2026年1月30日，公司发布2025年度业绩预告，预计归属于上市公司股东的净利润为-7.15亿元至-8.95亿 元，同比由盈转亏，主要因营业收入下降、项目股权转让及债务重组所致。具体财务数据待2025年度报 告正式披露(预计2026年内发布)，这将为评估公司全年经营状况提供关键依据。 经济观察网基于截至2026年2月10日的公开信息，达实智能（002421）(股票代码：002421)近期有以下 事件值得关注： 公司结构与治理 2025年12月31日，公司公告实际控制人、董事长刘磅已解除相关措施并正常履职，公司经营秩序恢复稳 定。这一变化可能影响投资者对公司治理稳定性的预期。 股价与资金表现 2026年2月10日，公司股价上涨2.03%至3.01元/股，主力资金净流入111.74万元，成交金额1.03亿元。短 期交易活跃度变化可能反映市场情绪波动。 业务进展情况 业绩经营情况 2026年1月5日，公司确认自研液冷节能控制系统已商用，AIoT平台内嵌AI智能体并接入国产大模型， 中东地区已有订单落地。这些技术及市场进展可能长期影响公司竞争力，但需关注后续规模化落地情 况。 以上内容基于公开资料整理，不构成投资建 ...

Core Insights - The article discusses the collaboration between private equity (PE), industrial investment, and listed companies to create a symbiotic investment ecosystem that bridges the gap from laboratory to market, particularly in hard technology and infrastructure sectors [2][20]. Group 1: Industry Collaboration - The current phase of the equity investment industry is characterized by a return to fundamentals and capability restructuring, emphasizing the need for deep coupling of policy resources, industrial foundations, and capital operation capabilities [2]. - The forum titled "Collaborative Industrial Investment Ecosystem" focused on how to address pain points such as differing interests and ineffective collaboration mechanisms among PE, industrial investment, and listed companies [2][20]. Group 2: Company Profiles - Ushan Investment, founded by Chen Shiyou, manages approximately 16 billion yuan and has invested in 45 direct projects, with plans for 10 more to go public this year [3]. - Geely Capital, led by CEO Cao Xiang, aims for over 4.1 million global vehicle sales by 2025 and has diversified into smart mobility and hard technology sectors, including low-altitude flight and Robotaxi services [3]. - Lingxiong Technology, represented by He Jingwei, focuses on Device as a Service (DaaS) and has been listed on the Hong Kong Stock Exchange since 2022, with major shareholders including Tencent and JD [4]. - Frontier Investment, led by Li Cheng, specializes in mid-to-late-stage investments in advanced manufacturing sectors, managing around 5 billion yuan across eight funds [4]. - Shenzhen Dash Smart, represented by Lü Feng, provides smart office and park management solutions leveraging IoT and AI technologies [5]. - Guolian New Venture, led by Shen Guangping, manages about 10 billion yuan and focuses on integrated circuits and AI, with over 120 investment projects [6]. - Haier Capital, represented by Zhang Jiacheng, has invested in nearly 200 projects with a focus on smart home ecosystems and digital economy sectors [6]. - Nuoyan Capital, led by Zhuang Yingming, focuses on industrial mergers and acquisitions, managing around 20 billion yuan [7]. Group 3: Investment Strategies - Effective collaboration requires clear positioning and advantages among PE, industrial investment, and listed companies, establishing a mechanism for risk-sharing and benefit-sharing [8][31]. - The investment process should involve phased resource injection to control risks and ensure collaborative benefits, with specific goals for each stage [8]. - Listed companies have inherent advantages in direct investment due to their ability to validate products and technologies, but they must avoid over-involvement in decision-making to maintain market independence [10][11]. Group 4: Challenges and Solutions - The dual nature of listed companies' investments can lead to hesitance in decision-making due to their deep understanding of technology, necessitating a balance between industry experience and independent judgment [11][12]. - Disagreements often arise in unfamiliar fields or with innovative technologies, requiring extensive communication and understanding among stakeholders [13][14]. - The success rate of mergers and acquisitions is generally low, with key factors including the commitment of the controlling shareholders and focusing on industry-specific mergers rather than cross-industry ones [19]. Group 5: Ecosystem Development - The integration of PE, industrial investment, and listed companies is crucial for facilitating technology transfer from R&D to market application, with a focus on collaborative models for resource sharing and project incubation [20][29]. - The establishment of innovation centers and partnerships with local governments can enhance the incubation process, ensuring that projects meet market needs and have opportunities for trial applications [29][30]. - A flexible profit-sharing mechanism is essential to align the interests of PE, industrial investors, and listed companies, ensuring that all parties benefit from the growth of invested enterprises [31][32].

