Core Viewpoint - The company, Dameng Data (688692.SH), plans to establish an industrial fund named Zhongwan Dameng M&A (Hefei) Equity Investment Fund Partnership (Limited Partnership) in collaboration with the Greater Bay Area Fund and Zhongwan Private Equity to invest in projects related to the database industry chain, aiming to further expand both horizontal and vertical development opportunities [1] Group 1 - The total subscribed capital amount for the fund at the time of establishment is 202 million yuan, with the company intending to subscribe 100 million yuan, accounting for 49.505% of the total subscribed capital [1] - The partnership will conduct one or more follow-up fundraising rounds within 12 months from the first delivery date, according to applicable legal regulations [1] - The total subscribed capital amount of the fund after the follow-up fundraising will not exceed 1 billion yuan [1]

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。 重要内容提示： 证券代码：688692 证券简称：达梦数据 公告编号：2025-052 武汉达梦数据库股份有限公司 关于参与投资设立股权投资基金的公告 武汉达梦数据库股份有限公司（以下简称"公司"或"达梦数据"）出 资 1 亿元、粤港澳大湾区科技创新产业投资基金（有限合伙）（以下简称"大湾 区基金"）出资 1 亿元、中湾私募基金管理有限公司（以下简称"中湾私募"） 出资 200 万元共同设立产业基金中湾达梦并购（合肥）股权投资基金合伙企业（有 限合伙）（暂定名，以企业登记机关最终核准为准，以下简称"合伙企业"或"本 基金"）。投资方向为数据库产业链企业，重点围绕达梦数据的强链、补链、拓 链进行前瞻性布局投资。 本次交易不涉及关联交易，亦不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 本次交易无需提交公司股东会审议。 相关风险提示： 截至本公告披露日，各合伙人尚未正式签署合伙协议，合伙企业尚未设立， 尚需通过中国证券投资基金业协会等有关机构完成基金备案等手续，具体 ...

股票简称：达梦数据 股票代码：688692 二〇二五年十一月 2025 年第五次临时股东会会议资料 武汉达梦数据库股份有限公司 2025 年第五次临时股东会会议资料 2025 年第五次临时股东会会议资料 目 录 | 2025 年第五次临时股东会会议须知 | 2 | | --- | --- | | 2025 年第五次临时股东会会议议程 | 4 | | 议案一：关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议 | | | 案 | 6 | | 议案二：关于公司《2025 年限制性股票激励计划实施考核管理办法》的议 | | | 案 | 7 | | 议案三：关于提请股东会授权董事会办理公司 2025 年限制性股票激励计 | | | 划相关事项的议案 | 8 | 1 2025 年第五次临时股东会会议资料 2025 年第五次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的顺 利进行，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证 券法》（以下简称《证券法》），中国证监会《上市公司股东会规则》以及《武汉达梦 数据库股份有限公司章程》（以下简称《公司 ...

Core Viewpoint - The company, Dameng Data (688692.SH), plans to establish an industrial fund named Zhongwan Dameng M&A (Hefei) Equity Investment Fund Partnership (Limited Partnership) in collaboration with the Greater Bay Area Fund and Zhongwan Private Equity to invest in projects related to the database industry chain, aiming to further expand both horizontal and vertical development opportunities [1] Summary by Sections - **Investment Details** - The total subscribed capital amount for the fund at the time of establishment is 202 million yuan, with the company intending to subscribe 100 million yuan, accounting for 49.505% of the total subscribed capital [1] - Within 12 months from the first closing date, the partnership will conduct one or more follow-up fundraising rounds from existing limited partners or new investors [1] - The total subscribed capital amount for the fund after the follow-up fundraising will not exceed 1 billion yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported strong financial performance in the first three quarters of 2025, with revenue reaching 830 million yuan, a year-over-year increase of 31.9%, and a net profit of 330 million yuan, up 89.1% year-over-year [4][6]. - The growth in revenue is attributed to robust demand in the "Xinchuang" (domestic innovation) sector and successful expansion into key industries such as energy, finance, and transportation [6]. - The gross profit margin significantly improved to 96.3% in the first three quarters of 2025, up from 86.32% in the same period last year, primarily due to a higher proportion of software product licensing in revenue [6]. - The company has shown effective cost management, with a decrease in R&D expense ratio from 22.51% to 21.23% year-over-year, benefiting from operational scale effects [6]. - Operating cash flow also demonstrated healthy growth, with a net cash flow from operating activities of 110 million yuan, a 46.74% increase year-over-year [6]. - The company is actively investing in R&D, particularly in AI and multi-model databases, enhancing its product offerings to meet emerging data processing needs [6]. - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 1.4 billion, 1.8 billion, and 2.4 billion yuan respectively, and net profits of 505 million, 632 million, and 810 million yuan [6]. Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 830 million yuan and a net profit of 330 million yuan, with significant growth rates of 31.9% and 89.1% respectively [4][5]. - The projected total revenue for 2025 is 1.4 billion yuan, with a gross profit margin of 90.3% and a net profit margin of 36.1% [5][8]. - The company's earnings per share (EPS) for 2025 is estimated at 4.46 yuan, reflecting strong profitability [5].

