Company Overview - Haohan Deep Technology Co., Ltd. is located in Haidian District, Beijing, and was established on June 28, 1994. The company went public on August 18, 2022. Its main business involves the design and implementation of network intelligence and information security protection solutions, as well as software and hardware design, development, product sales, and technical services [2]. Financial Performance - As of June 30, Haohan Deep reported a revenue of 154 million yuan for the first half of 2025, a year-on-year decrease of 34.95%. The net profit attributable to shareholders was 2.529 million yuan, down 92.58% year-on-year [2]. - The company has distributed a total of 53.3516 million yuan in dividends since its A-share listing [3]. Stock Performance - On October 24, Haohan Deep's stock price increased by 2.05%, reaching 21.93 yuan per share, with a trading volume of 19.2232 million yuan and a turnover rate of 0.88%. The total market capitalization is 3.473 billion yuan [1]. - Year-to-date, the stock price has risen by 11.43%, with a 4.33% increase over the last five trading days, a 10.82% decrease over the last 20 days, and a 4.93% increase over the last 60 days [2]. Shareholder Information - As of June 30, the number of shareholders for Haohan Deep was 8,294, a decrease of 1.04% from the previous period. The average number of circulating shares per shareholder increased by 1.05% to 10,853 shares [2]. Business Segmentation - The revenue composition of Haohan Deep's main business includes: - Information security protection solutions: 52.74% - Network visualization solutions: 30.70% - Big data solutions: 15.21% - Other products: 1.11% - IoT systems: 0.21% - Other (supplementary): 0.03% [2]. Industry Classification - Haohan Deep is classified under the Shenwan industry as: Computer - Computer Equipment - Other Computer Equipment. The company is associated with concept sectors including Huawei Kunpeng, AIAgent (intelligent agents), Huawei Ascend, data elements, and DeepSeek concepts [2].

Group 1 - The stock of Haohan Deep fell by 3.27% on October 10, with a trading volume of 62.199 million yuan [1] - On the same day, Haohan Deep had a financing buy-in of 7.1008 million yuan and a financing repayment of 8.0014 million yuan, resulting in a net financing buy of -0.9007 million yuan [1] - As of October 10, the total margin balance for Haohan Deep was 100 million yuan, which accounts for 4.24% of its market capitalization [1] Group 2 - The company reported a revenue of 154 million yuan for the first half of 2025, a year-on-year decrease of 34.95% [2] - The net profit attributable to the parent company for the same period was 2.529 million yuan, reflecting a year-on-year decrease of 92.58% [2] - The number of shareholders as of June 30 was 8,294, a decrease of 1.04% from the previous period [2] Group 3 - Since its A-share listing, Haohan Deep has distributed a total of 53.3516 million yuan in dividends [3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.03 CNY, compared to the current stock price of 24.39 CNY [5]. Core Views - The company is facing short-term performance pressure due to delayed orders and seasonal revenue recognition, but long-term growth is expected driven by AI-powered data services [2][10]. - The company has signed a strategic cooperation agreement with Ningbo Bank to explore AI technology applications in the financial sector, indicating a focus on innovation and collaboration [1][10]. - The company has achieved a significant increase in new orders, which grew by 39.69% year-on-year, laying a foundation for future revenue growth [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 154 million CNY, a year-on-year decline of 34.95%, and a net profit of 25 million CNY, down 92.58% [1]. - The decline in revenue was primarily due to the delayed signing of contracts and seasonal revenue patterns from its subsidiary [2]. - Despite the revenue drop, the overall gross margin increased by 11.75 percentage points, attributed to higher contributions from self-developed products and solutions [3]. Business Development - The company is actively expanding its safety business, including areas such as large network security and vehicle networking security, with positive progress in international business development [4]. - The company is leveraging its proprietary AI models in high-value scenarios within the financial industry, enhancing customer service and operational efficiency [10]. Future Projections - Revenue projections for 2025-2027 are estimated at 492 million CNY, 579 million CNY, and 751 million CNY, respectively, with net profits expected to be 37 million CNY, 55 million CNY, and 75 million CNY [11]. - The company is expected to continue its investment in AI and information security, which are still in the investment phase, justifying the use of price-to-sales (PS) valuation [11].

