创业黑马最新一期业绩显示，截至2025一季报，公司营业总收入3554.47万元、同比减少29.11%，归属 净利润106.36万元，同比增长111.56%，扣非净利润404.17万元，同比增长57.12%，流动比率2.238、速 动比率2.238、资产负债率28.88%。 金融界消息 截至2025年4月18日收盘，创业黑马（300688）报收于26.25元，下跌2.13%，换手率 4.97%，成交量7.37万手，成交金额1.93亿元。 资金流向方面，今日主力资金净流出2270.74万元，占比成交额11.75%。其中，超大单净流出1231.22万 元、占成交额6.37%，大单净流出1039.52万元、占成交额5.38%，中单净流出流入316.56万元、占成交 额1.64%，小单净流入1954.18万元、占成交额10.11%。 通过天眼查大数据分析，创业黑马科技集团股份有限公司共对外投资了38家企业，参与招投标项目63 次，知识产权方面有商标信息325条，专利信息2条，此外企业还拥有行政许可11个。 来源：金融界 天眼查商业履历信息显示，创业黑马科技集团股份有限公司，成立于2011年，位于北京市，是一家以从 事文 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the rapid growth of AI applications, particularly in the media sector, indicating significant investment opportunities [4][10] - The daily token usage of the Doubao large model has surged to over 12.7 trillion, which is three times that of December 2024 and 106 times compared to its initial release [4] - The report emphasizes the advancements in AI models, including the release of Doubao 1.5 and its capabilities in various fields such as mathematics, coding, and creative writing [6][8][9] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -6.58% over one month, 1.3% over three months, and 8.21% over twelve months compared to the CSI 300 index [2] Key Developments - The Doubao 1.5 model has been released with a new MoE architecture and dual-track reward mechanism, showcasing superior performance in reasoning tasks [5][6] - The Doubao text-to-image model 3.0 has been upgraded to produce better text layout and high-quality images, ranking among the top globally [8] - The Doubao visual understanding model has improved its capabilities in video localization and understanding, applicable in various commercial scenarios [9] Investment Opportunities - The report suggests focusing on companies such as Hand Information, Chuangye Heima, and Hehe Information for potential investment in AI applications [10]

Core Insights - The company has made significant progress in its "All in AI" strategy, transitioning from a traditional entrepreneurial service provider to a "government-enterprise AI ecosystem builder" [1] Group 1: Strategic Focus on AI - The company is addressing the challenges faced by small and medium-sized enterprises (SMEs) in China, including cognitive upgrades, resource integration, and technology implementation [2] - The core engine of the company's strategy is the self-developed "Tianqi Large Model," which integrates various stakeholders including government, industry, enterprises, and academia to build a comprehensive AI ecosystem [2] - The company has developed an AI empowerment platform for government clients, collaborating with Huawei Cloud to create the "HW Black Horse Tianqi Government-Enterprise Large Model Training and Promotion Machine," which has passed Ascend technology certification [2][3] Group 2: Talent Development and Support - To support the urgent need for AI talent, the company has established an AI talent incubator, with its subsidiary Black Horse Digital's "Turing Academy" focusing on AI talent training [3] - The company has partnered with educational institutions to offer AI vocational certification courses and training programs for founders, contributing to the talent pipeline for the AI industry and SMEs [3] Group 3: Market Opportunities and Future Plans - The national push for digital transformation and AI development for SMEs presents a significant market opportunity for the company [4] - The company plans to enhance its service offerings through an OMO (Online-Merge-Offline) model, providing intelligent services and deep engagement with enterprises throughout their lifecycle [4] - The company aims to build a global AI talent incubation platform and promote standardized technical certifications in collaboration with government agencies and large enterprises [4] Group 4: Competitive Advantage - The company has established a competitive moat with its "model + computing power + service" approach, positioning itself to capitalize on the trillion-dollar market for SME digital transformation [5] - With ongoing policy support and rapid technological advancements, the company is expected to accelerate its growth in the AI-enabled sector [5]

4月18日，创业黑马发布了2024年年报。报告显示，公司全年实现营业总收入2.22亿元，同比下降 18.12%；归属净利润亏损1.06亿元，同比大幅下降1192.13%；扣非净利润亏损1.04亿元，同比下降 4227.89%。尽管公司在人工智能服务业务上取得显著进展，但整体财务表现仍面临巨大压力。 尽管整体财务表现不佳，创业黑马在人工智能服务业务上取得了显著进展。2024年，公司的人工智能服 务业务实现营业收入3001.17万元，较上年同期增长1719.16%。其中，人工智能培训业务收入增长尤为 显著，实现营业收入2805.40万元，同比增长2426.82%。 公司自主研发的"天启大模型"成为工信部全国中小企业服务一张网找政策版块的AI应用，并已在中国移 动、中国电信等运营商渠道进行推广。此外，公司旗下的"图灵学术"AI人才辅导服务平台已辅导近1000 位全球AI人才，聚合了近500位AI领域的科学家和专家学者。这些成果表明，创业黑马在AI领域的布局 已初显成效，未来有望成为公司新的业务增长点。 客户数量与服务范围扩大，未来挑战与机遇并存 营收与利润双降，城市拓展业务收缩成主因 2024年，创业黑马的营业总收 ...

