Beijing Shenzhou Aerospace Software 航天软件
3 significant filings since 31 May 2026: 3 on government subsidy. The latest, on 18 Aug 2026: 北京神舟航天软件技术股份有限公司关于获得政府补助的公告.
自 31 May 2026 起有 3 份重大公告：government subsidy 3 份。最新一份（18 Aug 2026）：北京神舟航天软件技术股份有限公司关于获得政府补助的公告。
As of 25 Sep 2026 截至2026年9月25日
Beijing Shenzhou Aerospace Software, listed in 2023, operates in the IT Services industry. The company reported a narrower loss in 2025, with attributable net profit improving to -RMB11.3m from -RMB82.1m in 2024, while revenue rose 4.6% to RMB1.22bn. However, operating cash flow remained negative at -RMB0.18 per share, indicating continued cash outflows from operations. Receivables take 268 days to collect, well above 180 days, raising concerns about liquidity and collection efficiency. The company's financial position shows a current ratio of 2.16 and a quick ratio of 1.68 at 30 Jun 2026, suggesting short-term solvency is not under immediate pressure. Despite the improved loss, the company remains unprofitable on a net basis and faces risks from prolonged receivables and negative operating cash flows.
航天软件于2023年上市，属于IT服务行业。2025年归母净利润亏损收窄至-1,131.9万元，较2024年的-8,213.4万元改善，营业收入同比增长4.6%至12.16亿元。但每股经营现金流仍为-0.18元，显示经营活动持续现金流出。截至2026年6月30日，应收账款周转天数为268天，远超180天，反映回款周期长。同期流动比率2.16，速动比率1.68，短期偿债能力尚可。尽管亏损收窄，公司净利仍为负，且面临应收账款周期长与经营性现金流为负的风险。
| 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年录得净亏损。 | A net loss indicates the company is not generating profit from its core operations, which may affect its ability to reinvest or withstand downturns. Although the loss narrowed compared to 2024, the company remains unprofitable. 净亏损表明公司核心业务未能盈利，可能影响其再投资或抵御下行风险的能力。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 had negative operating cash flow in 2025. 公司2025年经营现金流为负。 | Negative operating cash flow suggests the company is spending more cash than it generates from operations, which could strain liquidity. This persisted despite improved net results, indicating weak cash conversion. 经营现金流为负表明公司经营活动现金支出大于流入，可能对流动性造成压力。尽管净利润改善，现金流仍为负，显示盈利变现能力弱。 |
| 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. 应收账款回款周期超过180天。 | Long receivable days of 268 indicate slow collection, increasing credit risk and tying up working capital. This could limit the company's ability to meet short-term obligations without external funding. 268天的应收账款周转天数表明回款缓慢，增加信用风险并占用营运资金，可能影响公司依靠自身资金履行短期债务的能力。 |
- 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，观察亏损是否持续收窄或转为盈利。 - Operating cash flow per share in the 2026 annual report, to assess if cash generation improves.
2026年年报每股经营现金流，评估现金生成能力是否改善。 - Receivable days at year-end 2026, to determine if collection efficiency improves.
2026年末应收账款周转天数，判断回款效率是否提升。 - Revenue growth in the second half of 2026, compared to the first half's -15.5% decline.
2026年下半年营业收入增长，对比上半年-15.5%的同比下降。 - Net profit excluding non-recurring items in 2026, to evaluate core profitability trends.
2026年扣除非经常性损益后的净利润，评估核心盈利能力趋势。 - Liabilities to assets ratio at 31 Dec 2026, to monitor financial leverage stability.
2026年12月31日资产负债率，监测财务杠杆稳定性。
- Company: Beijing Shenzhou Aerospace Software 航天软件, Shanghai Stock Exchange 688562; industry IT Services; listed 24 May 2023.
公司：航天软件，上海证券交易所 688562；行业：IT服务；上市日期：2023年5月24日。 - Close on 24 Sep 2026 RMB14.43; close on 24 Sep 2025 RMB17.93; one-year change -19.5%.
2026年9月24日收盘价14.43元；2025年9月24日收盘价17.93元；一年涨跌幅-19.5%。 - 52-week range RMB12.91 to RMB29.70.
52周区间12.91元至29.70元。 - In the last 12 months 6 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 15 Dec 2025 +9.7%; 25 Dec 2025 +10.5%; 12 Jan 2026 +11.8%; 13 Jan 2026 -13.0%; 3 Mar 2026 -9.8%. The longest run of them on consecutive trading days: 2 days.
近12个月共有6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5个：2025年12月15日 +9.7%；2025年12月25日 +10.5%；2026年1月12日 +11.8%；2026年1月13日 -13.0%；2026年3月3日 -9.8%。其中最长连续2个交易日。 - Market capitalisation RMB5.77bn; P/E TTM not meaningful (loss-making); price to book 3.55x.
总市值57.72亿元；市盈率（TTM）不适用（亏损）；市净率3.55倍。 - Revenue 2025 RMB1.22bn; 2024 RMB1.16bn; change +4.6%.
营业收入2025年12.16亿元；2024年11.63亿元；同比+4.6%。 - Attributable net profit 2025 -RMB11.3m; 2024 -RMB82.1m; change +86.2% (the loss narrowed).
归属于母公司股东的净利润2025年-1,131.9万元；2024年-8,213.4万元；同比+86.2%（亏损收窄）。 - Net profit excluding non-recurring items, 2025 change +40.8%.
2025年扣除非经常性损益后的净利润同比+40.8%。 - Basic EPS 2025 -RMB0.03; 2024 -RMB0.21.
基本每股收益2025年-0.03元；2024年-0.21元。 - Operating cash flow per share 2025 -RMB0.18; 2024 -RMB0.52.
每股经营现金流2025年-0.18元；2024年-0.52元。 - 2025 gross margin 24.8%; net margin -0.7%; ROE -0.7%.
2025年毛利率24.8%；净利率-0.7%；净资产收益率-0.7%。 - At 30 Jun 2026: liabilities to assets 41.6%; current ratio 2.16; quick ratio 1.68; receivable days 268; inventory days 478.
截至2026年6月30日：资产负债率41.6%；流动比率2.16；速动比率1.68；应收账款周转天数268；存货周转天数478。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB273.1m, change -15.5%; attributable net profit -RMB99.5m, change -61.0% (the loss widened); operating cash flow per share -RMB0.70.
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2.73亿元，同比-15.5%；归母净利润-9,951.3万元，同比-61.0%（亏损扩大）；每股经营现金流-0.70元。 - Ownership: actual controller 国务院国有资产监督管理委员会; controlling shareholder 中国航天科技集团有限公司; largest holder at 30 Jun 2026: 中国航天科技集团有限公司, 30.33%.
股权：实际控制人：国务院国有资产监督管理委员会；控股股东：中国航天科技集团有限公司；2026年6月30日第一大股东：中国航天科技集团有限公司，持股30.33%。 - 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 25.8 of 100, graded within a peer group of 137 companies in its industry; no rank among peers is given.
金源评级E，得分25.8（满分100），于行业同业137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。