上海天玑科技股份有限公司2025年年度报告深度解读

一、报告核心要点与亮点

• 业绩显著改善：公司2025年营业收入达4.67亿元，同比增长9.11%。归属于上市公司股东的净利润亏损大幅收窄至-3,091万元，同比减亏46.48%。扣非净利润也减亏48.25%，显示公司盈利能力逐步恢复。
• 主营业务战略升级：天玑科技持续推进信创产业布局，旗下天玑数据自研数据存储产品线已形成五大产品矩阵，服务“自主可控数据库基础平台”，成为公司业绩增长新引擎。
• 行业驱动因素明显：金融、政务、智慧港口等行业数字化转型和信创替代加速，叠加人工智能与智能运维需求，带动公司产品和服务需求强劲。
• 公司竞争力提升：自有数据库一体机、分布式存储产品在性能及信创适配方面优势明显，已实现多行业核心系统案例突破。
• 现金流改善：经营活动现金流净额亏损明显收窄，显示公司运营状况改善。
• 否定性内部控制审计意见：容诚会计师事务所对公司内部控制出具否定意见，需投资者重点关注。
• 不派发红利：公司本年度不派发现金红利、不送红股、不以公积金转增股本。

二、对投资者的重要提示与潜在价格敏感信息

• 内部控制审计意见为否定：会计师事务所对公司内部控制出具否定性审计意见，这可能影响市场对公司治理及风险控制的信心，需高度关注。
• 业绩持续改善但仍处于亏损：公司亏损大幅收窄，显示转型初见成效，但仍未实现盈利，投资者需关注未来盈利能力可持续性。
• 信创产业战略升级：自研数据库存储产品线扩展至五大矩阵，新增分布式数据库算存一体化平台及容灾备份一体机，标志公司向数据库全生命周期服务拓展，提升行业竞争力。
• 主营业务核心驱动力：金融、政务、智慧港口等领域数字化投入加速，信创替代进入规模化，智能运维与AI趋势驱动市场需求，公司在细分赛道具备领先优势。
• 股东结构与控股关系：深圳裕龙资本投资管理有限公司与苏博为一致行动人，持股比例合计超13%。前十大股东无大幅变化，暂无转融通出借股份。
• 现金流与资产负债：公司资产、净资产均略有下降，但现金流亏损大幅收窄，表明费用控制及营收增长取得进展。

三、公司业务与经营模式详细分析

公司专注于软件与信息技术服务业，定位于国内IT基础设施第三方服务及行业数字化解决方案提供商。主营业务包括IT支持与维护、IT外包、IT专业服务、IT软件服务、软硬件销售及自有产品销售。自有产品主要面向政企、金融、运营商、能源等关键行业客户，提供高性能、高可靠、易运维的一站式数据库存储解决方案。

• 研发模式：围绕市场需求和信创生态，坚持自主研发创新，形成数据库、存储和云平台产品技术栈。
• 采购模式：与主流原厂商合作，保障第三方设备供应与自有产品供应链质量。
• 销售模式：以直销为主，深度绑定大客户，依托全国服务网络。
• 售后模式：全国快速响应服务体系，提供标准技术支持与定制化增强服务。

四、财务数据详解

五、股东情况

• 普通股股东总数：报告期末为46,247户，前十大股东持股稳定。
• 控股关系：裕龙资本与苏博为一致行动人，无其他重大关联关系。
• 公司无优先股股东持股情况。

六、其他重要事项

• 报告期内主营业务、核心竞争力、持续经营能力未发生重大不利变化。
• 公司无存续债券及其他需说明的重要事项。

七、投资者关注建议

本年度报告显示公司业绩改善、主营业务战略升级、信创产品矩阵扩展及行业驱动因素显著，均为潜在股价催化剂。但需关注内部控制否定性审计意见与持续亏损，短期内仍有经营风险。建议投资者重点关注公司后续盈利能力提升、内部治理改善及信创产业拓展进展。

