浩辰软件(688657) - 2025 Q2 - 季度财报

Section 1. Definitions This chapter defines key professional terms, company entities, and technical terminology used in the report - The chapter provides explanations for professional terms, company entity abbreviations, major competitors, technical terms (e.g., CAD, BIM), and reporting period definitions, serving as a foundation for understanding the report content[10][11] Section 2. Company Profile and Key Financial Indicators I. Basic Company Information This chapter provides the company's basic business registration details, including names, legal representative, addresses, and contact information Basic Company Information | Item | Content | | :--- | :--- | | Chinese Name | Suzhou Gstarsoft Co., Ltd. | | Chinese Abbreviation | Gstarsoft | | English Name | Gstarsoft Co., Ltd. | | Legal Representative | Hu Lixin | | Registered Address | No. 286 Dongping Street, Suzhou Industrial Park | | Company Website | https://www.gstarcad.com | VI. Key Accounting Data and Financial Indicators The company achieved steady performance growth with revenue up 13.47% and net profit up 20.57%, driven by main business revenue growth and strong operating cash flow Key Accounting Data and Financial Indicators | Key Accounting Data (RMB Million) | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 144.185 | 127.067 | 13.47% | | Net Profit Attributable to Shareholders of Listed Company | 26.557 | 22.026 | 20.57% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 22.7721 | 18.9741 | 20.02% | | Net Cash Flow from Operating Activities | 10.541 | 7.1394 | 47.65% | | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | Change | | Basic Earnings Per Share (yuan/share) | 0.41 | 0.34 | 20.59% | | Weighted Average Return on Net Assets (%) | 1.88% | 1.56% | Increased by 0.32 percentage points | | R&D Investment as % of Operating Revenue (%) | 29.42% | 32.70% | Decreased by 3.28 percentage points | - Net cash flow from operating activities increased by 47.65% year-on-year, primarily due to the successful implementation of growth strategies across business segments and increased main business revenue[19] VIII. Non-recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses were 3.7849 million yuan, primarily from fair value changes and disposal of financial assets and liabilities Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (RMB Million) | | :--- | :--- | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 3.9181 | | Government Grants | 0.0302 | | Other Non-operating Income/Expenses and Individual Income Tax Handling Fee Refunds | 0.2677 | | Less: Income Tax Impact | 0.4186 | | Less: Impact on Minority Interests (After Tax) | 0.0125 | | Total | 3.7849 | Section 3. Management Discussion and Analysis I. Industry and Main Business Overview During the Reporting Period The company, a leading CAD software provider, benefits from domestic substitution and legitimization, with its business evolving towards cloud, platform, and AI integration - The company operates in the R&D and design industrial software sector, benefiting from dual drivers of software legitimization and domestic substitution, while the industry trends towards cloudification, platformization, and AI integration[26][28][29] - The company's main business is CAD software R&D and sales, offering integrated CAD solutions that combine cloud technology with traditional architecture, covering 2D, 3D, BIM, and cloud-based applications[46] - Key products include GstarCAD (2D platform), Gstarsoft Qingyi (3D platform), ARCHLine.XP (BIM software), GstarCAD Viewer (personal cloud product), and GstarCAD 365 (enterprise cloud solution)[49][53][54][55][56] - The company employs diverse monetization models, including perpetual, subscription, and technical component licensing, utilizing a global sales strategy combining direct sales (domestic) and distribution (international)[57][59] II. Discussion and Analysis of Operations The company achieved 144 million yuan in revenue and 26.557 million yuan in net profit, driven by CAD software and cloud businesses, with strategic expansions in domestic and international markets Financial Indicators | Financial Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 144 million yuan | 13.47% | | Gross Margin | 91.99% | - | | Net Profit Attributable to Parent | 26.557 million yuan | 20.57% | | Selling Expenses | 56.4494 million yuan | 10.66% | | R&D Expenses | 