VASTDATA(SH:603138) Shang Hai Zheng Quan Bao·2025-04-18 09:04Core Viewpoint - Beijing Haoliang Data Technology Co., Ltd. focuses on database software development and is positioned in the strategic emerging industry of new-generation information technology, which is expected to benefit from the rapid growth of the database market in China, projected to reach approximately 93.03 billion yuan by 2028 with a CAGR of 12.23% [1][2][3]. Company Overview - The company is a leading domestic relational database vendor, emphasizing independent innovation and the development of high-performance database products [4][5]. - The company's flagship product, Vastbase, is a fully domestic enterprise-level relational database that has passed national security assessments and is widely used across various key industries [3][4]. Business Model - The company employs both endogenous and demand-driven R&D models to ensure product usability and innovation, adhering to international standards [5]. - The business model includes direct sales to end customers and partnerships with distributors, enhancing market reach through collaboration with ecosystem partners [5]. Financial Performance - In the reporting period, the company achieved revenue of 372.47 million yuan but reported a net loss of 63.33 million yuan, with a loss per share of 0.22 yuan [7]. - The company plans to retain earnings and not distribute cash dividends or issue bonus shares for the 2024 fiscal year, pending shareholder approval [1][7]. Market Context - The Chinese database market is currently valued at approximately 7.41 billion USD (about 52.24 billion yuan), accounting for 7.34% of the global market, with significant growth opportunities driven by digital transformation and technological advancements [1][2]. - The demand for domestic database solutions is increasing as industries undergo digital transformation, positioning the company to play a crucial role in supporting high-quality development across various sectors [3][4].