北京真视通科技股份有限公司2025年年度报告深度解读

一、年度报告核心要点梳理

• 业绩大幅下滑，归母净利润大幅亏损：2025年度，公司营业收入同比下降30.90%至3.70亿元，归属于上市公司股东的净利润为-6361万元，较2024年同期下降1000.74%，大幅转亏。
• 多业务协同推进，聚焦三大核心板块：公司继续深耕多媒体视讯、人工智能及新能源充电设备三大板块，强调“AV+AI”融合战略和绿色算力建设。
• 技术创新持续发力：在AI和数据中心液冷技术等领域取得多项专利和行业标准参与，核心产品和解决方案在中国石化、中国平安、央视春晚等重要客户和场景成功落地。
• 新能源充电设备增长迅猛：子公司军融科技在新能源重卡充电市场表现突出，荣获多项行业大奖，产品线不断完善，市场已覆盖全国21省份。
• 现金流压力显现：2025年经营活动现金流净额仅为623万元，同比下降86.53%。
• 股本结构变动：截至报告期末，普通股股东总数为42,988，前十大股东持股相对集中，其中控股股东王国红持有12.65%，部分股东股份质押。

二、对股东及股价可能产生影响的重大事项

1. 业绩大幅亏损，警惕持续经营风险

2025年公司实现营业收入3.70亿元，同比减少30.90%，归母净利润由上年的706万元转为亏损6,361万元，扣非后净利润亏损6,532万元，显示主营业务承压，盈利能力大幅恶化。每股收益由正转负，净资产收益率跌至-9.97%。这对公司估值和投资者信心构成显著负面影响，短期内股价存在下行压力。

2. AI与液冷算力技术创新突破

在AI与数据中心液冷技术领域，公司通过与北京航空航天大学、航源光热、东南大学等产学研深度合作，取得多项技术专利，并参与行业标准制定。自主研发“智擎HOPE智能一体化机柜”、“真擎大模型一体机”等多款产品，标杆项目落地，形成可复制案例。液冷技术入选北京市节能技术产品推荐目录，为后续AI算力建设和绿色数据中心业务奠定领先基础，若能商业化落地，长期利好公司价值。

3. 新能源充电设备业务快速增长

子公司军融科技在新能源充电设备市场持续发力，产品覆盖60KW到兆瓦级，支持多枪并充、液冷超充等新技术。公司已取得23项专利，并荣获多项行业权威奖项。2025年销量快速增长，市场覆盖全国21省份，尤其在重卡充电市场有显著突破。此业务板块未来有望成为新的业绩增长点，值得投资者持续关注。

4. 现金流波动与经营风险

2025年经营活动现金流量净额仅为623万元，同比大幅下降86.53%。分季度看，第一季度经营现金净流出1.04亿元，第四季度大幅回流。现金流波动较大，需警惕公司流动性风险及资金链断裂风险。

5. 股权结构及控股股东变动

控股股东王国红持股12.65%，马亚持股5.82%。报告期内，王国红与苏州隆越控股解除一致行动关系，部分股份处于质押状态，未来若发生股权质押风险事件，或对公司控制权及股价产生影响。

三、投资者须知及展望

• 公司2025年未提出现金分红或送转股方案，股东短期无法获得现金回报。
• 公司积极进行技术创新和新业务拓展，但短期盈利持续承压，建议投资者密切关注公司业绩修复进展、AI和新能源充电板块的商业化兑现情况以及现金流变动。
• 持续关注控股股东股权质押情况及潜在的控制权变动风险。

四、结论

综上所述，北京真视通2025年面临业绩大幅滑坡、现金流紧张、核心技术创新与新业务快速发展的结构性矛盾。短期业绩压力较大，需关注其技术创新商业化和新业务持续放量能力。报告中的亏损、现金流波动、技术突破以及新能源业务增长均为潜在的股价影响因素，投资者需审慎评估风险与机会。