Group 1 - The stock of Haohan Deep increased by 2.10% on September 11, with a trading volume of 64.07 million yuan [1] - On the same day, Haohan Deep had a financing purchase amount of 7.02 million yuan and a net financing purchase of 0.83 million yuan, with a total financing and securities balance of 86.13 million yuan [1] - The financing balance of Haohan Deep is 3.66% of its circulating market value, which is below the 50th percentile level over the past year, indicating a low financing level [1] Group 2 - As of June 30, Haohan Deep had 8,294 shareholders, a decrease of 1.04% from the previous period, while the average circulating shares per person increased by 1.05% to 10,853 shares [2] - For the first half of 2025, Haohan Deep reported operating revenue of 154 million yuan, a year-on-year decrease of 34.95%, and a net profit attributable to the parent company of 2.53 million yuan, down 92.58% year-on-year [2] Group 3 - Since its A-share listing, Haohan Deep has distributed a total of 53.35 million yuan in dividends [3]

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Haohan Deep, indicating a decrease in revenue and net profit for the first half of 2025, alongside low financing balance and high short-selling levels [1][2]. - As of August 28, Haohan Deep's stock price increased by 0.42%, with a trading volume of 128 million yuan. The financing buy-in amount was 11.14 million yuan, while the financing repayment was 12.29 million yuan, resulting in a net financing outflow of 1.15 million yuan [1]. - The total financing and securities balance for Haohan Deep reached 76.47 million yuan, accounting for 3.14% of its market capitalization, which is below the 30th percentile level over the past year, indicating a low financing level [1]. Group 2 - As of June 30, the number of shareholders for Haohan Deep was 8,294, a decrease of 1.04% from the previous period, while the average circulating shares per person increased by 1.05% to 10,853 shares [2]. - For the first half of 2025, Haohan Deep reported operating revenue of 154 million yuan, a year-on-year decrease of 34.95%, and a net profit attributable to shareholders of 2.53 million yuan, down 92.58% year-on-year [2]. - Since its A-share listing, Haohan Deep has distributed a total of 53.35 million yuan in dividends [3].

Core Viewpoint - Beijing Haohan Deep Information Technology Co., Ltd. maintains a stable credit rating of A+ for both the company and its convertible bonds, indicating strong financial health and competitive advantages in the network visualization and information security sectors [1][3]. Company Overview - The company is a leading provider of network visualization, information security protection, and big data solutions in China, with a strong competitive position in the market [3][4]. - As of March 2025, the company has total assets of 17.03 billion yuan and equity of 11.60 billion yuan [8][9]. Financial Performance - In 2024, the company experienced a 15.03% decline in revenue due to delayed orders from major clients, resulting in a total revenue of 4.42 billion yuan [5][6]. - The company's total profit decreased by 48.75% in the same period, reflecting challenges in maintaining profitability amid high customer concentration [5][6]. - The company issued convertible bonds in Q1 2025, raising 346 million yuan, which improved its cash position to 612 million yuan [5][9]. Debt and Liquidity - The company's debt burden is relatively light, with a debt-to-asset ratio of 31.90% as of March 2025 [5][6]. - The company has strong short-term and long-term debt repayment capabilities, with no current credit lines but access to direct financing channels [3][4]. Market Position and Risks - The company relies heavily on a few major clients, particularly China Mobile, which accounted for 72.17% of its revenue in 2024 [16][4]. - The company faces risks related to material cost fluctuations and seasonal revenue variations, with significant revenue concentration in the second and fourth quarters [5][6]. Industry Analysis - The network visualization market in China is expected to grow, driven by the increasing demand for data management and security solutions, particularly with the expansion of 5G technology [10][12]. - The market size for network visualization in China grew from 170.24 billion yuan in 2017 to 342.02 billion yuan in 2023, indicating a robust growth trajectory [10][12]. - The competitive landscape includes both traditional telecom equipment manufacturers and specialized network visualization firms, with high barriers to entry due to technical requirements and customer loyalty [10][12].