华如科技首次公开发行股票的发行费用总额为9,678.56万元，其中，保荐及承销费用8,232.19万元。 华如科技于2023年5月25日披露公告称，以每10股转增5股并税前派息0元，除权除息日2023年6月1 日，股权登记日2023年5月31日。 中国经济网北京11月25日讯 华如科技（301302.SZ）今日股价下跌，截至收盘，该股报24.36元，跌 幅2.05%。 华如科技于2022年6月23日在深交所创业板上市，发行股票数量为2,637.00万股，发行价格为52.03 元/股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为刘芮辰、王彬。目前该股处于 破发状态。 华如科技首次公开发行股票募集资金总额为137,203.11万元，募集资金净额为127,524.55万元。华如 科技最终募集资金净额比原计划多47,524.55万元。华如科技于2022年6月20日披露的招股说明书显示， 该公司拟募集资金80,000万元，分别用于新一代实兵交战系统、复杂系统多学科协同设计与仿真试验平 台、共用技术研发中心、补充营运资金。 （责任编辑：华青剑） ...

证券代码：301302 证券简称：华如科技 公告编号：2025-056 北京华如科技股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 表决结果：同意 10,177,500 份，占出席持有人会议的持有人所持份额总数的 100%；反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 0 份， 占出席持有人会议的持有人所持份额总数的 0%。 （二）审议通过《关于选举公司 2025 年员工持股计划管理委员会委员的议 案》 根据公司《2025 年员工持股计划（草案）》和《2025 年员工持股计划管理 办法》等相关规定，选举张柯、胡明昱和陈建勋为本员工持股计划管理委员会委 1 本公司董事会及全体董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、准确性和完整性承担个别及连带责任。 一、持有人会议召开情况 北京华如科技股份有限公司（以下简称"公司"）2025 年员工持股计划（以 下简称"本员工持股计划"）第一次持有人会议于 2025 年 11 月 6 日以现场方式 召开。会议应出席持有人 7 名，实际出席持有人 7 名，代表本员工持股计划份额 10,177,500 ...

Group 1: Report Overview - The report is about a research on Huaru Technology in the software development industry on November 5, 2025 [1][2] Group 2: Research Basic Information - Research object: Huaru Technology [17] - Industry: Software development [17] - Reception time: 2025 - 11 - 05 [17] - Reception personnel: Board Secretary Wu Yaguang [17] Group 3: Detailed Research Institutions - Northeast Securities (Securities Company, representative: Huang Ze) [18] - China Foreign Trade Trust (Other, representative: Xia Xingyu) [18] - Yizhi Investment (Investment Company, representative: Deng Xiangwei) [18] Group 4: Proportion of Research Institutions - Securities companies: 33% [21] - Others: 33% [21] - Investment companies: 33% [21] Group 5: Company Information and Key Technologies - The company upgrades its core brand XSim from "military simulation" to "military intelligence" with the "1?5?5?N" new - generation XSim military intelligence system, responding to the future of national defense intelligence [25] - XSimVerse military large - model is a special large - model for the military field, with military cognition and decision - making abilities, supporting five application areas [25] Group 6: Five Application Areas of Military Intelligence Business - Intelligent decision - making: Build an intelligent OODA decision - making system to improve the efficiency of the auxiliary decision - making process [25] - Virtual training: Construct a closed - loop training system to offer a near - real - combat training experience [27] - Digital and intelligent testing: Integrate the digital parallel test field with the military large - model to form an intelligent application product system for weapon equipment testing [28] - Simulation training equipment: Build a combat - realistic confrontation training equipment system to enhance trainees' combat capabilities [29] - Intelligent equipment: Build an unmanned cloud brain and unmanned equipment system to improve equipment's autonomous and collaborative combat capabilities [30] Group 7: Company's Business Performance - In the first three quarters of 2025, the company's operating income was 157 million yuan, a 2.55% increase year - on - year; the net profit after deducting non - recurring gains and losses was - 146 million yuan, a 46.84% increase year - on - year [30] - In the first three quarters of 2025, the company's operating cost was 143 million yuan, a 40.02% decrease year - on - year, mainly due to the cost transfer of terminated projects last year [30] Group 8: Company's Game Business - The armored TPS online game "Armored Red Edge" developed by Beijing Xiaoru Culture and Technology Co., Ltd. (a wholly - owned subsidiary of Huaru Technology) was launched on October 31, 2025, expanding the company's strategic depth in the serious game e - sports field [30][31]

