武汉达梦数据库股份有限公司 关于中国电子财务有限责任公司2024 年度风险评估报告 根据《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》 《关于规范上市公司与企业集团财务公司业务往来的通知》《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》等规则要求，武汉达梦数据库股份 有限公司（以下简称"公司"）通过查验中国电子财务有限责任公司（以下简称"中 电财务公司"）《金融许可证》《企业法人营业执照》等证件资料，取得并审阅经大信 会计师事务所（特殊普通合伙）出具的中电财务公司风险评估专项审计报告，以及 资产负债表、利润表、现金流量表等在内的财务报表，对中电财务公司的经营资质、 业务和风险状况进行了评估，具体情况报告如下： 一、中电财务公司基本情况 1.中电财务公司是经中国人民银行银复〔2000〕243 号文件批准成立的全国性 非银行金融机构。 2.金融许可证机构编码：L0014H211000001 3.统一社会信用代码：91110000102090836Y 4.注册资本：250,000 万元人民币，股东结构如下： 5.法定代表人：刘桂林 6.注册地址：北京市海淀区中关村东路 6 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 258,126,268.70, representing a 55.61% increase compared to CNY 165,884,882.97 in the same period last year[4] - Net profit attributable to shareholders was CNY 98,161,706.63, up 76.39% from CNY 55,651,786.82 year-on-year[4] - The net profit after deducting non-recurring gains and losses reached CNY 95,616,627.27, reflecting an 87.92% increase from CNY 50,880,330.52 in the previous year[4] - Basic and diluted earnings per share were both CNY 1.29, a 31.63% increase from CNY 0.98 in the same quarter last year[4] - Operating profit for Q1 2025 was CNY 103,621,690.12, up 85.0% from CNY 55,934,311.90 in Q1 2024[18] - Net profit for Q1 2025 amounted to CNY 96,677,372.49, representing a 77.9% increase compared to CNY 54,363,318.04 in Q1 2024[18] Research and Development - Total R&D investment amounted to CNY 54,737,286.49, which is a 25.83% increase compared to CNY 43,500,192.70 in the previous year[5] - Research and development expenses in Q1 2025 were CNY 54,737,286.49, an increase from CNY 43,500,192.70 in Q1 2024[17] - The proportion of R&D investment to operating revenue decreased to 21.21%, down 5.02 percentage points from 26.22%[5] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 3,663,713,627.35, a decrease of 3.26% from CNY 3,787,239,041.00 at the end of the previous year[5] - Total liabilities decreased to CNY 304,307,423.39 from CNY 524,510,209.53[15] - The net asset attributable to shareholders increased by 3.03% to CNY 3,335,713,707.76 from CNY 3,237,552,001.13[5] - The total equity attributable to shareholders rose to CNY 3,335,713,707.76 from CNY 3,237,552,001.13[15] Cash Flow - The net cash flow from operating activities was negative at CNY -101,727,739.95, compared to CNY -54,812,587.75 in the same period last year, indicating increased cash outflows[4] - Operating cash inflow for Q1 2025 was 243,450,939.96 CNY, up from 201,237,282.70 CNY in Q1 2024, representing an increase of approximately 21%[23] - Cash outflow from operating activities increased to 345,178,679.91 CNY in Q1 2025 from 256,049,870.45 CNY in Q1 2024, a rise of about 35%[24] - Cash and cash equivalents decreased from ¥2,980,399,826.30 to ¥2,804,899,230.96, a decline of approximately 5.9%[13] - Cash and cash equivalents at the end of Q1 2025 were 2,803,160,288.97 CNY, down from 1,068,568,096.80 CNY in Q1 2024[25] - The company reported a net cash outflow from financing activities of -42,353,095.77 CNY in Q1 2025, compared to a net inflow of 34,146,435.45 CNY in Q1 2024[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,211[10] - The largest shareholder, China Software and Technology Service Co., Ltd., holds 14,370,000 shares, accounting for 18.91% of total shares[10] - The number of shares held by the top 10 unrestricted shareholders includes significant holdings from various investment funds, with the largest being 963,315 shares[11] - The company has no pledged shares among its top