2025 年 09 月 18 日 浩瀚深度(688292.SH) 短期业绩承压，长期看好 AI 驱动的数据服务 事件概述 1）近日，浩瀚深度发布《2025 年半年度报告》，报告期内实现营业 收入 1.54 亿元，同比下降 34.95%；归母净利润 0.25 亿元，同比下 降 92.58%；扣非归母净利润-0.26 亿元，同比下降 108.97%。 2）近日，北京浩瀚深度信息技术股份有限公司与宁波银行正式签署 战略合作协议。双方将本着"银企联动、银企共赢"的原则，围绕 AI 技术在金融行业的数据服务与业务创新场景展开全方位合作。 下游集采节奏变化致使短期业绩承压，未来增长可期 根据半年报披露，浩瀚深度 2025 年上半年营收下滑的主要原因：一 是 2024 年受中国移动集采滞后的影响，公司整体签单延后，收入确 认也相应延后；二是子公司国瑞数智公司收入存在较明显的季节性， 收入确认主要集中在下半年。净利润等盈利能力指标下滑的主要原 因：一是营业收入同比下降较大，尽管毛利率同比提升，但报告期毛 利额同比下降了 2613.52 万元；二是受发行可转债影响，报告期计提 利息费用同比增加 317.29 万元；三是受合并口 ...

9月11日，浩瀚深度涨2.10%，成交额6406.68万元。两融数据显示，当日浩瀚深度获融资买入额701.88 万元，融资偿还619.21万元，融资净买入82.67万元。截至9月11日，浩瀚深度融资融券余额合计8613.03 万元。 融资方面，浩瀚深度当日融资买入701.88万元。当前融资余额8613.03万元，占流通市值的3.66%，融资 余额低于近一年50%分位水平，处于较低位。 融券方面，浩瀚深度9月11日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 截至6月30日，浩瀚深度股东户数8294.00，较上期减少1.04%；人均流通股10853股，较上期增加 1.05%。2025年1月-6月，浩瀚深度实现营业收入1.54亿元，同比减少34.95%；归母净利润252.90万元， 同比减少92.58%。 分红方面，浩瀚深度A股上市后累计派现5335.16万元。 责任编辑：小浪快报 资料显示，北京浩瀚深度信息技术股份有限公司位于北京市海淀区西四环北路119号A座二层，成立日 期1994年6月28日，上 ...

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].