Core Insights - The company is transitioning from "military simulation" to "military intelligence" through the development of the new XSim[®] military intelligence system, which integrates "simulation + AI" technology to enhance China's defense capabilities [1][7] - The company has introduced the XSimVerse[®] military large model, designed as a specialized model for military applications, supporting five key areas: military decision-making, virtual training, digital testing, training equipment, and intelligent equipment [2][3] Business Development - The five application areas for the military intelligence solutions include: - Intelligent Decision-Making: Utilizing military large models and AI tools to enhance decision-making processes [3] - Virtual Training: Combining military large models and simulation technology for comprehensive training systems [3] - Digital Testing: Integrating digital parallel testing environments with military large models for weapon testing [3] - Training Equipment: Providing realistic training gear using AI and XR technologies [3] - Intelligent Equipment: Developing a collaborative architecture for unmanned systems to enhance battlefield decision-making [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 157 million yuan, a year-on-year increase of 2.55%, while operating costs decreased by 40.02% to 143 million yuan [4] - The significant reduction in costs is attributed to the absence of project cost transfers that affected the previous year's figures [4] Diversification Efforts - The company has launched a new online game, "Armored Red Storm," which integrates military simulation technology, aiming to expand its presence in the serious gaming and esports market [6][7] - This move is expected to enhance the company's market influence in tactical competitive gaming and strengthen its technological capabilities [6][7]

Company Overview - Beijing Huaru Technology Co., Ltd. is focused on military simulation and AI integration, transitioning from "military simulation" to "military intelligence" with its core brand XSim® [2][3] Military Intelligence System - The new generation XSim® military intelligence system is based on over ten years of product accumulation in the military simulation industry, aiming to support China's defense technology in entering the "intelligent victory era" [3] Key Applications of XSimVerse® Military Model - **Intelligent Decision-Making**: Utilizes military models and AI tools to enhance decision-making processes across various military applications [5] - **Virtual Training**: Combines military models and simulation technology to create a closed-loop training system that simulates real combat experiences [6] - **Digital Testing**: Integrates digital parallel testing environments with military models to enhance the authenticity and complexity of weapon testing [7] - **Training Equipment**: Develops realistic combat training equipment using AI, simulation, and other technologies to improve training effectiveness [7] - **Intelligent Equipment**: Constructs a collaborative architecture for unmanned systems to optimize battlefield decision-making and enhance autonomous combat capabilities [7] Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 157 million, a 2.55% increase compared to the same period last year [8] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY -146 million, reflecting a 46.84% improvement year-on-year [8] Cost Management - The company's operating costs for the first three quarters of 2025 were CNY 143 million, a significant decrease of 40.02% compared to the previous year, primarily due to the absence of costs related to terminated projects [8] Gaming Business Development - The company’s wholly-owned subsidiary, Beijing Xiaoru Cultural Technology Co., Ltd., launched the online game "Armored Red Blade," which officially went live on October 31, 2025, enhancing the company's presence in the serious gaming and esports sectors [8]

Core Viewpoint - Huaru Technology, a leading company in the domestic military simulation field, has shown significant challenges in revenue and profit performance compared to industry peers, indicating potential areas for improvement in operational efficiency and market competitiveness [1][2]. Group 1: Company Overview - Huaru Technology was established on November 23, 2011, and was listed on the Shenzhen Stock Exchange on June 23, 2022. The company is based in Beijing and specializes in military simulation software sales and simulation technology development and services [1]. - The company operates within the defense and military industry, specifically in military electronics, and is associated with several concept sectors including small-cap stocks, domestic software, and nuclear fusion [1]. Group 2: Financial Performance - For Q3 2025, Huaru Technology reported revenue of 157 million, ranking 54th among 64 companies in the industry, significantly lower than the top competitors AVIC Chengfei's 48.286 billion and AVIC Optoelectronics' 15.838 billion. The industry average revenue was 189.8 million, with a median of 57.5 million [2]. - The net profit for the same period was -139 million, placing the company 58th in the industry. In contrast, the leading companies reported net profits of 2.175 billion and 1.884 billion, with the industry average at 94.5076 million and the median at 3.7432 million [2]. Group 3: Financial Ratios - As of Q3 2025, Huaru Technology's debt-to-asset ratio was 16.10%, an increase from 13.08% year-on-year, but still significantly lower than the industry average of 32.84%, indicating a relatively low debt pressure [3]. - The company's gross profit margin for Q3 2025 was 9.23%, a substantial improvement from -55.20% in the previous year, yet it remains below the industry average of 34.84%, suggesting that profitability needs enhancement [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.99% to 17,800, while the average number of circulating A-shares held per shareholder increased by 9.88% to 7,817.65 shares [5]. - Among the top ten circulating shareholders, Changxin National Defense Military Quantitative Mixed A (002983) emerged as the fifth largest shareholder, acquiring 4.0446 million shares [5]. Group 5: Executive Compensation - The chairman and general manager, Han Chao, received a salary of 605,600, which is a decrease of 116,800 from the previous year [4].

