卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 评 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： | 主要数据 | 2025 | 年 9 | 月 | 8 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 252.90 | | | | 总市值（亿元） | | | 286.38 | | | | 总股本(亿股) | | | 1.13 | | | | 流通股本(亿股) | | | 0.73 | | | | ROE（TTM） | | | 13.46% | | | | 12 月最高价(元) | | | 458.00 | | | | 12 月最低价(元) | | | 198.33 | | | 资料来源：东莞证券研究所，iFinD 买入（维持） 达梦数据（688692）2025 年半年报业绩点评 公 司 点 公司业绩显著增长，有望 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 523 million yuan for the first half of 2025, representing a year-on-year growth of 48.65%. The net profit attributable to shareholders reached 205 million yuan, up 98.36% year-on-year. The acceleration of domestic innovation (信创) has significantly driven revenue growth, with a robust gross margin maintained. The net profit margin has increased substantially due to economies of scale, and the effectiveness of new products and services is becoming evident [2][4][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 523 million yuan, a 48.65% increase year-on-year. The net profit attributable to shareholders was 205 million yuan, marking a 98.36% increase. The second quarter alone saw a revenue of 265 million yuan, up 42.44% year-on-year, with a net profit of 107 million yuan, reflecting a 124.08% increase [4][9]. Market Position and Growth Drivers - The acceleration of信创 is a key driver for the company's high revenue growth. The company has expanded its market presence across various sectors, including government, energy, finance, and manufacturing, benefiting from strong product capabilities and increased brand investment. The upcoming 2025-2027 period is expected to see a new wave of domestic innovation, providing significant growth opportunities for the company [2][9]. Profitability and Cost Management - The gross margin for the first half of 2025 was 96.22%, with a slight year-on-year decrease of 0.94 percentage points. The total expense ratio decreased by 15.16 percentage points to 59.56%, driven by a faster revenue growth rate compared to expense growth. Consequently, the net profit margin increased by 10.08 percentage points to 38.69%, indicating a substantial improvement in profitability [9]. Product Development and Competitive Edge - The company has demonstrated strong performance in traditional centralized databases, leading the market with a 13.48% share in the financial sector. Additionally, the company is advancing in the AI database space and has successfully launched distributed database products, addressing market concerns about competitive pressures [9]. Future Outlook - The company is positioned as a leader in the domestic database sector, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration. The ongoing expansion in channel and ecosystem development is expected to accelerate growth on a solid foundation [9]. The projected net profits for 2025, 2026, and 2027 are estimated at 470 million yuan, 580 million yuan, and 710 million yuan, respectively [9].

Core Viewpoint - Wuhan Dameng Database Co., Ltd. is preparing for its fourth extraordinary general meeting of shareholders in 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings [2][3]. Group 1: Meeting Procedures - The company will restrict entry to the meeting to shareholders, their proxies, directors, supervisors, senior management, invited lawyers, and other designated personnel [2]. - Attendees must arrive 30 minutes early for registration and present necessary identification and documentation [3]. - The meeting will follow a structured agenda for reviewing and voting on proposals [4]. Group 2: Voting and Rights - Shareholders and their proxies have the right to speak, inquire, and vote during the meeting, but must adhere to the rules to maintain order [4][5]. - Voting will be conducted through both on-site and online methods, with results announced by the meeting host [5][8]. Group 3: Financial Proposals - The company reported a net profit of approximately 204.68 million yuan for the first half of 2025, with a proposal to distribute cash dividends of 6.00 yuan per 10 shares [7]. - The proposal for profit distribution has been approved by the board and supervisory committee [8]. Group 4: Insurance and Auditing - The company plans to purchase liability insurance for its directors, supervisors, and senior management, with a coverage limit of 100 million yuan per year and an annual premium not exceeding 600,000 yuan [9][10]. - The company intends to reappoint Da Xin Accounting Firm for the 2025 audit, with a total audit fee of 900,000 yuan, unchanged from the previous year [10].

2025 年第四次临时股东会会议资料 武汉达梦数据库股份有限公司 2025 年第四次临时股东会会议资料 股票简称：达梦数据 股票代码：688692 二〇二五年九月 2025 年第四次临时股东会会议资料 目 录 | 2025 年第四次临时股东会会议须知 | 2 | | --- | --- | | 2025 年第四次临时股东会会议议程 | 4 | | 议案一：关于公司 2025 年半年度利润分配预案的议案 | 6 | | 议案二：关于拟为公司及公司董监高购买责任险的议案 | 7 | | 议案三：关于续聘会计师事务所的议案 | 8 | 1 2025 年第四次临时股东会会议资料 2025 年第四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《公司章程》）《武汉达梦数据库股份有限公司 股东会议事规则》的相关规定，武汉达梦数据库股份有限公司（以下简称"达梦数据" 或"公司"）特制定 2 ...

