Linkage Software 凌志软件
2 significant filings since 29 May 2026: 1 on buyback and 1 on dividend. The latest, on 14 Jul 2026: 凌志软件关于实施回购股份注销暨股份变动的公告.
自 29 May 2026 起有 2 份重大公告：buyback 1 份、dividend 1 份。最新一份（14 Jul 2026）：凌志软件关于实施回购股份注销暨股份变动的公告。
As of 25 Sep 2026 截至2026年9月25日
Linkage Software 凌志软件 is a software development company listed on the Shanghai Stock Exchange since 11 May 2020. The company reported lower revenue and profit in 2025 compared to 2024, with revenue at RMB1.05bn and attributable net profit at RMB105.9m, down 5.4% and 14.8% respectively. Operating cash flow remained above net profit in 2025 at a ratio of 1.28x. As of 30 Jun 2026, the company had a healthy balance sheet with liabilities to assets at 31.1% and a current ratio of 2.12. However, the first half of 2026 saw a significant deterioration, with a loss of RMB24.5m, marking a shift from profit to loss. The share price has declined sharply, down 49.6% over one year, triggering a risk flag.
凌志软件是一家软件开发公司，于2020年5月11日在上交所上市。2025年营业收入为10.54亿元，归母净利润为1.06亿元，同比分别下降5.4%和14.8%。2025年经营现金流与净利润之比为1.28倍，现金流表现优于利润。截至2026年6月30日，资产负债率为31.1%，流动比率2.12，财务结构稳健。但2026年上半年出现恶化，归母净利润为-2,445.7万元，同比由盈转亏。股价在过去一年下跌49.6%，触发风险警示。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has declined by 49.6% over one year. 股价在过去一年下跌了49.6%。 | A sharp share price decline may affect investor confidence and the company's ability to raise capital. The decline follows weaker financial results, including a loss in the first half of 2026. 股价大幅下跌可能影响投资者信心及公司融资能力。这一下跌紧随财务表现转弱，包括2026年上半年出现亏损。 |
- Whether the full-year 2026 attributable net profit returns to profit after the first-half loss.
2026全年归母净利润能否在上半年亏损后转回盈利。 - Change in receivable days at the end of 2026 compared to 50 days at 30 Jun 2026.
2026年末应收账款周转天数相较2026年6月30日的50天的变化。 - Operating cash flow per share in the full-year 2026 versus RMB0.34 in 2025.
2026全年每股经营现金流相较2025年0.34元的变化。
- Company: Linkage Software 凌志软件, Shanghai Stock Exchange 688588; industry Software; listed 11 May 2020.
公司：凌志软件，上海证券交易所 688588；行业：软件开发；上市日期：2020年5月11日。 - Close on 24 Sep 2026 RMB9.00; close on 24 Sep 2025 RMB18.19, RMB17.85 in today's terms; one-year change, adjusted for distributions and share changes -49.6%.
2026年9月24日收盘价9.00元；2025年9月24日收盘价18.19元（前复权17.85元）；一年涨跌幅（复权）-49.6%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB8.35 to RMB18.35.
52周区间（前复权）8.35元至18.35元。 - In the last 12 months 1 trading days closed 9% or more above or below the day before (all days, not only this year). The 1 most recent of them: 12 Nov 2025 -10.3%.
近12个月共有1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1个：2025年11月12日 -10.3%。 - Market capitalisation RMB3.51bn; P/E TTM not meaningful (loss-making); price to book 3.19x.
总市值35.10亿元；市盈率（TTM）不适用（亏损）；市净率3.19倍。 - Revenue 2025 RMB1.05bn; 2024 RMB1.11bn; change -5.4%.
营业收入2025年10.54亿元；2024年11.14亿元；同比-5.4%。 - Attributable net profit 2025 RMB105.9m; 2024 RMB124.3m; change -14.8%.
归属于母公司股东的净利润2025年1.06亿元；2024年1.24亿元；同比-14.8%。 - Net profit excluding non-recurring items, 2025 change -1.8%.
2025年扣除非经常性损益后的净利润同比-1.8%。 - Basic EPS 2025 RMB0.27; 2024 RMB0.32.
基本每股收益2025年0.27元；2024年0.32元。 - Operating cash flow per share 2025 RMB0.34; 2024 RMB0.50; operating cash flow to net profit 1.28x.
每股经营现金流2025年0.34元；2024年0.50元；经营现金流与净利润之比1.28倍。 - 2025 gross margin 32.6%; net margin 10.1%; ROE 8.5%.
2025年毛利率32.6%；净利率10.1%；净资产收益率8.5%。 - At 30 Jun 2026: liabilities to assets 31.1%; current ratio 2.12; quick ratio 2.11; receivable days 50; inventory days 3.
截至2026年6月30日：资产负债率31.1%；流动比率2.12；速动比率2.11；应收账款周转天数50；存货周转天数3。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB451.8m, change -12.4%; attributable net profit -RMB24.5m, change -121.8% (from a profit to a loss); operating cash flow per share RMB0.09.
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4.52亿元，同比-12.4%；归母净利润-2,445.7万元，同比-121.8%（由盈转亏）；每股经营现金流0.09元。 - Ownership: actual controller 张宝泉,吴艳芳; largest holder at 30 Jun 2026: 张宝泉, 19.86%.
股权：实际控制人：张宝泉,吴艳芳；2026年6月30日第一大股东：张宝泉，持股19.86%。 - Latest distribution: ex-date 17 Jun 2026, cash RMB0.20 per share.
最近一次分配：除权除息日2026年6月17日，每股现金0.20元。 - Aurelian Grade D, score 48.6 of 100, graded within a peer group of 133 companies in its industry; no rank among peers is given.
金源评级D，得分48.6（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。