Company Overview - Beijing Zhongke Haixun Digital Technology Co., Ltd. was established in 2005 and is headquartered in the Zhongguancun Science Park, focusing on high-tech products in marine engineering and underwater acoustics [1] - The company specializes in the development of high-performance signal processing platforms, sonar systems, simulation systems, and big data applications [1] Stock Performance - Zhongke Haixun has experienced a decline for seven consecutive trading days, with a cumulative drop of -13.41% [1] - The fund "Changcheng Jiujia Innovation Growth Mixed A" has entered the top ten shareholders of Zhongke Haixun and is a new addition in the first quarter of this year [1] Fund Performance - The year-to-date return for Changcheng Jiujia Innovation Growth Mixed A is -2.36%, ranking 1401 out of 2008 in its category [2] - The fund manager, You Guoliang, has been with Changcheng Fund Management Co., Ltd. since August 2019 and has managed various funds [3][4] Fund Manager Background - You Guoliang holds a master's degree and has previously worked at several securities and asset management companies before joining Changcheng Fund [3][4] - He has managed the "Changcheng Jiujia Innovation Growth Flexible Allocation Mixed Fund" since October 2019 [4]

前十大流通股东累计持有： 6251.12万股，累计占流通股比： 54.83%，较上期变化： 156.85万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 宁波梅山保税港区中科海讯（300810）科技投资合伙企 | | | | | 业(有限合伙) | 3454.68 | 30.31 | 不变 | | 宁波梅山保税港区智海声学企业管理合伙企业(有限合 | | | | | 伙) | 1487.58 | 13.05 | -206.70 | | 雷立明 | 441.29 | 3.87 | 91.91 | | 长城久嘉创新成长混合A | 200.00 | 1.75 | 新进 | | 永赢睿信混合A | 150.66 | 1.32 | 新进 | | 蔡惠智 | 134.85 | 1.18 | 不变 | | 赵建平 | 117.00 | 1.03 | 新进 | | 何媛媛 | 107.49 | 0.94 | -8.28 | | 永赢稳健增强债券A | 99.43 | 0.87 | 新进 | | 尹思华 | ...

为使投资者全面了解公司的经营情况和财务状况，公司 2025 年第一季度报 告已于 2025 年 4 月 29 日在中国证券监督管理委员会指定创业板信息披露网站 巨潮资讯网（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 北京中科海讯数字科技股份有限公司 董事会 2025 年 4 月 29 日 2025 年第一季度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 北京中科海讯数字科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日以现场结合通讯方式召开了第四届董事会第三次会议和第四届监事会第三次 会议，审议通过了《关于 2025 年第一季度报告全文的议案》。 证券代码：300810 证券简称：中科海讯 公告编号：2025-052 北京中科海讯数字科技股份有限公司 ...

证券代码：300810 证券简称：中科海讯 公告编号：2025-054 北京中科海讯数字科技股份有限公司 关于2025年第一季度计提信用减值损失及资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为公允反映北京中科海讯数字科技股份有限公司（以下简称"公司"）资产 的价值，根据企业会计准则的相关规定，公司定期对各项资产进行清查，对存在 减值迹象的资产进行减值测试。本着谨慎性原则，公司拟对截至 2025 年 3 月 31 日合并报表范围内的有关资产计提减值准备，现将相关情况公告如下： 一、本次计提减值准备情况概述 公司以预期信用损失为基础，对各相关资产按照其适用的预期信用损失计量 方法计提减值准备并确认信用减值损失，公司对信用风险显著不同的金融资产单 项评价信用风险，除了单项评估信用风险的金融资产外，公司基于共同风险特征 将金融资产划分为不同的组别，在组合的基础上评估信用风险。 （一）本次计提减值准备的原因 根据《企业会计准则》及《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，为真实、准确反映公司截至 ...

