Company Overview - Beijing Huaru Technology Co., Ltd. was established in 2011, focusing on military simulation as its main line of business [2][3] - The company relies on three foundational projects: platform, model, and data, to enhance military simulation capabilities [3] Core Technologies - The core technologies include military simulation modeling, simulation engine technology, model data management, analysis and evaluation technology, experimental design and management, dynamic distributed interaction technology, and refined display technology [4] Products and Services - The company offers four main categories of products and services: technology development, software products, merchandise sales, and technical services [4] - Technology development focuses on customized military simulation systems and virtual reality applications [4] - Software products include both basic and application software [4] - Merchandise sales primarily involve specialized equipment (e.g., parachute simulators) and general equipment (e.g., computers) [4] - Technical services encompass system construction consulting, project execution support, and advanced simulation technology training [4] Financial Performance - In the first half of 2022, the company achieved total revenue of CNY 153 million, a year-on-year increase of 82.06% [4] - The net profit attributable to shareholders was CNY -37 million, reflecting a year-on-year growth of 30.44% [4] Client Base - The primary customer groups include military research institutes, military academies, training bases, combat troops, and defense industrial enterprises [5] Research and Development Investment - R&D investment from 2019 to 2021 showed continuous growth: CNY 71.21 million in 2019, CNY 100.81 million in 2020, and CNY 134.92 million in 2021 [5] - As of June 2022, the company held 389 software copyrights and 58 patents [5] Revenue Growth - The number of service clients increased from approximately 100 in 2018 to nearly 200 in 2021, with revenue growing from CNY 320 million in 2019 to over CNY 680 million in 2021 [5] Profitability - Revenue from 2019 to 2021 was CNY 319.86 million, CNY 526.35 million, and CNY 686.42 million, with gross margins of 71.27%, 57.25%, and 59.14% respectively [5] Seasonal Trends - The company experiences significant seasonal revenue patterns, with lower income in the first half of the year and higher income, particularly in the fourth quarter [6] Market Position - Since its establishment, the company has maintained a leading market position in military simulation, covering various simulation levels and application fields [6] Industry Competition - The military simulation industry features two main types of competitors: state-owned units (military research institutions) and private enterprises [6] New Subsidiary - The newly established subsidiary, Beijing Xiaoru Cultural Technology Co., Ltd., focuses on converting military simulation technology achievements into civilian cultural applications [7] Market Opportunities - The modernization of the military provides significant market opportunities, with increasing demands for simulation technology in weapon system development [8]

编号：2022-002 证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | √特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 □电话会议 | | | □其他 | | | 交银施罗德基金：刘庆祥；摩根华鑫基金：马子轩；誉辉资 | | | 本：郝彪；汇升投资：周丽、张攀；和谐汇一：章溢漫；和 聚投资：马蘅；和谕基金：薛平；致顺投资：朱贺凯；南方 天辰：王然；中信自营：刘雯蜀、罗舜芝；泰康资产：薛小 | | 参与单位名称 ...

证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 编号：2022-004 | --- | --- | |-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 编号：2022-005 | --- | --- | |---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | √特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | √现场参观 □电话会议 | | | □其他 | | 参与单位名称 及人员姓名 | 泰康基金：薛小波、游涓洋；开源证券：刘逍遥； ...

编号：2022-008 证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 | --- | --- | |--------------|-----------------------------------------------------------------------------------------------------| | | √特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 □电话会议 | | | □其他 | | | 财通证券：杨烨、王妍丹；江信基金：王伟；汐泰投资： 陈梦笔；南方基金：罗安安；信泰人寿：武浩翔；中信 | | | 建投基金：赵坚；信诚基金：邹伟；中银资管：肖宛远； | | | 中邮人寿：朱战宇；星石投资：陈启腾；国金基金：陈 恬；华富基金：范亮；凯丰投资：田明华；中邮基金： | | 参与单位名称 | 王梁；丰岭投资：李涛；中亿投资：白福浓；信诚基金： | | 及人员姓名 | 王优草；中金资管：周文菁；百嘉基金：黄超；东方阿 | | ...

编号：2022-007 证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 | --- | --- | |--------------|---------------------------------------------------------------------------------------------------| | | | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 √路演活动 | | 活动类别 | 现场参观 □电话会议 | | | √一对一沟通 √券商策略会 | | | □其他 | | | 易方达基金：陈皓；富国基金：肖威兵、陈天元、李元 | | | | | | 博；泰康资产：薛小波；汇添富基金：劳杰男；华安基 金：花超；国金证券：李忠宇；中信证券：潘儒琛；朱 | | | 雀基金：陈飞；中域资产：袁鹏涛；平安资管：刘博； | | 参与单位名称 | 明河投资：姜宇帆；前海开源基金：梁策；和谐汇一资 | | 及人员姓名 | 管：章溢漫；华富基金：范亮；华夏基金：施知序；健 | | ...