42.4148 million yuan | 2.08% | - Performance growth was driven by CAD software and CAD cloudification businesses, with the wholly-owned acquisition of CadLine company contributing positively through synergistic effects[71] - Key business developments include the launch of GstarCAD 2026 series and CadLine acquisition to enhance 2D/3D CAD offerings, expansion of cloud products in C-end and B-end markets with strengthened 3D features, focus on key Xinchuang industries, and enhanced overseas market resource allocation to boost distribution channels[74][75][76][77] III. Analysis of Core Competencies During the Reporting Period The company's core competencies include independent technology, strong R&D talent, first-mover advantage in CAD cloudification, flexible licensing models, and localized service advantages - The company's core competencies include independent and controllable technology, a strong talent pool, first-mover advantage in cloud CAD, a flexible 'perpetual license + subscription' model, localized industry cluster and service advantages, and a large customer base[79][81][82][84] - During the reporting period, the company released GstarCAD 2026, HarmonyOS, and Mac versions, supporting mainstream operating systems, and upgraded GstarCAD Viewer and GstarCAD 365, strengthening core technology[90][91] R&D Investment and Personnel | R&D Investment (RMB Million) | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 42.4148 | 41.5503 | 2.08% | | R&D Investment as % of Revenue (%) | 29.42% | 32.70% | Decreased by 3.28 percentage points | | R&D Personnel Information | Current Period | Prior Period | | | Number of R&D Personnel (persons) | 314 | 294 | | | R&D Personnel as % of Total (%) | 40.57% | 39.15% | | IV. Risk Factors The company faces risks including lagging technology, dependence on 3D CAD suppliers, acquisition integration uncertainties, tax policy reliance, exchange rate fluctuations, intense 2D CAD market competition, and intellectual property disputes - Core competency risk: Lagging technological upgrades and product R&D may adversely impact the company's operations[107] - Operational risks include dependence on 3D CAD software suppliers and uncertainties in the integration of overseas acquired companies (CadLine)[107][108] - Financial risks include reliance on tax incentives, where policy changes could impact profits, and exchange rate fluctuation risk due to over 30% of revenue from overseas operations[109] - Industry and macroeconomic risks include the relatively small 2D CAD market size, intense competition from international giants like Autodesk and local vendors, and potential impacts from changes in government support policies for industrial software[109][110] - Other significant risks include intellectual property disputes, the uncompleted transfer of purchased properties from Lepusheng, and uncertainties in the implementation of fundraising projects[111][112] Section 4. Corporate Governance, Environment, and Society II. Profit Distribution or Capital Reserve Conversion Plan The company proposes no profit distribution or capital reserve conversion into share capital for the first half of 2025 - The company's proposed semi-annual profit distribution and capital reserve conversion plans are 'no', indicating no distribution or conversion[132] Section 5. Significant Matters I. Fulfillment of Commitments The company and related parties strictly fulfilled IPO commitments, with some share lock-up periods automatically extended due to triggered share price conditions - The company's actual controller, shareholders, directors, supervisors, and senior management strictly complied with all IPO commitments during the reporting period, with no violations[135] - The share lock-up period for controlling shareholders, actual controllers, and concerted parties was automatically extended by 6 months after the share price fell below the offering price for 20 consecutive trading days post-listing[148] VII. Significant Litigation and Arbitration Matters The company's house purchase contract dispute with Beijing Lepusheng was resolved with a final judgment confirming contract validity, and 10.5 million yuan in frozen funds were released - The company's house purchase contract dispute with Lepusheng received a final judgment, confirming the contract's validity and rejecting the opposing party's claims[151] - The 10.5 million yuan in frozen funds in