Core Viewpoint - The investigation of senior executives at "China's first domestic database stock" raises concerns about potential bribery and significant violations during the company's listing on the Sci-Tech Innovation Board [2][8] Group 1: Investigation Details - On August 21, 2023, the company announced that its board member and senior vice president Chen Wen is under investigation by the Hubei Provincial Supervisory Committee [2] - On August 19, 2023, the company disclosed that its board member and general manager Pi Yu is also under investigation and has been detained [2] - Both executives have extensive sales backgrounds, with Pi Yu having served in various roles at the company since 2010 and Chen Wen holding similar positions since 2002 [3][7] Group 2: Previous Bribery Allegations - Historical records indicate that the company has faced bribery allegations, with a case involving a payment made to a government official to expedite project payments [6][7] - In 2013, a payment of 50,000 yuan was made to a government official to facilitate the settlement of a project worth 7.26 million yuan [6] Group 3: Company Profile and Financials - The company is a leading developer of database products in China, providing services to large and medium-sized enterprises, government agencies, and institutions [4] - The company's accounts receivable growth significantly outpaces revenue growth, with accounts receivable increasing by 179.73% while revenue grew by 31.49% in the 2024 reporting period [4] Group 4: Listing Concerns - The company went public on the Sci-Tech Innovation Board on June 12, 2024, issuing 19 million shares at a price of 86.96 yuan per share [8] - The investigation of the executives raises questions about potential major violations that could affect the legitimacy of the company's listing [8][9]

【导读】达梦数据董事兼高级副总经理陈文被立案调查 见习记者 夏天 继总经理皮宇被实施留置后， 达梦数据 （证券代码：688692）高级副总经理陈文也"出事"了。 达梦数据8月21日晚间 发布 公告 称 ，近日收到湖北省应城市监察委员会下发的《立案通知书》和《管护通知书》，对公司 董事兼高级副 总经理 陈文 立案调查并实施管护措施 。 公开 资料显示， 陈文 出生 于 1973年7月，在达梦数据工作超20年。2002年1月至2020年11月， 她 在达梦有限历任销售经理、华东区 域市场总监、副总经理、高级副总经理；2020年11月至今，在达梦数据担任董事、 高级副总经理 ；2021年3月至今，在北京达梦担任总 经理。 2024年年报显示，陈文当年的薪酬为304.41万元，未持有公司股份。 针对 陈文被立案调查 并 实施管护措施 ， 达梦数据 表示，截至本公告披露日，公司及子公司日常经营情况正常，各项业务稳步推进。公 司尚未知悉上述事项的进展及结论，公司将密切关注上述事项的后续进展。 目前，陈文被立案调查并实施管护措施的原因尚不清楚。 根据《中华人民共和国监察法》第二十五条（2024年修订），对于未被留置的下列人 ...

Core Viewpoint - Dameng Data (688692.SH) announced on August 19 that its General Manager Pi Yu is under investigation by the Hubei Province Supervisory Committee, but the company expects no significant impact on its operations [1] Company Overview - Dameng Data, established in 2000 and headquartered in Wuhan, provides database products and services to large and medium-sized enterprises, government agencies, and institutions [5] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in June 2024 and was included in the Shanghai-Hong Kong Stock Connect on July 21, 2025 [5] Financial Performance - In its first year of listing (2024), Dameng Data reported a revenue increase of 31.49% to 1.044 billion yuan, with a net profit of 362 million yuan, up 22.22% year-on-year [6] - For the first half of 2025, the company expects revenue between 495 million and 513 million yuan, representing a year-on-year growth of 40.63% to 45.74% [6] Management and Leadership - Pi Yu, born in August 1981, has held various positions within Dameng Data since 2010 and has been the General Manager since November 2020 [1] - In 2023, Pi Yu's pre-tax compensation was 3.3733 million yuan, making him the third-highest paid executive at Dameng Data [2] Recent Developments - Dameng Data's subsidiary, Sichuan Shutianmengtu Data Technology Co., successfully passed the national standard evaluation for graph database products, becoming the first domestic vendor to meet the new standard [5]

