华是科技分析师会议 调研日期：2025年09月23日 调研行业：软件开发 参与调研的机构：国金证券股份等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 扫码关注 调研纪要精选公众号 时尚悉各行业顶流企业周研情况。 LIST 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主 ...

Group 1: Company Overview - The company is Zhejiang Huashi Technology Co., Ltd., with stock code 301218 and abbreviation Huashi Technology [1]. - The investor relations activity took place on September 23, 2025, with a site visit [2]. Group 2: Product Applications - The self-developed 3D Laser Sentinel is primarily used in perimeter security and alarm systems, applied in airports, nuclear power plants, detention centers, state guesthouses, and special police agencies [2]. - The company's subsidiary, Huashi Hangyu Ship Technology, has developed a new energy ship's three-electric system, successfully applied in various projects, including tourist boats in West Lake, a 64 TEU multi-purpose cargo ship in Huzhou, and a 75-passenger electric tourist boat project in Xiaogan [2]. Group 3: AI and Industry Integration - The company has established an AI department equipped with dedicated training servers and is conducting industry application tests based on DeepSeek [2]. - A planned acquisition in 2024 was terminated due to the actual circumstances of both parties and the current market environment, but future integration opportunities will be considered based on suitable targets in the industry chain [3]. Group 4: Marine Economy Opportunities - The company is involved in the marine economy, focusing on new holographic smart fishing port management, with a self-developed "Intelligent Gate Safety Supervision System" designed for efficient management of fishing vessels' safe navigation [3].

Group 1: Company Overview - Zhejiang Huashi Technology Co., Ltd. is actively expanding its market presence outside the province, with significant increases in project share in the Southwest region [2] - The company has established subsidiaries in Guizhou, Anhui, and Jiangxi to enhance its market development capabilities [2] Group 2: Ocean Economy Initiatives - Huashi Technology has made strides in the ocean economy, focusing on smart fishery port management with its self-developed "Intelligent Gate Safety Supervision System" [2] - A strategic cooperation agreement was signed with Zhejiang Ocean University to explore innovative models combining "ocean + digital" for high-quality development in marine economy and digital economy [2] Group 3: Product Development - The company has developed a "Bridge Collision Safety Warning System" to address safety issues caused by vessel collisions with bridges, providing visual navigation and collision risk alerts [3] - Huashi Technology is advancing in electric vessel research, aligning with national "dual carbon" policies, and has developed a range of technologies for new energy vessel propulsion systems [3] Group 4: Strategic Planning - Over the next 3-5 years, the company aims to deepen its focus on smart city information systems and technology services, enhancing core technologies in various sectors such as smart ports and smart security [3] - The company plans to increase R&D investment, improve core competitiveness, and control risks while striving to enhance operational performance [3]

Financial Performance - The company reported a total revenue of 194 million yuan for the first half of 2025, representing a year-on-year increase of 71.02% compared to 113 million yuan in the same period of 2024 [1] - The net profit attributable to the parent company was -11.54 million yuan, a decrease of 6.33% from -10.85 million yuan in the previous year [1] - The gross profit margin increased by 1.65% to 14.19%, while the net profit margin improved by 37.41% to -6.68% [1] - Total expenses (selling, administrative, and financial) amounted to 26.86 million yuan, accounting for 13.87% of revenue, a decrease of 45.93% year-on-year [1] Cash Flow and Debt - The company’s cash and cash equivalents increased by 12.43% to 518 million yuan, while accounts receivable rose by 16.36% to 275 million yuan [1] - Interest-bearing debt surged by 198.20% to 144 million yuan, indicating a significant increase in leverage [1] - Operating cash flow per share was -0.24 yuan, a decrease of 49.98% from -0.16 yuan in the previous year [1] Business Model and Strategy - The company relies heavily on research and marketing for its business performance, with a historical median Return on Invested Capital (ROIC) of 14.51% since its listing [3] - The company has made strategic moves in the marine economy, including the development of a smart port management system and a partnership with Zhejiang Ocean University to explore innovative models in the marine and digital economy [4] Investment Interest - The largest fund holding the company’s shares is the Fortune CSI 2000 ETF, which has a current scale of 21 million yuan and has seen a year-on-year increase of 87.43% [3]