the company's bank account, related to the lawsuit, was unfrozen in July 2025, restoring normal account operations[151] XII. Explanation of Progress in Use of Raised Funds The company's IPO net proceeds were 1.05 billion yuan, with 247 million yuan cumulatively invested in projects like CAD cloud platforms and global marketing, and 19.4778 million yuan used for share repurchases Use of Raised Funds | Use of Raised Funds (RMB Million) | Amount | | :--- | :--- | | Net Proceeds from Raised Funds | 1,050.3104 | | Total Committed Investment | 747.0574 | | Total Over-raised Funds | 303.253 | | Cumulative Investment as of End of Reporting Period | 247.0242 | | Cumulative Investment Progress | 23.52% | - The company used over-raised funds for share repurchases, acquiring 501,063 shares totaling 19.4778 million yuan as of the reporting period end[158] XIII. Explanation of Other Significant Matters The company completed the acquisition of Hungarian BIM software developer CadLine, gaining ARCHLine.XP to expand its product line, accelerate overseas market presence, and strengthen 3D CAD capabilities - On April 1, 2025, the company completed the acquisition of 100% equity in Hungarian BIM software developer CadLine, securing its core product ARCHLine.XP[169] - ARCHLine.XP is a professional BIM software with an independently developed modeling engine, available in 14 languages, serving over 15,000 users, and known for high computational efficiency, stability, and data compatibility[170] - This acquisition aims to strengthen the company's 3D CAD technology layout, integrate overseas sales channels, and accelerate global marketing expansion[171] Section 6. Share Changes and Shareholder Information II. Shareholder Information As of the reporting period end, the company had 6,299 common shareholders, with controlling shareholder Hu Lixin holding 12.02% and acting in concert with other key individuals - As of the reporting period end, the company had a total of 6,299 common shareholders[174] Top Ten Shareholders | Top Ten Shareholders | Number of Shares Held (shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | | Hu Lixin | 7,877,084 | 12.02% | | Suzhou Science and Technology Innovation Venture Capital Co., Ltd. | 5,840,000 | 8.91% | | Lu Xiang | 2,956,487 | 4.51% | | Deng Liqun | 2,861,078 | 4.37% | | Pan Li | 2,861,077 | 4.37% | | Liang Jiang | 2,861,077 | 4.37% | | Wujiang Dongyun Venture Capital Co., Ltd. | 2,628,000 | 4.01% | | Liang Haixia | 1,986,943 | 3.03% | | Suzhou Xingyongyu Enterprise Management Service Partnership (Limited Partnership) | 1,752,000 | 2.67% | | CICC Qichen (Suzhou) Emerging Industry Equity Investment Partnership (Limited Partnership) | 1,595,567 | 2.44% | Section 7. Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments[182][183] Section 8. Financial Report II. Financial Statements This unaudited semi-annual report shows total assets of 1.477 billion yuan, net assets of 1.390 billion yuan, operating revenue of 144 million yuan, and net profit of 26.557 million yuan - This semi-annual report is unaudited[4] Key Financial Statement Items | Key Financial Statement Items (RMB) | June 30, 2025 / Jan-Jun 2025 | Dec 31, 2024 / Jan-Jun 2024 | | :--- | :--- | :--- | | Balance Sheet | | | | Total Assets | 1.477 billion | 1.511 billion | | Total Liabilities | 84.914 million | 90.974 million | | Equity Attributable to Owners of Parent | 1.390 billion | 1.418 billion | | Income Statement | | | | Total Operating Revenue | 144.185 million | 127.067 million | | Net Profit Attributable to Owners of Parent | 26.557 million | 22.026 million | | Cash Flow Statement | | | | Net Cash Flow from Operating Activities | 10.541 million | 7.139 million | V. Significant Accounting Policies and Estimates This chapter details the company's accounting policies and estimates for financial statement preparation, covering revenue recognition, financial instruments, and R&D expenditures - Financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards[220][221][223] - Revenue is recognized when customers obtain control of goods or services, with specific methods tailored to software licensing, cloud services, advertising, and technical service business models[283][286][287] - R&D expenditures are categorized into research and development phases; research phase costs are expensed, while development phase costs are capitalized upon meeting specific criteria[268][269]