文/梧桐晓编 8月19日晚上，武汉达梦数据库股份有限公司（688692）发布《关于公司董事兼总经理被留置的公告》。公司于近期收到湖北省应城市监察委员会下发的《立案通 知书》及《留置通知书》，对公司董事兼总经理皮宇先生立案调查并实施留置措施。达梦数据2024年6月12日才在科创板上市！达梦数据让人印象最深刻的是，其 招股书披露证监会、上交所、深交所都是公司的知名用户。 皮宇，男，1981年8月出生,硕士学历，高级经济师。2003年6月本科毕业于武汉理工大学计算机科学与应用专业，获学士学位；2007年12月研究生毕业于华中科技大 学软件工程专业，获硕士学位。2005年9月至2008年4月，在武汉天喻信息产业股份有限公司历任软件开发工程师、项目经理；2008年5月至2010年2月，在武汉华大 博菲特科技有限公司担任副总经理；2010年3月至2020年11月，在达梦有限历任销售经理、市场部副经理、市场部经理、区域市场部总监、副总经理、总经理；2020 年11月至今，在达梦数据担任董事、总经理。其2024年薪酬为337.33万元。 | 姓名:皮字 | 职务:董事、总经理 | | 任职起始日: 2020-11-09 | ...

Core Viewpoint - The announcement of the investigation and detention of the general manager and director of Dameng Data raises concerns about corporate governance and potential impacts on the company's operations and stock performance [2][10][17]. Group 1: Company Overview - Dameng Data was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 12, 2024, and has faced significant issues just over a year after its IPO [5]. - The company specializes in database product development and provides various database software, cloud computing, and big data products primarily to large and medium-sized enterprises, government agencies, and institutions [17]. Group 2: Management Changes - The general manager and director, Pi Yu, has been placed under investigation and detention, leading to the chairman, Feng Yucai, representing him in board meetings [9][13]. - Pi Yu has been with the company since March 2010, holding various positions before becoming the general manager in November 2020 [12]. Group 3: Financial Performance - For the first quarter of 2025, Dameng Data reported a net profit attributable to shareholders of 98.16 million yuan, a year-on-year increase of 76.39% [18][21]. - The company's operating revenue for the same period was 258.13 million yuan, reflecting a growth of 55.61% compared to the previous year [19]. - The net cash flow from operating activities was -101.73 million yuan, indicating a decline from -54.81 million yuan in the previous year [19]. Group 4: Market Reaction - As of the close on August 19, the stock price of Dameng Data was 248.80 yuan per share, with a decline of 0.68%, and the total market capitalization stood at 281.70 billion yuan [6].

Core Viewpoint - The annual report of Wuhan Dameng Database Co., Ltd. shows strong financial performance with a revenue of 1,044.43 million yuan, a year-on-year increase of 31.49%, and a net profit of 340.51 million yuan, up 24.14% [1] Group 1: Business Performance - The company's main business revenue reached 1,042.76 million yuan, growing by 31.64% year-on-year, with software product licensing as the core revenue driver, generating 893.90 million yuan, accounting for 85.59% of total revenue, and a year-on-year growth of 22.79% [2] - The software licensing business maintains a high gross margin of 99.69%, reinforcing the company's profitability [2] - The data and industry solutions segment saw a remarkable growth of 204.51%, achieving revenue of 98.05 million yuan, driven by project delivery and acceptance [3] - The operation service business also grew by 38.50%, reaching 37.76 million yuan, benefiting from the expansion of software licensing and solutions [3] - The sales of database integrated machines increased significantly by 179.59%, generating 13.05 million yuan, indicating a new growth driver for the company [3] Group 2: Market Trends and Opportunities - The growth of Dameng Data reflects the deepening of China's information technology innovation industry, driven by digitalization and security needs [3] - The global database market surpassed 101 billion USD in 2023, with China's market size at 7.41 billion USD (approximately 52.24 billion yuan), representing 7.34% of the global market [4] - The market share of international vendors like Oracle and IBM is declining, while domestic companies like Dameng Data are gaining significant market share [4] Group 3: R&D and Innovation - The company invested 206.68 million yuan in R&D in 2024, a year-on-year increase of 25.16%, representing 19.79% of total revenue [6] - Dameng Data has accumulated 345 invention patents and 402 software copyrights, with a focus on core technologies such as shared storage clusters and data encryption [6][7] - The company is developing a distributed native database with multi-model data processing capabilities and is focusing on cloud databases and distributed databases [7] Group 4: Strategic Positioning - The company is positioned to benefit from the national strategy for information technology innovation, with a projected compound annual growth rate of 12.23% in the domestic database market, expected to exceed 93 billion yuan by 2028 [5] - The domestic database industry is experiencing a tiered penetration pattern, with the government sector leading at an 80% localization rate, while other sectors like finance and energy show significant potential for growth [6] - Dameng Data aims to transition from a market follower to a standard setter in the global database industry through continuous technological innovation and product development [7]

