1、公司电梯门控制系统相关业务方面，2025年房地产市场持续低迷，传导至电梯及配件行业，公司电 梯门系统相关产品面临需求萎缩、价格竞争大幅加剧的局面，导致产品销售毛利率较大幅度下降，进而 影响公司利润。 2、军事仿真系统业务方面，控股子公司北京领为军融科技有限公司受市场环境以及行业特殊性影响， 全年业绩预计将不达预期，导致公司面临商誉减值影响。 基于上述原因，根据初步测算，公司2025年全年业绩将出现亏损情况。 证券代码：603488 证券简称：展鹏科技 公告编号：2026-002 展鹏科技股份有限公司 关于2025年度业绩预亏的提示性公告 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。 经展鹏科技股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度归属于上市公司股东的 净利润为负值，公司2025年度经营业绩将出现亏损，主要原因如下： 敬请广大投资者理性投资，注意投资风险。 特此公告。 展鹏科技股份有限公司董事会 2026年1月13日 公司将严格遵循《上海证券交易所股票上市规则》等相关法律法规，加快推进财务 ...

【4天3板展鹏科技：2025年全年业绩将出现亏损情况 北京领为军融科技有限公司受市场环境以及行业 特殊性影响全年业绩预计将不达预期】智通财经1月12日电，展鹏科技(603488.SH)公告，公司财务部门 初步测算，预计2025年度归属于上市公司股东的净利润为负值，公司2025年度经营业绩将出现亏损，主 要原因如下：第一，公司电梯门控制系统相关业务方面，2025年房地产市场持续低迷，传导至电梯及配 件行业，公司电梯门系统相关产品面临需求萎缩、价格竞争大幅加剧的局面，导致产品销售毛利率较大 幅度下降，进而影响公司利润。第二，军事仿真系统业务方面，控股子公司北京领为军融科技有限公司 受市场环境以及行业特殊性影响，全年业绩预计将不达预期，导致公司面临商誉减值影响。基于上述原 因，根据初步测算，公司2025年全年业绩将出现亏损情况。 转自：智通财经 ...

Core Viewpoint - Huaru Technology announced a joint investment with Hangzhou Keshih Equity Investment Co., Ltd. and Shenzhen Chancheng Innovation Development Research Co., Ltd. to establish Nanjing Keshih Venture Capital Partnership, focusing on new digital technologies [2] Company Overview - Huaru Technology was established on November 23, 2011, with a registered capital of 155.865 million RMB, primarily engaged in military simulation [2] - The company aims to create a self-owned brand in military simulation, providing high-quality professional simulation products and technical development services in various fields [2] Investment Details - The company will contribute 20 million RMB as a limited partner, accounting for 39.60% of the total committed capital [2] - The fund will focus on virtual reality, spatial computing, artificial intelligence, and real-time rendering, with an 8-year duration, including a 5-year investment period and a 3-year exit period [2] Financial Performance - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 833 million RMB, 362 million RMB, 249 million RMB, and 157 million RMB, with year-on-year growth rates of 21.39%, -56.55%, -31.12%, and 2.55% respectively [3] - The net profit attributable to the parent company for the same periods were 134 million RMB, -222 million RMB, -354 million RMB, and -139 million RMB, with year-on-year growth rates of 13.24%, -265.76%, -59.86%, and 47.95% respectively [3] - The company's asset-liability ratios for the same periods were 8.36%, 9.23%, 15.36%, and 16.10% [3] Company Structure - The company has nine subsidiaries, including Beijing Xiaoru Cultural Technology Co., Ltd. and Jiangsu Huaru Defense Technology Co., Ltd. [3] - The current chairman is Han Chao, and the company employs 564 people [2]

Core Insights - The company is transitioning from "military simulation" to "military intelligence" through the development of the new XSim[®] military intelligence system, which integrates "simulation + AI" technology to enhance China's defense capabilities [1][7] - The company has introduced the XSimVerse[®] military large model, designed as a specialized model for military applications, supporting five key areas: military decision-making, virtual training, digital testing, training equipment, and intelligent equipment [2][3] Business Development - The five application areas for the military intelligence solutions include: - Intelligent Decision-Making: Utilizing military large models and AI tools to enhance decision-making processes [3] - Virtual Training: Combining military large models and simulation technology for comprehensive training systems [3] - Digital Testing: Integrating digital parallel testing environments with military large models for weapon testing [3] - Training Equipment: Providing realistic training gear using AI and XR technologies [3] - Intelligent Equipment: Developing a collaborative architecture for unmanned systems to enhance battlefield decision-making [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 157 million yuan, a year-on-year increase of 2.55%, while operating costs decreased by 40.02% to 143 million yuan [4] - The significant reduction in costs is attributed to the absence of project cost transfers that affected the previous year's figures [4] Diversification Efforts - The company has launched a new online game, "Armored Red Storm," which integrates military simulation technology, aiming to expand its presence in the serious gaming and esports market [6][7] - This move is expected to enhance the company's market influence in tactical competitive gaming and strengthen its technological capabilities [6][7]

