证券代码：688682 证券简称：霍莱沃 公告编号：2026-001 上海霍莱沃电子系统技术股份有限公司 2025 年年度业绩预告 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、准确性和完整性依法承担法律责任。 （2）经公司财务部门初步测算，公司预计 2025 年年度实现归属于母公司所 有者的扣除非经常性损益后的净利润为-2,300.00 万元到-3,300.00 万元。 （三）本次业绩预告相关财务数据未经注册会计师审计。 二、上年同期业绩情况 （一）利润总额：1,716.90 万元。归属于母公司所有者的净利润：1,443.35 万元。归属于母公司所有者的扣除非经常性损益的净利润：261.45 万元。 （二）每股收益：0.14 元（公司于 2025 年实施资本公积金转增后，2024 年度每股收益已按新股本总额摊薄计算）。 三、本期业绩变化的主要原因 （一）主营业务影响 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 （1）经上海霍莱沃电子系统技术股份有限公司（以下简称"霍莱沃 ...

Group 1 - The company expects a net profit attributable to shareholders of the parent company to be between -19 million and -30 million yuan for the year 2025, compared to a net profit of 14.4335 million yuan in the same period last year [1] - During the reporting period, the company's revenue increased year-on-year due to an increase in the delivery scale of its electromagnetic measurement system business [1] - However, the overall market environment in the industry has led to a decline in the gross profit margin of this business compared to the same period last year, resulting in a decrease in the main business gross profit margin [1]

Core Viewpoint - The company, Holley, has released its annual performance forecast, projecting a net profit attributable to shareholders for 2025 to be between -19 million and -30 million yuan, with a net profit excluding non-recurring gains and losses expected to be between -23 million and -33 million yuan [1] Group 1: Business Impact - The company's main business, the electromagnetic measurement system, saw an increase in delivery scale compared to the previous year, leading to a year-on-year revenue growth. However, the overall market environment has negatively impacted the gross profit margin of this business, resulting in a decline in the main business gross profit margin compared to the same period last year [1] Group 2: R&D Expenses - To enhance the competitiveness of core products, the company has increased its investment in CAE software research and development. This includes the initiation of new projects such as AI+CAE, which aims to empower the electromagnetic CAE software's design capabilities using artificial intelligence technology, developing a generative intelligent electromagnetic inverse design core with incremental learning capabilities [1]

Core Viewpoint - The military electronics sector experienced a significant decline, with a drop of 5.26% on January 26, led by Aiguang Technology, while the overall market indices also saw minor decreases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4132.61, down 0.09%, and the Shenzhen Component Index closed at 14316.64, down 0.85% [1]. - The military electronics sector saw a net outflow of 77.26 billion yuan from institutional investors, while retail investors had a net inflow of 58.39 billion yuan [2]. Group 2: Individual Stock Performance - Aiguang Technology (300123) saw a significant drop of 13.41%, closing at 7.36 yuan with a trading volume of 1.598 million shares and a transaction value of 1.209 billion yuan [2]. - Other notable declines included Xice Testing (301306) down 12.96% to 111.63 yuan, and Shaanxi Huada (301517) down 12.23% to 70.50 yuan [2]. - Conversely, Zhenxin Technology (300101) increased by 4.19% to 30.81 yuan, with a trading volume of 528,500 shares and a transaction value of 1.640 billion yuan [1]. Group 3: Capital Flow Analysis - The capital flow analysis indicates that institutional investors had a net outflow in several stocks, including ST Wanfa (000638) with a net outflow of 142.97 million yuan, while retail investors showed a net inflow in stocks like ST Yuanwei (002231) with a net inflow of 46.14 million yuan [3]. - The data reflects a mixed sentiment among different investor types, with retail investors showing resilience in certain stocks despite the overall sector decline [2][3].

Core Insights - The computer simulation industry in China is experiencing fluctuating investment activity, with a total of 108 financing events from 2016 to 2025, indicating a volatile upward trend in investment [2][27]. - The average single financing amount in the computer simulation industry has shown a fluctuating trend, with an average of 0.3 billion yuan from January to November 2025 [4]. - Investment rounds are primarily concentrated in the angel and A rounds, reflecting a "large at both ends, small in the middle" characteristic in financing rounds [7][23]. Investment Activity - In 2024, there were 12 disclosed financing events totaling 0.873 billion yuan, while by December 1, 2025, there were 30 financing events totaling approximately 0.889 billion yuan [2][3]. - The majority of financing events are concentrated in Beijing, with 40 events, followed by Shanghai with 33 events, and other regions like Jiangsu, Guangdong, and Zhejiang also showing high activity [8]. Sector Focus - The computer simulation industry is primarily focused on the industrial sector, with significant financing events occurring between 2021 and 2023 [11]. - The main investors in the computer simulation industry are predominantly investment firms, with notable examples including交银投资 and 深创投, while industrial investors include companies like 比亚迪 and 金蝶国际 [23]. Mergers and Acquisitions - The industry is still in its early development stage, leading to smaller company sizes and limited mergers, primarily focusing on horizontal integration among midstream companies to expand scale [25][27]. - Recent merger activities include horizontal integrations such as 索辰科 acquiring 力控科技 and 露辰科 acquiring 麦思捷 [26].

