Hengbao 恒宝股份
2 significant filings since 31 May 2026: 1 on dividend and 1 on earnings pre-announcement. The latest, on 18 Jul 2026: 2025年年度权益分派实施公告. On 15 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 201.83% to 241.43% from the same period a year earlier.
自 31 May 2026 起有 2 份重大公告：dividend 1 份、earnings pre-announcement 1 份。最新一份（18 Jul 2026）：2025年年度权益分派实施公告。15 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 201.83% 至 241.43%。
Price History 价格走势
1,250 trading days 个交易日 · High 最高 ¥30.39 · Low 最低 ¥4.75As of 25 Sep 2026 截至2026年9月25日
Hengbao 恒宝股份, listed in 2007, operates in the telecom equipment industry. The company reported lower revenue and profit in 2025, with attributable net profit down 38.2% to RMB58.7m. Its financial position remains strong as of 30 Jun 2026, with a low liabilities to assets ratio of 8.9% and high liquidity ratios. However, the first half of 2026 saw a sharp downturn: revenue fell 32.8% and the company posted a net loss of RMB45.8m, a significant worsening from the prior-year period. This loss was confirmed by a profit pre-announcement in July 2026. The share price has declined 50.6% over one year. Despite positive operating cash flow in 2025, the first half of 2026 saw negative cash flow per share. The actual controller and largest shareholder is 钱京, holding 17.95%.
恒宝股份于2007年上市，所属行业为通信设备。公司2025年营业收入和净利润均同比下降，归母净利润同比减少38.2%至5,874.3万元。截至2026年6月30日，公司资产负债率仅为8.9%，流动比率和速动比率较高，财务状况稳健。但2026年上半年出现明显下滑，营业收入同比下降32.8%，归母净利润为-4,579.5万元，由盈转亏，较上年同期显著恶化。该亏损情况已由2026年7月15日的业绩预告确认。过去一年股价下跌50.6%。2026年上半年每股经营现金流为-0.21元。实际控制人及第一大股东均为钱京，持股比例17.95%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | The company pre-announced a profit decline of more than 50% for the first half of 2026. 公司预告2026年上半年净利润同比下降超50%。 | A profit decline of this magnitude indicates weakening earnings performance, which could affect investor confidence and future valuation. The loss in the first half of 2026 marks a deterioration from the prior-year period. 如此大幅度的利润下滑表明盈利表现减弱，可能影响投资者信心和未来估值。2026年上半年的亏损相较于上年同期为显著恶化。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has fallen more than 40% over the past year. 公司股价在过去一年内下跌超40%。 | A one-year price drop of 50.6% signals sustained market concerns, potentially reducing market capitalisation and investor interest. It may also affect shareholder sentiment and financing ability. 一年内股价下跌50.6%表明市场持续担忧，可能影响市值和投资者兴趣。也可能削弱股东信心和融资能力。 |
- The attributable net profit for the full year 2026, to assess whether the first-half loss continues or recovers.
2026年全年归母净利润，以判断上半年亏损是否延续或恢复。 - Operating cash flow per share for the full year 2026, to see if it remains above net profit or turns negative.
2026年全年每股经营现金流，以观察其是否仍高于净利润或转为负值。 - Revenue growth in the second half of 2026, to determine if the decline narrows compared to the first half's -32.8%.
2026年下半年营业收入增速，以判断收入下滑是否较上半年-32.8%有所收窄。 - The company's liabilities to assets ratio at year-end 2026, to confirm if the strong balance sheet at mid-year persists.
2026年末资产负债率，以确认年中以来的稳健资产负债结构是否持续。 - Any change in the shareholding of actual controller 钱京, especially if below 17.95%.
实际控制人钱京的持股比例变动，尤其是是否低于17.95%。 - The next profit pre-announcement or filing for 2026 year-end, to check for further negative surprises.
下一次2026年末业绩预告或公告，以确认是否出现进一步负面信息。
- Company: Hengbao 恒宝股份, Shenzhen Stock Exchange 002104; industry Telecom Equipment; listed 10 Jan 2007.
公司：恒宝股份，深圳证券交易所 002104；行业：通信设备；上市日期：2007年1月10日。 - Close on 24 Sep 2026 RMB10.54; close on 24 Sep 2025 RMB21.40, RMB21.32 in today's terms; one-year change, adjusted for distributions and share changes -50.6%.
2026年9月24日收盘价10.54元；2025年9月24日收盘价21.40元（前复权21.32元）；一年涨跌幅（复权）-50.6%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB9.04 to RMB25.58.
52周区间（前复权）9.04元至25.58元。 - In the last 12 months 5 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 27 Oct 2025 +10.0%; 16 Dec 2025 +10.0%; 6 Aug 2026 +10.0%; 1 Sep 2026 +10.0%; 2 Sep 2026 +10.0%. The longest run of them on consecutive trading days: 2 days.
近12个月共有5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10月27日 +10.0%；2025年12月16日 +10.0%；2026年8月6日 +10.0%；2026年9月1日 +10.0%；2026年9月2日 +10.0%。其中最长连续2个交易日。 - Market capitalisation RMB7.47bn; P/E TTM not meaningful (loss-making); price to book 3.55x.
总市值74.66亿元；市盈率（TTM）不适用（亏损）；市净率3.55倍。 - Revenue 2025 RMB866.5m; 2024 RMB902.8m; change -4.0%.
营业收入2025年8.66亿元；2024年9.03亿元；同比-4.0%。 - Attributable net profit 2025 RMB58.7m; 2024 RMB95.0m; change -38.2%.
归属于母公司股东的净利润2025年5,874.3万元；2024年9,501.9万元；同比-38.2%。 - Net profit excluding non-recurring items, 2025 change -42.6%.
2025年扣除非经常性损益后的净利润同比-42.6%。 - Basic EPS 2025 RMB0.08; 2024 RMB0.14.
基本每股收益2025年0.08元；2024年0.14元。 - Operating cash flow per share 2025 RMB0.26; 2024 RMB0.31; operating cash flow to net profit 3.17x.
每股经营现金流2025年0.26元；2024年0.31元；经营现金流与净利润之比3.17倍。 - 2025 gross margin 29.1%; net margin 6.8%; ROE 2.7%.
2025年毛利率29.1%；净利率6.8%；净资产收益率2.7%。 - At 30 Jun 2026: liabilities to assets 8.9%; current ratio 8.65; quick ratio 7.51; receivable days 93; inventory days 151.
截至2026年6月30日：资产负债率8.9%；流动比率8.65；速动比率7.51；应收账款周转天数93；存货周转天数151。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB289.1m, change -32.8%; attributable net profit -RMB45.8m, change -229.5% (from a profit to a loss); operating cash flow per share -RMB0.21.
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2.89亿元，同比-32.8%；归母净利润-4,579.5万元，同比-229.5%（由盈转亏）；每股经营现金流-0.21元。 - Pre-announcement of 15 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -241% to -202%.
2026年7月15日发布的截至2026年6月30日业绩预告：归母净利润同比-241%至-202%。 - Ownership: actual controller 钱京; largest holder at 30 Jun 2026: 钱京, 17.95%.
股权：实际控制人：钱京；2026年6月30日第一大股东：钱京，持股17.95%。 - Latest distribution: ex-date 24 Jul 2026, cash RMB0.03 per share.
最近一次分配：除权除息日2026年7月24日，每股现金0.03元。 - Aurelian Grade E, score 25.4 of 100, graded within a peer group of 89 companies in its industry; no rank among peers is given.
金源评级E，得分25.4（满分100），于行业同业89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。