Group 1 - Zhongke Haixun's stock increased by 5.5%, reaching 42.18 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 5.81%, resulting in a total market capitalization of 4.979 billion CNY [1] - Zhongke Haixun, established on July 18, 2005, and listed on December 6, 2019, specializes in the research, production, and sales of sonar-related products [1] - The company's main business revenue composition includes: signal processing platform (41.94%), underwater big data and simulation systems (39.42%), sonar systems (17.69%), and others (0.95%) [1] Group 2 - Changsheng Fund holds a significant position in Zhongke Haixun, with its Changsheng Aerospace Marine Mixed A Fund (000535) owning 231,100 shares, accounting for 4.28% of the fund's net value, making it the sixth-largest holding [2] - The Changsheng Aerospace Marine Mixed A Fund, established on March 11, 2014, has a current scale of 155 million CNY and has achieved a year-to-date return of 13.91%, ranking 4552 out of 8209 in its category [2] - The fund has a one-year return of 10.73%, ranking 4861 out of 8129, and a cumulative return since inception of 154.47% [2]

Group 1 - Zhongke Haixun's stock price increased by 5.88%, reaching 41.40 CNY per share, with a trading volume of 1.24 billion CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 4.887 billion CNY [1] - The company, established on July 18, 2005, and listed on December 6, 2019, specializes in the research, production, and sales of sonar-related products [1] - The main revenue composition of Zhongke Haixun includes: signal processing platform (41.94%), underwater acoustic big data and simulation systems (39.42%), sonar systems (17.69%), and others (0.95%) [1] Group 2 - Jiangxin Rui Fu A fund holds 600 shares of Zhongke Haixun, accounting for 2.43% of the fund's net value, making it the fourth largest holding [2] - The fund, established on February 17, 2017, has a latest scale of 522,400 CNY, with a year-to-date return of 9.51% and a one-year return of 10.37% [2] - Since its inception, Jiangxin Rui Fu A has achieved a return of 44.64% [2] Group 3 - The fund manager of Jiangxin Rui Fu A is Gao Pengfei, who has been in the position for 5 years and 26 days, with the fund's total asset scale at 19.1406 million CNY [3] - During Gao's tenure, the best fund return was 27.83%, while the worst was 15.42% [3]

Core Viewpoint - Zhongke Haixun's stock price has experienced significant fluctuations, with a year-to-date increase of 102.65%, but a recent decline of 9.88% over the past five trading days, indicating potential volatility in investor sentiment [2]. Financial Performance - For the period from January to September 2025, Zhongke Haixun reported operating revenue of 145 million yuan, a year-on-year decrease of 0.41%, while the net profit attributable to shareholders was -76.92 million yuan, reflecting a year-on-year increase of 16.27% [2]. - Cumulatively, the company has distributed dividends totaling 20.72 million yuan since its A-share listing, with 7.02 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Zhongke Haixun's stock price was 38.93 yuan per share, with a market capitalization of 4.596 billion yuan. The trading volume was 53.11 million yuan, with a turnover rate of 1.18% [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent instance on August 19, where net purchases amounted to 39.998 million yuan [2]. Shareholder Structure - As of October 31, 2025, Zhongke Haixun had 22,200 shareholders, a decrease of 1.18% from the previous period, with an average of 5,136 circulating shares per shareholder, an increase of 1.19% [2]. - Notable changes in institutional holdings include a decrease of 1.22 million shares held by Changcheng Jiujia Innovation Growth Mixed A, while new shareholders include Yongying Ruixin Mixed A and Yongying Jianjian Enhanced Bond A [3]. Business Overview - Zhongke Haixun, established on July 18, 2005, specializes in the research, production, and sales of sonar-related products, with its main revenue sources being signal processing platforms (41.94%), underwater big data and simulation systems (39.42%), and sonar systems (17.69%) [2]. - The company operates within the defense and military industry, specifically in the maritime equipment sector, and is associated with concepts such as computing power, artificial intelligence, marine economy, robotics, and chip technology [2].

Core Viewpoint - Zhongke Haixun's stock price has experienced significant fluctuations, with a year-to-date increase of 110.36%, but recent declines in the short term indicate potential volatility in investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Zhongke Haixun reported operating revenue of 145 million yuan, a year-on-year decrease of 0.41%, while the net profit attributable to shareholders was -76.92 million yuan, reflecting a year-on-year increase of 16.27% [2]. Stock Market Activity - As of November 11, Zhongke Haixun's stock price was 40.41 yuan per share, with a market capitalization of 4.77 billion yuan. The stock has seen a net outflow of 5.79 million yuan in principal funds, with significant selling pressure in the last trading days [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent instance on August 19, where it recorded a net purchase of approximately 39.99 million yuan [1]. Shareholder Information - As of October 31, Zhongke Haixun had 22,200 shareholders, a decrease of 1.18% from the previous period, with an average of 5,136 circulating shares per shareholder, an increase of 1.19% [2]. - The top ten circulating shareholders include several new entrants, indicating changes in institutional holdings [3].

