深圳市银之杰科技股份有限公司2026年第一季度报告详解

一、报告关键点总结

• 营业收入同比增长：2026年第一季度公司实现营业收入1.86亿元，同比增长7.47%。
• 亏损收窄：归属于上市公司股东的净利润为-2,159.33万元，同比亏损收窄15.72%。扣除非经常性损益后的净利润为-2,320.16万元，同比亏损收窄9.14%。
• 现金流大幅下降：经营活动产生的现金流量净额为-1,829.67万元，上年同期为1,996.87万元，下降191.63%。
• 基本每股收益与稀释每股收益均为-0.0306元，同比改善15.70%。
• 总资产下降：报告期末总资产为8.92亿元，较上年度末减少2.39%。归属于上市公司股东的所有者权益为4.20亿元，下降3.25%。

二、财务指标及变动原因详解

• 资产、负债变动：
  • 其他应付款减少1,505.65万元，下降50.34%，主要因支付收购子公司安影智选少数股权款项。
  • 少数股东权益减少225.06万元，下降34.87%，主要因子公司银之杰拓扑技术亏损增加。
  • 长期借款增加1,627万元，增长72.44%，主要因子公司银之杰拓扑技术及安影智选长期借款增加。
  • 其他流动负债减少160.99万元，下降31.36%，主要因支付上期预提报销费用。
  • 一年内到期的非流动负债增加224.35万元，增长30.14%，主要因安影智选续租应付租金增加。
• 收入、成本、费用：
  • 财务费用同比增加213.05万元，增长140.97%，主要因子公司安影智选汇兑损失增加。
  • 所得税费用同比减少152.67万元，下降69.13%，主要因子公司亿美软通递延所得税资产转回减少。
  • 研发费用同比减少764.69万元，下降35.19%，主要因公司及子公司研发人员减少、无形资产摊销减少。
  • 信用减值损失同比减少1,308.83万元，下降100.28%，主要因子公司亿美软通坏账准备转回减少。
• 盈利指标变化：每股收益同比改善，主要因净利润亏损收窄。

三、股东结构与限售情况

• 股东总数：报告期末普通股股东总数为89,314。
• 前十大股东持股情况：
  • 张学君持股11.56%，何晔持股10.05%，卓海杭持股7.00%，陈向军持股5.39%（其中28,541,025股为高管锁定股），李军持股4.92%（26,086,650股为高管锁定股）。
  • 深圳弘道天瑞投资有限责任公司持股1.29%，全部股份被冻结。
  • 香港中央结算有限公司、中国建设银行－华宝中证金融科技主题ETF、J.P. Morgan Securities PLC等境外及机构投资者也进入前十大。
• 限售股：陈向军、李军合计54,627,675股为高管锁定股，每年按上年末持有股份的25%解除限售。

四、现金流与财务状况

• 现金流：
  • 经营活动现金流净额为-1,829.67万元，主要因支付款项增加与销售收入同比未同步增长。
  • 投资活动现金流净额为-12.05万元，较上年同期改善。
  • 筹资活动现金流净额为2,445.98万元，主要因取得借款和子公司吸收少数股东投资。
  • 期末现金及现金等价物余额为1.71亿元。

五、值得投资者关注的价格敏感事项

• 亏损收窄与收入增长：虽然公司仍处于亏损状态，但亏损同比大幅收窄，收入保持增长，显示公司经营状况有改善迹象。
• 现金流压力：经营现金流由正转负，需警惕公司短期流动性风险，或影响未来股价。
• 研发投入下降：研发费用大幅下降，可能影响公司未来创新能力及长期竞争力。
• 股东结构变化：机构及境外投资者持股比例上升，若未来出现大额解限售或股权变动，可能对股价形成冲击。
• 长期借款大幅增加：公司及子公司借款增长，杠杆风险需关注。
• 深圳弘道天瑞投资有限责任公司股份被冻结：需密切关注相关司法或财务风险。

六、结论

总体来看，深圳市银之杰科技股份有限公司2026年第一季度报告显示，公司经营持续改善但仍面临亏损和现金流压力，研发投入减少及长期借款增加需关注，股东结构及限售股情况也需投资者密切留意。上述多项财务与股东结构变动均为潜在价格敏感信息，建议投资者审慎评估公司后续发展及风险。