编号：2022-006 证券代码：301302 证券简称：华如科技 北京华如科技股份有限公司 投资者关系活动记录表 | --- | --- | |---------------------|------------------------------------------------------| | | | | | √特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | √现场参观 □电话会议 | | | □其他 | | | 东吴证券：钱佳兴；江信基金：王伟；银河证券：李良； | | | 中航证券：向正富；鸿道投资：方云龙；建信养老基金： | | | 臧赢舜；中信建投：张云龙，毛晨，赵鹏、邱季；众安保 | | | 险：陈紫光；建信基金：王睿；东方阿尔法基金：高丰臣； | | | 天弘基金：李佳明；国新证券：史鑫，王辉；盘京投资： | | 参与单位名称 | 王震、崔同魁；开源证券：刘逍遥、陈宝健；华创证券： | | 及人员姓名 | 罗泽兰、戴晨；源峰基金：陈云君；中航基金：陈周飞； | | | 兴业基金：姚明昊、徐玉良；国信 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥242,983,841.36, representing a 40.34% increase year-over-year[5]. - Net profit attributable to shareholders for Q3 2022 reached ¥53,232,654.18, a significant increase of 112.20% compared to the same period last year[5]. - The basic earnings per share for Q3 2022 was ¥0.50, reflecting a 56.25% increase year-over-year[5]. - The company's operating revenue for the first nine months of 2022 reached CNY 395.68 million, a 53.96% increase compared to CNY 257.01 million in the same period of 2021[11]. - The net profit attributable to shareholders was CNY 15.83 million, representing a significant turnaround from a net loss of CNY 28.69 million in the previous year, marking a 155.17% increase[11]. - Total operating revenue for Q3 2022 reached CNY 395,676,093.52, a significant increase of 54% compared to CNY 257,006,445.66 in the same period last year[23]. - Operating profit for Q3 2022 was CNY 14,790,161.97, recovering from a loss of CNY 46,844,701.69 in the previous year[24]. - Net profit for Q3 2022 was CNY 15,828,636.54, compared to a net loss of CNY 28,689,497.13 in Q3 2021, marking a turnaround[24]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to ¥2,583,044,351.76, which is a 91.48% increase from the end of the previous year[5]. - The company's equity attributable to shareholders increased by 135.06% to ¥2,246,986,908.18 compared to the end of the previous year[5]. - The total number of restricted shares held by major shareholders remains unchanged at 64,474,000 shares, with the earliest release date set for June 2023[18]. - The total liabilities decreased from CNY 1,080,000,000 to CNY 1,000,000,000, indicating a reduction of about 7.4%[21]. - The company's total equity increased to CNY 2,246,986,908.18 from CNY 955,908,211.77, indicating strong growth in shareholder value[24]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥339,787,023.81, a decrease of 82.15% year-to-date[5]. - The net cash flow from operating activities decreased by 82.15% to -CNY 339.79 million, primarily due to slower project payment collection and increased cash outflows from business growth[12]. - The net cash flow from financing activities surged by 5690.24% to CNY 1.28 billion, primarily driven by funds raised from the initial public offering[12]. - The net cash flow from investment activities saw a drastic decline of 1074.73%, totaling -CNY 563.79 million, mainly due to investments in the "Keshihua Ying" fund and financial products[12]. - The net cash flow from operating activities was -339,787,023.81 CNY, compared to -186,543,717.69 CNY in the previous quarter, indicating a decline in operational cash flow[27]. - Cash inflow from financing activities was 1,284,769,922.04 CNY, with a net cash flow of 1,284,769,922.04 CNY, contrasting with a net outflow of -22,982,382.91 CNY in the previous quarter[27]. Investments and Subsidiaries - The company established a wholly-owned subsidiary, Beijing Xiaoru Cultural Technology Co., Ltd., registered on August 8, 2022, to expand its business operations[19]. - The company acquired a 20% partnership interest in Zhuzhou Keshihua Ying Equity Investment Partnership, with an initial investment of CNY 50 million completed in August 2022[19]. - The company's long-term equity investments amounted to CNY 49.78 million, reflecting a 100% increase due to investments in the "Keshihua Ying" fund[11]. Operational Metrics - The accounts receivable increased by 41.14% to ¥761,836,687.13, driven by the rise in operating revenue[10]. - The company reported a significant increase in trading financial assets, totaling ¥510,709,068.49, due to unredeemed financial products[10]. - The company's intangible assets decreased by 33.11% to CNY 1.72 million, attributed to ongoing amortization without significant increases[11]. - The company's financial expenses turned positive with a decrease of 324.11%, resulting in a gain of CNY 2.99 million due to increased interest income from deposits[11]. - Research and development expenses increased to CNY 121,446,120.52, up from CNY 101,350,805.37, reflecting a focus on innovation[24].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥152,692,252.16, representing an increase of 82.06% compared to ¥83,867,248.78 in the same period last year[25]. - The net loss attributable to shareholders was ¥37,404,017.64, a 30.44% improvement from a loss of ¥53,776,048.48 in the previous year[25]. - The net cash flow from operating activities was -¥262,964,473.10, which is a decline of 40.95% compared to -¥186,566,749.61 in the same period last year[25]. - Total assets at the end of the reporting period reached ¥2,536,608,329.43, an increase of 88.04% from ¥1,348,987,632.24 at the end of the previous year[25]. - The net assets attributable to shareholders increased by 129.49% to ¥2,193,749,754.00 from ¥955,908,211.77 at the end of the previous year[25]. - The basic and diluted earnings per share were both -¥0.47, showing a 