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 ...

| 投资 | □分析师会议 ☑特定对象调研 | | --- | --- | | 者关 | □媒体采访 □业绩说明会 | | 系活 | □新闻发布会 □路演活动 | | 动类 | | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与 | | | 单位 | 北京含章私募基金管理有限公司李贵林；珠海市横琴财东基金管理有限公 | | 名称 | 司刘娅琴；中信证券股份有限公司邵籽杰；北京鹭林投资管理有限公司李 | | 及人 | 清林、江洋；国中长城（天津）资产管理有限公司刘志强。 | | 员姓 | | | 名 | | | 时间 | 2025 年 8 月 26 日 | | 地点 | 公司会议室 | | 上市 | | | 公司 | | | 出席 | 董事会秘书饶燕、证券事务代表曲虹桥 | | 人员 | | | 姓名 | | | 投资 | | | 者关 | 1、公司半年度营收缩小，利润亏损扩大的主要原因？2025 年内这种情况 | | | 是否会有转变？ | | 系活 | 回复： | | 动主 | | | 要内 | 2025 年 1-6 月，公司实现营业收入 10,603.54 万元，较上 ...

根据市场公开信息及8月22日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 调研纪要：2025年上半年，国内石膏板行业需求下降，竞争加剧。北新建材将灵活调整策略，加大新产 品开发，推进高端化、绿色化、数字化转型。公司"两翼"业务市占率仍有提升空间，未来将提升产品竞 争力，聚焦细分领域市场。国际化业务方面，公司已初步进入坦桑尼亚、乌兹别克斯坦和泰国市场，计 划布局东南亚、中亚、非洲、欧洲和地中海等关键领域。外延并购方面，公司坚持"一体两翼"战略，实 现双向赋能与价值整合。公司已联合重组嘉宝莉涂料、浙江大桥，整合提升工作顺利开展。面对市场竞 争，公司深化改革攻坚，完善公司治理体系，推进中长期激励，市场化经营机制改革向纵深发展。 机构简介： 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设有办公室。 以上内容为证券之星据公开 ...

证券之星消息，2025年8月22日伟测科技（688372）发布公告称公司于2025年8月21日接受机构调研，鹏华基金、博时 基金、东兴基金、富国基金、中海基金、先锋基金、华宝基金、西部利得基金、天风证券、磐厚动量、嘉实基金、中 金资管、富安达基金、长信基金、UBS、中信保诚基金、长江证券、高毅资产、兴证全球基金、招商电子、中泰证 券、中邮证券、名禹资产、平安证券、长城证券、泰康基金、正圆私募、上银基金、华金证券、东海基金、光证资 管、全天候私募、汇丰前海证券、恒越基金、圆信永丰基金、国联民生、国信证券、上海亥鼎云天私募、创金合信基 金、广发证券、国泰基金、前海开源基金、利位投资、长安基金、易方达、中信证券、天朗私募、中信建投基金、华 夏久盈资产、南方基金、华夏基金、中金基金、砥俊资产、国融证券、百嘉基金、博普资产、途灵资产、圣为投资、 国海富兰克林基金、浦银安盛基金、禹田资产、五地私募、国信证券资产、中银基金、建信理财、东盈投资、笃诚私 募、瑞华投资、星石投资、泰信基金、华泰资产、南土资产、建信基金、浙商证券、华泰证券资产管理、中国人保健 康、淡水泉、东方红资产管理、方正证券、晨燕资产参与。 具体内容如下： ...

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 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]

Group 1 - As of August 8, 2025, the stock price of Pingzhi Information is 31.09 yuan, down 0.98 yuan or 3.06% from the previous trading day [1] - The trading volume on that day was 71,903 hands, with a transaction amount of 225 million yuan [1] - Pingzhi Information operates in the communication services industry, focusing on computing power and communication equipment businesses [1] Group 2 - The company's subsidiary, Shenzhen Zhaoneng Xuntong Technology, is engaged in the production of communication equipment hardware products, including gateways, routers, and set-top boxes [1] - Recent disclosures indicate that the core product construction projects for 5G wireless access networks and next-generation bearer networks were completed and put into production in August 2024 [1] - The Fuyang factory began production in August 2024, primarily manufacturing hardware products related to access networks and bearer networks [1] Group 3 - The company has signed computing power business orders exceeding 2.2 billion yuan, with all related computing server hardware already procured and delivered [1] - On August 8, the net outflow of main funds was 994,600 yuan, with a net outflow of 10.4 million yuan over the past five days [1]

Group 1 - The chairman of Dongfang Materials, Xu Guangbin, resigned from his position but will continue to serve as a director, with the company planning to complete related elections and replacements soon [1] - Xu Guangbin's term was originally set to expire on October 16, 2026, and he held 3.6428 million shares in the company as of July 28, 2025 [1] - Xu Guangbin invested nearly 800 million yuan to acquire a 29.9% stake in Dongfang Materials in February 2021, marking his entry into the company [3] Group 2 - Dongfang Materials, established in 1994 and listed in 2017, primarily operates in the soft packaging industry, with its main business segments being packaging inks (62.27%), adhesives (27.13%), computing system integration and technical services (6.26%), and electronic inks (4.09%) [2] - The company's computing business generated revenue of 27.32 million yuan in 2024, with a gross margin of 30.98%, but it has only two clients [2] - Dongfang Materials has experienced significant revenue fluctuations from 2021 to 2024, with revenue growth rates of -4.6%, 2.1%, -2.63%, and 10.81%, while net profit dropped by 73.17% to 13.9574 million yuan in 2024 [4][6] Group 3 - The company faced challenges in the soft packaging market and its computing business, leading to a failed acquisition attempt of 51% of TD TECH from Nokia in 2023 [6] - Xu Guangbin's shares have undergone multiple rounds of judicial auctions, with significant portions sold at discounts compared to market prices [6] - Dongfang Materials projected a significant decline in net profit for the first half of 2025, estimating between 500,000 to 750,000 yuan, a decrease of 91.20% to 84.32% year-on-year due to intense market competition and increased sales expenses [7]