Digital China Group 神州数码
23 significant filings since 29 May 2026: 1 on litigation, 13 on guarantee or financial assistance and 5 on buyback, and 2 other kinds. The latest, on 17 Sep 2026: 关于为子公司担保的进展公告.
自 29 May 2026 起有 23 份重大公告：litigation 1 份、guarantee or financial assistance 13 份、buyback 5 份，另有 2 类。最新一份（17 Sep 2026）：关于为子公司担保的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Digital China Group is an IT services company listed on the Shenzhen Stock Exchange since 1994. The company reported revenue growth of 12.2% in 2025, reaching RMB143.75bn, but attributable net profit declined by 30.5% to RMB522.9m. Profit margins remain low, with a net margin of 0.4% and ROE of 5.0%. Operating cash flow per share was -RMB3.35 in 2025, significantly below net profit, indicating weak cash generation. As of 30 Jun 2026, liabilities accounted for 79.5% of assets, and the current ratio stood at 1.20. Recent filings highlight litigation involving the controlling shareholder and the freezing of his shares. In the six months to 30 Jun 2026, revenue and profit continued to grow, but operating cash flow remained negative. Share price performance has weakened, with a one-year return of -24.9%.
神州数码是一家IT服务公司，于1994年在深交所上市。2025年公司实现营业收入1,437.51亿元，同比增长12.2%，但归母净利润同比下降30.5%至5.23亿元。盈利水平较低，净利率为0.4%，净资产收益率为5.0%。2025年每股经营现金流为-3.35元，远低于净利润，显示现金流生成能力弱。截至2026年6月30日，资产负债率为79.5%，流动比率为1.20。近期公告显示控股股东涉及诉讼，其股份被冻结。2026年上半年，营收和利润继续增长，但经营现金流仍为负。股价表现疲软，一年期复权回报率为-24.9%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Frozen shares or assets 股份或资产冻结 | The company's controlling shareholder has had shares frozen. 公司控股股东股份被冻结。 | Frozen shares of the controlling shareholder may signal legal or financial stress, potentially affecting ownership stability and investor confidence. This could limit the shareholder's ability to support the company financially or pledge shares for financing. 控股股东股份冻结可能反映其面临法律或财务压力，影响控制权稳定性及投资者信心。这可能限制其为公司提供财务支持或通过质押融资的能力。 |
| 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。 | Operating cash flow per share was -RMB3.35 in 2025, compared to RMB3.74 in 2024, indicating a deterioration in cash generation from core operations. This weakens the company's ability to fund operations, service debt, or return capital without external financing. 2025年每股经营现金流为-3.35元，2024年为3.74元，显示主业现金生成能力恶化。这削弱了公司依靠自身经营维持运营、偿债或回报股东的能力，可能依赖外部融资。 |
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities account for 79.5% of assets as of 30 Jun 2026. 截至2026年6月30日，负债占资产的79.5%。 | A liabilities to assets ratio of 79.5% indicates high leverage, reducing financial flexibility and increasing refinancing and interest burden risks. It may constrain access to new debt and heighten vulnerability to downturns. 资产负债率79.5%表明公司杠杆水平较高，财务弹性降低，再融资和利息负担风险上升。可能限制新增债务能力，增强对经营波动的敏感性。 |
- Change in attributable net profit for the full year 2026 compared to 2025
2026全年归母净利润相比2025年的变动 - Operating cash flow per share in the full year 2026
2026全年每股经营现金流 - Update on litigation involving the controlling shareholder
控股股东涉及诉讼的最新进展 - Status of the controlling shareholder's frozen shares
控股股东被冻结股份的解冻情况 - Liabilities to assets ratio as of 31 Dec 2026
截至2026年12月31日的资产负债率 - Revenue growth rate for the full year 2026 versus 2025
2026全年营业收入增速与2025年的比较
- Company: Digital China Group 神州数码, Shenzhen Stock Exchange 000034; industry IT Services; listed 9 May 1994.