shareholders, indicating a stable ownership structure[10] - The total number of shares held by the top 10 shareholders includes a mix of state-owned and private entities, reflecting diverse ownership[10] Operational Insights - The company recognized non-recurring gains of CNY 2,545,079.36, primarily from government subsidies and other non-operating income[6] - The company has not disclosed any significant operational changes or strategies in the reporting period[12] - The report indicates no changes in the borrowing/lending of shares among the top shareholders compared to the previous period[12] - The company plans to continue expanding its market presence and investing in new technologies[19] Tax and Accounting - The company received tax refunds of 34,002,252.64 CNY in Q1 2025, compared to 22,656,546.11 CNY in Q1 2024, marking an increase of about 50%[23] - The company executed a new accounting policy starting January 1, 2024, affecting the recognition of certain liabilities and costs[20] Other Financial Metrics - The adjustment in operating costs increased to 5,002,417.36 CNY from 4,832,606.04 CNY, reflecting a rise of approximately 3.5%[21] - The company reported a significant reduction in accounts payable, decreasing from CNY 52,745,437.31 to CNY 30,578,766.49[15] - Accounts receivable increased from ¥410,371,531.60 to ¥457,143,889.41, representing an increase of about 11.4%[13] - Inventory rose significantly from ¥2,531,702.70 to ¥5,410,813.80, marking an increase of approximately 113.9%[13] - Total comprehensive income attributable to minority shareholders decreased to -1,484,334.14 from -1,288,468.78[20]

一、会议召开情况 证券代码：688692 证券简称：达梦数据 公告编号：2025-021 武汉达梦数据库股份有限公司 第二届监事会第七次会议决议公告 本公司监事会及全体监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、 审议通过《关于与中国电子财务有限责任公司签订<全面金融合作协议>暨关联 交易的议案》 经核查，监事会认为：该关联交易过程遵循了公平、合理的原则；关联交易的 决策程序符合法律法规和《公司章程》的规定，不存在损害股东和公司利益的情况， 未对公司独立性构成不利影响，决策程序合法有效。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关于 与中国电子财务有限责任公司签订<全面金融合作协议>暨关联交易的公告》（公告 编号：2025-022）。 关联监事赵冬妹女士已回避表决。 武汉达梦数据库股份有限公司（以下简称"公司"）第二届监事会第七次会议 （以下简称"本次会议"）于 2025 年 4 月 24 日以现场会议结合通讯表决方式召开。 本次会议通知已于 2025 年 4 月 18 日以微信、电子邮件等方 ...

招商证券股份有限公司 关于武汉达梦数据库股份有限公司 与中国电子财务有限责任公司签订《全面金融合作协议》 暨关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为武 汉达梦数据库股份有限公司（以下简称"达梦数据"或"公司"）首次公开发 行股票并在科创板上市持续督导阶段的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件 的要求，对达梦数据与中国电子财务有限责任公司签订《全面金融合作协议》 暨关联交易的事项进行了核查，核查情况如下： 一、关联交易概述 为确保长期获得稳定可靠的资金来源保障，降低财务成本，提高综合经济 效益，保障持续稳定发展，公司拟与关联方中国电子财务有限责任公司（以下 简称"中电财务"）签订《全面金融合作协议》。根据该协议，中电财务在其经 营范围许可的范围内，为公司及所属子公司提供有关金融服务，包括但不限于 办理财务和融资顾问、信用鉴证及其它相关的咨询、代理服务、存款服务、贷 款服务等业务。 中国软件与技术服务股份有限公司（以下简称"中国软件 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 受益于信创进程加速，业绩实现较快增长 [Table_ReportDate] 2025 年 4 月 22 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 达梦数据(688692.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com [Table_S 事件：达梦数据 ummary]发布 2024 年年度报告，公司 2024 年实现营收 10.45 亿元， 同比增长 31.49%；实现归母净利润 3.62 亿元，同比增长 22.22%；实现扣 非净利润 3.41 亿元，同比增长 24.14%；实现经营性现金流净额 4.73 亿元， 同比增长 36.95%。单 2024Q4 来看，公司实现营收 4.15 亿元，同比增长 19.34%；实现归母净 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 受益于信创进程加速，业绩实现较快增长 [Table_ReportDate] 2025 年 4 月 22 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 达梦数据(688692.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com [Table_S 事件：达梦数据 ummary]发布 2024 年年度报告，公司 2024 年实现营收 10.45 亿元， 同比增长 31.49%；实现归母净利润 3.62 亿元，同比增长 22.22%；实现扣 非净利润 3.41 亿元，同比增长 24.14%；实现经营性现金流净额 4.73 亿元， 同比增长 36.95%。单 2024Q4 来看，公司实现营收 4.15 亿元，同比增长 19.34%；实现归母净 ...