Core Points - The company, Wuhan Dameng Database Co., Ltd., has announced the convening of its fifth extraordinary general meeting of shareholders in 2025, scheduled for November 20, 2025 [1][5]. Group 1: Meeting Details - The extraordinary general meeting will be held on November 20, 2025, at 14:30 at the company's headquarters [5]. - The meeting will utilize a combination of on-site and online voting methods, with online voting available through the Shanghai Stock Exchange's system [5][2]. - The voting period for the online system will be from 9:15 to 15:00 on the day of the meeting [2]. Group 2: Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system or in person, with specific procedures outlined for different types of shareholders [3][7]. - The meeting will not involve public solicitation of shareholder voting rights [4]. - All proposals submitted for voting have been approved by the company's board and supervisory committee prior to the meeting [6]. Group 3: Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited as of the close of trading on the day before the meeting are eligible to attend [10]. - Registration for attendance must be completed by November 19, 2025, either in person or via email [12][14]. - Specific documentation is required for both individual and institutional shareholders to register for the meeting [16]. Group 4: Contact Information - For inquiries regarding the meeting, shareholders can contact Ms. Bu Jinghong at the provided phone number or email address [18].

证券代码：688692 证券简称：达梦数据 公告编号：2025-051 武汉达梦数据库股份有限公司 关于召开2025年第五次临时股东会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第五次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东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 召开日期时间：2025 年 11 月 20 日 14 点 30 分 召开地点：达梦中国数据库产业基地 2 号楼 18 楼 1810 会议室 本次股东会不涉及公开征集股东投票权。 （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 11 月 20 日 至2025 年 11 月 20 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 股东会召开日期：2025年11月20日 本次股东会采用的网络投票系统： ...

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,954.79, down 0.81% [2] - The Shenzhen Component Index and the CSI 300 also experienced declines of 1.14% and 1.47% respectively [2] Agricultural Sector - The company "Juxing Agriculture" reported a continuous increase in pig output, with a total of 293,000 pigs sold in the first three quarters of 2025, generating sales revenue of 5.153 billion [6] - The company aims to control breeding costs through various efficiency measures, despite a decline in pig prices leading to a drop in profitability in Q3 [6] New Materials Sector - "Jundingda" achieved a revenue of 728 million in the first three quarters of 2025, marking a year-on-year growth of 23.43% [5] - The company reported a net profit of 137 million, up 18.82%, with a gross margin of 40.38% and a net margin of 18.86% [5] Military Industry - "Inner Mongolia Yijian" reported a revenue of 7.894 billion in the first three quarters of 2025, a year-on-year increase of 11.07% [10] - The net profit reached 386 million, up 6.18%, driven by improvements in profit margins and growth in unmanned and military trade sectors [10][11] Technology Sector - "Dameng Data" reported a revenue of 2.167 billion in Q3 2025, a decrease of 6.59% year-on-year, but with an improved gross margin of 14.77% [16] - The company is focusing on expanding its military trade market and enhancing its position in high-tech weaponry [16] Energy Sector - "Baofeng Energy" achieved a revenue of 35.54 billion in the first three quarters of 2025, a year-on-year increase of 46.4% [27] - The net profit reached 8.95 billion, up 97.3%, driven by capacity release and steady progress on ongoing projects [27] Chemical Sector - "Zanyu Technology" reported a revenue of 9.676 billion in the first three quarters of 2025, with a year-on-year growth of 27.92% [20] - The net profit for the same period was 151 million, reflecting a 24.96% increase, attributed to the recovery in palm oil prices [20] Textile and Apparel Sector - "Weixing Co." reported a revenue of 36.33 billion in the first three quarters of 2025, a slight increase of 1.46% [24] - The net profit was 5.83 billion, down 6.46%, but the company is optimistic about future growth due to new factory efficiencies [24] Clinical Data Update - The clinical data for HLX43 shows promising safety advantages and potential as a cornerstone drug for tumors, with an overall response rate of 47.4% in specific patient groups [33][35]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company has demonstrated strong revenue growth, with total revenue reaching 830 million yuan in the first nine months of 2025, a year-on-year increase of 32%. The net profit attributable to shareholders was 330 million yuan, up 89% year-on-year [1][3]. - The company is a leading database product developer in China, focusing on original innovation and independent research and development, which positions it well to benefit from the ongoing development of the domestic market [3][4]. - The company has made significant progress in key areas such as domestic innovation (信创) and artificial intelligence (AI), enhancing its competitive edge in the database sector [2][3]. Financial Performance Summary - For Q3 2025, the company reported total revenue of 307 million yuan, an 11% increase year-on-year, and a net profit of 125 million yuan, which is a 76% increase year-on-year [1]. - The company’s R&D investment totaled 176 million yuan in the first nine months of 2025, reflecting a 24% increase year-on-year [1]. - The projected net profits for 2025-2027 are estimated at 486 million yuan, 632 million yuan, and 808 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 66X, 50X, and 39X [3][4].