免责声明：以上内容仅供参考，不构成投资建议。投资者需结合自身风险承受能力，谨慎决策。

Shenzhen Yinzhijie Technology Co., Ltd. Q1 2026 Financial Report – Key Investor Insights

Key Highlights

• Revenue Growth: Q1 revenue reached RMB 186 million, up 7.47% year-on-year.
• Loss Narrowed: Net loss attributable to shareholders was RMB -21.59 million, a 15.72% improvement. Net loss excluding non-recurring items was RMB -23.20 million, a 9.14% improvement.
• Cash Flow Turned Negative: Operating cash flow dropped sharply to RMB -18.30 million from RMB 19.97 million last year.
• EPS Improvement: Basic and diluted EPS both at -0.0306 RMB, up 15.70% year-on-year.
• Total Assets Down: Assets at quarter-end were RMB 891 million, down 2.39%. Shareholder equity was RMB 420 million, down 3.25%.

Detailed Financial Changes

• Assets & Liabilities:
  • Other payables decreased by RMB 15.05 million (50%), mainly due to payment for subsidiary equity acquisition.
  • Minority interest decreased by RMB 2.25 million (35%), due to losses at subsidiary Topology Technology.
  • Long-term loans increased by RMB 16.27 million (72%), driven by increased borrowing at subsidiaries.
  • Other current liabilities decreased by RMB 1.61 million (31%), due to payment of accrued expense.
  • Current portion of non-current liabilities increased by RMB 2.24 million (30%), due to rental payments.
• Costs & Expenses:
  • Finance expenses rose by RMB 2.13 million (141%), mainly exchange losses at AnYing subsidiary.
  • Income tax expenses dropped by RMB 1.53 million (69%), due to reversal of deferred tax assets.
  • R&D expenses fell by RMB 7.65 million (35%), due to fewer R&D staff and reduced intangible asset amortization.
  • Credit impairment losses dropped by RMB 13.09 million (100%), due to bad debt provision reversal at subsidiary.
• Profitability: EPS improved due to narrowed net losses.

Shareholder Structure & Restricted Shares

• Total Shareholders: 89,314 ordinary shareholders at quarter-end.
• Top 10 Shareholders:
  • Zhang Xuejun holds 11.56%; He Ye 10.05%; Zhuo Haihang 7%; Chen Xiangjun 5.39% (28.54 million restricted shares); Li Jun 4.92% (26.09 million restricted shares).
  • Shenzhen Hongdao Tianrui Investment holds 1.29%, all shares frozen.
  • Foreign and institutional investors (HK Clearing, CCB-HuaBao ETF, JP Morgan) are among top holders.
• Restricted Shares: 54.63 million restricted shares held by management, released annually at 25% of prior year holdings.

Cash Flow & Financial Position

• Operating Cash Flow: Net outflow of RMB -18.30 million, mainly due to increased payments and less-than-expected revenue growth.
• Investment Cash Flow: Net outflow of RMB -0.12 million.
• Financing Cash Flow: Net inflow of RMB 24.46 million, driven by new borrowings and minority investment in subsidiaries.
• Cash Balance: RMB 171 million at quarter-end.

Price Sensitive Issues for Investors

• Loss Narrowing & Revenue Growth: Despite ongoing losses, loss reduction and revenue growth are signs of improving operations.
• Cash Flow Risks: Operating cash flow turned negative, raising liquidity concerns for the short term.
• R&D Cutbacks: Significant reduction in R&D may impact future competitiveness and innovation.
• Shareholder Changes: Institutional and foreign ownership rises; any significant share unlocks or changes could impact share price.
• Leverage Increase: Significant rise in long-term borrowings increases financial risk.
• Frozen Shares: All shares held by Shenzhen Hongdao Tianrui Investment are frozen, posing potential legal or financial risks.

Conclusion

Overall, Shenzhen Yinzhijie Technology’s Q1 2026 report shows improvement in loss reduction and revenue growth but highlights concerns over cash flow, reduced R&D investment, and increased leverage. Shareholder structure and frozen shares also present risks worth monitoring. These developments are likely to be price-sensitive and warrant investor attention.

Disclaimer: The above content is for reference only and does not constitute investment advice. Investors should make decisions based on their own risk tolerance and due diligence.

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