Core Viewpoint - Multiple listed companies in the optical valley, including YF Communication, Renfu Pharmaceutical, Changfei Fiber, Huagong Technology, and Dameng Data, have reported steady growth in their 2024 annual reports and 2025 Q1 reports, driven by technological innovation and expansion into emerging businesses [1]. YF Communication - In 2024, YF Communication achieved revenue of 28.549 billion yuan, a year-on-year increase of 39.05%, with a net profit growth of 74.06% in Q4 [2]. - The company’s optical communication and computing businesses performed exceptionally well, with the FTTR project seeing an 800% increase in contract scale and computing business revenue nearing 6 billion yuan, reflecting a compound annual growth rate of over 100% over two years [4]. - In Q1 2025, the net profit attributable to shareholders grew by 33.08%, with plans to explore new application areas such as computing and marine networks [4]. Renfu Pharmaceutical - In 2024, Renfu Pharmaceutical reported revenue of 25.435 billion yuan and a net profit of 1.33 billion yuan, maintaining steady growth [5]. - The company invested over 1.471 billion yuan in R&D, accelerating the development of innovative drug projects and obtaining approvals for nearly 20 new products [7]. - In Q1 2025, the net profit increased by 11.09%, indicating a recovery in profitability [7]. Changfei Fiber - In 2024, Changfei Fiber recorded revenue of 12.197 billion yuan and a net profit of 676 million yuan, with optical communication-related revenue reaching 11.917 billion yuan and a gross margin of 27.78% [8]. - The company achieved significant advancements in 800G ultra-high-speed optical transmission and developed a disruptive air-core fiber technology, improving signal transmission speed by approximately 47% [10]. - In Q1 2025, the net profit attributable to shareholders surged by 161.91% [10]. Huagong Technology - In 2024, Huagong Technology's revenue was 11.709 billion yuan, with a net profit of 1.221 billion yuan, reflecting year-on-year growth of 13.57% and 21.17% respectively [12]. - The company has seen rapid penetration in the photovoltaic energy storage and power battery application sectors, with significant growth in orders from the shipbuilding industry [12]. - In Q1 2025, Huagong Technology continued its growth trend, with revenue of 3.355 billion yuan, up 52.28%, and a net profit of 410 million yuan, up 40.88% [14]. Dameng Data - In 2024, Dameng Data achieved revenue of 1.044 billion yuan, a year-on-year increase of 31.49%, with a net profit growth of 22.22% [15]. - The company reported a record high gross margin of 99.69% on software product licensing revenue of 894 million yuan [15]. - In Q1 2025, Dameng Data's revenue grew by 55.61%, with a non-net profit increase of 87.92% [17].

