汇纳科技2025年年度报告要点详解

一、报告摘要与重要提示

汇纳科技股份有限公司（300609）于2026年4月25日发布了2025年年度报告摘要。公司董事会全体成员出席审议会议，立信会计师事务所为本年度财务报告出具了标准无保留意见。公司本年度不进行利润分配、不送红股也不以公积金转增股本。

二、公司业务定位与发展战略

汇纳科技经过二十年发展，现已成为人工智能和大数据应用方案供应商，聚焦线下实体商业和公共服务行业数字化转型。公司通过AI、大数据等技术赋能零售、商场、政企等多个板块，形成了“商业服务”和“公共服务”两大业务主线，产品与服务不断丰富，覆盖数据采集分析、智能终端管理、大数据平台开发及数字化软硬件集成等。

主要产品和服务：

• 客流数据分析与远程巡店系统：利用自研AI芯片和算法，精准采集并分析客流数据，覆盖百货商场、购物中心、品牌连锁等，助力客户提升门店运营效率和管理水平。
• 数据与运维服务：“汇客云”大数据平台为商业客户、零售品牌、政府及金融等多行业客户提供数据诊断、评估、预测及决策支持；全国运维团队保障数字化方案稳定运行。
• 智能屏管理系统：子公司南京千目通过云原生架构管理20,000+屏幕终端，服务太古地产、华润万象等TOP企业，覆盖120+城市。
• 大数据平台开发：布局城市商业大数据、公共空间态势感知、政务数据平台，服务商务部、上海市商务委、社保、公积金、环保等多政府项目。
• 数字化软硬件集成：多融科技开发智慧法庭系统与司法大数据平台，已在上海多家法院落地。

三、2025年财务表现及股东变化

• 营业收入：2025年营收3.07亿元，同比下降15.47%，主要受外部环境影响、新客增速放缓及减值损失等影响。
• 净利润：归属于上市公司股东净亏损8,345.7万元，同比大幅扩大（去年同期亏损2,386万元）。扣除非经常性损益后的净亏损8,806.9万元。
• 资产与净资产：公司总资产13.04亿元，净资产9.38亿元，净资产较去年下降8.8%。
• 经营现金流：净流入2,056万元，同比减少49%。
• 季度表现：四季度亏损最大（-4,765万元）；全年现金流波动较大，四季度现金流回正。
• 股东结构变化：江泽星及金石一号成为新实际控制人和控股股东，公司控制权发生变更。

四、战略调整与未来发展

• AI与大数据研发：公司深度整合多模态大模型技术，优化客流算法，推进信创方案，在上海交通枢纽等项目落地。拓展海外SaaS平台，推动技术出海。
• 商业服务深化：零售品牌数据产品矩阵持续迭代，数据订阅服务形成经常性收入，成功签约香港置地、奥特莱斯等标杆项目，云盯科技与波司登、无印良品等品牌合作。
• 公共服务拓展：服务上海公积金、社保中心、生态环境局等政府客户，智能热线标签、交通应急保障平台等项目持续落地。
• 创新业务布局：“AI大数据+IP文创潮玩”领域实现关键突破。在上海、江西、广东设立子公司，建设增材制造生产基地，打造从设计、生产到销售的闭环。采购拓竹科技3D打印设备，积极培育新增长点。
• 资本运作：推出向特定对象发行A股股票方案，拟融资扩大增材制造产能、充实人才、丰富IP授权、提升AI能力及优化市场营销。该方案已获深交所受理，尚待后续审核。
• 公司治理优化：完成董事会改选，新管理团队到位；迁址上海宝山区，融入智能制造产业链。连续发布《中国实体商业客流桔皮书》，提升品牌影响力。

五、投资者需关注的重大事项及潜在影响

• 公司控制权变更：江泽星及金石一号成为新实控人，或带来战略方向、管理层及资源整合重大变化，潜在影响公司未来发展。
• 主业亏损扩大：2025年净亏损显著加大，需关注公司盈利能力恢复及新业务转型成效。
• 新业务领域布局和再融资：公司积极布局增材制造和IP文创潮玩领域，并计划定增融资，若能顺利实施并发挥协同效应，可能成为未来盈利新增长极。
• 资本市场动作：向特定对象发行A股方案已获受理，若后续顺利推进，或对资金面及市场信心带来正面影响。
• 技术与产品持续创新：AI大数据技术持续深化，政府及商业客户项目不断拓展，若能转化为营收和利润，长期看好。
• 公司治理优化与迁址：治理结构优化和迁址有助于公司资源整合和长期发展。

六、结论

本次年度报告包含公司控制权变更、主业亏损扩大、创新业务领域布局和重要资本运作等多项关键信息，均为公司未来战略方向、盈利能力和市场估值的重要影响因素。投资者需密切关注公司新业务落地进展和定增方案审核等后续动态。

免责声明： 本文基于汇纳科技2025年年度报告公开信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。

English Version

Key Insights from Winner Technology’s 2025 Annual Report

1. Report Summary and Key Notices

Winner Technology Co., Ltd. (300609) released its 2025 annual results summary on April 25, 2026. All board members attended the review meeting, and the annual financial statement received a standard unqualified opinion from the auditing firm. The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for this fiscal year.