Core Viewpoint - Zhongke Haixun's stock price has shown significant volatility, with a year-to-date increase of 142.43%, but recent declines in the short term raise questions about future performance [1][2]. Financial Performance - For the first half of 2025, Zhongke Haixun reported operating revenue of 95.97 million yuan, a year-on-year decrease of 9.61%, and a net profit attributable to shareholders of -64.68 million yuan, down 12.09% year-on-year [2]. - The company has distributed a total of 20.72 million yuan in dividends since its A-share listing, with 7.02 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 29, Zhongke Haixun's stock price was 46.57 yuan per share, with a market capitalization of 5.498 billion yuan. The stock experienced a trading volume of 137 million yuan and a turnover rate of 2.62% [1]. - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 19, where it recorded a net purchase of 39.99 million yuan [1]. Shareholder Information - As of September 19, the number of shareholders for Zhongke Haixun was 21,900, a decrease of 2.72% from the previous period, with an average of 5,197 circulating shares per shareholder, an increase of 2.79% [2]. - The fourth largest circulating shareholder is Changcheng Jiujia Innovation Growth Mixed A, holding 4.5 million shares, which is an increase of 250,000 shares compared to the previous period [3]. Business Overview - Zhongke Haixun, established on July 18, 2005, and listed on December 6, 2019, specializes in the research, development, production, and sales of sonar-related products. Its main business revenue composition includes signal processing platforms (41.94%), underwater big data and simulation systems (39.42%), sonar systems (17.69%), and others (0.95%) [1]. - The company operates within the defense and military industry, specifically in the maritime equipment sector, and is associated with concepts such as aerospace military, small-cap stocks, marine economy, marine engineering equipment, and artificial intelligence [2].

Core Viewpoint - Zhongke Haixun experienced a 5% decline in stock price, trading at 45.95 CNY per share, with a total market capitalization of 5.424 billion CNY as of September 23 [1] Company Overview - Zhongke Haixun Digital Technology Co., Ltd. was established on July 18, 2005, and listed on December 6, 2019. The company is based in Haidian District, Beijing, and specializes in the research, production, and sales of sonar-related products [1] - The revenue composition of the company includes: Signal Processing Platform (41.94%), Underwater Acoustic Big Data and Simulation System (39.42%), Sonar System (17.69%), and Others (0.95%) [1] Shareholder Information - Changcheng Fund's Changcheng Jiujia Innovation Growth Mixed A (004666) is among the top ten circulating shareholders of Zhongke Haixun, having increased its holdings by 2.5 million shares to a total of 4.5 million shares, representing 3.95% of circulating shares [2] - The fund has incurred an estimated floating loss of approximately 10.89 million CNY as of the report date [2] Fund Performance - Changcheng Jiujia Innovation Growth Mixed A (004666) was established on July 5, 2017, with a current scale of 2.051 billion CNY. Year-to-date returns are 34.82%, ranking 2397 out of 8172 in its category; the one-year return is 113%, ranking 395 out of 7995; and since inception, the return is 118.89% [2] - The fund manager, You Guoliang, has been in position for 5 years and 337 days, with the fund's total asset size at 3.805 billion CNY. The best return during his tenure is 140.82%, while the worst is -15.93% [3] Fund Holdings - Changcheng Jiujia Innovation Growth Mixed A (004666) holds 4.5 million shares of Zhongke Haixun, making it the third-largest holding in the fund, accounting for 5.92% of the fund's net value [4] - The estimated floating loss for the fund regarding Zhongke Haixun is approximately 10.89 million CNY [4]