Core Insights - The company reported a revenue of 1.044 billion yuan for 2024, representing a year-on-year growth of 31.49%, and a net profit attributable to shareholders of 362 million yuan, up 22.22% [1] - In Q1 2025, the company achieved a revenue of 258 million yuan, a significant increase of 55.61% year-on-year, with a net profit of 98 million yuan, reflecting a growth of 76.39% [2] Revenue Breakdown - Software product licensing revenue for 2024 reached 894 million yuan, growing by 22.79% year-on-year, while operation and maintenance service revenue was 38 million yuan, up 38.50% [2] - The revenue from data and industry solutions surged to 98 million yuan, marking a remarkable increase of 204.51% year-on-year, and database integrated machine sales revenue was 13 million yuan, up 179.59% [2] R&D Investment - The company has been increasing its R&D investment, which accounted for 19.79% of revenue in 2024 and 21.21% in Q1 2025 [3] - The company has developed advanced technologies in database management systems, cloud computing, and big data, and is also focusing on the integration of databases with artificial intelligence [3] Market Positioning and Partnerships - The company is expanding its ecosystem by achieving compatibility with over 11,000 products and forming deep collaborations with more than a thousand top ISVs and channel partners [4] - The company is strategically focusing on the financial sector and implementing differentiated market strategies based on industry characteristics and customer needs to drive steady growth [4]

Core Viewpoint - Wuhan Dameng Database Co., Ltd. (hereinafter referred to as "Dameng Data") is committed to enhancing investor interaction and conveying company value through its first investor communication meeting of 2025, attended by key executives and 75 investors [5] Group 1: Company Overview - Dameng Data was established in 2000 and successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2024 [5] - As of the end of 2024, the company's total assets reached 3.787 billion yuan, an increase of 107.52% compared to the beginning of the year; the equity attributable to the parent company rose to 3.238 billion yuan, with a growth rate of 129.42% [5] Group 2: Technology and Innovation - The company adheres to a self-research technology route, eliminating intellectual property risks, and offers a full-stack data product suite including centralized and distributed database products, cloud computing, and database integration tools [6] - Dameng Data has maintained a focus on original innovation for over 40 years, achieving significant breakthroughs in product performance, stability, and security, with widespread applications in key sectors [6] Group 3: Business Development and Market Strategy - The company has been closely following policy trends since its listing, continuously improving its marketing system and expanding its financial client applications [7] - Dameng Data is actively collaborating with leading ISVs to develop joint solutions, enhancing market sales and deepening partnerships in critical industries [7] - The management team emphasizes the importance of transparent communication with investors and is committed to timely and accurate disclosures regarding the company's operations and financial status [7]

Core Viewpoint - The company, Dameng Data, emphasizes the importance of mastering core technologies for national and corporate strength, showcasing significant growth in revenue and net profit due to its commitment to independent research and innovation [1][4]. Financial Performance - In Q1 2025, Dameng Data reported revenue of 258 million yuan, a year-on-year increase of 55.61%, and a net profit attributable to shareholders of approximately 98.16 million yuan, up 76.39% [2][3]. - For the year 2024, the company achieved its first revenue exceeding 1 billion yuan, with a net profit of 362 million yuan, both showing rapid growth [1][2]. Business Segments - Dameng Data's main business includes providing various database software, cloud computing, big data products, and related technical services to large and medium-sized enterprises, government agencies, and institutions [2][3]. - The core business of software product licensing has a gross margin of 99.69%, indicating high profitability [2]. Market Position and Recognition - The company has established a strong market presence, serving notable clients such as China Construction Bank, China Life Insurance, and State Grid, and has maintained a leading market share in the domestic database sector for five consecutive years [1][7]. - Dameng Data's products and solutions have gained significant market recognition, enhancing its brand influence and overall strength [3][5]. Technological Advancements - The company has developed 14 key technologies that are leading in China, with 5 of them being internationally advanced, reflecting its commitment to original innovation and core technology development [5][6]. - As of the end of 2024, Dameng Data has accumulated 345 invention patents and employs 503 R&D personnel, representing 31.22% of its total workforce [7]. Stock Market Performance - On April 25, 2025, Dameng Data's stock closed at 358.98 yuan per share, a remarkable increase of 312.81% from its initial offering price of 86.96 yuan [1][7].