据证券之星公开数据整理，近期创业黑马（300688）发布2025年中报。根据财报显示，创业黑马亏损收 窄。截至本报告期末，公司营业总收入7055.91万元，同比下降30.09%，归母净利润-1165.59万元，同比 上升65.3%。按单季度数据看，第二季度营业总收入3501.44万元，同比下降31.06%，第二季度归母净利 润-1271.95万元，同比上升47.86%。 本次财报公布的各项数据指标表现一般。其中，毛利率47.68%，同比减2.46%，净利率-32.37%，同比 增3.53%，销售费用、管理费用、财务费用总计5770.15万元，三费占营收比81.78%，同比增10.13%，每 股净资产2.46元，同比减18.51%，每股经营性现金流-0.25元，同比减45.48%，每股收益-0.08元，同比 增60.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.01亿 | 7055.91万 | -30.09% | | 归母净利润(元) | -3359.48万 | -1165.59万 | 65.30% | ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating ongoing financial challenges and operational difficulties [2][24]. Financial Performance - Total operating revenue for the current period was approximately 70.56 million yuan, down from 100.93 million yuan in the same period last year, representing a decrease of about 30% [2]. - The net profit attributable to shareholders was a loss of approximately 11.66 million yuan, an improvement from a loss of 33.59 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was a loss of approximately 17.51 million yuan, compared to a loss of 36.11 million yuan in the previous year [2]. - The net cash flow from operating activities was a negative 42.49 million yuan, worsening from a negative 29.21 million yuan in the same period last year [2]. Earnings Per Share - Basic and diluted earnings per share were both negative 0.08 yuan, an improvement from negative 0.20 yuan in the previous year [2]. Return on Equity - The weighted average return on equity for the first half of 2025 was negative 2.79%, an increase of 3.57 percentage points compared to the previous year [24]. Asset and Liability Changes - Total assets at the end of the reporting period were approximately 570.03 million yuan, down from 636.30 million yuan at the end of the previous year [2]. - The company's cash and cash equivalents decreased by 42.78%, and the proportion of cash to total assets fell by 19.36 percentage points [36]. - The company’s liabilities showed a decrease in accounts payable and notes payable by 23.34% compared to the previous year [39]. Shareholder Structure - As of the end of the reporting period, the largest shareholder was Blue Innovation Cultural Media (Tianjin) Partnership, holding 6.35% of the shares, with notable changes in the holdings of other major shareholders [45].

Core Viewpoint - The company, Chuangye Heima, is planning a significant asset restructuring by acquiring 100% equity of Beijing Bansintong Technology Co., Ltd. for 280 million yuan, with a premium rate of 481% and an expected goodwill of 241.4 million yuan [1][2][3] Group 1: Acquisition Details - The acquisition involves issuing shares and cash payment, with a total transaction value of 280 million yuan and a cash component of 133 million yuan [2] - The company aims to raise up to 147 million yuan through a private placement to fund the acquisition and related costs [2] - The target company, Bansintong, specializes in blockchain-based software copyright certification services, which is expected to synergize with Chuangye Heima's existing services [2][4] Group 2: Financial Performance and Concerns - Chuangye Heima has faced declining revenues over the past few years, with revenues of 347.1 million yuan, 271 million yuan, and 221.9 million yuan from 2022 to 2024, reflecting a downward trend [5] - The company reported a significant net loss in 2024, with a net profit decline of 1192.13% compared to the previous year [5][6] - The performance of the traditional business has been weakening, while new ventures, particularly in artificial intelligence, have not yet scaled effectively [5][6] Group 3: Performance Commitments and Risks - The acquisition includes performance commitments that require the target company to achieve net profits of at least 28 million yuan, 30 million yuan, and 32 million yuan from 2025 to 2027, which are lower than the 2024 profit [3][4] - There are concerns regarding the feasibility of these performance targets, as they do not match the optimistic portrayal of the target company's future profitability [4] - The company has experienced significant challenges in its traditional business segments, leading to a strategic retreat from certain operations, which has further impacted overall performance [6][7]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or convert reserves into capital during the reporting period [3] - The company’s controlling shareholder and actual controller did not change during the reporting period [5] - The company completed a share repurchase plan on February 7, 2025, as approved by the board and supervisory committee [6] Group 2 - The company plans to issue shares and pay cash to acquire assets and raise matching funds, with relevant proposals approved by the board on December 12, 2024 [5][6] - The company is currently progressing on a cooperation agreement signed with Hubei Fangzhen [6] - A subsidiary provided a guarantee for the payment obligations related to the acquisition of a 36.6015% stake in Digital Certification [6]