Financial Performance - The company reported total revenue of 194 million yuan for the first half of 2025, a year-on-year increase of 71.02% [1] - The net profit attributable to shareholders was -11.54 million yuan, a decrease of 6.33% year-on-year [1] - In Q2 2025, total revenue was 57.06 million yuan, down 22.11% year-on-year, while net profit attributable to shareholders was -9.59 million yuan, an increase of 0.92% [1] - The gross margin increased by 1.65% to 14.19%, while the net margin improved by 37.41% to -6.68% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 26.86 million yuan, accounting for 13.87% of revenue, a decrease of 45.93% year-on-year [1] - The company’s operating cash flow per share was -0.24 yuan, a decrease of 49.98% year-on-year [1] Assets and Liabilities - Cash and cash equivalents increased by 12.43% to 518 million yuan [1] - Accounts receivable rose by 16.36% to 275 million yuan [1] - Interest-bearing debt surged by 198.20% to 144 million yuan [1] Investment and Returns - The company's return on invested capital (ROIC) was 0.06% last year, indicating weak capital returns [3] - The historical median ROIC since the company’s listing is 14.51%, suggesting better investment returns in the past [3] Business Strategy and Development - The company is focusing on the marine economy, with products related to smart fishing port management and a strategic partnership with Zhejiang Ocean University [5] - The company aims to explore innovative models combining marine and digital economies to enhance high-quality development in marine industries [5] Fund Holdings - The largest fund holding shares in the company is the Fortune China Securities 2000 ETF, which has recently increased its position [4]

从经营业绩看，公司2024年实现营业收入5.01亿元，同比减少10.84%；实现净利润974.15万元，同比减 少70.36%。 对此，华是科技表示，报告期内，全球经济复苏乏力，消费市场需求持续疲软，行业投资节奏放缓，受 主要客户项目延期或预算缩减等诸多因素影响，公司业务的市场拓展、项目验收和后续运维持续受到较 大影响，市场竞争加剧，项目毛利率承压。 2025年一季度，华是科技实现营业收入1.37亿元，同比增长241.85%，实现净利润-195.44万元，上年同 期为-117.83万元。 7月29日晚间，华是科技（301218）公告，2025年7月28日，公司收到桐庐县监察委员会签发的《解除留 置通知书》，决定对公司实际控制人之一、董事、总经理叶建标解除留置措施。目前公司生产经营情况 正常，叶建标能够正常履行公司董事、总经理等职责。 回溯来看，华是科技2月21日晚公告，公司收到桐庐县监察委员会出具的《留置通知书》和《立案通知 书》，公司实际控制人之一、董事、总经理叶建标被实施留置及立案调查。叶建标在留置期间暂时无法 履行董事、总经理职责，公司已对相关事项做了妥善安排。 5月21日晚，华是科技公告，5月20日， ...

Group 1: Company Overview - Zhejiang Huashi Technology Co., Ltd. has 13 subsidiaries, including 8 wholly-owned and 5 controlled subsidiaries [2] - The company has established deep cooperation with state-owned enterprises in various regions to enhance its smart city business [3] Group 2: Strategic Initiatives - The company is focusing on the marine economy, with products like the "Intelligent Port Safety Supervision System" aimed at enhancing safety management in marine fisheries [2] - A strategic cooperation agreement was signed with Zhejiang Ocean University to explore innovative models combining "marine + digital" [2] Group 3: Recent Developments - The planned acquisition of 51% of Zhongshi Huizhi (Hangzhou) Technology Co., Ltd. was terminated due to market conditions and mutual agreement [3] - The company is advancing the application of drones for non-site law enforcement on water, utilizing AI algorithms for efficient enforcement in 9 scenarios [3] Group 4: Technological Innovations - The "Bridge Collision Safety Warning System" developed by the company played a crucial role in a recent safety drill, preventing potential collisions at the Sha Ying River Bridge [3]