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]

资料显示，北京中科海讯数字科技股份有限公司位于北京市海淀区地锦路15号院6号楼，成立日期2005 年7月18日，上市日期2019年12月6日，公司主营业务涉及声纳领域相关产品的研发、生产和销售。主营 业务收入构成为：信号处理平台41.94%，水声大数据与仿真系统39.42%，声纳系统17.69%，其他 0.95%。 9月16日，中科海讯涨5.33%，截至发稿，报46.82元/股，成交2.14亿元，换手率4.18%，总市值55.27亿 元。中科海讯股价已经连续3天上涨，区间累计涨幅3.42%。 责任编辑：小浪快报 长城久嘉创新成长混合A（004666）基金经理为尤国梁。 截至发稿，尤国梁累计任职时间5年330天，现任基金资产总规模38.05亿元，任职期间最佳基金回报 140.03%， 任职期间最差基金回报-15.93%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从中科海讯十大流通股东角度 数据显示，长城基金旗下1只基金位居中科海讯十大流通股东。 ...

证券研究报告 | 公司点评报告 2025 年 08 月 27 日 中科海讯（300810.SZ） 25H1 业绩承压，合同负债创历史新高 中游制造/军工 公司 2025 年上半年总收入 9596.68 万元，同比-9.61%，归母净利润-6467.71 万元，同比-12.09%，扣非归母净利润-6531.94 万元，同比-10.97%。 ❑ 盈利预测：预测 2025-2027 年归母净利润预测达到分别为 0.18 亿、0.29 亿和 强烈推荐（维持） 目标估值：NA 当前股价：53.81 元 基础数据 | 总股本（百万股） | 118 | | --- | --- | | 已上市流通股（百万股） | 114 | | 总市值（十亿元） | 6.4 | | 流通市值（十亿元） | 6.1 | | 每股净资产（MRQ） | 6.4 | | ROE（TTM） | -4.4 | | 资产负债率 | 33.2% | | 主要股东 宁波梅山保税港区中科海讯 | | | 科技投资合伙企业(有限合 主要股东持股比例 | 29.26% | | | 伙) | 股价表现 % 1m 6m 12m 绝对表现 29 163 242 相对表现 ...