Core Insights - The company reported a total operating revenue of 70.56 million yuan for the first half of 2025, a decrease of 30.09% compared to the same period last year, which translates to a reduction of 30.37 million yuan [1] - The net profit attributable to shareholders was -11.66 million yuan, indicating a loss [1] - The net cash flow from operating activities was -42.49 million yuan, down by 1.33 million yuan from the same period last year [1] Financial Metrics - The latest debt-to-asset ratio is 29.38%, which is an increase of 0.50 percentage points from the previous quarter and an increase of 0.28 percentage points from the same period last year [3] - The latest gross profit margin is 47.68%, a decrease of 9.06 percentage points from the previous quarter and a decrease of 1.20 percentage points from the same period last year [3] - The latest return on equity (ROE) stands at -2.83% [3] - The diluted earnings per share is -0.08 yuan [3] - The total asset turnover ratio is 0.12 times, a decrease of 0.02 times from the same period last year, representing a decline of 13.53% [3] Shareholder Information - The number of shareholders is 33,100, with the top ten shareholders holding a total of 60.89 million shares, accounting for 36.38% of the total share capital [3] - The largest shareholder is Niu Wenwen, holding 15.1% of the shares [3]

Core Viewpoint - The legal opinion letter from Beijing Chang'an Law Firm confirms that the company has fulfilled the necessary approvals and authorizations for its 2024 restricted stock incentive plan, including the granting and cancellation of certain restricted stocks [2][12]. Group 1: Approval and Authorization - The company has completed the required legal procedures for the implementation of the 2024 incentive plan, including the approval of relevant proposals by the board of directors and the supervisory board [5][7]. - The granting date for the reserved restricted stocks is set for August 25, 2025, with a total of 325,000 shares to be granted at a price of 13.72 yuan per share [7][8]. Group 2: Specifics of the Grant - The granting of restricted stocks involves four recipients, with a total of 325,000 shares allocated [8][9]. - The conditions for the grant have been met, and the company has verified that the recipients do not fall under any disqualifying criteria as per the relevant regulations [9][10]. Group 3: Cancellation of Restricted Stocks - The company will cancel a total of 340,000 shares of restricted stocks due to one recipient's departure and the failure to meet performance targets for the first vesting period [11][12]. - The cancellation aligns with the company's incentive plan and has been approved by the board without needing further shareholder approval [12]. Group 4: Conclusion - The legal opinion concludes that all actions regarding the granting and cancellation of restricted stocks comply with the relevant laws and the company's incentive plan [12].

本激励计划授予的限制性股票的分配情况如下表所示： 获授数量 占授予总量 占公司总股本 声 明 他山咨询接受委托，担任创业黑马 2024 年限制性股票激励计划的独立财务 顾问并出具本报告。对本报告的出具，本独立财务顾问特作如下声明： 南》等规定，并结合公司提供的有关资料和信息而制作。公司已保证：其所提供 的有关本激励计划的相关资料和信息真实、准确和完整，不存在虚假记载、误导 性陈述或者重大遗漏。 发展、是否损害上市公司利益以及对股东利益的影响发表专业意见，不构成对上 市公司的任何投资建议，对投资者依据本报告所做出的任何投资决策而可能产生 的风险，本独立财务顾问均不承担责任。 政策无重大变化；公司所处地区及行业的市场、经济、社会环境无重大变化；公 司提供的资料和信息真实、准确、完整；本激励计划涉及的各方能够诚实守信地 按照本激励计划及相关协议条款全面、妥善履行所有义务；本激励计划不存在其 他障碍，并能够顺利完成；无其他不可抗力和不可预测因素造成重大不利影响。 仅供公司实施本激励计划之目的使用，不得用作任何其他用途。 深圳市他山企业管理咨询有限公司 独立财务顾问报告 一、本激励计划已履行的必要程序 （一）2024 ...

每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 （记者 张喜威） 每经AI快讯，创业黑马（SZ 300688，收盘价：35.82元）8月25日晚间发布公告称，公司第四届第十三 次董事会会议于2025年8月25日在公司会议室召开。会议审议了《2025年半年度报告及其摘要的议案》 等文件。 2024年1至12月份，创业黑马的营业收入构成为：商业服务业占比100.0%。 截至发稿，创业黑马市值为60亿元。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 70.56 million yuan, representing a year-on-year decrease of 30.09% [1] - The net profit attributable to shareholders of the listed company was -11.66 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -17.51 million yuan [1] - The basic earnings per share were -0.08 yuan [1]

创业黑马科技集团股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位： | 创业黑马科技集团股份有限公司 | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2025年期初占用 资金余额 | 2025年1-6月占用累计发 生金额（不含利息） | 2025年1-6月占用资 金的利息（如有） | 2025年1-6月偿 还累计发生金 | 2025年6月期末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | —— | —— | —— | - | | - - | - | | - —— | —— | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | —— | —— | — ...