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]

Core Viewpoint - Beijing Haoliang Data Technology Co., Ltd. focuses on database software development and is positioned in the strategic emerging industry of new-generation information technology, which is expected to benefit from the rapid growth of the database market in China, projected to reach approximately 93.03 billion yuan by 2028 with a CAGR of 12.23% [1][2][3]. Company Overview - The company is a leading domestic relational database vendor, emphasizing independent innovation and the development of high-performance database products [4][5]. - The company's flagship product, Vastbase, is a fully domestic enterprise-level relational database that has passed national security assessments and is widely used across various key industries [3][4]. Business Model - The company employs both endogenous and demand-driven R&D models to ensure product usability and innovation, adhering to international standards [5]. - The business model includes direct sales to end customers and partnerships with distributors, enhancing market reach through collaboration with ecosystem partners [5]. Financial Performance - In the reporting period, the company achieved revenue of 372.47 million yuan but reported a net loss of 63.33 million yuan, with a loss per share of 0.22 yuan [7]. - The company plans to retain earnings and not distribute cash dividends or issue bonus shares for the 2024 fiscal year, pending shareholder approval [1][7]. Market Context - The Chinese database market is currently valued at approximately 7.41 billion USD (about 52.24 billion yuan), accounting for 7.34% of the global market, with significant growth opportunities driven by digital transformation and technological advancements [1][2]. - The demand for domestic database solutions is increasing as industries undergo digital transformation, positioning the company to play a crucial role in supporting high-quality development across various sectors [3][4].