Group 1 - The company, Huaru Technology, announced its participation as a limited partner in the establishment of Nanjing Keshih Chuangye Investment Partnership (Limited Partnership) alongside professional investment institutions, including Hangzhou Keshih Equity Investment Co., Ltd. and other limited partners, such as Shenzhen Chancheng Innovation Development Research Co., Ltd. [1] - The total subscribed capital of the partnership amounts to RMB 50.5 million, with the company contributing RMB 20 million, which represents 39.60% of the total subscribed capital [1]

证券代码：301302 证券简称：华如科技 公告编号：2025-058 北京华如科技股份有限公司 关于公司与投资机构共同投资设立基金的公告 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。 重要内容提示： 1、投资标的：南京科实创业投资合伙企业（有限合伙）（以下简称"合伙 企业"、"基金"） 2、投资金额：北京华如科技股份有限公司（以下简称"公司"）作为有限 合伙人以自有资金认缴出资人民币2,000万元。 3、风险提示：本次共同投资的合伙企业现处于筹划设立阶段，已签署合伙 协议，暂未完成工商注册、基金备案等必要手续，具体实施情况和进度尚存在 不确定性；因投资标的具有周期长、流动性较低的特点，本次投资存在回收期 较长、短期内不能为公司贡献利润的风险；合伙企业在运营过程中可能受到宏 观经济、行业周期、监管政策、被投企业自身经营管理等多种因素影响，可能 面临投资后无法实现预期收益、不能及时有效退出、投资失败或基金亏损等风 险，本基金无保本及最低收益承诺。 一、与专业投资机构共同投资概述 为满足公司整体战略发展需要，充分借助专业投 ...

二、董事会会议审议情况 审议通过《关于公司与投资机构共同投资设立基金的议案》 为满足公司整体战略发展需要，充分借助专业投资机构的力量及资源优势，整合 各方资源，进一步提升公司的核心竞争力，在不影响公司日常经营和发展、有效控制 投资风险的前提下，公司拟作为有限合伙人与专业投资机构杭州科实股权投资有限公 司及其他有限合伙人深圳产城创新发展研究有限公司共同投资设立南京科实创业投资 合伙企业（有限合伙）并签署《南京科实创业投资合伙企业（有限合伙）之合伙协议》。 该合伙企业的认缴出资总额为人民币 5,050 万元，其中公司拟以自有资金认缴出资 2,000 万元人民币，占认缴出资总额的 39.60%。 证券代码：301302 证券简称：华如科技 公告编号：2025-057 北京华如科技股份有限公司 第五届董事会第十四次会议决议公告 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、董事会会议召开情况 北京华如科技股份有限公司（以下简称"公司"）第五届董事会第十四次会议于 2025 年 11 月 25 日以通讯方式召开。本次会议通知 ...

Core Viewpoint - Huaru Technology's stock price has declined, closing at 24.36 yuan, a drop of 2.05%, indicating the company is currently in a state of stock price decline since its IPO [1] Group 1: IPO and Financial Performance - Huaru Technology was listed on the Shenzhen Stock Exchange's ChiNext board on June 23, 2022, with an issuance of 26.37 million shares at a price of 52.03 yuan per share [1] - The total funds raised from the IPO amounted to 137.20311 million yuan, with a net amount of 127.52455 million yuan, exceeding the original plan by 47.52455 million yuan [1] - The company initially aimed to raise 80 million yuan for projects including a new generation of combat systems and a multidisciplinary collaborative design and simulation testing platform [1] Group 2: Issuance Costs and Stock Adjustments - The total issuance costs for Huaru Technology's IPO were 9.67856 million yuan, with underwriting and sponsorship fees accounting for 8.23219 million yuan [2] - On May 25, 2023, the company announced a stock dividend of 5 shares for every 10 shares held, with a record date of May 31, 2023, and an ex-dividend date of June 1, 2023 [2]

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 ...