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 ...

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid revenue and profit growth, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The acceleration of domestic "Xinchuang" (信创) initiatives is expected to further enhance the company's growth prospects, particularly in the context of increasing demand for domestic database solutions [2][3][18] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 1.044 billion yuan for 2024, reflecting a growth of 31.49%. The net profit attributable to shareholders is projected at 362 million yuan, an increase of 22.22% [1][3][7] - In Q4 alone, the revenue was 415 million yuan, up 19.34%, while the net profit was 188 million yuan, a growth of 5.43% [1][7] Software and Service Revenue - Software licensing revenue grew to 894 million yuan, an increase of 22.79%. Maintenance service revenue rose by 38.50% to 38 million yuan, driven by increased procurement in sectors like energy and transportation [1][2] - Data and industry solution revenue surged by 204.51% to 98 million yuan, although the gross margin decreased significantly due to higher costs associated with project implementation [1][2] Financial Metrics - The overall gross margin for 2024 is projected at 89.63%, down 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - The operating cash flow reached 473 million yuan, marking a year-on-year increase of 36.71% [2][17] Future Projections - The company has revised its revenue forecasts for 2025-2027 to 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan, respectively. The net profit estimates for the same period are 465 million yuan, 589 million yuan, and 733 million yuan [3][4][18] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]