Summary of Key Points Core Viewpoint - On September 1, a total of 14 stocks on the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 1.009 billion yuan [1]. Group 1: Trading Overview - There were 54 block trades executed, with a total trading volume of 10.0675 million shares [1]. - The stock with the highest transaction amount was Ailis, with 30 block trades totaling 531.65 thousand shares and a transaction amount of 566 million yuan [1]. - Other notable stocks in terms of transaction amounts included Haiguang Information and Dameng Data, with transaction amounts of 261 million yuan and 46.4 million yuan, respectively [1]. Group 2: Price and Performance Analysis - The average discount rates for block trades relative to the closing prices were highest for Delong Laser, Dameng Data, and Wukuang New Energy, with discount rates of 17.79%, 16.49%, and 12.17% respectively [1]. - The STAR 50 Index rose by 1.18% on the same day, with 358 stocks (61.20%) on the STAR Market experiencing price increases [1]. - The average increase for stocks involved in block trading was 2.24%, with the largest gains seen in Huahong Company, Haiguang Information, and Aibo Medical, which rose by 9.18%, 7.42%, and 4.27% respectively [1]. Group 3: Institutional Participation - Among the block trades, there were 17 transactions involving institutional buyers or sellers across 5 stocks, with the highest buying amounts in Ailis, Haiguang Information, and Huahong Company, totaling 383 million yuan, 261 million yuan, and 22.08 million yuan respectively [2]. - In terms of capital flow, 8 stocks saw net inflows from major funds, with Haiguang Information, Hanwujing, and Delong Laser leading with net inflows of 685 million yuan, 116 million yuan, and 18.64 million yuan respectively [2]. - Conversely, the stocks with the highest net outflows included Huahong Company, Ailis, and Dameng Data, with net outflows of 1.09 billion yuan, 136 million yuan, and 51.46 million yuan respectively [2].

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-09-01 | 达梦数据 | 688692 | 232 4640 | 20 | 广发证券股份有限 | 广发证券股份有限 | | | | | | | 公司黄石花湖大道 | 公司黄石花湖大道 | | | | | | | 江米古山如 | 在三世出版 | 9月1日，达梦数据大宗交易成交20万股，成交额4640万元，占当日总成交额的5.3%，成交价232元，较市场收盘价277.8元折价16.49%。 ...