北京中科海讯数字科技股份有限公司 证券代码：300810 证券简称：中科海讯 公告编号：2025-051 第四届监事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京中科海讯数字科技股份有限公司（以下简称"公司"）第四届监事会第 三次会议于 2025 年 4 月 22 日通过电子邮件或者即时通讯等方式发出会议通知， 所有会议议案资料均在本次会议召开前提交全体监事。会议于 2025 年 4 月 28 日 上午 8:30 在公司会议室以现场结合通讯方式召开。本次会议应出席监事 3 人， 实际出席监事 3 人，会议由监事会主席程彩女士召集和主持。会议的召集和召开 符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、行政法规、部 门规章、规范性文件和《北京中科海讯数字科技股份有限公司章程》（以下简称 "《公司章程》"）的规定，所作决议合法有效。 二、监事会会议审议情况 本次会议经与会监事审议并书面表决，通过如下决议： （一）审议通过《关于 2025 年第一季度报告全文的议案》 经审核，监事会对《2025 年第一 ...

证券代码：300810 证券简称：中科海讯 公告编号：2025-050 北京中科海讯数字科技股份有限公司 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京中科海讯数字科技股份有限公司（以下简称"公司"）第四届董事会第 三次会议于 2025 年 4 月 22 日通过电子邮件或者即时通讯等方式发出会议通知， 所有会议议案资料均在本次会议召开前提交全体董事。会议于 2025 年 4 月 28 日 上午 10:00 在公司会议室以现场结合通讯方式召开。本次会议应出席董事 8 人， 实际出席董事 8 人，其中独立董事 3 名，会议由公司董事长张秋生先生召集和主 持。会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律、行政法规、部门规章、规范性文件和《北京中科海讯数字科技股份有限 公司章程》（以下简称"《公司章程》"）的规定，所作决议合法有效。 二、董事会会议审议情况 本次会议经与会董事审议并书面表决，通过如下决议： （一）审议通过《关于 2025 年第一季度报告全文的议案》 同意《关 ...

