688561.SH上海证券交易所 · 科创板 STAR
Qi An Xin Technology Group 奇安信
Software 软件开发
¥28.61−¥0.75 · −2.55%
Open 开盘
¥29.72
High 最高
¥29.75
Low 最低
¥28.60
Prev Close 昨收
¥29.36
Volume 成交量
713.3万股
Turnover 成交额
¥2.07亿
Mkt Cap 总市值
¥195亿
P/E 市盈率
−21.0×
Recent Activity 近期动态All Filings 全部公告 →
2 significant filings since 30 May 2026: 1 on litigation and 1 on guarantee or financial assistance. The latest, on 16 Jul 2026: 奇安信关于为全资子公司申请综合授信提供担保暨关联交易的公告.
自 30 May 2026 起有 2 份重大公告：litigation 1 份、guarantee or financial assistance 1 份。最新一份（16 Jul 2026）：奇安信关于为全资子公司申请综合授信提供担保暨关联交易的公告。
25.0026.0027.0028.0029.00
Volume 成交量
2,301.4万
26 Aug02 Sep09 Sep17 Sep24 Sep
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 25 Sep 2026 截至2026年9月25日
Assessment 评估
Qi An Xin Technology Group is a software company listed on the Shanghai Stock Exchange since 22 Jul 2020. The company reported a narrower net loss in 2025 compared to 2024, with attributable net profit improving to -RMB1.29bn from -RMB1.38bn. Revenue rose slightly by +1.0% to RMB4.39bn. However, the company continues to face financial risks, including an operating cash outflow per share of -RMB0.09 in 2025, though improved from -RMB0.50 in 2024. Receivables remain high, taking 588 days to collect on average. A recent arbitration filing on 16 Jun 2026 indicates ongoing legal activity. The stock has declined 21.2% over the past year, and the company remains unprofitable on a net basis, with a negative net margin of -29.3%.
奇安信是一家软件公司，于2020年7月22日在上交所上市。2025年归属于母公司股东的净利润为-12.87亿元，相比2024年的-13.79亿元亏损收窄。营业收入同比微增1.0%至43.92亿元。但公司仍面临财务风险，2025年每股经营现金流为-0.09元，虽较2024年的-0.50元改善，仍为净流出。应收账款周转天数高达588天，回款周期长。2026年6月16日公告公司提起仲裁事项，显示存在法律纠纷。过去一年股价下跌21.2%，净利率为-29.3%，公司持续处于净亏损状态。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss in 2025. 公司2025年报告净亏损。 | A net loss indicates the company's expenses exceeded its revenue, weakening its profitability and long-term sustainability. Although the loss narrowed compared to 2024, the company remains unprofitable. 净亏损表明公司支出超过收入，削弱盈利能力和长期可持续性。尽管较2024年亏损收窄，公司仍处于亏损状态。 |
| Operating cash outflow 经营现金净流出 | The company generated negative operating cash flow in 2025. 公司2025年经营现金流为负。 | An operating cash outflow of -RMB0.09 per share suggests the company is spending more cash than it generates from core operations, which may strain liquidity despite improved cash flow from -RMB0.50 in 2024. 每股经营现金流-0.09元表明公司核心业务现金支出大于流入，尽管较2024年的-0.50元改善，仍可能对流动性造成压力。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款超过180天才能收回。 | With receivable days at 588, the company faces slow cash conversion, increasing credit risk and working capital pressure. This delays reinvestment and may signal customer payment issues. 应收账款周转天数达588天，导致现金回笼缓慢，增加信用风险和营运资金压力，延迟再投资，可能反映客户付款困难。 |
What to Watch 关注要点
- Change in attributable net profit for the full year 2026, to see if the loss continues to narrow or turns to profit.
2026全年归母净利润变动，观察亏损是否继续收窄或转为盈利。 - Operating cash flow per share in 2026, to assess if cash generation from operations turns positive.
2026年每股经营现金流，评估经营现金流是否转为正数。 - Receivable days as of 31 Dec 2026, to see if collection efficiency improves from 588 days.