Financial Performance - In H1 2025, the company achieved operating revenue of 523 million yuan, a year-on-year increase of 48.65% [1] - The net profit attributable to the parent company reached 205 million yuan, up 98.36% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 189 million yuan, reflecting a year-on-year growth of 98.14% [1] - The net cash flow from operating activities was 9.57 million yuan, an increase of 39.97% year-on-year [1] Cost Control and R&D Investment - The sales expense ratio for H1 2025 was 32.66%, down 6.17 percentage points year-on-year, while the management expense ratio was 9.15%, down 3.64 percentage points [1] - The company has a core team with over 40 years of database R&D experience, and the number of R&D personnel increased to 512, up by 52 from H1 2024 [1] - R&D investment reached 112 million yuan, a year-on-year increase of 21.55%, accounting for 21.36% of revenue [1] - As of June 30, 2025, the company held 367 invention patents, 2 design patents, 416 software copyrights, and 61 other intellectual properties [1] Market Expansion and Project Delivery - The company experienced revenue growth across various sectors, including finance, communication, energy, and advanced manufacturing, driven by the acceleration of information technology construction and procurement needs [2] - The company successfully won bids for two packages of relational database software for the State Grid Corporation of China, achieving a bid success rate of over 98% [2] - The A-series integrated machine has been delivered for use in multiple projects across transportation and manufacturing sectors [2] Competitive Position and Industry Leadership - The company's database products have expanded from traditional office automation systems to core business processes such as operational management and production control [3] - The successful launch of the China Jingu International Trust data platform marks a significant advancement for domestic distributed databases in financial core business systems [3] - The company ranked first in both the Chinese database management system market and transaction database management system market for domestic vendors in 2024 [3] - According to IDC, the company captured 13.48% of the market share in the centralized transaction database sector for the financial industry, solidifying its leading position [3] Profit Forecast and Investment Rating - The company is expected to maintain a leading position in the trusted innovation database industry, with a forecasted net profit attributable to the parent company of 488 million yuan, 602 million yuan, and 727 million yuan for 2025-2027 [3] - The previous profit forecast was adjusted to 482 million yuan, 570 million yuan, and 659 million yuan for the same period [3] - The company maintains a "buy" rating based on frequent successful bids and effective cost control measures [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 285.99 yuan [1]. Core Views - The company reported strong performance in the first half of 2025, achieving operating revenue of 523 million yuan, a year-on-year increase of 48.65%, and a net profit attributable to shareholders of 205 million yuan, up 98.36% year-on-year [4][8]. - The company's profitability has significantly improved, with a gross margin of 96.22% and a net profit margin of 39.13%, reflecting strong cost management capabilities [8]. - The company is a leading player in the domestic database market, with a comprehensive product system centered around database management systems, benefiting from the growing demand in the information technology sector [9][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company is expected to achieve net profits of 491 million yuan, 647 million yuan, and 865 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 4.33, 5.71, and 7.64 yuan [9][10]. - **Growth Rates**: Projected revenue growth rates for 2025-2027 are 35.2%, 31.5%, and 32.4% respectively, indicating robust growth potential [11]. - **Profitability Ratios**: The net profit margin is expected to stabilize around 34.7% to 35.2% over the next few years, while the return on equity (ROE) is projected to increase from 13.4% in 2025 to 17.2% in 2027 [11]. Market Position and Competitive Advantage - The company has strengthened its market position in key sectors such as finance, energy, and transportation, with significant projects and partnerships enhancing its competitive edge [9]. - The company is actively involved in the development of cloud databases and distributed database technologies, which are critical for meeting the evolving needs of its clients [8][9]. Investment Outlook - The report suggests that the company will continue to benefit from the expanding domestic database market and the government's support for information technology initiatives, positioning it for rapid growth [9][8]. - The company is expected to maintain a high level of business activity and market share, driven by its innovative product offerings and strategic market expansion efforts [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company achieved significant growth in the first half of 2025, with revenue reaching 523 million yuan, a year-on-year increase of 48.65%, and a net profit of 205 million yuan, up 98.36% year-on-year [2][4]. - The company's high profitability is driven by its strong gross margin of 96.22% and a net margin that increased by 10.08 percentage points to 38.69%, marking a historical high for the first half of the year [8]. - The company is focusing on the domestic database technology sector, emphasizing its self-developed core technologies and leading position in the cloud-native database field [8]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.515 billion yuan, 2.168 billion yuan, and 3.037 billion yuan, respectively, with corresponding net profits of 555 million yuan, 822 million yuan, and 1.15 billion yuan [4][8]. - The company’s earnings per share (EPS) are projected to grow from 4.90 yuan in 2025 to 10.16 yuan in 2027, reflecting strong growth potential [4][8]. - The company maintains a low debt-to-equity ratio of 3.1% in 2024, indicating strong financial health [9]. Market Position and Strategy - The company is deeply engaged in the domestic innovation and cloud-native sectors, with a focus on key industries such as finance and energy, showcasing its competitive edge in high-security scenarios [8]. - The company has invested 1.12 billion yuan in R&D in the first half of 2025, representing 21.36% of its revenue, which supports its ongoing technological advancements [8]. - The target price for the company's stock is set at 392 yuan, based on a price-to-earnings (P/E) ratio of 80x for 2025, reflecting confidence in its market position and growth trajectory [4][8].

Core Viewpoint - The company achieved significant growth in both revenue and profit in the first half of 2025, indicating strong operational performance and market positioning [1][2]. Financial Performance - In H1 2025, the company reported revenue of 523 million yuan, a year-on-year increase of 48.65%, and a net profit attributable to shareholders of 205 million yuan, up 98.36% [1]. - For Q2 2025, revenue reached 265 million yuan, reflecting a 42.44% year-on-year growth, while net profit surged by 124.08% to 107 million yuan [2]. - The gross margin remained high at 96.22%, supporting the company's profitability [2]. Profitability and Cost Management - The net profit margin increased significantly by 10.08 percentage points to 38.69%, marking a historical high for the half-year period [2]. - The company effectively controlled expenses, with sales, management, and R&D costs growing at lower rates than revenue, leading to a reduction in expense ratios [2]. Industry Position and Technological Development - The company is a leading database technology provider in China, focusing on domestic adaptation and the development of the Xinchuang ecosystem [3]. - In H1 2025, the company achieved positive revenue growth across seven key industries, particularly in finance and energy sectors [3]. - R&D investment reached 112 million yuan, accounting for 21.36% of revenue, indicating a strong commitment to innovation [3]. Future Outlook - The company anticipates steady growth in its software licensing, operation, industry solutions, and database integration businesses [4]. - Revenue projections for 2025-2027 are set at 1.515 billion, 2.168 billion, and 3.037 billion yuan, respectively, with net profits expected to reach 555 million, 822 million, and 1.150 billion yuan [4]. - The company is assigned a target price of approximately 392 yuan based on a 80x PE ratio, reflecting confidence in its market position and customer base [4].