业绩问题剖析 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年8月26日，北京直真科技股份有限公司在公司会议室接待了来自5家机构的调研。参与调研的机构 包括北京含章私募基金管理有限公司、珠海市横琴财东基金管理有限公司、中信证券股份有限公司、北 京鹭林投资管理有限公司以及国中长城（天津）资产管理有限公司 。直真科技董事会秘书饶燕、证券 事务代表曲虹桥出席并参与交流。 此次投资者关系活动类别为特定对象调研，活动中，机构投资者就公司经营状况、项目进展等多个方面 提出问题，公司方面进行了详细解答。 2025年1 - 6月，直真科技实现营业收入10,603.54万元，较上年同期下滑。公司表示，主要原因在于电信 运营商降本增效策略影响，2024年软件开发业务订单规模同比下降，对2025上半年收入造成不利影响。 不过，公司正积极推进下一代OSS产品研发平台建设，以开发面向自智网络的关键应用，为OSS业务增 收创造商机。 同时，算力新业务领域虽处于快速发展阶段，但相关算力建设、服务项目尚未达到可使用、运营状态， 暂未实现收入。公司正在打造异构、综合、多智算中心的算力运营服务产品，并结合新材料研发的算力 需求形成算 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 106.04 million yuan, a decrease of 19.16% compared to the same period last year [2][3] - The net profit attributable to shareholders was -43.04 million yuan, down 85.70% year-on-year [3] - The net profit after deducting non-recurring gains and losses was -44.06 million yuan, a decline of 71.40% compared to the previous year [3] Business Challenges - The decline in software development orders due to telecom operators' cost-cutting strategies negatively impacted revenue targets for the first half of 2025 [3] - The company is actively advancing the development of the next-generation OSS product platform to create more business opportunities [3] Project Updates - The Zhengzhou Airport computing power project is progressing steadily, with equipment procurement and network testing underway [4] - The project is expected to generate new business income over a five-year operational period once completed [4] Strategic Direction - The company maintains a clear operational strategy, focusing on customer value and integrated marketing efforts [4] - New projects, including the Zhengzhou Airport Intelligent Computing Center, are being executed, with significant progress in product development [4] Capital Raising - The company has initiated a private placement for 2024, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6]

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company has made smooth progress in its fundraising projects in Wuxi and Nanjing, with equipment investment nearly completed [1] - The fixed asset depreciation for the first half of the year was 207 million, with an expected total depreciation of 480 million for the year [1] - The computing power business accounted for 9% to 10% of total revenue in the first half, with an expected doubling of growth for the year [1] - The gross profit margin is influenced by price, capacity utilization, and business structure, with an anticipated quarter-on-quarter increase in the second half [1] - Revenue from high-end testing, including wafer and chip testing, is expected to continue increasing in absolute terms in the second half, with faster growth in FT revenue [1] - Government subsidies in the second half are expected to be several million, with minimal equipment disposal [1] - The capital expenditure plan for equipment this year is 1.3 to 1.4 billion, with stable pricing [1] - Revenue distribution: Wuxi plant 51%, Shanghai plant 24%, Nanjing plant 22%, Shenzhen and Tianjin 2.5% to 3% [1] - The consumer electronics business accounted for over 60% last year, over 50% in the first half of this year, with an increase in absolute value but a decrease in proportion [1] - The Shanghai headquarters covers customers in the Yangtze River Delta, while the Nanjing Phase II project serves the local industrial ecosystem, and the Chengdu project covers the western market [1] Group 2: Beixin Building Materials - In the first half of 2025, the domestic gypsum board industry faced a decline in demand and intensified competition [2] - Beixin Building Materials plans to flexibly adjust strategies, increase new product development, and promote high-end, green, and digital transformation [2] - The company's "two wings" business still has room for market share improvement, focusing on enhancing product competitiveness in niche markets [2] - The international business has made initial entries into Tanzania, Uzbekistan, and Thailand, with plans to expand into Southeast Asia, Central Asia, Africa, Europe, and the Mediterranean [2] - The company adheres to the "one body, two wings" strategy for external mergers and acquisitions, aiming for dual empowerment and value integration [2] - Beixin has successfully initiated the restructuring of Jiaboli Paint and Zhejiang Bridge, with smooth integration efforts [2] - In response to market competition, the company is deepening reforms, improving governance systems, and advancing long-term incentives and market-oriented operational mechanism reforms [2]

