北京大豪科技股份有限公司2026年第一季度报告深度解读

一、业绩亮点综述

北京大豪科技股份有限公司（证券代码：603025）于2026年4月17日发布了2026年第一季度报告，公司业绩表现强劲，营收及利润均实现大幅增长，为投资者释放出积极信号。

• 营业收入：本报告期实现营业收入8.38亿元，同比增长15.58%。
• 归属于上市公司股东的净利润：2.38亿元，同比增长41.32%。
• 扣非后净利润：2.33亿元，同比增长35.40%。
• 利润总额：2.92亿元，同比增长40.91%。
• 基本每股收益：0.21元，同比增长40%。
• 加权平均净资产收益率：8.37%，较去年同期提升1.56个百分点。
• 经营活动现金流净额：1.18亿元，大幅增长1641.60%。

二、业绩增长的主要原因分析

公司表示，业绩大幅增长主要得益于市场环境向好，刺绣机电控产品、智能工厂及网络安全行业收入持续稳步提升。此外，本期销售增加带来的货款回款增加，以及票据跨期到期也显著改善了现金流状况。

三、资产与负债结构变化

• 总资产：报告期末总资产为49.13亿元，较年初小幅下降1.34%。
• 归属于上市公司股东的所有者权益：增加至29.65亿元，增长8.94%。
• 流动负债：较年初减少至12.98亿元。
• 货币资金：为6.30亿元，较年初有所减少，主要系投资活动和分红等现金流出增加。

四、现金流情况

• 经营活动现金流：净流入1.18亿元，远高于去年同期的679万元。
• 投资活动现金流：净流出1.92亿元，显示公司在持续进行投资布局。
• 筹资活动现金流：净流出1.82亿元，主要与偿还债务、分红及其他筹资活动相关。
• 期末现金及现金等价物余额：5.59亿元。

五、非经常性损益

本期非经常性损益为479.58万元，主要包括政府补助、金融资产处置收益等。

六、股东结构及重要股东变动

• 普通股股东总数为45,651人。
• 前十大股东中，北京一轻控股有限责任公司持股33.25%，与郑建军为一致行动人。
• 其他主要自然人股东包括郑建军、吴海宏、谭庆、孙雪理、赵玉岭等。
• 公司披露了重要股东减持计划，涉及谭庆、吴海宏、孙雪理、赵玉岭4位股东，减持数量均不超过总股本的1%。截至2026年4月13日，减持计划已基本实施完毕，吴海宏持股比例由10.77%降至10.00%，并触及1%和5%刻度线，相关权益变动公告已披露。

七、影响股价的敏感事项

• 业绩大幅增长：营收与净利润同比大幅增加，显示公司主业景气、盈利能力提升，极有可能提振市场信心，对股价具备积极影响。
• 现金流改善：经营活动现金流大幅转正，反映公司经营质量提升，财务更为稳健。
• 主要股东减持：公司核心股东在一季度实施了减持计划，累计减持比例虽不高，但仍可能对短期市场情绪产生扰动，投资者需关注后续股东结构变化及市场反应。
• 投资活动持续加大：公司投资支出较大，显示其在业务和产能扩张方面有长远布局意图，长期利好公司发展。

八、投资者需重点关注事项

1. 公司主营业务增长迅猛，相关行业需求强劲，值得持续关注。
2. 管理层和大股东的减持动态可能对短期股价产生影响。
3. 公司现金流状况改善，但投资与筹资活动现金净流出较大，需关注公司资金安排及资本开支效率。
4. 公司财务健康状况良好，归母净资产增长明显。

免责声明

本报道仅作为信息披露使用，不构成任何投资建议。投资者需结合自身风险承受能力谨慎决策，市场有风险，投资需谨慎。

English Version

In-depth Analysis of Beijing Dahao Technology Co., Ltd. Q1 2026 Report

1. Highlights Summary

Beijing Dahao Technology Co., Ltd. (Stock Code: 603025) released its Q1 2026 results on April 17, 2026. The company delivered robust performance, with significant increases in both revenue and profit, sending positive signals to investors.

• Operating Revenue: Reached RMB 838 million, up 15.58% year-on-year (YoY).
• Net Profit Attributable to Shareholders: RMB 238 million, up 41.32% YoY.
• Net Profit after Deducting Non-recurring Items: RMB 233 million, up 35.40% YoY.
• Total Profit: RMB 292 million, up 40.91% YoY.
• Basic EPS: RMB 0.21, up 40% YoY.
• Weighted Average ROE: 8.37%, an increase of 1.56 percentage points YoY.
• Net Operating Cash Flow: RMB 118 million, a massive increase of 1,641.60% YoY.

2. Key Drivers of Growth

Management attributes the strong performance to a favorable market environment, with stable growth in embroidery machine control products, smart factories, and cyber security sectors. Increased sales and improved collections, along with bill maturities, also drove the significant improvement in cash flow.

3. Balance Sheet and Changes in Financial Structure

• Total Assets: RMB 4.91 billion, down 1.34% from the start of the year.
• Shareholders’ Equity: Increased to RMB 2.97 billion, up 8.94%.
• Current Liabilities: Down to RMB 1.30 billion.
• Monetary Funds: RMB 630 million, lower than at the start of the year due to increased investment and dividend outflows.

4. Cash Flow Situation

• Net Operating Cash Flow: Inflow of RMB 118 million, far higher than the RMB 6.79 million in the same period last year.
• Net Investing Cash Flow: Outflow of RMB 192 million, indicating ongoing investment activity.
• Net Financing Cash Flow: Outflow of RMB 182 million, mainly due to debt repayment, dividends, and other financing activities.
• Ending Cash & Cash Equivalents: RMB 559 million.

5. Non-recurring Items

Non-recurring profit and loss for the period amounted to RMB 4.80 million, mainly including government subsidies and gains from disposal of financial assets.

6. Shareholder Structure and Key Changes

• Total ordinary shareholders: 45,651.
• Top shareholder: Beijing Yiqing Holdings Co., Ltd., holding 33.25%, acting in concert with Zheng Jianjun.
• Other major individual shareholders: Zheng Jianjun, Wu Haihong, Tan Qing, Sun Xueli, Zhao Yuling, etc.
• Important Shareholder Reductions: Core shareholders (Tan Qing, Wu Haihong, Sun Xueli, Zhao Yuling) reduced holdings by no more than 1% each in Q1. As of April 13, 2026, the reduction plan was largely completed; Wu Haihong’s stake dropped from 10.77% to 10.00%, crossing both the 1% and 5% reporting thresholds.

7. Price-sensitive Information

• Strong Earnings Growth: Significant YoY increases in revenue and net profit, reflecting a booming core business and improved profitability—potentially boosting market confidence and share price.
• Improved Cash Flow: Operating cash flow turned strongly positive, indicating improved business quality and more robust finances.
• Major Shareholder Reductions: Although the percentage is not high, the core shareholders’ reduction may impact short-term sentiment and warrants investor attention.
• Sustained Investment Activities: High capital expenditure signals long-term business and capacity expansion, which is favorable for long-term growth.

8. Key Issues for Investors to Monitor

1. Rapid growth in the company’s core business and strong market demand.
2. Shareholder reduction dynamics, which could impact short-term share price.
3. Improved cash flow, but large capital outflows from investment and financing activities—watch capital efficiency and future funding needs.
4. Healthy financial condition and significant growth in shareholders’ equity.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own risk tolerance. The stock market carries risks—invest cautiously.

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