شركة هاو تشن للبرمجيات (688657) تحليل موجز لتقريرها السنوي لعام 2025: زيادة الإيرادات دون زيادة الأرباح

According to information compiled from public data by Securities Star, Haochen Software (688657) recently released its 2025 annual report. According to the financial report, Haochen Software increased revenue but did not increase profits. As of the end of this reporting period, the company’s total operating revenue was RMB 332 million, up 14.89% year over year, and its net profit attributable to shareholders was RMB 50.8016 million, down 19.36% year over year. By single-quarter data, in the fourth quarter total operating revenue was RMB 102 million, up 11.76% year over year, while the net profit attributable to shareholders in the fourth quarter was RMB 9.249 million, down 67.33% year over year.

This data is below the expectations of most analysts. Previously, analysts generally expected that the company’s net profit in 2025 would be around RMB 66.50 million.

All the key data indicators disclosed in this earnings report are performing generally. Among them, gross margin was 92.59%, up 0.64% year over year; net profit margin was 15.31%, down 30.15% year over year. Selling expenses, administrative expenses, and finance expenses totaled RMB 171 million; the three-expense-to-revenue ratio was 51.49%, up 11.78% year over year. Net assets per share were RMB 21.6, down 0.2% year over year. Operating cash flow per share was RMB 1.4, up 37.85% year over year. Earnings per share were RMB 0.78, down 18.75% year over year.

Explanations in the financial statements for financial items with large changes are as follows:

1. The change in trading financial assets was -66.26%, reason: redemption of the prior-period structured deposit.
2. The change in inventories was 120.18%, reason: increase in technology development services.
3. The reason for the change in construction in progress: the newly built AI server equipment is still under installation.
4. The change in intangible assets was 1970.16%, reason: the company acquired CadLine and obtained related intangible assets.
5. The reason for the change in goodwill: acquisition of CadLine.
6. The change in long-term prepaid expenses was 170.35%, reason: addition of renovation expenses during the period.
7. The change in deferred income tax assets was 36.18%, reason: increase in allowance for bad debts and increase in performance obligations for unrecognized revenue.
8. The change in taxes payable was 74.04%, reason: increase in enterprise income tax payable.
9. The change in other accounts payable was 279.71%, reason: increase in amounts due to third parties not yet paid.
10. The change in non-current liabilities due within one year was 85.35%, reason: increase in lease liabilities due within one year.
11. The change in lease liabilities was 93.4%, reason: new lease premises for the extended term.
12. The reason for the change in deferred income: receipt of integrated subsidy funds.
13. The reason for the change in deferred income tax liabilities: increase in intangible asset valuation from the acquisition of CadLine.
14. The change in other non-current liabilities was 41.32%, reason: performance obligations with terms longer than 1 year for unrecognized revenue.
15. The change in net cash flow from operating activities was 37.85%, reason: the company’s business segments’ growth strategy implementation and the effectiveness of prior measures drove revenue growth.

The Securities Star stock price investment circle financial report analysis tool shows:

• Business assessment: Last year’s ROIC of the company was 2.43%, and the capital return was not strong. However, last year’s net profit margin was 15.31%; after accounting for all costs, the value-added of the company’s products or services is high. Based on statistics from historical annual report data, the company’s median ROIC since listing has been 21.17%, and investment returns have been good. The worst year, 2025, had ROIC of 2.43%, and investment returns were average. The company’s historical financial reports have generally been relatively good (Note: the company has been listed for less than 10 years; the longer the listing time, the greater the reference significance of the financial averages.）

• Debt-paying ability: The company’s cash assets are very healthy.

• Business model: The company’s performance mainly relies on R&D and marketing-driven efforts. The actual situation behind these driving forces needs careful study.

• Business breakdown: Over the past three years (2023/2024/2025), the company’s return on net operating assets was 115.9%/157.5%/65.6%, respectively; the company’s net operating profits were RMB 54.1386 million/63.3387 million/50.8316 million, respectively; and the net operating assets were RMB 46.7167 million/40.2178 million/77.4809 million, respectively.