Group 1 - Zhongke Haixun's stock price increased by 5.33% on September 16, reaching 46.82 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 4.18%, resulting in a total market capitalization of 5.527 billion CNY [1] - The stock has seen a cumulative increase of 3.42% over the past three days [1] - Zhongke Haixun specializes in sonar-related products, with revenue composition as follows: signal processing platform 41.94%, underwater big data and simulation systems 39.42%, sonar systems 17.69%, and others 0.95% [1] Group 2 - Changcheng Fund's Changcheng Jiujia Innovation Growth Mixed A Fund (004666) increased its holdings in Zhongke Haixun by 2.5 million shares in Q2, now holding 4.5 million shares, which accounts for 3.95% of the circulating shares [2] - The fund has realized a floating profit of approximately 10.665 million CNY today, with a floating profit of 6.615 million CNY during the three-day increase [2][4] - The fund has a total scale of 2.051 billion CNY and has achieved a year-to-date return of 33.65%, ranking 2193 out of 8174 in its category [2] Group 3 - The fund manager of Changcheng Jiujia Innovation Growth Mixed A Fund is You Guoliang, who has been in the position for 5 years and 330 days, managing assets totaling 3.805 billion CNY [3] - During his tenure, the best fund return was 140.03%, while the worst was -15.93% [3] Group 4 - Zhongke Haixun is the third-largest holding in Changcheng Jiujia Innovation Growth Mixed A Fund, accounting for 5.92% of the fund's net value with 4.5 million shares held [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company faced pressure in H1 2025, with total revenue of 95.97 million yuan, down 9.61% year-on-year, and a net profit attributable to shareholders of -64.68 million yuan, a decrease of 12.09% year-on-year [1][5]. - The increase in contract liabilities to a historical high of 112 million yuan, up 33% from the beginning of the year, indicates strong downstream demand [5]. - The company is actively exploring AI-enabled underwater equipment and has developed a high-performance computing platform based on GPU chips [5]. - A stock incentive plan was introduced to enhance management and core staff motivation, reflecting confidence in future business expansion and performance improvement [5]. Financial Performance - For H1 2025, the revenue breakdown by product shows: - Signal processing platform: revenue of 40.25 million yuan, down 54.45% year-on-year, with a gross margin decrease of 11.07 percentage points to 34.57% - Sonar system: revenue of 16.98 million yuan, up 13.27% year-on-year, with a gross margin increase of 0.21 percentage points to 13.27% - Underwater big data and simulation system: revenue of 37.29 million yuan, up 3160.65% year-on-year, with a gross margin decrease of 70.58 percentage points to 12.4% [5]. - The overall gross margin for H1 2025 decreased by 19.19 percentage points to 22.13% due to product structure adjustments [5]. - The company’s total market capitalization is 6.4 billion yuan, with a circulating market capitalization of 6.1 billion yuan [2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 18 million yuan, 29 million yuan, and 43 million yuan respectively, with corresponding PE ratios of 349, 221, and 148 times [2][8].

Core Viewpoint - Zhongke Haixun reported a significant loss in the first half of 2025, with a net profit attributable to shareholders of -64.68 million yuan, indicating challenges in financial performance while focusing on specialized electronic information in sonar equipment [1][2] Group 1: Financial Performance - In the first half of 2025, Zhongke Haixun achieved operating revenue of 95.97 million yuan [1] - The net profit attributable to shareholders was -64.68 million yuan, and the net profit after deducting non-recurring gains and losses was -65.32 million yuan [1] Group 2: Industry Focus and Product Development - Zhongke Haixun specializes in the research, production, and sales of sonar equipment related to the national special electronic information industry [1] - The company provides various products including signal processing platforms, sonar systems, underwater big data, simulation training systems, unmanned detection systems, and data computing centers, primarily serving national special departments [1] - The demand for intelligent underwater equipment is increasing due to advancements in big data and artificial intelligence technologies [2] - The company is integrating traditional sonar technology with intelligent technology, developing high-performance computing platforms based on GPU chips and underwater big data collection, analysis, and processing equipment [2]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on China Haifang, a company involved in underwater defense technology and the development of unmanned underwater vehicles (UUVs) [2][3][5]. Core Insights and Arguments - **Advancements in Unmanned Underwater Vehicles**: China has been continuously launching new UUV models, including the CSSC 7,705 and UUV300 series, with plans to showcase them in a military parade on September 3, 2025. This indicates a significant enhancement in China's capabilities in unmanned intelligence and underwater combat [2][3]. - **Government Support for Deep-Sea Technology**: The Chinese government has elevated deep-sea technology to a strategic level, emphasizing its importance alongside commercial aerospace and low-altitude economy. This focus is expected to drive growth and valuation for China Haifang [2][3]. - **Asset Restructuring and Integration**: China Shipbuilding Group has completed significant asset restructuring, positioning China Haifang as a capital operation platform for the electronic information business segment. This may lead to further asset integration, presenting potential investment opportunities [2][4][7]. - **Core Business Focus**: China Haifang specializes in underwater acoustic defense, underwater information construction, sonar systems, and special electronic equipment supply. The company benefits from the application of new sonar systems in naval vessels and the ongoing demand for replacements due to corrosion [5][6]. Market Outlook - **Growth Potential of the UUV Market**: The UUV market is expected to grow significantly, with capabilities for reconnaissance and attack. The anticipated large-scale deployment of UUVs will enhance military strength and could substantially increase revenues and profits for related companies during the 14th Five-Year Plan period [6][8]. Additional Important Points - **Impact of China Shipbuilding Group**: The influence of China Shipbuilding Group on China Haifang's future development is substantial, as it has injected core assets and possesses numerous research institutions and external electronic information assets. This foundation supports future capital operations and potential market value enhancement [7]. - **Investor Considerations**: Investors should pay attention to China Haifang's leading position in underwater defense technology, its involvement in national deep-sea technology strategies, and the potential for further asset integration. The upcoming military parade on September 3 is also crucial for assessing the latest technological advancements and their impact on the company's performance and valuation [8].