大恒新纪元科技股份有限公司 2025 年年度报告深度解读

一、报告摘要与经营业绩亮点

大恒新纪元科技股份有限公司（简称“大恒科技”，600288.SH）于2025年发布了年度报告。公司2025年合并报表实现营业收入17.43亿元，同比下降1.13%；归属于上市公司股东的净利润达到1.04亿元，同比大幅增长425.32%；扣非后净利润为7490万元，同比增长463.76%。业绩大幅反弹，显示公司在经历2024年亏损后，全面实现盈利能力的恢复与提升。

分业务板块表现：

• 机器视觉及信息技术板块收入12.39亿元，同比增长10.38%；经常性净利润5091万元，同比大增327.86%。
• 光机电一体化板块收入1.75亿元，同比大幅下滑36.30%；但净利润758万元，同比增长345.09%。
• 电视数字网络编辑及播放系统板块收入3.03亿元，同比下降10.21%；但净利润1607万元，同比增长136.15%。

利润分配方案：公司拟向全体股东每10股派发现金红利0.24元（含税），合计派发1,048.32万元现金红利，占归母净利润的10.06%。该分红方案尚需股东大会审议。

二、业务结构调整与行业地位

机器视觉业务：公司为国内最早研发工业相机企业之一，品牌影响力强。受益于AI算力中心、数据中心等新基建带动，2025年行业需求回暖，公司业绩恢复明显。公司具备“核心部件+解决方案+平台服务”一站式能力，持续巩固工业相机及系统集成领域的领先地位，并逐步形成差异化竞争优势。

光机电一体化业务：受国内竞争加剧、下游需求波动影响，收入下滑明显。公司通过聚焦太赫兹光谱、超快激光器等高成长赛道，提升产品高端化和差异化竞争力，有效对冲行业周期波动。公司薄膜中心在激光加工、医疗分析、传感等领域具备良好口碑。

电视数字网络编辑及播放系统业务：公司为广电传媒行业头部技术服务商，产品涵盖超高清、媒体融合、AI智能内容生产等，拥有大量头部客户与成功案例。随着AIGC等AI技术在传媒领域规模化落地，公司有望持续受益。

三、资产、财务及现金流表现

• 2025年末公司总资产32.06亿元，同比增长4.87%。
• 归母净资产19.39亿元，同比增长5.68%。
• 全年经营活动现金流净额1.41亿元，同比增长56.32%。
• 加权平均净资产收益率5.52%，大幅回升。

分季度来看，三、四季度利润贡献显著，三季度单季净利润达到7148万元，显示主要利润释放集中于下半年。

四、投资收益与非经常性损益

• 参股公司诺安基金贡献投资收益4289.84万元，同比增长3.72%。
• 子公司中国大恒参股公司上海大陆期货投资收益-192.48万元，同比大幅下滑。
• 控股子公司持有“南网储能”股票，公允价值变动及分红合计2226.48万元，同比大幅增加。
• 出售控股子公司大恒星图75%股权影响净利润140万元，上一年出售泰州明昕导致亏损2063万元，形成同比基数效应。

五、股东结构与治理

• 2025年末普通股股东总数为30,306户，较上年增长。
• 第一大股东李蓉蓉持股6.29%，并与周正昌签订一致行动协议，形成实际控制权基础。

六、潜在影响与股价敏感事项

对投资者需关注的核心要点/潜在价格影响因素：

• 公司2025年业绩大幅反弹，尤其是机器视觉板块高增长，为公司估值修复和股价上行提供基本面支撑。
• 公司主营业务结构持续优化，AI与机器视觉融合、国产替代等领域持续突破，具备中长期成长逻辑。
• 分红方案现金流充裕，派息比例较高，显示公司对回馈股东的重视。
• 行业周期性压力仍在，光机电一体化板块短期业绩承压，但公司正加速转型高端赛道。
• 公司参股、持股相关企业投资收益波动及持有金融资产的公允价值变动，可能带来业绩波动。
• 无退市风险或重大不确定事件披露，治理结构稳定。

结语

整体来看，大恒新纪元科技2025年业绩表现强劲，机器视觉等核心业务为业绩复苏主动力，分红及现金流充裕增强投资吸引力。未来公司在AI、国产化替代、超高清视频等产业趋势下具备较强业务升级与成长空间，值得投资者持续关注。