Group 1 - The company Shanghai Holiwo Electronic System Technology Co., Ltd. won a procurement project from Beihang University with a bid amount of 3.16 million yuan [1] - In 2024, Holiwo's operating revenue was 269 million yuan, with a revenue growth rate of -31.75% [2][3] - The net profit attributable to the parent company for 2024 was 14 million yuan, showing a net profit growth rate of -46.76% [2][3] Group 2 - In the first half of 2025, the company's operating revenue was 102 million yuan, with a revenue growth rate of -17.68% [2][3] - The net profit attributable to the parent company for the first half of 2025 was 0 million yuan, reflecting a net profit growth rate of -94.51% [2][3] - The company operates in the information technology industry, primarily focusing on electronic testing and measurement instruments, with 87.23% of its 2024 revenue coming from electromagnetic measurement systems [2][3]

Core Insights - The global computer simulation industry market size reached $300 billion, growing from $182.5 billion in 2018, with a projected growth trend from 2019 to 2024 [3][11] - Computer simulation technology has penetrated various industries, initially starting in military applications and expanding into civil sectors such as aviation, education, and manufacturing [1][11] Industry Overview - Major listed companies in the computer simulation industry include Huali Chuangtong (300045.SZ), Holowell (688682.SH), and others [1] - The industry has seen significant growth due to advancements in internet and information technology, with a forecasted market size of approximately $300 billion by 2024 [3] Application and Development Trends - Computer simulation technology is widely applied across defense, industrial, and various human production and life aspects, including aerospace, electronics, and energy sectors [11][13] - The application range is continuously extending, with emerging markets in developing countries like China and India expected to accelerate growth [9][13] - The technology has evolved from theoretical research to practical applications in production, driving demand and enhancing simulation capabilities [11][13] - Cloud-native architectures are transforming the market by providing "simulation as a service," improving accessibility and efficiency [13]

Market Overview - On January 13, the commercial aerospace concept stocks experienced a significant decline, with the sector index dropping over 6% [1] - The commercial aerospace index closed at 23,568.27, down 1,530.82 points or 6.10% from the previous close [2] Stock Performance - Several stocks within the commercial aerospace sector hit their daily limit down, including Aerospace Development, Aerospace Science and Technology, China Satellite Communications, Beidou Star, Aerospace Changfeng, and Aerospace Power [1] - Notable declines in individual stocks include: - Aerospace Universe: -16.58% [3] - Aerospace Intelligent Equipment: -13.77% [3] - Sree New Materials: -13.38% [3] - Aerospace Hongtu: -13.05% [3] - Guolian Aviation: -12.52% [3] - Other significant declines include Aerospace Electronics, China Satellite Communications, and Aerospace Longfeng, all down by 10% [4] Risk Announcements - Following the market downturn, multiple commercial aerospace companies issued risk warning announcements, clarifying that their main business does not involve commercial aerospace activities. Companies such as Aerospace Power, Aerospace Engineering, Xinghuan Technology, and Aerospace Changfeng were among those that made these disclosures [5]

Market Overview - A-shares exhibited mixed performance on the 8th, with the Shanghai Composite Index experiencing narrow fluctuations, while the ChiNext Index declined, and the Sci-Tech 50 Index surged [1] - The Shanghai Composite Index closed down 0.07% at 4082.98 points, the Shenzhen Component Index fell 0.51%, the ChiNext Index dropped 0.82%, and the Sci-Tech 50 Index rose 0.82% [1] - Total trading volume in the Shanghai and Shenzhen markets was approximately 2.83 trillion yuan, a decrease of about 55 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with over 20 stocks hitting the daily limit, including Qian Zhao Guang Dian and Pu Ni Ce Shi, which both reached the limit [3] - Notable performers included Jin Feng Ke Ji, which achieved a three-day limit increase, and Zhen Lei Ke Ji, which rose over 15% to reach a historical high [3] Controlled Nuclear Fusion Sector - The controlled nuclear fusion concept showed strong performance, with Ha Han Hua Tong rising over 12% and several other stocks, including China Nuclear Engineering and Aerospace Morning Light, hitting the daily limit [6] - Recent breakthroughs in controlled nuclear fusion technology were reported, with the EAST device confirming the existence of a density-free zone, providing important physical evidence for high-density operation [6][8] Industrial Software Sector - The industrial software concept gained traction, with Han De Information rising over 13% and Baoxin Software hitting the daily limit [9] - The Ministry of Industry and Information Technology, along with other departments, issued a directive to strengthen the development of industrial software, indicating a supportive policy environment for the sector [11]

北京市金杜律师事务所上海分所 关于上海霍莱沃电子系统技术股份有限公司 2025 年第一次临时股东 会 之法律意见书 致：上海霍莱沃电子系统技术股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受上海霍莱沃电子系统 技术股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券 监督管理委员会《上市公司股东会规则（2025 年修订）》（以下简称《股东会规 则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不 包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、 行政法规、规章和规范性文件和现行有效的《上海霍莱沃电子系统技术股份有限 公司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 12 月 29 日召开的 2025 年第一次临时股东会（以下简称本次股东会），并就本次 股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年年度股东大会审议通过的《上海霍莱沃电子系统技术股份 有限 ...