华如科技主营业务为军事仿真软件产品销售及仿真技术开发与服务，所属申万行业为国防军工 - 军工电子 Ⅱ - 军工电子Ⅲ，所属概念板块包括小盘、国产软件、成飞概念、核聚变、超导概念、核电。 经营业绩：营收行业第54，净利润第58 2025年三季度，华如科技实现营业收入1.57亿元，在行业64家公司中排名第54，远低于行业第一名中航成 飞的482.86亿元和第二名中航光电的158.38亿元，也低于行业平均数18.98亿元和中位数5.75亿元。当期净 利润为 -1.39亿元，行业排名第58，而行业第一名中航成飞净利润为21.75亿元，第二名中航光电为18.84亿 元，行业平均数为9450.76万元，中位数为374.32万元。 资产负债率低于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度华如科技资产负债率为16.10%，虽较去年同期的13.08%有所上升，但远低于 行业平均的32.84%，表明公司偿债压力较小。从盈利能力看，2025年三季度公司毛利率为9.23%，较去年 同期的 -55.20%大幅提升，但仍远低于行业平均的34.84%，盈利能力有待增强。 董事长韩超薪酬60.56万元，同比减少11.68万 ...

Core Insights - The company reported a revenue of 157 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2.55% [1] - The net profit attributable to shareholders was -139 million yuan, showing a year-on-year increase of 47.95% [1] - The basic earnings per share stood at -0.89 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 9.23%, an increase of 64.43 percentage points year-on-year [2] - The net profit margin was -88.55%, which improved by 85.91 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was -20.50%, a year-on-year increase of 232.19 percentage points, but a quarter-on-quarter decrease of 42.67 percentage points [2] - The net profit margin for Q3 was -102.17%, up 270.21 percentage points year-on-year, but down 34.52 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 187 million yuan, a decrease of 68.59 million yuan year-on-year [2] - The expense ratio was 118.81%, down 47.74 percentage points from the same period last year [2] - Sales expenses decreased by 34.40%, management expenses decreased by 41.67%, and R&D expenses decreased by 16.57%, while financial expenses increased by 61.80% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 17,800, a decrease of 5,419 or 23.36% from the end of the previous half [3] - The average market value per shareholder increased from 184,800 yuan to 202,500 yuan, reflecting a growth of 9.56% [3] Company Overview - Beijing Huaru Technology Co., Ltd. specializes in military simulation software sales and simulation technology development and services [3] - The revenue composition includes 78.21% from hardware products, 11.09% from software products, and 10.70% from technology development [3] - The company is categorized under the defense and military industry, specifically in military electronics [3]

Core Viewpoint - Huaru Technology's stock experienced a slight increase of 1.66% on October 13, with a trading volume of 81.2181 million yuan, indicating a stable market interest in the company [1]. Financing Summary - On October 13, Huaru Technology had a financing buy-in amount of 4.4941 million yuan and a financing repayment of 4.6798 million yuan, resulting in a net financing outflow of 0.1856 million yuan [1]. - As of October 13, the total financing and securities lending balance for Huaru Technology was 96.269 million yuan, which represents 2.66% of its circulating market value, indicating a low financing balance compared to the past year [1]. - The company had no securities lending transactions on October 13, with a securities lending balance of 0.00 yuan, which is at a high level compared to the past year [1]. Business Performance - As of September 30, Huaru Technology had 17,800 shareholders, a decrease of 8.99% from the previous period, while the average circulating shares per person increased by 9.88% to 7,817 shares [2]. - For the first half of 2025, Huaru Technology reported an operating income of 103 million yuan, reflecting a year-on-year growth of 3.85%, but the net profit attributable to shareholders was -83.8091 million yuan, a decrease of 27.58% year-on-year [2]. - The company's main business revenue composition includes 78.21% from hardware products, 11.09% from software products, and 10.70% from technology development [1].

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 military simulation software industry in China is experiencing rapid growth, driven by the promotion of self-controlled software in the military, with significant increases in market size and demand projected for the coming years [1][10][12]. Industry Characteristics and Classification - Military simulation software is used for simulating military operations, training, and decision-making, categorized by simulation object levels and system composition [2][4]. - The industry is characterized by high technology intensity, large market potential, significant R&D investment, and long development cycles [4]. Current Development Status - The global military simulation software market is projected to reach $12.758 billion in 2024, with North America and the Asia-Pacific region holding significant market shares [7]. - China's military simulation software industry is growing due to increased national defense spending and military reforms, with a notable rise in demand for simulation technology [9][10]. Market Size and Projections - In 2024, China's military simulation software industry is expected to generate a revenue of 18.445 billion yuan, with a market size of 19.298 billion yuan and a demand for 24,888 sets [10][12]. - By 2025, the industry is projected to reach a revenue of 21.372 billion yuan, with a market size of 22.006 billion yuan and a demand for 29,598 sets [10][12]. Customer Segmentation - In 2024, military academies and research institutes will account for approximately 35.87% of the demand, while military units and agencies will represent about 45.03% [12]. - By 2025, the share of military academies and research institutes is expected to decrease slightly to 34.44%, while military units will increase to 45.44% [12]. Industry Chain - The upstream of the military simulation software industry includes computer and network equipment manufacturing, while the downstream consists of military and defense industrial enterprises with stable and increasing demand for simulation technology [14]. Policy Environment - The military simulation technology has gained recognition in enhancing research efficiency and optimizing combat strategies, supported by national policies focusing on defense informationization and intelligent combat training [16][17]. Competitive Landscape - The industry features two main types of competitors: state-owned entities with strong technical and financial backing, and private enterprises like Huaru Technology, which excel in market development and innovation [18][20]. - Foreign companies face challenges in entering the domestic military simulation market due to confidentiality restrictions [18]. Key Companies - Huaru Technology focuses on military simulation products and services, achieving comprehensive market coverage across various military branches and applications [20][21]. - Zhongke Xingtou integrates space and air capabilities, providing high-quality space information services and achieving significant revenue growth [24]. Future Trends - The military simulation software industry is expected to evolve with advancements in high-performance computing, artificial intelligence, and virtual reality technologies, enhancing the capabilities and applications of simulation software [26].