Core Viewpoint - The company, Weicet Technology (688372), reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and capacity utilization. Financial Performance - The company's main revenue for the first half of 2025 reached 634 million yuan, a year-on-year increase of 47.53% [17] - The net profit attributable to shareholders was 101 million yuan, up 831.03% year-on-year [17] - The second quarter alone saw a revenue of 349 million yuan, reflecting a 41.68% increase year-on-year [17] Capacity Utilization - As of June 2025, the overall capacity utilization rate was approximately 90%, expected to approach full capacity by September [2] - The mid-range and Shanghai plants are operating at near full capacity, while there is still some room for improvement in high-end and Wuxi plants [2] Investment Projects - As of June 2025, the funding progress for the Wuxi and Nanjing projects reached 89.19% and 97.18%, respectively [3] Depreciation Impact - The fixed asset depreciation for the first half of 2025 was 207 million yuan, with equipment depreciation nearing 200 million yuan [4] - The total expected depreciation for the year is approximately 480 million yuan [4] Revenue Segmentation - The computing power business accounted for about 9% to 10% of total revenue in the first half of 2025, with expectations for this segment to double by year-end [5] - The revenue contribution from consumer electronics decreased from over 60% last year to over 50% in the first half of 2025, although absolute values increased [14] Future Outlook - The company anticipates continued revenue growth in both CP (Chip Production) and FT (Final Test) segments, with CP accounting for 58% and FT for 42% of revenue in the first half of 2025 [8] - The company plans capital expenditures of approximately 1.3 to 1.4 billion yuan for equipment this year [10] Market Position - The Wuxi plant is the largest testing base, contributing 51% of revenue in the first half of 2025, with Shanghai and Nanjing plants contributing 24% and 22%, respectively [13] - The company is strategically positioned to serve local clients in the Yangtze River Delta and Western regions through its various projects [15][16]

Core Viewpoint - Huace Film & TV achieved significant revenue growth in the first half of 2025, with operating income reaching 790 million yuan, a year-on-year increase of 114.94%, and a net profit attributable to shareholders of 118 million yuan, up 65.05% [1]. However, the company faces structural challenges as the revenue growth rate sharply declined to 6.8% in the second quarter, with a non-recurring net profit plummeting by 99.3% to only 27,000 yuan, indicating a near collapse of core profitability [1]. Revenue and Profitability - The substantial revenue increase was primarily driven by the television production and distribution business, which generated 360 million yuan, a staggering year-on-year increase of 1258.92%. However, the cost growth in this segment was even more alarming, soaring by 1807.48%, leading to a decline in gross margin by 23.55 percentage points, resulting in a "revenue without profit" dilemma [1][2]. Cost Structure and Cash Flow - The core issue of deteriorating profit quality stems from uncontrolled costs in the television business. The production and distribution cost growth of 1807.48% far exceeded the revenue growth of 1258.92%. Additionally, three fixed expenses increased: sales expenses rose by 9.84% (mainly due to a 40.46% surge in promotional and business costs), management expenses saw a 104.23% increase in share-based payment costs, and research and development expenses grew by 14.97% [2]. This imbalance in cost structure further strained cash flow, with net cash flow from operating activities at -154 million yuan, a year-on-year decline of 54.78%, and inventory rising to 3.409 billion yuan (up 30.08% year-on-year), including 561 million yuan in computing equipment inventory, posing impairment risks [2]. Transformation Challenges - The company's three new business segments have yet to provide effective support for growth. The short drama and animation sectors have increased monthly production capacity to 20 short dramas, but individual revenue per drama has not been disclosed. The animation sector is collaborating with Hasbro to develop a "Peppa Pig" movie set for release in 2026, which has a long return cycle [3]. The computing power business generated 56.5 million yuan (7.15% of total revenue), but high inventory levels and a 601.75% increase in technology R&D expenses raise doubts about commercial viability [3]. International revenue reached 88.12 million yuan (up 28.5% year-on-year), with "The National Color of Elegance" distributed to over ten countries, but derivative product revenue remains at a mere million yuan level [3]. Industry Competition and Content Dependency - In the first half of the year, the company only aired two dramas, with the film "Assassination Novelist 2" scheduled for the National Day release becoming a critical variable. If no blockbuster hits are produced, the 1.85 billion yuan in "films in production" inventory will exacerbate financial pressure. The industry is facing increased competition in the short drama sector, leading to platform fragmentation, coupled with a general decline in industry gross margins (the company's overall gross margin was 31.19%, down 16.47 percentage points year-on-year), reflecting a continuous weakening of content pricing power [4]. Future Challenges - Short-term performance hinges on the efficiency of content delivery. The success of "Assassination Novelist 2" and 18 reserve projects must exceed expectations in Q3; otherwise, annual profitability will be under pressure. Long-term transformation faces dual challenges: on the technical side, the company must demonstrate AI's cost-reduction and efficiency-enhancing capabilities (such as script generation and virtual filming), while on the ecological side, it needs to integrate short dramas, animations, and computing power into a closed IP loop [5]. Institutional investor confidence has already declined, with the number of institutional shareholders dropping from 118 to 6, and the debt-to-asset ratio rising to 34.49% (up 9.79 percentage points year-on-year), indicating a continuous weakening of financial resilience [5]. Conclusion - The "high growth" of Huace Film & TV is essentially a short-term rebound driven by increased television production capacity, with cost control issues and delayed transformation exposing the fragility of its profit model. If the summer content does not meet expectations, coupled with the risk of impairment in computing power inventory, performance may hit new lows. Genuine breakthroughs require proving improvements in short drama gross margins, successful commercialization of computing power, and significant growth in IP derivative products within a limited timeframe; otherwise, the patience of capital may run out, leading to a potential cash flow crisis [6].

