Financial Performance - For the first half of 2025, the company's operating revenue was approximately 333.60 million, an increase from 308.20 million in the same period last year, reflecting a growth of about 8.4% [1] - The total profit for the same period was a loss of approximately 64.08 million, compared to a loss of 13.31 million in the previous year [1] - The net profit attributable to shareholders was a loss of approximately 52.41 million, down from a profit of 5.98 million in the previous year [1] - The net profit after deducting non-recurring gains and losses was a loss of approximately 114.86 million, compared to a loss of 83.97 million in the same period last year [1] - The net cash flow from operating activities was a loss of approximately 85.66 million, an improvement from a loss of 149.70 million in the previous year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 2.56 billion, down from 2.68 billion at the end of the previous year [1] - The company's construction in progress increased by 28.62% compared to the end of the previous year, while cash and cash equivalents decreased by 18.42% [37] - Short-term borrowings accounted for 4.99% of total assets, which was an increase from 0% at the end of the previous year [40] Shareholder Information - The largest shareholder, Du Yulin, held 35.84% of the shares, with other shareholders also showing varying changes in their holdings [50][51] - The shareholding of Wan Jia Industry Preferred Mixed Securities Investment Fund (LOF) decreased by 0.114 percentage points [51] Valuation Metrics - As of August 29, the company's price-to-earnings (P/E) ratio was approximately 2352.01, the price-to-book (P/B) ratio was about 5.12, and the price-to-sales (P/S) ratio was approximately 14.37 [1]

证券研究报告 | 2025 年 8 月 29 日，公司发布 2025 年半年度报告，2025 | 年上半年营收 3.34 | | --- | --- | | 亿元（yoy+8.24%）；归母净利-5241 万元，去年同期 598 万元；扣非净利 | | | -1.15亿元，去年同期- 8397万元。其中Q2实现营收2.08亿元（yoy+10.59%， | | | qoq+65.78%），归母净利-444 万元，去年同期 3159 万元。营收增长主要 | | | 得益于公司持续的技术研发投入与市场拓展策略，境外产品市场渗透逐步加 | | | 深；利润下滑主要由于绩效考核周期调整、股权激励费用增加、理财收益下 | | | 滑、政府补助减少等。看好公司在国产替代背景下 CAD/CAE 产品的持续渗 | | | 透，维持"买入"。 | | 标准通用软件产品增长有亮点，业务布局持续优化 2025 年上半年，公司标准通用软件、外购软硬件、定制服务、技术服务营 收分别为 3.18/0.02/0.04/0.08 亿 元 （ yoy+10.47%/-14.75%/+7.81%/ -36.86%）。具体来看，核心研发设计类工业软 ...