2. Business Positioning and Strategic Direction

Winner Technology has evolved over two decades into a leading AI and big data solution provider for offline commerce and public services. It leverages AI, big data, and other technologies to drive digital transformation across retail, shopping malls, government, and enterprises, with two main business segments: Business Services and Public Services. Product and service offerings span data analytics, smart terminal management, big data platform development, and integrated digital hardware/software solutions.

Main Products and Services:

• Foot Traffic Analytics & Remote Store Inspection System: Proprietary AI chips and algorithms for accurate customer analytics, serving department stores, shopping centers, and retail chains, improving operational efficiency.
• Data & Operations Support: The “HuiKeYun” data platform provides analytics, predictions, and decision support for commerce, retail, government, and financial clients, backed by a nationwide service team.
• Smart Screen Management: Subsidiary Nanjing Qianmu manages 20,000+ screens for leading clients (e.g., Swire Properties, CR Mixc), covering 120+ cities.
• Big Data Platform Development: Building urban commercial, public space situational awareness, and government data platforms, delivering for the Ministry of Commerce, Shanghai government, social security, and environmental agencies.
• Integrated Digital Solutions: Duorong Tech develops smart court systems and judicial data platforms, already deployed in multiple Shanghai courts.

3. 2025 Financial Performance & Shareholder Changes

• Operating Revenue: RMB 307 million, down 15.47% YoY due to external environment, slower customer growth, and impairment provisions.
• Net Profit: Net loss of RMB 83.46 million, significantly widened from the prior year’s loss of RMB 23.86 million. Net loss after non-recurring items: RMB 88.07 million.
• Assets: Total assets RMB 1.3 billion; net assets RMB 938 million, down 8.8% YoY.
• Operating Cash Flow: Net inflow of RMB 20.56 million, down 49% YoY.
• Quarterly Trend: Q4 saw the highest loss; cash flow turned positive in Q4.
• Shareholding Change: Jiang Zexing and Jinshi No.1 became new actual controllers and largest shareholder, resulting in a material change of control.

4. Strategic Adjustments & Future Plans

• AI & Big Data R&D: Deep integration of multi-modal large models, optimization of core traffic algorithms, faith in “Xinchuang” (indigenous innovation), and overseas SaaS platform rollout.
• Business Services: Iterated retail data products, recurring data subscription income, landed landmark projects (e.g., Hongkong Land), expanded digital upgrades for existing clients, and deepened cooperation with brands like Bosideng, MUJI, etc.
• Public Services: Supported Shanghai’s social security, housing fund, and environmental departments; delivered smart hotline analytics and emergency traffic platforms.
• Innovative Business Expansion: Entered “AI Big Data + IP Cultural/Creative Toys” with new subsidiaries in Shanghai, Jiangxi, Guangdong; built additive manufacturing bases, forming a design-to-sales closed-loop; purchased Topzu Tech 3D printers for new growth.
• Financing: Proposed a private placement of A-shares to fund additive manufacturing, talent, IP, AI tech, marketing, and channels. Plan accepted by the Shenzhen Stock Exchange, pending further approval.
• Governance & Relocation: Board re-election, new management, moved HQ to Baoshan, Shanghai, integrating into the local smart manufacturing ecosystem. Continued industry influence with annual reports and events.

5. Key Issues and Potential Impact for Investors

• Change in Control: New actual controller and controlling shareholder may drive significant changes in strategy, management, and resource allocation.
• Widened Losses: Substantial increase in net loss—investors should monitor profitability recovery and success of new business directions.
• New Business & Capital Moves: Deepening in additive manufacturing and IP/creative toys, plus new financing, may unlock future profit drivers if executed well.
• Ongoing Capital Market Actions: Private placement could boost resources and market confidence if approved.
• Continuous Tech Innovation: Sustained R&D and project wins in AI/big data sectors could yield long-term value if monetized.
• Governance & Relocation: Improved governance and new location may facilitate resource integration and long-term growth.

6. Conclusion

This annual report covers significant company control changes, widened losses, new business expansion, and major planned capital actions—all of which will materially impact future strategy, profitability, and valuation. Investors should watch for progress in new business rollouts and capital raising approvals.

Disclaimer: This article is a summary of public information from Winner Technology’s 2025 annual report. It is for investor reference only and does not constitute investment advice. Investment carries risk; please make prudent decisions.

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