Core Insights - Shenzhen Das Intelligent Co., Ltd. has partnered with TCL for a high-generation panel industry support project, providing comprehensive intelligent support based on its self-developed AIoT smart IoT management platform [1] - The project aims to create a new display industry cluster in Guangming District, covering approximately 490,000 square meters, including R&D and production facilities, a talent apartment, and commercial spaces [1] - The chairman of Das Intelligent highlighted that AI has entered a critical phase of evolution from the "digital world" to the "physical world," with the company's deep application of AI technology in smart office and park operations validating this industry trend [1] Group 1: AIoT Platform Capabilities - The AIoT platform includes over 50 standard object models for the construction industry, covering more than 95% of market device protocols, improving device access and management efficiency by over 50% [2] - In Das Intelligent's building, approximately 15,000 device points are connected, enabling unified management and a "one-screen overview" of the entire system [2] - The V7 version of the platform incorporates generative AI technology, allowing users to issue simple commands for automatic operation of related devices, enhancing management efficiency and user experience [2] Group 2: Efficiency and Sustainability - The platform integrates deeply into business scenarios, automating processes such as elevator dispatch after employee access and activating office air conditioning and lighting upon vehicle entry [3] - Property services include functions for repairs, parking, and suggestions, while the platform uses consumption data to drive operational decisions and optimize the commercial ecosystem of the park [3] - In carbon management, the platform applies discriminative AI technology for load forecasting and global optimization of the central air conditioning system, achieving over 25% energy savings in Das Intelligent's building, supporting green and low-carbon goals [3] Group 3: Visualization and Brand Empowerment - The AIoT platform's capabilities extend across various terminals, including IOC smart operation center screens, PCs, tablets, and mobile applications [4] - In key reception and business scenarios, the platform utilizes 2D/3D digital twin technology to present real-time operational status, floor distribution, and parking dynamics, aiding sales personnel in showcasing a modern corporate image [4] - As of the end of 2025, Das Intelligent's service coverage is projected to reach 63.1% among manufacturing listed companies with over 3,000 employees registered in Shenzhen, and 44.4% among listed companies with a market value exceeding 50 billion yuan nationwide [4]

二、 与会计师事务所沟通情况 本次业绩预告相关财务数据未经过注册会计师审计，深圳达实智能股份有限公司（以下简称"公司"）已 就业绩预告有关事项与年报审计会计师事务所进行了预沟通，公司与会计师事务所在本报告期的业绩预 告方面不存在重大分歧。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002421 证券简称：达实智能公告编号：2026-006 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、 本期业绩预计情况 1. 业绩预告期间：2025年1月1日至2025年12月31日。 2. 业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 单位：万元 2026年01月30日 三、 业绩变动原因说明 报告期内公司利润亏损，主要由营业收入和毛利率下降，及项目公司股权转让及债务重组所致。营业收 入和毛利率下降主要由签约项目实施进度滞后，及个别大项目结算金额被核减所致。 四、 风险提示 本次业绩预告是公司财务部门初步测算的结果，未经审计机构审计。具体财务数据将在公司2025年度报 告中详细披露，敬请广大投资者注意投资风险。 特此公告。 深圳达实智能 ...

Core Viewpoint - The company, 达实智能 (002421), has announced a significant expected loss for the year 2025, projecting a net loss attributable to shareholders between 715 million yuan and 895 million yuan, compared to a profit of 25.88 million yuan in the previous year [4]. Financial Performance - The expected non-recurring net loss for 2025 is projected to be between 435 million yuan and 635 million yuan, with a previous year profit of 159,550 yuan [4]. - The basic earnings per share are forecasted to be between -0.3372 yuan and -0.4221 yuan [4]. - The company's price-to-book ratio (LF) is approximately 2.03 times, and the price-to-sales ratio (TTM) is about 2.42 times based on the latest closing price [4]. Revenue and Profitability Issues - The anticipated losses are primarily attributed to a decline in operating revenue and gross margin, as well as issues related to equity transfers and debt restructuring of project companies [13]. - The decline in operating revenue and gross margin is mainly due to delays in the implementation of signed projects and reductions in the settlement amounts of certain large projects [13]. Historical Financial Trends - Historical data indicates a significant decline in net profit and non-recurring profit over the years, with projections for 2025 showing a continued downward trend [14]. - The company has experienced substantial fluctuations in profitability, with the net profit growth rate expected to be negative for the upcoming year [14].

