was attributed to a reduction in orders for intelligent computing services [4] Subsidiary Performance - Several subsidiaries of Hengwei Technology reported losses, including Shanghai Hengwei Intelligent Technology, Zhejiang Hengwei Electronics, and Shenzhen Haishang Zhiyun Technology, with at least six major subsidiaries showing negative net profits [5] Dividend and R&D - In response to performance pressures, Hengwei Technology announced a semi-annual dividend plan, proposing a payout of 0.05 yuan per 10 shares (tax included) [5] - The company maintained R&D expenditures at 59.45 million yuan, a slight increase of 0.45% year-on-year, and introduced a new utility model patent for "FPGA-based power switch control circuit" [5]

Core Viewpoint - Hengwei Technology (603496) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its business operations and financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 488 million yuan, a decrease of 23.19% compared to 636 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 17.82 million yuan, down 75.16% from 71.74 million yuan in the previous year [1]. - The gross profit margin fell to 29.1%, a decline of 10.61% year-on-year, while the net profit margin dropped to 3.45%, down 69.34% [1]. - The total of selling, administrative, and financial expenses reached 50.76 million yuan, accounting for 10.39% of revenue, an increase of 21.97% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in operating cash flow per share to 0.23 yuan, up 169.61% year-on-year, indicating improved cash management despite declining profits [1][5]. - Accounts receivable reached 585 million yuan, representing a 24.14% increase, with accounts receivable to net profit ratio at an alarming 2178.91% [1][8]. Cost Structure - Operating costs decreased by 19.26%, attributed to the decline in revenue [4]. - Financial expenses decreased by 30.29%, primarily due to reduced interest expenses [5]. Business Model and Historical Performance - The company's return on invested capital (ROIC) was reported at 1.54%, indicating weak capital returns, with a historical median ROIC of 13.55% since its listing [6]. - The business model relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [7].

通过天眼查大数据分析，恒为科技(上海)股份有限公司共对外投资了16家企业，参与招投标项目141 次，知识产权方面有商标信息6条，专利信息120条，此外企业还拥有行政许可5个。 金融界消息 截至2025年8月15日收盘，恒为科技（603496）报收于28.78元，上涨0.74%，换手率 5.16%，成交量16.52万手，成交金额4.76亿元。 来源：金融界 恒为科技最新一期业绩显示，截至2025中报，公司营业总收入4.88亿元、同比减少23.19%，归属净利润 1781.56万元，同比减少75.16%，扣非净利润1506.83万元，同比减少77.99%，流动比率2.420、速动比率 1.737、资产负债率30.18%。 天眼查商业履历信息显示，恒为科技(上海)股份有限公司，成立于2003年，位于上海市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本32020.9243万人民币，实缴资本 32020.9243万人民币。公司法定代表人为沈振宇。 资金流向方面，今日主力资金净流出2715.02万元，占比成交额5.71%。其中，超大单净流出347.01万 元、占成交额0.73%，大单净流出236 ...

Meeting Overview - The fourth session of the Supervisory Board of Hengwei Technology (Shanghai) Co., Ltd. was held on August 14, 2025, with all three supervisors present, complying with legal and regulatory requirements [1] Half-Year Report Approval - The Supervisory Board approved the 2025 Half-Year Report, confirming that its preparation and review processes adhered to relevant laws and regulations, and the report accurately reflects the company's operational and financial status [2][3] Profit Distribution Plan - The Supervisory Board approved the profit distribution plan for the first half of 2025, stating that it aligns with legal requirements and considers internal and external factors, company performance, future development plans, and shareholder expectations [2][3] Asset Impairment Provision - The Supervisory Board approved the proposal for asset impairment provisions, affirming that it complies with accounting standards and accurately reflects the company's asset status [3] Cancellation of Supervisory Board - The Supervisory Board agreed to cancel its own establishment, transferring its powers to the Audit Committee of the Board of Directors, which is expected to enhance corporate governance and operational standards [4]

(一) 股东大会类型和届次 (二) 股东大会召集人：董事会 重要内容提示： ? 股东大会召开日期：2025年9月8日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 证券代码：603496 证券简称：恒为科技 公告编号：2025-045 恒为科技（上海）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 8 日 14 点 30 分 召开地点：上海市闵行区陈行路 2388 号 8 号楼 6 楼公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 8 日至2025 年 9 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11: ...