30.88% improvement from -¥0.68 in the same period last year[25]. - The weighted average return on net assets improved to -3.99% from -6.63% in the previous year[25]. - The gross profit margin for product sales was 25.20%, with a year-on-year increase of 7.84%, while the gross profit margin for technology development was 76.93%, up by 2.99%[108]. Government Support and Subsidies - The company received government subsidies totaling ¥2,695,780.49 during the reporting period, which included various industry-related subsidies[29]. - The company reported other income of ¥6,198,097.73, a 96.74% increase, mainly due to increased government subsidies and VAT refunds[106]. Business Operations and Strategy - The company focuses on military simulation as its main business line, leveraging platform, model, and data engineering to enhance simulation capabilities[34]. - The company has developed a comprehensive model library (XSimModels) and a 3D model library (3DModels) to support various military simulation applications[35]. - The company has successfully launched an analysis and evaluation platform (AEStudio) and a big data platform (DataStudio) to meet data application needs in military simulation[36]. - The company offers a range of products including joint combat experiment systems and parachute simulation training systems, expanding its product library steadily[43]. - The company emphasizes customized technology development for military simulation systems, addressing specific client needs[45]. - The company aims to integrate artificial intelligence into military simulation modeling, enhancing the capabilities of its simulation products[35]. - The company is committed to continuous improvement of its platform tools to maintain a competitive edge in the military simulation market[34]. - The company provides integrated information services for military logistics and personnel support using simulation, IoT, big data, and AI technologies[42]. - The company offers a range of foundational software products that support the entire lifecycle of military simulation, including demand, design, development, operation, and post-processing[47]. - Key foundational software products include the XSimStudio platform, which provides comprehensive support for military simulation systems, and the LinkStudio platform, which facilitates distributed simulation systems[48]. Market Trends and Industry Insights - The global military training simulation market reached $13 billion in 2017 and is expected to grow to $121.6 billion by 2027[73]. - North America is projected to account for 36.1% of the global military simulation and virtual training market from 2016 to 2025, with an expected expenditure of $60.6 billion[73]. - The Chinese military computer simulation software market was approximately ¥11.852 billion in 2020, reflecting a year-on-year growth of 11.32%[78]. - By 2027, the market size of China's military computer simulation software is expected to exceed ¥20 billion[78]. - The domestic simulation industry is experiencing significant growth driven by strong demand in military, transportation, education, communication, medicine, and energy sectors[77]. - The military simulation industry is increasingly recognized as a key technology shared between military and civilian sectors, with a focus on innovation and application transformation[79]. Risks and Challenges - The company faces operational risks and has outlined measures to address these risks in the report[4]. - The company faces innovation risks due to the complexity of military simulation technology and the need for continuous technological advancements[132]. - The military simulation industry is subject to policy risks that could impact demand and revenue, necessitating close monitoring of industry changes[134]. - The company experiences seasonal revenue fluctuations, with a significant portion of income generated in the fourth quarter[136]. - The company is at risk of technology leakage and personnel turnover, which could adversely affect its competitive edge[137]. - The company is addressing financial risks associated with increasing accounts receivable, which could impact cash flow[140]. - The company has a significant accounts receivable balance, with a low collection ratio and substantial cash flow volatility, which poses risks to future operating performance[141]. Research and Development - The company has achieved significant technological breakthroughs, holding 58 patents and 389 software copyrights in the military simulation industry[94]. - The company's R&D expenses accounted for over 20% of its revenue during the reporting period, indicating a strong commitment to innovation[98]. - The company emphasizes the importance of R&D investment to enhance technological innovation capabilities and maintain industry position[132]. Shareholder and Corporate Governance - The company did not distribute cash dividends or issue new shares from capital reserves during the reporting period[152]. - The company emphasizes shareholder rights protection by ensuring transparent communication and participation in shareholder meetings[156]. - The company has a total of 80,461,098 restricted shares at the end of the reporting period, with no new restrictions added[192]. - The company has not reported any changes in the number of restricted shares during the reporting period[192]. - The report indicates a stable shareholding structure with no significant changes in major shareholders[200].