Company Overview - Beijing Huaru Technology Co., Ltd. is focused on military simulation and AI integration, transitioning from "military simulation" to "military intelligence" with its core brand XSim® [2][3] Military Intelligence System - The new generation XSim® military intelligence system is based on over ten years of product accumulation in the military simulation industry, aiming to support China's defense technology in entering the "intelligent victory era" [3] Key Applications of XSimVerse® Military Model - **Intelligent Decision-Making**: Utilizes military models and AI tools to enhance decision-making processes across various military applications [5] - **Virtual Training**: Combines military models and simulation technology to create a closed-loop training system that simulates real combat experiences [6] - **Digital Testing**: Integrates digital parallel testing environments with military models to enhance the authenticity and complexity of weapon testing [7] - **Training Equipment**: Develops realistic combat training equipment using AI, simulation, and other technologies to improve training effectiveness [7] - **Intelligent Equipment**: Constructs a collaborative architecture for unmanned systems to optimize battlefield decision-making and enhance autonomous combat capabilities [7] Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 157 million, a 2.55% increase compared to the same period last year [8] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY -146 million, reflecting a 46.84% improvement year-on-year [8] Cost Management - The company's operating costs for the first three quarters of 2025 were CNY 143 million, a significant decrease of 40.02% compared to the previous year, primarily due to the absence of costs related to terminated projects [8] Gaming Business Development - The company’s wholly-owned subsidiary, Beijing Xiaoru Cultural Technology Co., Ltd., launched the online game "Armored Red Blade," which officially went live on October 31, 2025, enhancing the company's presence in the serious gaming and esports sectors [8]

Group 1 - The company, Zhangpeng Technology, announced a shareholder reduction plan where shareholders Xi Fang and Ding Yu plan to reduce their stakes due to personal funding needs [1] - Xi Fang intends to reduce up to 8.0596 million shares, accounting for 2.76% of the total share capital, while Ding Yu plans to reduce up to 1.2306 million shares, representing 0.42% [1] - This reduction follows a previous round of share reductions where Xi Fang reduced 6.5398 million shares and Ding Yu reduced 7.8 million shares, with respective reductions of 2.24% and 2.67% [1] Group 2 - The company reported a revenue of 138 million yuan, a year-on-year decline of 6.01%, and a net profit of -36.2345 million yuan, a significant drop of 890.15% [2] - The decline in performance is attributed to two main business areas: the demand for elevator control systems is affected by the ongoing downturn in the real estate market, and increased competition has led to a price-cutting strategy [2] - The military simulation business, led by the subsidiary Lingwei Junrong, has limited revenue and profit contributions due to fewer acceptance projects in the first half of the year [2] - Lingwei Junrong previously committed to a cumulative net profit of no less than 287 million yuan from 2024 to 2027, with a target of 41 million yuan for 2024, but only achieved 24.2705 million yuan, resulting in a completion rate of 59.2% [2] - For 2025, Lingwei Junrong needs to achieve a net profit of 70 million yuan as part of its performance commitment [2]

Group 1: Company Overview - Beijing Huaru Technology Co., Ltd. was established in 2011, initially focusing on military simulation as its main business [3] - The company aims to create a self-owned brand in military simulation, providing high-quality professional simulation products and technical development services [3] - From 2025 onwards, the company will concentrate on the research and application of military intelligence-related products [3] Group 2: AI and Military Intelligence - The company is developing the XSim® military intelligence system, utilizing self-developed intelligent simulation platforms and digital battlefield tools [3] - The focus areas include intelligent decision-making, virtual training, digital testing, training equipment, and intelligent equipment [3] Group 3: Cultural and Gaming Initiatives - The company is nurturing the "Xiaoru Culture" sub-brand, focusing on digital cultural innovation and online game development [3] - The game "Armored Red Storm," developed by the wholly-owned subsidiary Beijing Xiaoru Culture Technology Co., Ltd., has received approval and is currently in the testing phase [3]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Beijing Huaru Technology Co., Ltd. on August 28, 2023, indicating a slight increase in stock price and notable financing activities [1] - On August 28, Huaru Technology's stock rose by 0.57%, with a trading volume of 184 million yuan. The net financing purchase amounted to 1.76 million yuan, with a total financing and securities balance of 111 million yuan [1] - The financing balance of Huaru Technology represents 2.69% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing activity [1] Group 2 - Huaru Technology, established on November 23, 2011, specializes in military simulation software sales and technology development, with its main revenue sources being hardware products (51.49%), technology development (31.54%), and other services [2] - As of August 20, 2023, the number of shareholders increased by 19.16% to 21,300, while the average circulating shares per person decreased by 16.08% to 6,512 shares [2] - For the first half of 2025, Huaru Technology reported a revenue of 103 million yuan, reflecting a year-on-year growth of 3.85%, but a net profit loss of 83.81 million yuan, a decrease of 27.58% compared to the previous year [2]