证券代码：301302 证券简称：华如科技 公告编号：2025-055 北京华如科技股份有限公司 关于 2025 年员工持股计划非交易过户完成的公告 一、本员工持股计划的股票来源及数量 本员工持股计划的股份来源为公司回购专用账户的公司 A 股普通股股票。 公司于 2024 年 10 月 24 日召开第五届董事会第七次会议，审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 部分公司股份，用于实施股权激励计划或员工持股计划。本次回购的资金总额不 低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购价格不超 过人民币 26.00 元/股（含），具体回购股份的金额、数量以回购结束时实际回购 为准。回购方案具体内容详见公司于 2024 年 10 月 29 日披露在巨潮资讯网 1 （www.cninfo.com.cn）上的《回购公司股份报告书》（公告编号：2024-054）。 2025 年 10 月 9 日，公司披露了《关于股份回购实施结果暨股份变动的公告》， 截至 2025 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方式累 计回购公司 ...

Core Viewpoint - The official launch of the armored TPS online game "Armored Red Blade" by Huaru Technology's subsidiary marks a significant step in transforming military simulation technology into the digital entertainment sector [2][7]. Company Overview - Huaru Technology, established in 2011, initially focused on military simulation, aiming to create a Chinese military simulation brand and providing professional products and technical services for various military scenarios [4]. - The company has been actively promoting the transformation of its military technology achievements into the digital cultural sector, leveraging its subsidiary Beijing Xiaoru Cultural Technology Co., Ltd. to develop online games and digital cultural products [4]. Product Details - "Armored Red Blade" is a tank armor competitive online game designed around military simulation, utilizing the company's capabilities in military modeling and simulation systems [2][6]. - The game features a high-precision physics algorithm and real-time dynamic management system to create a highly realistic battlefield environment, simulating detection, defense, and attack performance of armored units [6]. Technical Features - The game employs a vehicle skill system with "1 passive skill + 2 active skills," allowing players to customize their tactical attributes across four modules: firepower, protection, mobility, and communication [6]. - It offers diverse combat modes to cater to different user needs, enhancing operational flexibility and user experience [6]. Industry Context - According to CITIC Securities, the gaming industry has seen valuations exceed 30 times in both 2020 and 2023, driven by high industry prosperity and advancements in generative AI [6]. - The current fundamentals of gaming companies are stronger than in previous years, with improved operational pipelines and more efficient R&D teams, indicating a return to industry prosperity and a better competitive landscape [6].

Core Insights - Huaru Technology (301302.SZ) reported its Q3 2025 results on October 29, 2025, highlighting significant institutional investment in the company [1] Institutional Holdings - As of October 28, 2025, seven institutional investors disclosed holdings in Huaru Technology A-shares, totaling 32.0323 million shares, which represents 20.55% of the company's total equity [1] - The institutional holding percentage increased by 2.42 percentage points compared to the previous quarter [1] Public Fund Activity - Two new public funds disclosed their holdings this quarter, including Changxin National Defense Military Industry Quantitative Mixed A and Xingyin CSI 500 Index Enhanced A [1] - A total of 17 public funds were not disclosed this quarter, including notable funds such as Nuoan Balanced Mixed A and Huashang Computer Industry Quantitative Stock Initiation A [1]

Core Insights - The company reported a revenue of 157 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2.55% [1] - The net profit attributable to shareholders was -139 million yuan, showing a year-on-year increase of 47.95% [1] - The basic earnings per share stood at -0.89 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 9.23%, an increase of 64.43 percentage points year-on-year [2] - The net profit margin was -88.55%, which improved by 85.91 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was -20.50%, a year-on-year increase of 232.19 percentage points, but a quarter-on-quarter decrease of 42.67 percentage points [2] - The net profit margin for Q3 was -102.17%, up 270.21 percentage points year-on-year, but down 34.52 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 187 million yuan, a decrease of 68.59 million yuan year-on-year [2] - The expense ratio was 118.81%, down 47.74 percentage points from the same period last year [2] - Sales expenses decreased by 34.40%, management expenses decreased by 41.67%, and R&D expenses decreased by 16.57%, while financial expenses increased by 61.80% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 17,800, a decrease of 5,419 or 23.36% from the end of the previous half [3] - The average market value per shareholder increased from 184,800 yuan to 202,500 yuan, reflecting a growth of 9.56% [3] Company Overview - Beijing Huaru Technology Co., Ltd. specializes in military simulation software sales and simulation technology development and services [3] - The revenue composition includes 78.21% from hardware products, 11.09% from software products, and 10.70% from technology development [3] - The company is categorized under the defense and military industry, specifically in military electronics [3]