Financial Performance - The company's revenue for Q1 2025 was ¥46,831,776.91, a decrease of 6.13% compared to ¥49,888,439.35 in the same period last year[5] - The net loss attributable to shareholders was ¥25,229,458.12, representing an increase of 83.90% from a loss of ¥13,718,958.86 in the previous year[5] - Basic and diluted earnings per share were both -¥0.2164, reflecting an 85.43% increase in loss per share from -¥0.1167[5] - Net profit for the period was a loss of ¥25,500,129.43, compared to a loss of ¥13,701,081.01 in the previous period, indicating a worsening of approximately 86%[28] - The company's operating profit was reported at -¥29,535,287.23, compared to -¥16,053,017.95 in the prior year, reflecting a decline of about 84.5%[28] Cash Flow and Liquidity - The net cash flow from operating activities was -¥57,376,661.43, a decline of 5.99% compared to -¥54,132,055.24 in the same period last year[5] - Cash flow from operating activities was reported at ¥9,114,961.96, a significant decrease from ¥24,277,350.00 in the previous period[31] - The total cash inflow from operating activities was 9,525,065.78, compared to 29,603,601.41 previously, showing a significant drop in operational income[32] - The ending cash and cash equivalents balance was 79,886,877.12, down from 81,820,760.08, reflecting a decrease in liquidity[33] - The total cash outflow from operating activities was 66,901,727.21, compared to 83,735,656.65 in the previous period, indicating reduced operational expenditures[32] Assets and Liabilities - Total assets decreased by 4.83% to ¥1,136,056,780.95 from ¥1,193,733,586.54 at the end of the previous year[5] - The total liabilities decreased to ¥340,163,421.96 from ¥372,340,098.12, a reduction of about 8.6%[26] - The total equity attributable to shareholders decreased to ¥792,834,602.93 from ¥818,064,061.05, a decline of approximately 3.1%[26] - The company's cash and cash equivalents decreased by 51.64% to ¥79,886,877.12, primarily due to operating expenses and investment in financial products[9] Research and Development - Research and development expenses decreased by 42.83% to ¥3,142,467.64 from ¥5,496,325.89 in the previous year, attributed to adjustments in R&D projects[10] - Research and development expenses decreased to ¥3,142,467.64 from ¥5,496,325.89, a reduction of approximately 42.8% year-over-year[28] Shareholder Information - The largest shareholder, Ningbo Meishan Free Trade Port Zone Zhongke Haixun Technology Investment Partnership, holds 29.26% of shares, totaling 34,546,824 shares[14] - The second largest shareholder, Ningbo Meishan Free Trade Port Zone Zhihai Acoustic Enterprise Management Partnership, holds 12.60% of shares, totaling 14,875,813 shares[14] - Shareholder Cai Huizhi holds 4.57% of shares, totaling 5,394,033 shares, with 4,045,525 shares pledged[14] - The company’s major shareholder, Ningbo Meishan Free Trade Port Zone Zhihai Acoustic Enterprise Management Partnership, reduced its holdings by 2,248,600 shares, representing 1.93% of the total share capital after excluding repurchased shares[15] Corporate Governance - The company’s board of directors has undergone a re-election, with new candidates nominated for both non-independent and independent director positions[16] - The first extraordinary general meeting of 2025 approved the election of new directors, maintaining a balance between non-independent and independent directors[17] - The company appointed Mr. Zhang Qiusheng as the chairman of the board, with a term until the current board's term expires[19] - The company established four specialized committees: Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, each consisting of three directors[20] - The company appointed Ms. Cheng Cai and Mr. Zhang Huaying as non-employee representative supervisors for the fourth supervisory board[22] Impairment and Other Losses - The company reported a significant increase in asset impairment losses of 274.75%, amounting to -¥1,679,562.72 compared to a gain of ¥961,114.10 in the previous year[10] - The company reported a significant increase in credit impairment losses, amounting to -¥17,079,802.06 compared to -¥19,797,345.69 in the previous period, indicating ongoing challenges in asset quality[28] - Other income decreased by 73.75% to ¥101,409.83 from ¥386,262.94, primarily due to a reduction in government subsidies received[10] Investment Activities - The net cash flow from investment activities improved by 77.42%, moving from -¥109,985,519.82 to -¥24,835,097.39, mainly due to the redemption of financial products[11] - Total cash inflow from investment activities was 325,481,851.59, significantly higher than 110,383,961.09 in the prior period, reflecting increased investment recovery[32]

Group 1: Industry Overview - The company operates in the special electronic information industry, focusing on sonar equipment for underwater detection and communication [3] - Sonar equipment is a core technology for deep-sea exploration and is crucial for enhancing national marine capabilities [3] - The industry is supported by national policies and is classified as a strategic emerging industry [3][4] Group 2: Financial Performance - In 2024, the company's revenue reached 239.71 million yuan, a 45.65% increase from the adjusted revenue of 164.58 million yuan in the previous year [3] - The net profit attributable to shareholders was -26.14 million yuan, indicating a significant reduction in losses compared to the previous year [3] Group 3: Future Growth Prospects - The company plans to leverage its core technologies for industrial application, focusing on product performance optimization and expanding application scenarios [4] - The development of unmanned systems, artificial intelligence, and big data technologies presents opportunities for product functionality and performance enhancement [4] - Key R&D directions include intelligent marine information equipment, new signal processing devices, simulation training systems, and big data systems [4] Group 4: Market and Strategic Positioning - The company is currently focused on domestic operations, with no immediate impact from the US-China trade war [5] - There are plans to expand into civilian products, particularly in the marine equipment sector [6] - The growth of China's shipbuilding industry, with double-digit growth in key indicators, is expected to benefit the marine equipment sector and the company's business [6] Group 5: Challenges and Mitigation Strategies - Continuous losses are attributed to credit impairment losses and adjustments in variable pricing estimates [6] - The company aims to improve cash flow by enhancing accounts receivable collection and reducing bad debt risks [6] - Efforts will be made to accelerate payment cycles and improve operational efficiency [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company significantly reduced its losses in 2024, with a year-on-year decrease in net profit loss of 83.34%, attributed to improved project valuation and better management of accounts receivable [2][3]. - The government has included deep-sea technology in its key emerging industries, which is expected to benefit the company due to its comprehensive underwater detection technology [3]. Financial Performance Summary - In 2024, the company achieved revenue of 240 million yuan, a year-on-year increase of 45.65%, and a net profit attributable to shareholders of -26 million yuan, a reduction in loss of 83.34% compared to the previous year [1][2]. - The revenue breakdown by product shows significant growth in the signal processing platform, which generated 159 million yuan, up 218.35% year-on-year, while the sonar system revenue increased by 58.23% to 59 million yuan [2]. - The gross margin improved to 27.40%, an increase of 35.46 percentage points year-on-year, while the total expense ratio decreased by 16.42 percentage points to 35.33% [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 471 million yuan, 657 million yuan, and 868 million yuan, respectively, with net profits expected to reach 86 million yuan, 135 million yuan, and 195 million yuan [3][4]. - The earnings per share (EPS) are projected to be 0.73 yuan, 1.14 yuan, and 1.65 yuan for the years 2025, 2026, and 2027, respectively [3][4].