免责声明： 本文仅为根据公开年报内容进行的新闻解读，不构成任何投资建议。投资者据此操作，风险自负。

English Version

Key Highlights from Daheng New Epoch Technology’s 2025 Annual Report

1. Financial Results & Performance Highlights

Daheng New Epoch Technology Co., Ltd. (stock code 600288.SH) announced its 2025 annual results, marking a significant turnaround. Consolidated operating revenue reached RMB 1.743 billion, down 1.13% YoY. Net profit attributable to shareholders soared to RMB 104 million, up 425.32% YoY, with net profit after non-recurring items increasing 463.76% to RMB 74.9 million. The company reversed its 2024 losses and restored robust profitability.

Segment results:

• Machine Vision & IT: Revenue of RMB 1.239 billion (+10.38% YoY); recurring net profit RMB 50.91 million (+327.86%).
• Opto-Mechatronics Integration: Revenue of RMB 174.7 million (-36.3% YoY); net profit RMB 7.58 million (+345.09%).
• TV Digital Network Editing & Broadcast: Revenue of RMB 303.1 million (-10.21% YoY); net profit RMB 16.07 million (+136.15%).

Dividend Plan: The company proposes a cash dividend of RMB 0.24 per 10 shares (pre-tax), totaling RMB 10.48 million, representing 10.06% of net profit. Subject to shareholder approval.

2. Business Structure & Industry Leadership

Machine Vision: A pioneer in domestic industrial camera R&D, with strong brand influence. Supported by AI infrastructure and data centers, the segment saw a robust recovery in 2025. Daheng maintains a “core component + solution + platform” one-stop service model, consolidating its leadership and building differentiated advantages.

Opto-Mechatronics Integration: Revenue declined due to intensified competition and downstream volatility, but the company is shifting to high-end growth areas like terahertz spectroscopy and ultrafast lasers, strengthening its competitive edge.

TV Digital Network Editing & Broadcast: As a leading technical service provider in the media sector, the company covers UHD, media convergence, and AI-powered content production, with numerous top clients. It stands to benefit from industry upgrades such as AIGC and UHD adoption.

3. Asset, Financial, and Cash Flow Trends

• Total assets at year-end: RMB 3.206 billion (+4.87% YoY).
• Net assets attributable to shareholders: RMB 1.939 billion (+5.68% YoY).
• Net cash flow from operating activities: RMB 140.7 million (+56.32% YoY).
• ROE: 5.52%, a strong rebound.

Notably, profits were mainly contributed in Q3 and Q4, with Q3 net profit at RMB 71.5 million, indicating a back-half weighted recovery.

4. Investment Income & Non-Recurring Items

• Noan Fund contributed RMB 42.9 million in investment income (+3.72% YoY).
• Loss from Shanghai Dalu Futures: -RMB 1.92 million (significant decline).
• Financial assets (e.g., “Southern Power Grid Storage” shares) contributed fair value gains/dividends of RMB 22.26 million (sharp increase).
• Disposal of subsidiaries (Daheng Star Chart) affected non-recurring items positively; last year’s disposal of Taizhou Mingxin caused a large loss, creating a favorable base effect.

5. Shareholder Structure & Governance

• Number of ordinary shareholders at year-end: 30,306 (increase).
• Largest shareholder Li Rongrong holds 6.29%, with an acting-in-concert relationship with Zhou Zhengchang, ensuring control.

6. Price-Sensitive & Investor-Impacting Factors

• Major profit rebound, especially in machine vision, underpins valuation recovery and may drive share price higher.
• Business mix optimization, with breakthroughs in AI, localization, and UHD, supports long-term growth potential.
• Healthy cash flow and a generous dividend reflect commitment to shareholder returns.
• Opto-mechatronics faces short-term pressure, but company is accelerating its shift to premium markets.
• Investment income and financial asset volatility can impact future earnings.
• No delisting or major governance risks disclosed; stable structure.

Conclusion

In summary, Daheng New Epoch Technology’s 2025 results show a strong turnaround, with core business driving profit recovery and a healthy dividend. With ongoing upgrades in AI, localization, and media technology, the company has robust long-term growth prospects and deserves close investor attention.

Disclaimer: This article is a journalistic interpretation based on the public annual report and does not constitute investment advice. Investors should act at their own risk.

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