Core Insights - The company reported a revenue of 1.044 billion yuan for 2024, representing a year-over-year increase of 31.49% [1] - Total profit reached 385 million yuan, up 24.06% year-over-year, while net profit attributable to shareholders was 362 million yuan, reflecting a 22.22% increase [1] - The company achieved a net operating cash flow of 473 million yuan, marking a 36.95% year-over-year growth [1] Business Performance - Software licensing remains the dominant revenue stream, generating 894 million yuan, a 22.79% increase year-over-year, driven by accelerated information technology development in energy and transportation sectors [2] - Comprehensive solutions revenue surged to 98 million yuan, up 204.51% year-over-year, while maintenance service revenue increased by 38.50% to 37 million yuan [2] - Revenue from database integrated machines reached 13 million yuan, a significant increase of 179.59% year-over-year, benefiting from applications in government and education sectors [2] - The overall gross margin for the company was 89.64%, down 6.41 percentage points year-over-year, primarily due to the increased proportion of lower-margin solution business [2] - The gross margin for core software licensing remained high at 99.69%, indicating a strong technical barrier [2] R&D and Product Development - The company invested 210 million yuan in R&D for 2024, a 25.16% increase year-over-year, with the number of R&D personnel rising to 503 [3] - The company is advancing several key projects in distributed database systems and domestic database integrated machines, aiming to enhance product performance, security, and user experience [3] - The product matrix has expanded to include various types of databases and cloud computing solutions, establishing a comprehensive product ecosystem [3] Market Position and Industry Collaboration - The company has completed compatibility adaptations for over 11,000 products, ensuring full compatibility with the cybersecurity ecosystem [4] - Collaborations with over 1,000 top ISVs and channel partners in key industries have been established, strengthening the industry ecosystem [4] - The company's products are widely used across critical sectors such as finance, electricity, aviation, telecommunications, public security, railways, and government [4] Investment Outlook - The company is positioned as a leading database product developer in China, with rapid growth in software licensing and steady growth in maintenance services and integrated database solutions [5] - Revenue projections for 2025-2027 are estimated at 1.386 billion, 1.768 billion, and 2.203 billion yuan, respectively, with net profits expected to be 485 million, 569 million, and 643 million yuan [5] - Based on comparable company valuations, a target price of approximately 478.6 yuan is set for 2025, reflecting a PE ratio of 75x, supported by the company's strong market position and quality customer base [5]

证券代码：688692 证券简称：达梦数据 公告编号：2025-020 武汉达梦数据库股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 重要内容提示： 会议召开时间：2025 年 4 月 29 日（星期二）09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 22 日（星期二）至 4 月 28 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dameng@dameng.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 武汉达梦数据库股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日 在上海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》及其摘 要，将于 2025 年 4 月 25 日披露《2025 年第一季度报告》。为便于广大投资者 更全面深入地了解公司 2024 年度及 2025 年 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][7]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%. The net profit attributable to shareholders was 362 million yuan, up 22.22% year-on-year [4][5]. - The company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79%, driven by the acceleration of information technology construction in sectors like energy and transportation [5][6]. - The company has maintained high levels of R&D investment, focusing on AI, cloud computing, and distributed technologies, which has led to significant advancements in its database products [6][7]. Financial Performance Summary - For the fiscal year 2024, the company reported a gross margin of 89.63%, a decrease of 6.18 percentage points from the previous year, primarily due to increased costs associated with project delivery and acceptance [5]. - The company’s net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year, despite a reduction in sales, management, and R&D expense ratios [5][6]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 5.99 yuan, 7.56 yuan, and 9.59 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 58.94, 46.71, and 36.84 [7][8]. Market Position and Growth Potential - The company is positioned as a leading domestic database provider, benefiting from the ongoing promotion of information technology in government and industry sectors [7]. - By the end of 2024, over half of the 98 central enterprises in China were using the company's products, indicating strong market penetration [6][7]. - The company has established stable partnerships in various sectors, including finance, energy, and healthcare, which are expected to drive future growth [6][7].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%, with a net profit of 362 million yuan, up 22.22% year-on-year [3][4] - The company is benefiting from the continuous advancement of domestic database solutions in government and industry sectors, which is driving high revenue growth [5][6] Financial Performance Summary - In 2024, the company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79% [4] - The data and industry solutions business saw a significant revenue increase of 204.51%, totaling 98 million yuan [4] - The company’s operating service revenue was 38 million yuan, up 38.50% year-on-year [4] - The gross margin for 2024 was 89.63%, a decrease of 6.18 percentage points from the previous year [4] - The net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year [4] Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 5.99, 7.56, and 9.59 yuan for the years 2025, 2026, and 2027 respectively [6][9] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 58.94, 46.71, and 36.84 respectively [6][9] Market Position and Strategy - The company is positioned as a leading domestic database provider, with a strong focus on AI, cloud computing, and distributed technologies [5][6] - As of the end of 2024, over half of the 98 central enterprises in China are using the company's products, indicating strong market penetration [5]