据证券之星公开数据整理，近期中科海讯（300810）发布2025年中报。截至本报告期末，公司营业总收 入9596.68万元，同比下降9.61%，归母净利润-6467.71万元，同比下降12.09%。按单季度数据看，第二 季度营业总收入4913.5万元，同比下降12.7%，第二季度归母净利润-3944.77万元，同比上升10.31%。本 报告期中科海讯公司应收账款体量较大，当期应收账款占最新年报营业总收入比达162.84%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率22.13%，同比减46.45%，净利 率-67.73%，同比减24.04%，销售费用、管理费用、财务费用总计2725.25万元，三费占营收比28.4%， 同比增16.46%，每股净资产6.37元，同比减4.33%，每股经营性现金流-0.61元，同比减16.1%，每股收 益-0.55元，同比减12.58% 证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-10.63%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为1.83%，投资回报一般，其中最惨年份2023年的ROIC 为 ...

Group 1: Company Overview and Key Personnel - The meeting was held on June 26, 2025, at the Zhongguancun Environmental Park Innovation Center, attended by various investment representatives [2][10] - Key personnel included Chairman Zhang Qiusheng, Vice General Managers Li Jinjia and Gong Yuzhen, and General Manager of the subsidiary Li Hongbing [2][3] Group 2: Product Introduction and Market Potential - The HX-A200 domestic core processing chip was introduced, highlighting its technical specifications, infrastructure, and performance advantages [3] - The chip has completed development and testing, with expectations to receive bulk orders within the year [3] - The HX-A200 chip shows potential applications in marine equipment and is primarily targeted at the special electronic information industry [3][5] Group 3: Competitive Landscape and Future Applications - The company acknowledges potential competition in the market but emphasizes the chip's first-mover advantage [3][4] - Future applications of the HX-A200 chip will be explored in underwater detection and oil exploration, expanding its use in specialized fields [5][6] Group 4: Industry Insights and Strategic Direction - The company operates in the special electronic information industry, with sonar equipment being crucial for deep-sea exploration [6] - The "Deep Sea Technology" sector is recognized as a strategic emerging industry in the 2025 government work report, which may positively impact company performance [6] Group 5: Financial Performance and Growth Projections - As of the end of 2023, the company had an order backlog of 630 million yuan, indicating an increase in order volume [7] - The 2025 stock incentive plan includes performance assessment metrics based on revenue growth rate and net profit, aimed at enhancing employee motivation and company competitiveness [8] - Future growth points are expected to arise from advancements in unmanned systems, artificial intelligence, and big data technologies, which will enhance product functionality and performance [9]

Group 1: Company Overview - The company focuses on the research, production, and sales of sonar equipment in the national special electronic information industry [2][3] - Key products include signal processing platforms, sonar systems, underwater big data, simulation training systems, unmanned detection systems, and data computing centers [3] Group 2: Signal Processing Platform - The signal processing platform is the main information processing unit for sonar equipment, enabling real-time digital signal processing, multi-channel signal acquisition, and data communication [4] - Main customers include national special departments and large state-owned enterprises, with a focus on supporting sales to research institutions [5] Group 3: Market Trends and Development - The company anticipates a new round of development opportunities due to increased national defense investment and the growing demand for domestic products [6] - The order volume for the third-generation domestic underwater signal processing platform is steadily increasing, with significant revenue growth expected in 2024 compared to the previous year [6][7] Group 4: Competitive Advantages - The company has established long-term stable relationships with quality customers and possesses comprehensive industry qualifications and technical expertise [8] - Strong engineering design capabilities and experience allow the company to meet high reliability and compatibility requirements in harsh environments [8] Group 5: Simulation Training Systems - The sonar simulation technology is used for real-time or non-real-time simulation of sonar systems and underwater applications, primarily for training, decision-making support, and scenario simulation [9] - The company has developed a series of simulation training products, including a simulation evaluation platform and a simulation deduction system, which have been delivered [10] Group 6: Future Planning - The company plans to leverage its leading advantages in sonar equipment to expand applications in the deep-sea technology sector, which has been identified as a strategic emerging industry [11] - Collaboration with large domestic groups in technology, research, and services is planned to promote mutual development in the sonar equipment field [11]