证券代码：603496 证券简称：恒为科技 公告编号：2025-041 （转增）比例不变，相应调整分配（转增）总额，并将在相关公告中披露。 恒为科技（上海）股份有限公司 关于 2025 年半年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 利润分配方案：每10股派发现金红利0.05元（含税），不转增，不送红股。 ? 本次利润分配方案以实施权益分派股权登记日登记的恒为科技（上海） 股份有限公司（以下简称"公司"）总股本为基数，具体日期将在权益分派实施 公告中明确。 ? 本次利润分配方案符合经2024年年度股东大会审议通过的2025年中期利 润分配计划，由董事会制定利润分配方案及实施相关事宜，无需提交股东大会审 议。 ? 公司不存在可能触及《上海证券交易所股票上市规则》第9.8.1条第一款 第（八）项规定的可能被实施其他风险警示的情形。 ? 实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配 如在实施权益分派的股权登记日前，公司总股本发生变动的，公司拟维持每 股分配比例不变，相 ...

证券代码：603496 证券简称：恒为科技 公告编号：2025-038 恒为科技（上海）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 恒为科技（上海）股份有限公司（以下简称"公司"）第四届董事会第九次 会议于 2025 年 8 月 14 日在公司会议室召开。本次会议召开前，公司已向全体董 事发出电子邮件会议通知，并提交了会议材料。会议应到董事 7 名，实到董事 7 名。本次会议召开及参加表决人数符合法律法规、《公司章程》和公司《董事会 议事规则》的规定。会议由公司董事长沈振宇先生主持。 二、董事会会议审议情况 公司 2025 年半年度利润分配方案为：以权益分派方案实施股权登记日的公 司总股本为基数，向全体股东每 10 股派发现金红利 0.05 元（含税），不转增， 不送红股。 截至目前，公司总股本为 320,209,243 股，合计拟派发现金红利 1,601,046.22 元（含税），占 2025 年 1-6 月合并口径归属于上市公司股东净利润的 8.99%。 如在实施权益分派的股权登记 ...

Core Viewpoint - The report highlights the financial performance and operational status of Hengwei Technology (Shanghai) Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and profit compared to the same period last year, while emphasizing the company's strategic focus on network visualization and intelligent systems. Financial Performance - The total revenue for the first half of 2025 was approximately CNY 488.40 million, representing a decrease of 23.19% compared to CNY 635.89 million in the same period last year [3] - The total profit for the period was CNY 17.06 million, down 77.11% from CNY 74.55 million year-on-year [3] - The net profit attributable to shareholders was CNY 17.82 million, a decline of 75.16% from CNY 71.74 million in the previous year [3] - The basic earnings per share decreased by 75.41% to CNY 0.0556 from CNY 0.2261 [4] Industry Overview - The network visualization industry has evolved over the past decade, transitioning from basic operational analysis to intelligent management of data services, leveraging new technologies such as big data and IoT [6] - The industry is currently in a rapid growth phase, driven by the integration of AI and the increasing demand for intelligent operations in data centers and smart computing [6][7] - The company is recognized as one of the earliest entrants in the network visualization field, maintaining a leading position in technology and market share [6] Business Operations - The company's main business includes the development and provision of intelligent system solutions, focusing on network visualization and intelligent system platforms [7] - The network visualization business involves real-time data collection and analysis to enhance network management and security, while the intelligent system platform provides hardware and software solutions for various industries [8] - The company has expanded its product applications to intelligent computing centers, integrating network visualization with computing resource management [8] Strategic Focus - The company aims to leverage its technological expertise to enhance its offerings in the intelligent computing sector, particularly in the context of national strategies promoting domestic information technology and smart computing [11] - The focus on domestic information technology has led to partnerships with local chip manufacturers to develop competitive products and solutions [11] - The company is actively involved in the development of AI-integrated solutions, addressing the growing demand for intelligent systems across various sectors [12]

Core Points - The company reported a significant decline in key financial metrics for the first half of 2025, with total assets decreasing by 2.16% compared to the end of the previous year [1] - Revenue fell by 23.19% year-on-year, amounting to approximately 488.40 million yuan, while total profit decreased by 77.11% to about 17.06 million yuan [1] - The net profit attributable to shareholders also saw a substantial drop, with a decrease of 77.99% in net profit after deducting non-recurring gains and losses [1] Financial Summary - Total assets at the end of the reporting period were approximately 1.96 billion yuan, down from 2.01 billion yuan at the end of the previous year [1] - The company's revenue for the reporting period was approximately 488.40 million yuan, compared to 635.89 million yuan in the same period last year [1] - The total profit for the period was approximately 17.06 million yuan, a significant decrease from 74.55 million yuan in the previous year [1] - The net profit attributable to shareholders was approximately 15.07 million yuan, down from 68.46 million yuan year-on-year [1] Shareholder Information - The top shareholders include Shen Zhenyu with 13.77% ownership, Hu Deyong with 6.90%, and Wang Xiang with 5.43% [2] - The company has identified Shen Zhenyu, Hu Deyong, Wang Xiang, and Shanghai Tiancheng Investment Management Co., Ltd. as acting in concert, collectively being the controlling shareholders [2]