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual results, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [2][3]. Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year increase of about 65% [2]. - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [2]. - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [2]. Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve," with a monthly production capacity of 20 short dramas [3]. - The company is collaborating with Hasbro on the new animated film "Peppa Pig: Perfect Holiday," set to release in 2026, marking its first involvement in a global phenomenon animation IP [3]. - The company is also developing derivative products and has generated over one million yuan in revenue from the "Demon Slayer" exhibition and related merchandise [3]. Group 3: International Expansion - The series "National Color and Fragrance" has been distributed to over ten countries and regions, and the company's first international short drama app, DailyShort, has been launched [4]. - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [4].

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual report, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [1] Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year growth of about 65% [1] - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [1] - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [1] Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve" [2] - The company has increased its monthly production capacity of short dramas to 20 episodes through various strategies [2] - In the animation sector, Huace is collaborating with Hasbro on a new "Peppa Pig" animated film, expected to release in 2026 [2] Group 3: International Expansion - The series "Guose Fanghua" has been distributed to over 10 countries and regions, and the company's first international short drama app, DailyShort, has been launched [3] - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [3]

Core Insights - Huace Film & TV (300133) reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 790 million yuan, representing a year-on-year growth of 114.94% [1] - The company's net profit attributable to shareholders was 118 million yuan, reflecting a year-on-year increase of 65.05% [1] - Basic earnings per share stood at 0.06 yuan [1] - During the reporting period, the computing power business generated revenue of 56.5 million yuan [1]

Core Viewpoint - The company is actively engaging in the development and application of its proprietary "Wangdao" large model, which is a hundred-billion-level industry model, and is exploring opportunities in digital payment and cross-border data flow, while also focusing on the integration of public data value. Group 1: Company Developments - The "Wangdao" large model has been developed with a complete technical system and is currently applied in various fields such as legal risk control, government services, and smart operations [2] - The company holds an internet payment license and is exploring cross-border payment services, leveraging its expertise in digital currency and blockchain technology [2] - The company is involved in the Guangzhou Data Exchange, which is enhancing cross-border data flow through strategic partnerships with Hong Kong digital asset platforms [3] Group 2: Public Data Value - The company is working on integrating public, enterprise, and personal data to promote the value of public data, participating in the construction of a trusted data space in Guangzhou [4] - The company has successfully secured a project for the digital infrastructure of data circulation, valued at 35.0187 million yuan [4] Group 3: Computing Power Business - The demand for computing power is increasing due to national infrastructure initiatives, and the company is positioned to capitalize on this growth through its subsidiary, Guangdian Wuzhou, which specializes in intelligent computing products [5] - Guangdian Wuzhou has a production capacity of 240,000 servers per year and is experiencing rapid revenue growth, with projected revenues of 558 million yuan in 2022, 1.298 billion yuan in 2023, and 1.702 billion yuan in 2024 [6] Group 4: Financial Performance - In Q1 2025, the company reported a revenue of 2.15 billion yuan, a year-on-year increase of 7.16%, while net profit decreased by 2.63% to 241 million yuan [6] - The company's gross profit margin stands at 30.89%, with a debt ratio of 42.29% [6] Group 5: Market Sentiment - In the last 90 days, three institutions have given buy ratings for the stock, with an average target price of 16.8 yuan [7] - The stock has seen a net inflow of 167 million yuan in financing over the past three months, indicating positive market sentiment [7]

Core Insights - The company reported significant growth in revenue and net profit for the reporting period, indicating strong operational performance and market demand for its services and products [1][2][7] Financial Performance - Total revenue reached 4.94 billion, a 38.18% increase from 3.58 billion in the same period last year [1] - Operating profit was 0.495 billion, up 21.01% from 0.409 billion [1] - Total profit amounted to 0.495 billion, reflecting a 21.12% year-over-year growth [1] - Net profit attributable to shareholders was 0.457 billion, a 27.68% increase from 0.358 billion [1] - The basic earnings per share rose to 1.33 yuan, a 26.67% increase compared to 1.05 yuan [1] - The weighted average return on equity was 13.18%, slightly down from 13.46% [1] Asset and Equity Growth - As of mid-2025, total assets reached 15.044 billion, a 105.95% increase from 7.305 billion at the beginning of the reporting period [2] - Shareholder equity was 3.624 billion, up 12.78% from 3.213 billion [2] - The number of shares increased by 40% to 343 million [2] - Net asset value per share grew to 10.55 yuan, a 12.71% increase from 9.36 yuan [2] Business Drivers - The growth in operational performance was driven by rapid development in computing power services, expansion in business and research, and innovation in IoT smart terminal products [2] - The integration of server remanufacturing resources and the stable growth of storage services contributed to overall business performance [2] Recent Developments - For the year 2024, the company reported a revenue of 7.41 billion, a 59.08% increase, and a net profit of 0.692 billion, reflecting a 140.80% growth [7] - The basic earnings per share for 2024 were reported at 2.83 yuan [7] - The company continues to focus on the development and sales of IoT smart terminals and data storage devices, adapting to technological changes and market trends [7]