Core Viewpoint - The company is focusing on providing diversified services to support the growth of small and medium-sized enterprises (SMEs) through an AI-driven approach, while facing challenges in revenue and profitability due to strategic business adjustments and market conditions [6][16][17]. Financial Performance - The company reported a revenue of 221.93 million yuan for the year, a decrease of 18.12% compared to the previous year [16]. - The net profit attributable to shareholders was -105.54 million yuan, reflecting a significant decline of 1192.13% year-on-year [16]. - The company’s gross profit margin decreased to 42.97%, down 22.03% from the previous year [16]. Business Strategy - The company is implementing an "AI + professional services" strategy, integrating intelligent tools with personalized services to support SMEs throughout their lifecycle [7][15]. - The focus is on enhancing AI capabilities and developing a comprehensive service platform that includes enterprise acceleration, intellectual property services, and AI talent services [15][17]. Product and Service Offerings - The company offers a range of services including enterprise acceleration, intellectual property services, and AI talent development, aimed at addressing the needs of SMEs [10][12][15]. - The "Black Horse Acceleration System" is central to the company's offerings, providing strategic management consulting and support for SMEs [9][10]. Market Position and Future Outlook - The company aims to deepen its involvement in AI services, with significant growth in AI training revenue, which increased by 2426.82% year-on-year [17]. - The company has established partnerships with major tech firms to enhance its AI capabilities and expand its service offerings [12][14].

创业黑马科技集团股份有限公司 内部控制审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO B座 20 层 邮编：100073 电话：(010)51423818 传真：(010) 51423816 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ lo c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,Tower B,Liz e SOHO,20 Lize Road,Fengtai District,Beijing PR China 电 话 （ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传 真 （ f a x ）： 0 1 0 - 5 1 4 2 3 8 1 6 内部控制审计报告 中 ...

创业黑马科技集团股份有限公司 2024年度营业收入扣除情况的 专项审核意见 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO B座 20 层 邮编：100073 电话：(010)51423818 传真：(010) 51423816 目 录 一、审核意见 二、审核意见附送 1. 营业收入扣除情况表 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N TA N T S L L P 地 址 （ lo c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,Tower B,Liz e SOHO,20 Lize Road,Fengtai District,Beijing PR China 电 话 （ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传 真 ...

关于创业黑马科技集团股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐人"）作为创业黑马 科技集团股份有限公司（以下简称"创业黑马"或"公司"）的持续督导保荐人， 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求（2022 年修订）》《深圳证券交易所创业板股 票上市规则（2023 年 8 月修订）》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，就创业黑马 2024 年度募集资金 存放与使用情况进行了核查，具体核查情况如下： 民生证券股份有限公司 已全部补充流动资金。 二、募集资金管理情况 （一）募集资金管理制度情况 公司已按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 证券发行管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求（2022 年修订）》《深圳证券交易所创业板股票上市规则（2023 年 8 月修订）》和《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等相关规定的要求 ...

创业黑马科技集团股份有限公司 募集资金年度存放与实际使用情况 的鉴证报告 中兴华会计师事务所(特殊普通合伙) 关于创业黑马科技集团股份有限公司 募集资金年度存放与实际使用情况的鉴证报告 中兴华核字（2025）第 011388 号 创业黑马科技集团股份有限公司全体股东： 我们接受委托，对后附的创业黑马科技集团股份有限公司（以下简称"创业黑 马"）截至 2024 年 12 月 31 日止的《董事会关于募集资金年度存放与实际使用情况 的专项报告》进行了鉴证工作。 ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO B座 20 层 邮编：100073 电话：(010)51423818 传真：(010) 51423816 目 录 一、鉴证报告 二、关于募集资金年度存放与实际使用情况的专项报告 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ ...

创业黑马科技集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审核说明 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO B座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、专项说明 二、附表 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ lo c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,Tower B,Liz e SOHO,20 Lize Road,Fengtai District,Beijing PR China 电 话 （ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传 真 （ f a x ...