  Over the past three years (2023/2024/2025), the company’s working capital / revenue (i.e., the amount of funding the company needs to advance for each RMB of revenue generated during production and operations) was 0.05/0.03/0.01, respectively. Of this, the working capital (money the company paid out itself during production and operations) was RMB 12.9573 million/7.9425 million/2.9058 million, respectively, and the revenue was RMB 278 million/289 million/332 million, respectively.

Recently, some well-known institutions have focused on the following questions about the company:

Q: Please briefly introduce the company’s 2025 performance.

A: The company mainly engages in the R&D and sales of industrial software for research and design. Globally, it promotes 2D/3D CD software to B-end users and promotes cloud-based CD software to C-end users. In 2025, the company used a combination of internal and external expansion, and focused on strengthening development around its core business. Domestic and overseas CD software business and CD cloud-based business all achieved growth across the board, maintaining a relatively high level of profitability. According to the 2025 performance express report, the company achieved operating revenue of RMB 33,135.00 million, an increase of RMB 4,230.65 million over 2024, representing a year-on-year increase of 14.64%. It achieved net profit attributable to owners of RMB 5,017.08 million, with a year-on-year parent-attributable net profit margin of 15.14%. For the audited company performance and specific operating conditions, attention can be paid to the annual report for 2025 expected to be disclosed on March 28.

2. Is there a risk that CD could be overturned by an I model?

In the industrial design field, there are multiple core barriers, making it difficult for I to break through; it does not yet have the industrial foundation to replace CD software. First, the industrial design field lacks high-quality effective corpora that can be used for training; CD file formats are diverse; core data structures are not open; and design intentions such as parametric rules, feature trees, and constraint relationships are difficult for I to parse. Second, the CD model is constructed based on topology and geometry; its complexity is far beyond that of text and images; I also cannot guarantee the geometric rationality and editability of complex models. Third, in design, I struggles to deeply understand the underlying industrial logic and engineering attributes behind product functions, process requirements, and usage scenarios; the machine readability of industry know-how is low, and a large number of vertical-domain design specifications and professional logic cannot be accurately understood and applied by I. Finally, industrial design has extremely high requirements for precision, compliance, and stability; the reliability of results generated by I in the construction and production process cannot be verified, making it difficult to meet the rigid requirements of industrial scenarios.

From a long-term perspective, the company has already actively carried out accumulation and exploration of I-related technologies, deeply integrated industrial mechanisms and industry knowledge, focused on intelligent assisted design scenarios, and fully leveraged I’s role in improving design efficiency and optimizing design processes, thereby promoting I to become an effective auxiliary tool for industrial design.

3. What progress has the company already made in the I field?

The company adheres to an independent and controllable development strategy, continuously deepens its focus on the CD field, and actively promotes integration and innovation between I and other cutting-edge technologies and CD products. In 2025, several I CD application functions were first implemented in CD cloud-based products oriented to individual users. By integrating I technology, intelligent functions such as automatic recognition of drawing spaces and intelligent arrangement of stairwell areas were realized, significantly improving user experience and design efficiency.

For a long time, the company has actively paid attention to the application value of emerging technologies such as I in CD scenarios. Guided by the philosophy of “overall layout, phased development; user-oriented, value-based,” it has comprehensively reviewed CD + I application scenarios. With identification of CD 2D drawings and 3D models as the core, and relying on existing mature conventional large-model technologies, it has promoted the implementation of I functional applications. In the future, the company will continue to explore and improve the I-combined functionalities of its products, and effectively enhance the integration results of I technology and CD products in real application scenarios.

4. The company is committed to developing global business. How does the Middle East war situation affect the company’s performance?

The company focuses on a long-term strategic route for global development. Not only does it have a broad user base in the China market, but it has also established stable cooperative relationships with more than 70 distributors across more than 100 countries or regions, such as South Korea, Poland, Japan, Thailand, Brazil, Italy, the UAE, and Turkey. As of the first half of 2025, the proportion of overseas revenue has already exceeded 40% of total revenue.

The company’s overseas sales regions are widely distributed, and the direct negative impact on the company’s revenue from any single country or region is relatively small. According to the most recent fiscal year, the Middle East business revenue is less than 2% of total operating revenue, and the company has not set up major investment projects and branches in the Middle East region.

The above content has been compiled by Securities Star from publicly available information and generated by an AI algorithm (Net Info Record 310104345710301240019), and does not constitute investment advice.