12月2日，兴图新科涨5.03%，截至发稿，报30.29元/股，成交5160.15万元，换手率1.71%，总市值31.21 亿元。 中欧高端装备股票发起A（016847）基金经理为李帅。 截至发稿，李帅累计任职时间10年132天，现任基金资产总规模65.6亿元，任职期间最佳基金回报 101.5%， 任职期间最差基金回报-30.78%。 资料显示，武汉兴图新科电子股份有限公司位于湖北省武汉市东湖新技术开发区华中科技大学科技园现 代服务业示范基地二期5号楼4-9层，成立日期2004年6月17日，上市日期2020年1月6日，公司主营业务 涉及音、视频综合业务网络应用平台研究、开发与应用。主营业务收入构成为：智能视频指挥类 77.16%，视频智算类21.71%，其他(补充)0.66%，其他0.48%。 从兴图新科十大流通股东角度 数据显示，中欧基金旗下1只基金位居兴图新科十大流通股东。中欧高端装备股票发起A（016847）三 季度新进十大流通股东，持有股数200万股，占流通股的比例为1.94%。根据测算，今日浮盈赚取约290 万元。 中欧高端装备股票发起A（016847）成立日期2022年11月14日，最新规模3.2 ...

Core Viewpoint - The company, XinTuXinKe, has achieved significant gains from its stock buyback program, with a maximum floating profit of nearly 2.6 times the repurchase price, yet it faces the stark reality of stagnant revenue and continuous losses over the past five years [1][3][4]. Group 1: Stock Buyback and Performance - On November 26, 2025, XinTuXinKe sold 500 shares from its buyback account at an average price of 28.73 yuan per share, following a buyback at an average price of 11.57 yuan per share [2][3]. - The company’s stock price peaked at 41.46 yuan in September 2025, resulting in a maximum floating profit of 258% based on the repurchase cost [3]. - Despite the impressive stock performance, the company has not achieved revenue exceeding 200 million yuan since its IPO in 2020 and has reported losses for five consecutive years [4][5]. Group 2: Financial Performance and Challenges - XinTuXinKe's revenue has stagnated, with figures of 1.93 billion yuan in 2020, followed by 1.57 billion yuan, 1.44 billion yuan, 1.49 billion yuan, and 1.53 billion yuan in subsequent years, all failing to surpass 200 million yuan [4]. - The company has reported net losses of 45.61 million yuan, 79.10 million yuan, 67.94 million yuan, and 80.66 million yuan from 2021 to 2024, with a net loss of 4.47 million yuan in the first three quarters of 2025 [4]. - The company has faced negative cash flow from operating activities for five consecutive years, with a net cash flow of -4.34 million yuan in the first three quarters of 2025 [4]. Group 3: Business Operations and Future Outlook - XinTuXinKe's main business focuses on providing integrated solutions and products centered around intelligent systems, particularly in the defense and civilian sectors [5]. - The company has invested significantly in new products and aims to enhance its product matrix, although the scaling process may take time [5]. - The company’s representatives believe that the most challenging period has passed and anticipate improvements in the civilian market segment in the future [5].

Core Insights - The company, Xingtuxinke, is a leader in the audio and video comprehensive business network application platform sector, established in 2004 and listed on the Shanghai Stock Exchange in 2020 [1] Financial Performance - For Q3 2025, Xingtuxinke reported revenue of 91.23 million yuan, ranking 60th among 64 companies in the industry, significantly lower than the top competitors, AVIC Chengfei with 48.29 billion yuan and AVIC Optoelectronics with 15.84 billion yuan [2] - The main revenue sources include intelligent video command at 47.73 million yuan (77.16%) and video intelligent computing at 13.43 million yuan (21.71%), with a net profit of -44.57 million yuan, ranking 44th in the industry [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 29.73%, up from 20.23% year-on-year but still below the industry average of 32.84%, indicating strong solvency [3] - The gross profit margin was 55.79%, down from 59.25% year-on-year but higher than the industry average of 34.84%, reflecting robust profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.24% to 6,426, while the average number of circulating A-shares held per shareholder decreased by 23.22% to 16,000 [5] - New significant shareholders include China Europe High-end Equipment Stock Initiation A and Yongying Advanced Manufacturing Intelligent Selection Mixed Initiation A [5] Market Outlook - According to Shenwan Research, Xingtuxinke is expected to stabilize and recover its performance, driven by its core technology in military informationization and expansion into civilian markets such as judicial, oilfield, and security sectors [5] - The projected net profits for 2025E, 2026E, and 2027E are 34 million yuan, 56 million yuan, and 82 million yuan respectively, with corresponding PE ratios of 53, 32, and 22 times, indicating a lower valuation compared to peers [5]