Summary of Zhongke Haixun Conference Call Company Overview - Zhongke Haixun was established in 2005 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 6, 2019. The company specializes in sonar equipment for specialized users, focusing on the production and research of marine special equipment. It is the largest private enterprise in the domestic underwater acoustics technology field [3][4]. Financial Performance - In 2024, Zhongke Haixun's revenue reached approximately 240 million yuan, representing a year-on-year growth of 45.65%. The signal processing platform was the largest contributor to this revenue [3][9]. - The net profit was a loss of 26.14 million yuan, but this marked a significant reduction in losses due to cost optimization, tax benefits, and improved cash flow. The net cash flow from operating activities increased by 135.42% to 24.95 million yuan [3][9][10]. - The company reported a cash inflow from sales of goods and services of 345 million yuan, a year-on-year increase of about 92% [10]. Key Business Segments - The company has achieved a 100% localization rate for its signal processing platform and has developed a new platform based on GPU heterogeneous computing, which has completed prototype testing [3][6]. - Revenue from underwater big data and simulation systems decreased by approximately 50 million yuan due to project delivery delays. Excluding this factor, the business remained stable compared to 2023 [3][11]. - The company’s future strategy includes expanding into the civilian market, promoting data centers, developing intelligent algorithms, and increasing applications for unmanned platforms [3][7]. Market Opportunities - The government work report has classified deep-sea technology as a strategic emerging industry, providing opportunities for the development of underwater perception technology and sonar equipment [3][8]. - The revenue from unmanned detection systems was about 7 million yuan in 2024, primarily from sonar systems for unmanned vessels. The company anticipates significant future demand for unmanned platforms, closely related to national planning and military applications [3][16]. Product and Technology Development - The company’s products mainly consist of integrated software and hardware systems, including signal processing platforms (valued at approximately 3 million yuan each), underwater information systems, sonar algorithm software, and big data simulation systems [3][19]. - The company has developed a unique underwater target recognition system by combining traditional sonar technology with AI algorithms, which has led to successful project acquisitions [20][22]. Challenges and Risks - The company faces challenges in revenue recognition due to project delivery schedules, which can affect cash flow and financial performance [11][25]. - The overall operating situation in 2025 is expected to remain stable, with continued focus on core business areas and improvement in cash flow and profit margins [9][23]. Customer Base and Competition - Major clients include China Shipbuilding and China Marine Defense, with the company possessing comprehensive capabilities in sonar system research, design, and production [3][24]. - The competitive landscape includes similar industry players, with Zhongke Haixun maintaining a differentiated competitive position through its unique sales platform and data services [31]. Future Outlook - The company expects continued growth in orders and revenue in the underwater and marine equipment sector, driven by increased national focus and improving payment conditions [23][27]. - The first positive military contract in 2025 marks a new phase in business development, indicating more stable and sustainable growth prospects [26].