Core Viewpoint - The report highlights the financial performance of the company for the first half of 2025, indicating a significant decline in revenue and profit compared to the same period in the previous year, primarily due to challenges in the elevator and military simulation industries [2][11]. Company Overview and Financial Indicators - Company name: Flying Technology Co., Ltd. (展鹏科技股份有限公司) [2] - Stock code: 603488, listed on the Shanghai Stock Exchange [2] - Major financial data for the first half of 2025: - Revenue: ¥137.82 million, down 6.01% from ¥146.62 million in the same period last year [2][11] - Total profit: -¥60.69 million, a decrease of 1,297.21% from ¥5.07 million [2][11] - Net profit attributable to shareholders: -¥36.23 million, down 890.15% from ¥4.59 million [2][11] - Net cash flow from operating activities: -¥69.96 million, a decline of 267.85% from -¥19.02 million [2][11] - Total assets: ¥1.52 billion, down 5.00% from ¥1.60 billion [2][11] Industry Situation - The company operates in the elevator and military simulation industries, focusing on the research, production, and sales of elevator control systems and military simulation products [3][11]. - The elevator industry is experiencing a slowdown in demand due to a downturn in the real estate market, leading to intensified competition and industry consolidation [3][11]. - Despite the challenges, the ongoing urbanization process in China continues to drive basic demand for elevators, particularly for the renovation and replacement of aging elevators [3][11]. Main Business Analysis - The company has established a dual business model focusing on elevator control systems and military simulation systems [3][11]. - The elevator control system business includes products such as elevator door systems and integrated control systems, which are widely used in various types of elevators [3][11]. - The military simulation business, primarily conducted by the subsidiary Lingwei Junrong, focuses on providing tactical simulation training solutions for aviation troops [3][11]. Competitive Advantages - The company possesses core technologies in variable frequency control and has established a comprehensive product system in the elevator component sector [3][11]. - It has built long-term partnerships with several well-known elevator manufacturers, leveraging its strong technical support and after-sales service capabilities [3][11]. - The company emphasizes innovation and has accumulated a significant number of patents and software copyrights, enhancing its competitive edge in the market [3][11].

Core Viewpoint - The acquisition of Lingwei Junrong by Zhangpeng Technology at a 3.5 times premium has led to significant challenges, with the first year post-acquisition resulting in unmet performance commitments and substantial goodwill impairment [1][2][3] Group 1: Acquisition Performance - Zhangpeng Technology completed the acquisition of Lingwei Junrong in August 2024, with performance commitments set for net profits from 2024 to 2027 totaling 41 million, 70 million, 83 million, and 93 million yuan respectively [1] - In 2024, Lingwei Junrong achieved a net profit of 24.27 million yuan, resulting in a performance completion rate of only 59.2% [2] - The company recorded a goodwill impairment of 5.19 million yuan against the 271.27 million yuan goodwill generated from the acquisition [2] Group 2: Financial Performance - Zhangpeng Technology's revenue grew from less than 300 million yuan at its IPO in 2017 to 503 million yuan in 2023, but net profits have remained below 100 million yuan in most years, with a significant drop of 87.8% in 2024 to less than 10 million yuan [3][4] - The company reported a total revenue of 46.91 million yuan in 2024, with the fourth quarter contributing 49.54% of the annual revenue, primarily driven by military simulation business [4][5] Group 3: Shareholder Concerns - A 16.95 million yuan equity compensation plan has raised concerns among minority shareholders, as it appears to exchange control for risk [1][7] - The acquisition process faced scrutiny regarding the valuation methods used, with a significant discrepancy between asset-based and income-based valuations leading to questions about the fairness of the transaction [7][8] - The company plans to seek compensation from Lingwei Junrong's management in the form of equity, which may increase control but also exposes the company to future performance risks [9][10]