公司：神州数码，深圳证券交易所 000034；行业：IT服务；上市日期：1994年5月9日。 - Close on 24 Sep 2026 RMB24.15; close on 24 Sep 2025 RMB45.08, RMB32.14 in today's terms; one-year change, adjusted for distributions and share changes -24.9%.
2026年9月24日收盘价24.15元；2025年9月24日收盘价45.08元（前复权32.14元）；一年涨跌幅（复权）-24.9%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB22.15 to RMB33.26.
52周区间（前复权）22.15元至33.26元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 16 Jun 2026 +10.0%; 25 Jun 2026 +10.0%. No two of the 2 fell on consecutive trading days.
近12个月共有2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2个：2026年6月16日 +10.0%；2026年6月25日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB24.55bn; P/E TTM 41.4; price to book 2.15x.
总市值245.54亿元；市盈率（TTM）41.4；市净率2.15倍。 - Revenue 2025 RMB143.75bn; 2024 RMB128.17bn; change +12.2%.
营业收入2025年1,437.51亿元；2024年1,281.66亿元；同比+12.2%。 - Attributable net profit 2025 RMB522.9m; 2024 RMB752.7m; change -30.5%.
归属于母公司股东的净利润2025年5.23亿元；2024年7.53亿元；同比-30.5%。 - Net profit excluding non-recurring items, 2025 change -30.7%.
2025年扣除非经常性损益后的净利润同比-30.7%。 - Basic EPS 2025 RMB0.77; 2024 RMB1.17.
基本每股收益2025年0.77元；2024年1.17元。 - Operating cash flow per share 2025 -RMB3.35; 2024 RMB3.74; operating cash flow to net profit -4.34x.
每股经营现金流2025年-3.35元；2024年3.74元；经营现金流与净利润之比-4.34倍。 - 2025 gross margin 3.4%; net margin 0.4%; ROE 5.0%.
2025年毛利率3.4%；净利率0.4%；净资产收益率5.0%。 - At 30 Jun 2026: liabilities to assets 79.5%; current ratio 1.20; quick ratio 0.83; receivable days 32; inventory days 37.
截至2026年6月30日：资产负债率79.5%；流动比率1.20；速动比率0.83；应收账款周转天数32；存货周转天数37。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB86.92bn, change +21.4%; attributable net profit RMB496.1m, change +16.3%; operating cash flow per share -RMB0.62.
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869.19亿元，同比+21.4%；归母净利润4.96亿元，同比+16.3%；每股经营现金流-0.62元。 - In the 12 months to 25 Sep 2026: 3 distinct filings classed critical, high or as a lift; by class: 2 filings classed Litigation; 1 filing classed Shares Frozen. 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3份；按类别：归为诉讼仲裁的公告2份；归为股份冻结的公告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。 - 30 May 2026, Litigation (high): filing titled 《关于公司控股股东、实际控制人涉及诉讼的进展公告》.
2026年5月30日，诉讼仲裁：公告《关于公司控股股东、实际控制人涉及诉讼的进展公告》。 - 6 May 2026, Litigation (high): filing titled 《重大诉讼的进展公告》.
2026年5月6日，诉讼仲裁：公告《重大诉讼的进展公告》。 - 13 Feb 2026, Shares Frozen (high): filing titled 《关于公司控股股东股份冻结的公告》.
2026年2月13日，股份冻结：公告《关于公司控股股东股份冻结的公告》。 - Ownership: actual controller 郭为; largest holder at 17 Aug 2026: 郭为, 21.31%.
股权：实际控制人：郭为；2026年8月17日第一大股东：郭为，持股21.31%。 - Latest distribution: ex-date 19 May 2026, cash RMB0.07 per share and 4 new shares for every 10 held.
最近一次分配：除权除息日2026年5月19日，每股现金0.07元，每10股送转4股。 - Aurelian Grade C, score 58.6 of 100, graded within a peer group of 137 companies in its industry; no rank among peers is given.
金源评级C，得分58.6（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。