免责声明：本文基于公开年度报告信息整理，仅供参考，不构成投资建议。投资者应根据自身情况，结合公司后续公告及市场环境，谨慎决策。

English Version

Shanghai DNT Technology Co., Ltd. 2025 Annual Report Deep Dive

1. Key Points and Highlights

• Significant Improvement in Performance: 2025 revenue reached RMB 467 million, up 9.11% year-on-year. Net loss attributable to shareholders narrowed sharply to RMB -30.9 million, down 46.48%. Non-recurring loss also narrowed by 48.25%, showing a recovery in profitability.
• Business Strategy Upgrade: DNT continues to expand in the information innovation (Xinchuang) sector. Subsidiary DNT Data’s self-developed storage product line now covers five major products, serving the “Autonomous Database Infrastructure Platform,” and is a new growth engine.
• Industry Drivers: Digital transformation in finance, government, and smart ports, plus accelerated Xinchuang replacement and AI-driven smart operations, have boosted demand for DNT’s products and services.
• Competitive Edge: Proprietary database appliances and distributed storage products show performance and Xinchuang compatibility advantages, with breakthroughs in core industry systems.
• Cash Flow Improvement: Operating cash flow deficit narrowed substantially, indicating improved operations.
• Negative Internal Control Audit Opinion: The auditor issued a negative opinion on internal controls, which investors should closely monitor.
• No Dividend Distribution: No cash dividend, bonus shares, or capital reserve increase for the year.

2. Important Investor Notes & Potential Price-Sensitive Information

• Negative Internal Control Audit: The negative opinion from the auditor may affect market confidence in company governance and risk control—major risk to watch.
• Loss Narrowing but Still Negative: Losses have narrowed, showing progress, but profitability is not yet achieved. Investors should watch for sustained improvement.
• Xinchuang Industry Upgrade: Expansion to five product lines, with two new platforms for distributed database and disaster recovery, marking a move to full lifecycle solutions and enhanced competitiveness.
• Core Business Drivers: Accelerated digital spending in key sectors and Xinchuang replacement, plus AI and smart operations, keep DNT in a leading position in niche markets.
• Shareholder Structure: Yulong Capital and Su Bo act in concert, holding over 13%. Top ten shareholders stable, no major changes.
• Cash Flow & Balance Sheet: Assets and net assets slightly down, but cash flow deficit reduced, showing progress in cost control and revenue growth.

3. Detailed Business & Operating Model

DNT focuses on software and IT services, positioned as a leading domestic IT infrastructure third-party service and industry digital solution provider. Main businesses include IT support/maintenance, IT outsourcing, IT professional services, IT software services, hardware/software sales, and proprietary product sales. Proprietary products target key industries, offering high-performance, reliable, and easy-to-operate integrated database storage solutions.

• R&D Model: Market-driven, Xinchuang ecosystem-focused, self-developed innovation covering database, storage, and cloud platform tech stacks.
• Procurement Model: Stable cooperation with mainstream vendors for reliable third-party supply and strict supply chain management.
• Sales Model: Mainly direct sales, leveraging nationwide service network and deep industry relationships with major clients.
• After-sales Service: Rapid response nationwide, offering standard and customized technical support and enhanced services.

4. Financial Data Details

5. Shareholder Details

• Total Ordinary Shareholders: 46,247 at year-end, top ten stable.
• Control Structure: Yulong Capital and Su Bo are concerted actors, no other major related parties.
• No preferred shareholders.

6. Other Important Matters

• Main business, core competitiveness, and going concern ability unchanged; no other major matters.
• No bonds outstanding or other disclosures.

7. Investor Suggestions

The report shows improving results, strategic upgrades, expanded Xinchuang product matrix, and strong industry drivers—potential catalysts. However, negative internal control audit and continued losses pose risks. Investors should closely monitor profitability improvement, internal governance, and progress in Xinchuang sector expansion.

Disclaimer: This article is based on publicly disclosed information and is for reference only. It is not investment advice. Investors should make decisions cautiously, combining subsequent company disclosures and market conditions.

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