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]

Core Viewpoint - Huaru Technology (301302.SZ) reported a revenue of 157 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.55% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 139 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 146 million yuan [1] - The basic loss per share was 0.89 yuan [1]

证券代码：301302 证券简称：华如科技 公告编号：2025-053 北京华如科技股份有限公司 第五届董事会第十三次会议决议公告 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。 该议案已经第五届董事会审计委员会审议通过。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的相关文件。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 三、备查文件 1、北京华如科技股份有限公司第五届董事会第十三次会议决议； 2、北京华如科技股份有限公司第五届董事会审计委员会 2025 年第四次会议决议。 特此公告。 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"）第五届董事会第十三次会议于 2025 年 10 月 27 日以通讯方式召开。本次会议通知于 2025 年 10 月 22 日以电子邮件及 直接送达等方式发出，本次会议应参会董事 6 名，实际参会董事 6 名。会议由董事长 韩超召集并主持，董事会秘书吴亚光、财务总监周珊列席了会议。本次会议的召开符 合《公司法》和《公司章程》的有 ...

Group 1 - Core viewpoint: Huaru Technology (SZ 301302) reported a revenue of approximately 157 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.55% [1] - The net profit attributable to shareholders of the listed company showed a loss of approximately 139 million yuan [1] - Basic earnings per share reported a loss of 0.89 yuan [1] Group 2 - As of the report, Huaru Technology has a market capitalization of 3.7 billion yuan [1] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology as a leading sector [1]

北京华如科技股份有限公司 2025 年第三季度报告 证券代码：301302 证券简称：华如科技 公告编号：2025-054 北京华如科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： （一） 主要会计数据和财务指标 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 注：本报告中部分合计数与各数值直接相加之和若尾数存在差异，为四舍五入所致。 1 北京华如科技股份有限公司 2025 年第三季度报告 一、主要财务数据 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业 ...

Group 1 - The company Huaru Technology (301302) reported that as of October 20, 2025, the number of shareholders is 17,449 [1]

Core Viewpoint - Huaru Technology's stock experienced a slight increase of 1.66% on October 13, with a trading volume of 81.2181 million yuan, indicating a stable market interest in the company [1]. Financing Summary - On October 13, Huaru Technology had a financing buy-in amount of 4.4941 million yuan and a financing repayment of 4.6798 million yuan, resulting in a net financing outflow of 0.1856 million yuan [1]. - As of October 13, the total financing and securities lending balance for Huaru Technology was 96.269 million yuan, which represents 2.66% of its circulating market value, indicating a low financing balance compared to the past year [1]. - The company had no securities lending transactions on October 13, with a securities lending balance of 0.00 yuan, which is at a high level compared to the past year [1]. Business Performance - As of September 30, Huaru Technology had 17,800 shareholders, a decrease of 8.99% from the previous period, while the average circulating shares per person increased by 9.88% to 7,817 shares [2]. - For the first half of 2025, Huaru Technology reported an operating income of 103 million yuan, reflecting a year-on-year growth of 3.85%, but the net profit attributable to shareholders was -83.8091 million yuan, a decrease of 27.58% year-on-year [2]. - The company's main business revenue composition includes 78.21% from hardware products, 11.09% from software products, and 10.70% from technology development [1].

Core Viewpoint - Huaru Technology reported that as of September 30, 2025, the number of shareholders is 17,779 according to the latest data from China Securities Depository and Clearing Corporation Limited [1] Summary by Category - **Shareholder Information** - The company has a total of 17,779 shareholders as of the specified date [1]