格隆汇1月30日丨达实智能(002421.SZ)公布，预计2025年归属于上市公司股东的净利润-89,500万元 ～-71,500万元，上年同期2,588.12万元，扣除非经常性损益后的净利润-63,500万元～-43,500万元。 报告期内公司利润亏损，主要由营业收入和毛利率下降，及项目公司股权转让及债务重组所致。营业收 入和毛利率下降主要由签约项目实施进度滞后，及个别大项目结算金额被核减所致。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 证券代码：002421 证券简称：达实智能 公告编号：2026-006 深圳达实智能股份有限公司 2025 年度业绩预告 二、 与会计师事务所沟通情况 本次业绩预告相关财务数据未经过注册会计师审计，深圳达实智能股份有 限公司（以下简称"公司"）已就业绩预告有关事项与年报审计会计师事务所 进行了预沟通，公司与会计师事务所在本报告期的业绩预告方面不存在重大分 歧。 三、 业绩变动原因说明 报告期内公司利润亏损，主要由营业收入和毛利率下降，及项目公司股权 转让及债务重组所致。营业收入和毛利率下降主要由签约项目实施进度滞后， 及个别大项目结算金额被核减所致。 四、 风险提示 一、 本期业绩预计情况 1. 业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2. 业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 单位：万元 | 项 | 目 | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股东股份质押基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ （二）控股股东及一致行动人股份质押情况 1.本次股份质押融资未用于上市公司生产经营相关需求。 2.公司控股股东昌都达实及一致行动人刘磅先生未来半年内到期的质押股份累计数量为46,210,000股， 占所持股份比例12.76%，占公司总股本比例2.18%，对应融资余额5,910万元；未来一年内到期的质押股 份累计数量为63,210,000股，占所持股份比例17.45%，占公司总股本比例2.98%，对应融资余额8,000万 元，还款资金来源为自有资金、投资分红、资产处置、其他收入等多种方式获取的资金，具有足够的资 金偿付能力。 深圳达实智能股份有限公司（以下简称"公司"或"本公司"）近日接到公司控股股东昌都市达实企业管理 （集团）有限公司（以下简称"昌都达实"）的通知，获悉其将所持有本公司的部分股份办理了质押，具 体事项如下： （一）股东股份质押基本情况 1.本次股份质押基本情 ...

达实智能表示，本次股份质押事项对公司生产经营、公司治理等不会产生影响，本次质押的股份不涉及 业绩补偿义务。 北京商报讯（记者 马换换 李佳雪）1月22日晚间，达实智能（002421）披露公告称，公司近日接到控股 股东昌都市达实企业管理（集团）有限公司（以下简称"昌都达实"）的通知，为偿还债务，昌都达实质 押股份380万股，占其所持股份比例的1.4%，占公司总股本比例的0.18%，质押起始日为1月21日。 公告显示，本次质押后，昌都达实及一致行动人刘磅累计质押6701万股，占所持股份比例的18.5%，占 公司总股本比例的3.16%。此外，控股股东及一致行动人未来半年内到期的质押股份累计数量为4621万 股，占所持股份比例12.76%，占公司总股本比例2.18%，对应融资余额5910万元；未来一年内到期的质 押股份累计数量为6321万股，占所持股份比例17.45%，占公司总股本比例2.98%，对应融资余额8000万 元，还款资金来源为自有资金、投资分红、资产处置、其他收入等多种方式获取的资金，具有足够的资 金偿付能力。 交易行情显示，1月22日，达实智能收涨2.39%，收于3元/股，总市值63.62亿元。 ...

（记者 曾健辉） 每经AI快讯，达实智能1月22日晚间发布公告称，深圳达实智能股份有限公司（以下简称"公司"或"本公 司"）近日接到公司控股股东昌都市达实企业管理（集团）有限公司（以下简称"昌都达实"）的通知， 获悉其将所持有本公司的部分股份办理了质押，本次质押股份数量为380万股。截至本公告日，昌都达 实累计质押股数为1130万股，占其所持股份比例为4.17%。刘磅累计质押股数为5571万股，占其所持股 份比例为61.06%。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ ...