Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported a total revenue of 232 million yuan for the first half of 2025, representing a year-on-year growth of 13.98%. However, the net profit attributable to shareholders was a loss of 44.71 million yuan, which is a larger loss compared to the previous year [1]. - The database business experienced rapid growth, with a main business revenue of 231 million yuan, up 14.23% year-on-year. The "self-developed database products and services" segment generated 92.64 million yuan in revenue, with a gross margin of 66.70%, reflecting a significant growth rate of 66.28%, which is notably higher than the industry average [1][2]. - The company is in a phase of aggressive market expansion, necessitating ongoing investments in market development, research, and management. As revenue scales up and market share increases, profitability is expected to gradually improve [1]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 232 million yuan, with a year-on-year growth of 13.98%. The main business revenue was 231 million yuan, growing 14.23% year-on-year. The gross margin for the main business improved by 4.59 percentage points [1][4]. - The forecast for total revenue from 2024 to 2027 is projected to grow from 372 million yuan in 2024 to 1.353 billion yuan in 2027, with growth rates of 42.3%, 71.4%, 45.3%, and 45.9% respectively [4][10]. Product Development - The company is continuously upgrading its product capabilities, including enhancements in time-series data processing engines and vector engines to meet the demands of high-dimensional data processing in the AI era [2]. - The company has established compatibility with nearly 1,500 partners and over 2,000 products, covering a full-stack ecosystem from underlying operating environments to upper-layer applications [3]. Market Position - The company is positioned as a leading domestic relational database vendor, focusing on database software products while supplementing with data computing and storage solutions. The domestic database replacement rate is expected to rise, benefiting the company as a major domestic brand [3].

Group 1 - The core viewpoint of the article highlights that Beijing Haimao Data Technology Co., Ltd. has shown significant growth in revenue and R&D investment in the first half of the year, indicating a strong focus on product development and market demand [3]. - In the first half of the year, the company achieved a net cash flow from operating activities of 22.9475 million yuan [1]. - The company's revenue reached 232 million yuan, representing a year-on-year growth of 13.98%, while the main business revenue was 231 million yuan, with a growth of 14.23% [3]. Group 2 - The R&D investment for the first half of the year was 108 million yuan, an increase of 10.39% year-on-year, which supports the continuous iteration of database products [1]. - The "database self-owned products and services" segment generated revenue of 92.6437 million yuan, with a gross margin of 66.70%, contributing over 70% to the company's operating gross profit [3]. - The product capabilities have been enhanced in various aspects, including time-series data processing engines, which have been upgraded to efficiently support IoT, energy, and monitoring scenarios [1].

Core Viewpoint - Beijing Haoliang Data Technology Co., Ltd. has approved a stock option incentive plan for 2025, aimed at motivating key personnel and aligning their interests with shareholders [1][5][13]. Group 1: Incentive Plan Overview - The stock option incentive plan allows designated individuals to purchase a certain number of company shares at a predetermined price within a specified period [1][5]. - The plan includes a total of 17,659,962 stock options, representing 6.00% of the company's total share capital at the time of the announcement [6][9]. - The plan's effective period lasts until all granted stock options are exercised or canceled, with a maximum duration of 117 months [6][7]. Group 2: Approval and Authorization - The plan was approved during the fourth board meeting on July 1, 2025, and subsequently ratified by the second extraordinary general meeting of shareholders on July 21, 2025 [4][5]. - The independent financial advisor has confirmed that all necessary approvals and authorizations for the stock option grant have been obtained, complying with relevant regulations [5][13]. Group 3: Performance Conditions - The exercise of stock options is contingent upon meeting specific performance targets, including revenue milestones for the "database autonomous products and services" business [9][10]. - For the first exercise period, the target revenue is set at no less than 600 million yuan by 2028, with a cumulative revenue requirement of no less than 500 million yuan from 2025 to 2028 [9][10]. - The performance assessment will be conducted annually, with individual performance evaluations determining the actual number of options that can be exercised [11][12]. Group 4: Financial Implications - The financial advisor recommends that the company accurately reflect the impact of the stock option incentive plan on its financial statements, in accordance with relevant accounting standards [12]. - Shareholders are advised to consider the potential dilution effects resulting from the implementation of the incentive plan [12].

Core Viewpoint - The company, Haima Data (603138), anticipates a net loss attributable to shareholders of approximately 44.6 million yuan for the first half of 2025, indicating ongoing financial challenges despite revenue growth in certain segments [1] Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is projected to be -44.6 million yuan, with a non-recurring profit estimate of around -48.6 million yuan [1] - The company forecasts an operating revenue of approximately 232 million yuan for the same period, with revenue from "self-developed database products and services" expected to be about 92.6 million yuan, reflecting a year-on-year growth of approximately 66% [1] Business Strategy - The company is in a rapid development phase, focusing on enhancing user satisfaction and expanding market share through sustained high levels of research and development as well as marketing investments [1] - Despite the revenue growth, the core business's revenue scale remains relatively small, leading to insufficient earnings to cover the ongoing research, sales, service, and management costs, resulting in continued net losses [1]

Core Insights - The company reported a revenue of 372 million yuan for 2024, a year-on-year increase of 42.26%, while the net profit attributable to shareholders was -63 million yuan, an increase of 21.99% [1] - In Q1 2025, the company achieved a revenue of 81.33 million yuan, a year-on-year growth of 25.20%, with a net profit attributable to shareholders of -17.69 million yuan, meeting market expectations [1] - The revenue from the company's self-developed database products and services reached 140 million yuan in 2024, growing by 35%, with a gross margin of 74.11%, an increase of 11.64 percentage points [1][2] Product and R&D Developments - The company increased its R&D investment to 197 million yuan in 2024, a growth of 33.31%, leading to significant upgrades in database technology performance with the release of the Vastbase G100 V3.0 version [2] - The new product version features resource pooling and high availability deployment, significantly saving storage resources and supporting real-time consistency for read-only functions [2] - The integration of vector database capabilities for AI applications has improved recall rates and query per second (QPS) in high concurrency scenarios [2] Market Position and Client Base - The company has continued to secure high-quality clients across various key industries, including government, manufacturing, finance, telecommunications, energy, and transportation [2] - Notable clients include the Ministry of Agriculture and Rural Affairs, BYD, Shanghai Stock Exchange, and China Unicom, among others [2] - By the end of 2024, the company's Vastbase database products had achieved compatibility with over 1,100 partners and more than 1,700 products [2] Profit Forecast and Investment Rating - The company's business transformation has shown significant results, with notable revenue growth and improved gross margins in self-developed products and services [3] - The profit forecast for 2025-2026 has been adjusted from -24 million/-4 million yuan to 3 million/96 million yuan, with an expected net profit of 189 million yuan in 2027 [3] - The company is positioned to benefit from the increasing demand in the government and political sectors, maintaining a "buy" rating [3]