免责声明：本文基于公司2025年年度报告公开资料整理，不构成任何投资建议。投资有风险，请投资者自行判断并承担相关风险。

English Translation

In-Depth Analysis of Beijing Trusvision Technology Co., Ltd. 2025 Annual Report

I. Key Points from the Annual Report

• Significant Decline in Performance and Large Net Loss: In 2025, the company’s revenue fell by 30.90% YoY to RMB 370 million. Net profit attributable to shareholders was a loss of RMB 63.61 million, a drop of 1000.74% compared to 2024, marking a dramatic swing into loss.
• Focusing on Three Core Segments: The company continued to advance its three main businesses: multimedia video communications, artificial intelligence, and new energy charging equipment, highlighting the “AV+AI” integration strategy and green computing.
• Continuous Technological Innovation: Achieved multiple patents and participated in industry standards in AI and liquid cooling for data centers. Core products and solutions have landed with key clients such as Sinopec, Ping An, and the CCTV Spring Festival Gala.
• Strong Growth in New Energy Charging Equipment: Subsidiary Junrong Technology excelled in the heavy truck charging market, winning industry awards and expanding its product line, with sales covering 21 provinces nationwide.
• Cash Flow Pressure Evident: Operating cash flow in 2025 was only RMB 6.23 million, down 86.53% YoY.
• Equity Structure Changes: As of the end of the reporting period, the number of ordinary shareholders was 42,988, with the top 10 shareholders holding relatively concentrated stakes. The controlling shareholder, Wang Guohong, holds 12.65%, with some shares pledged.

II. Major Issues for Shareholders and Potential Price Sensitivity

1. Large Losses Raise Continued Operation Risks

In 2025, the company posted revenue of RMB 370 million, down 30.90% YoY, and a net loss to shareholders of RMB 63.61 million (from a profit of RMB 7.06 million in 2024). Net profit after extraordinary items was a loss of RMB 65.32 million. EPS turned negative, and ROE fell to -9.97%. This is a significant negative factor that may put downward pressure on the share price.

2. Breakthroughs in AI and Liquid Cooling Technology

The company achieved key patents and participated in industry standard-setting for AI and liquid cooling data center technology, working with top academic and industrial partners. Products like the “HOPE” smart cabinet and “Zhenqing” AI Appliance were launched, with successful benchmark projects. Liquid cooling technology was listed in Beijing’s recommended energy-saving technologies, providing future growth potential if commercialized effectively.

3. Rapid Growth in New Energy Charging Equipment

Subsidiary Junrong Technology expanded its product line from 60KW to megawatt-level charging, supporting multi-gun, liquid cooling, and fast charging. The company won multiple industry awards and covered 21 provinces. The heavy truck charging market saw a significant breakthrough, making this segment a potential growth engine.

4. Cash Flow Volatility and Operational Risks

Operating cash flow for 2025 was only RMB 6.23 million, down 86.53% YoY. The first quarter saw a net cash outflow of RMB 104 million, with a rebound in Q4. Large fluctuations in cash flow highlight liquidity and funding risks.

5. Changes in Equity Structure and Controlling Shareholder

Controlling shareholder Wang Guohong holds 12.65%, with some shares pledged. During the period, Wang Guohong and Suzhou Longyue Holdings terminated their concerted action relationship. Any risks related to share pledges could affect control and share price.

III. Investor Reminders and Outlook

• No cash dividends or bonus shares proposed for 2025; shareholders will not receive short-term cash returns.
• The company is active in innovation and expanding new business, but short-term profitability is under pressure. Investors should monitor progress in performance recovery, commercialization of AI and new energy charging businesses, and changes in cash flow.
• Monitor the controlling shareholder’s share pledge and potential control changes.

IV. Conclusion

In summary, Beijing Trusvision faces a structural contradiction between a sharp performance slump, tight cash flow, and rapid development in core innovation and new business. Short-term performance pressure is significant, and the future will hinge on commercializing technological advances and expanding new business. The report’s disclosures on losses, cash flow, tech progress, and new energy growth are all potentially price-sensitive. Investors should weigh both risks and opportunities carefully.

Disclaimer: This article is based on publicly available information from the company’s 2025 annual report and does not constitute any investment advice. Please make your own investment decisions and bear the relevant risks.

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