经济观察网 海默科技（300084.SZ）近期股价出现异动，其背后是公司基本面改善预期与市场情绪、资 金面等多重因素共同作用的结果。 行业与风险分析 2025年上半年经营现金流净额同比下滑42.82%，与净利润减亏出现背离，反映回款压力或业务扩张中 现金消耗较大。若2025年年报（预计4月披露）无法验证盈利质量改善，股价或面临回调压力。 资金面与技术面 均线系统转强：截至2026年2月24日，股价（11.38元）突破20日均线（10.93元）及布林带中轨（10.93 元），短期趋势转强。当日换手率9.39%，成交额3.73亿元，量能显著放大。 资金分歧中博弈：2月10日主力资金净流出1251万元，但游资净流入1084万元，显示市场对减亏逻辑存 在分歧下的活跃交易。近期量价齐升反映部分资金开始布局业绩反转预期。 2025年7月实控人变更为范中华后，新任董事长杜勤杰配偶康宁于2025年3月宣布增持1000-2000万元， 副总裁张雷同步增持，向市场传递管理层对长期价值的认可。尽管2025年三季报仍亏损6054万元，但减 亏趋势强化了投资者对转型成效的乐观情绪。 业绩经营情况 根据2026年1月29日发布的业绩预告 ...

Core Viewpoint - The company, Haimer Technology, forecasts a net loss of 37.5 million to 75 million yuan for 2025, a significant improvement from the previous year's loss of 228 million yuan [4]. Financial Performance - The expected net profit loss for 2025 is between 37.5 million and 75 million yuan, while the non-recurring net profit loss is projected to be between 38 million and 75.5 million yuan, compared to a loss of 229 million yuan in the previous year [4]. - The company's price-to-book ratio (LF) is approximately 4.54 times, and the price-to-sales ratio (TTM) is about 9.36 times based on the latest closing price [4]. Business Operations - The company focuses on high-end equipment manufacturing, technical services, and digital business for oil and gas fields, aiming to provide innovative technologies, products, and services for production optimization and reservoir management [12]. - The primary reasons for the expected losses include intensified market competition leading to decreased sales revenue and gross margin in fracturing equipment-related businesses, although the loss margin has narrowed compared to the previous year [12]. - The company is implementing a strategy to focus on core business areas, enhancing the research and development of multiphase metering products and related services, with positive progress noted in the Middle East [12]. - The company plans to make impairment provisions for certain inventories and assets showing signs of impairment, with specific amounts to be determined based on audit results [12].

Core Viewpoint - The company, Haimer Technology, has categorized its multiphase metering products into three main types: land oilfields, offshore drilling platforms, and underwater installations in marine oilfields, including scenarios for land deep wells [1] Group 1 - The multiphase metering products are designed for various applications in the oil and gas industry [1] - The company emphasizes the versatility of its products across different environments, including both land and marine settings [1]

Group 1 - The company has multi-phase metering products suitable for land oil fields, offshore drilling platforms, and underwater installations in marine oil fields, including applications for land deep wells [2] - The company encourages investors to make rational investment decisions and be aware of investment risks [2]

Core Insights - The company reported a strong mid-year performance with a revenue of 197 million yuan, marking a historical high for the same period and a year-on-year increase of 20.28% [2] - The net profit attributable to shareholders was -12.56 million yuan, significantly narrowing the loss by 66.67% compared to -37.68 million yuan in the same period last year [2] - The core business, particularly the multiphase flow meters, showed robust performance in overseas markets, driving steady recovery in the company's performance [2][3] Financial Performance - The company's multiphase measurement products and related services generated a revenue of 109 million yuan in the first half of the year, reflecting a year-on-year growth of 37.33% [2][3] - The net profit excluding non-recurring gains and losses was -15.24 million yuan, a substantial reduction in losses by 61.49% compared to the previous year [2] Market Strategy - The company is focusing on quality improvement and efficiency enhancement while concentrating on core business strategies, demonstrating strong operational resilience amid fluctuating international oil prices and geopolitical uncertainties [2][3] - The company has successfully captured opportunities in overseas markets, particularly in the Middle East and North Africa, leveraging its established customer base and brand reputation [3] Future Outlook - The company aims to provide comprehensive solutions for oilfield production enhancement, optimization, and digital transformation, aligning its business direction with industry development trends [3] - With the recent change in actual control, the new major shareholder is expected to inject new vitality and resources into the company's strategic development, business growth, and market expansion [4]

Core Viewpoint - The company, Haimer Technology, has demonstrated strong operational resilience and significant improvement in profitability despite challenges in the oil and gas sector, driven by its focus on high-value products and digital solutions [1][4]. Financial Performance - In the first half of 2025, Haimer Technology achieved revenue of 197 million yuan, a year-on-year increase of 20.28% from 164 million yuan [2]. - The net loss attributable to shareholders narrowed significantly to 12.56 million yuan from 37.68 million yuan, representing a reduction of 66.67% [2]. - The basic earnings per share improved from -0.0858 yuan to -0.0246 yuan, and the weighted average return on equity increased by 2.57 percentage points [2]. Product and Market Strategy - The company's multiphase flow meters have become a key growth driver, particularly in overseas markets, enhancing overall performance [2][3]. - Haimer Technology has successfully capitalized on opportunities in traditional markets like the Middle East and North Africa, leveraging established customer relationships and brand reputation [3]. Future Outlook - The company is well-positioned for future growth, with a focus on digital transformation and solutions that align with industry trends towards high-quality and intelligent development [4]. - Haimer Technology aims to explore new growth points through mergers and acquisitions, enhancing operational quality and core competitiveness [4]. - A recent change in the actual controlling shareholder is viewed positively, potentially injecting new vitality and resources into the company's strategic development and market expansion [5].