截至2026年12月31日的应收账款周转天数，观察回款效率是否从588天改善。 - Resolution of the arbitration matter announced on 16 Jun 2026.
2026年6月16日公告的仲裁事项后续进展或结果。 - Revenue growth in the second half of 2026, compared to the first half's -14.1% decline.
2026年下半年收入增长情况，对比上半年-14.1%的同比下降。 - Any new filings related to litigation, pledges, or financial performance in the next 12 months.
未来12个月内是否新增诉讼、质押或财务表现相关公告。
Facts 事实
- Company: Qi An Xin Technology Group 奇安信, Shanghai Stock Exchange 688561; industry Software; listed 22 Jul 2020.
公司：奇安信，上海证券交易所 688561；行业：软件开发；上市日期：2020年7月22日。 - Close on 24 Sep 2026 RMB28.61; close on 24 Sep 2025 RMB36.30; one-year change -21.2%.
2026年9月24日收盘价28.61元；2025年9月24日收盘价36.30元；一年涨跌幅-21.2%。 - 52-week range RMB22.31 to RMB41.10.
52周区间22.31元至41.10元。 - In the last 12 months 3 trading days closed 9% or more above or below the day before (all days, not only this year). The 3 most recent of them: 24 Feb 2026 -10.0%; 8 Jul 2026 +11.3%; 31 Jul 2026 +9.1%. No two of the 3 fell on consecutive trading days.
近12个月共有3个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近3个：2026年2月24日 -10.0%；2026年7月8日 +11.3%；2026年7月31日 +9.1%。其中任意两个交易日均不相邻。 - Market capitalisation RMB19.52bn; P/E TTM not meaningful (loss-making); price to book 2.77x.
总市值195.19亿元；市盈率（TTM）不适用（亏损）；市净率2.77倍。 - Revenue 2025 RMB4.39bn; 2024 RMB4.35bn; change +1.0%.
营业收入2025年43.92亿元；2024年43.49亿元；同比+1.0%。 - Attributable net profit 2025 -RMB1.29bn; 2024 -RMB1.38bn; change +6.7% (the loss narrowed).
归属于母公司股东的净利润2025年-12.87亿元；2024年-13.79亿元；同比+6.7%（亏损收窄）。 - Net profit excluding non-recurring items, 2025 change +5.3%.
2025年扣除非经常性损益后的净利润同比+5.3%。 - Basic EPS 2025 -RMB1.89; 2024 -RMB2.02.
基本每股收益2025年-1.89元；2024年-2.02元。 - Operating cash flow per share 2025 -RMB0.09; 2024 -RMB0.50.
每股经营现金流2025年-0.09元；2024年-0.50元。 - 2025 gross margin 50.3%; net margin -29.3%; ROE -15.9%.
2025年毛利率50.3%；净利率-29.3%；净资产收益率-15.9%。 - At 30 Jun 2026: liabilities to assets 48.2%; current ratio 1.50; quick ratio 1.34; receivable days 588; inventory days 251.
截至2026年6月30日：资产负债率48.2%；流动比率1.50；速动比率1.34；应收账款周转天数588；存货周转天数251。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB1.50bn, change -14.1%; attributable net profit -RMB411.3m, change +46.6% (the loss narrowed); operating cash flow per share -RMB1.06.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入14.97亿元，同比-14.1%；归母净利润-4.11亿元，同比+46.6%（亏损收窄）；每股经营现金流-1.06元。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为诉讼仲裁的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 16 Jun 2026, Litigation (high): filing titled 《奇安信关于公司提起仲裁事项的公告》.
2026年6月16日，诉讼仲裁：公告《奇安信关于公司提起仲裁事项的公告》。 - Ownership: actual controller 齐向东; largest holder at 30 Jun 2026: 中电金投控股有限公司, 23.19%.
股权：实际控制人：齐向东；2026年6月30日第一大股东：中电金投控股有限公司，持股23.19%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 29.7 of 100, graded within a peer group of 133 companies in its industry; no rank among peers is given.
金源评级E，得分29.7（满分100），于行业同业133家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。