Core Viewpoint - The control of Haimer Technology (300084.SZ) has changed hands again through "agreement transfer + voting rights entrustment," with the original actual controllers reducing their stakes and cashing out [1][9]. Shareholder Changes - Shandong New Journey plans to transfer 20 million shares (3.92% of total shares) to Fan Zhonghua, while actual controller Su Zhancai will transfer 1.06 million shares (0.21% of total shares) to him. Shareholder Dou Jianwen will transfer 4.46 million shares (0.87% of total shares) to Fan Zhonghua. The total shares transferred amount to 25.53 million (5.00% of total shares) at a price of 7.9 yuan per share, totaling 202 million yuan [1][2]. - After the transfer, Fan Zhonghua will hold voting rights of 28.02%, with Shandong New Journey's voting rights reduced to 22.39% and Su Zhancai's to 0.62% [2]. Management and Board Control - The board of Haimer Technology consists of 9 members, with Fan Zhonghua entitled to nominate 5 non-independent directors and 3 independent directors, effectively allowing him to control the board [3]. Historical Context - This is not the first change of control for Haimer Technology. Previous attempts to change control have failed, including a 2020 attempt that was ultimately terminated due to lack of approval from the relevant authorities [5][6]. Business Performance - Haimer Technology primarily engages in high-end oilfield equipment manufacturing and related services, with a projected revenue of 600 million yuan in 2024, down 19% year-on-year. The company has reported a net loss of 228 million yuan, marking its third loss in five years [7][8]. - The company has issued a business warning, with undistributed profits at -813 million yuan, exceeding one-third of its paid-in capital [8]. New Business Ventures - The combination with Shandong New Journey is more focused on the renewable energy sector, with plans to establish several new companies in this field, although these have not yet significantly impacted overall operations [8]. Financial Gains for Controllers - Despite the company's losses, Su Zhancai has seen significant financial gains from capital operations, with a total investment of approximately 648 million yuan now valued at 1.396 billion yuan, yielding a floating profit of over 110% [9]. Future Control Dynamics - Fan Zhonghua's acquisition of control is seen as a strategic move, with provisions allowing for future increases in his shareholding and potential termination of voting rights entrustment if certain conditions are met [11].

Core Viewpoint - The company, Haimer Technology, reported a decline in revenue for 2024 but showed growth in the first quarter of 2025, indicating a strategic shift towards core business focus and asset optimization [1][2]. Financial Performance - In 2024, Haimer Technology's revenue was 600 million yuan, a year-on-year decrease of 19.36% [1]. - For Q1 2025, the company achieved revenue of 77.68 million yuan, reflecting a year-on-year growth of 18.66% [1]. - The net profit attributable to shareholders for Q1 2025 was -18.58 million yuan [1]. Asset Management - The company undertook significant impairment losses in 2024, including approximately 70 million yuan in goodwill impairment, 60 million yuan in inventory write-downs, and 10 million yuan in fixed asset impairments, totaling about 144 million yuan, which accounted for approximately 61.30% of the total profit loss [1]. - Following the impairment process, the company indicated that goodwill has been largely accounted for, suggesting that future performance will not be affected by goodwill impairment [2]. Strategic Focus - Haimer Technology is focusing on core product development and enhancing R&D investment in high-value products, particularly in multi-phase metering products [2]. - The company is collaborating with major players in the Middle East, such as Saudi Aramco and Abu Dhabi National Oil Company, to promote the application of multi-phase flow meters in unconventional oil fields [2]. Management Confidence - Key executives and their families plan to increase their holdings in the company, with a total investment amounting to a maximum of 22 million yuan, reflecting management's confidence in the company's future prospects [3].

Core Viewpoint - Haimer Technology reported a revenue of 600 million yuan and a net loss of 228 million yuan for the year 2024, indicating challenges in the oil and gas equipment service industry [1] Group 1: Financial Performance - The company incurred significant impairment losses, including goodwill impairment of 67.42 million yuan, inventory impairment of 59.75 million yuan, fixed asset impairment of 10.22 million yuan, and intangible asset impairment of 6.15 million yuan, totaling 144 million yuan, which accounted for approximately 61.3% of the total profit loss [1] - In 2024, the company generated a net cash flow from operating activities of 98.67 million yuan and completed a 434 million yuan private placement, enhancing its cash reserves to 624 million yuan by the end of 2024 [2] Group 2: Business Strategy and Adjustments - Haimer Technology is focusing on core product development while gradually shutting down low-efficiency business lines, aiming for high-quality growth [2] - The company is collaborating with major players like Saudi Aramco and Abu Dhabi National Oil Company to promote the application of multiphase flow meters in unconventional oil fields [2] - The management plans to increase their holdings in the company by up to 22 million yuan, reflecting confidence in the company's future prospects [3] Group 3: Industry Position and Future Outlook - The company is responding to national energy security strategies by developing adaptive compensation models for complex working conditions, enhancing monitoring reliability under extreme conditions [3] - Haimer Technology aims to reduce reliance on imported technologies through the promotion of domestic multiphase flow meters, thereby strengthening its competitive position [3] - The company is looking to pursue external mergers and acquisitions to seek a second growth curve and achieve leapfrog development [3]