HeNan Splendor Science & Technology 辉煌科技
6 significant filings since 31 May 2026: 4 on major holder buying, 1 on change of interest and 1 on dividend. The latest, on 19 Sep 2026: 关于董事长增持公司股份触及1%整数倍的提示性公告.
自 31 May 2026 起有 6 份重大公告：major holder buying 4 份、change of interest 1 份、dividend 1 份。最新一份（19 Sep 2026）：关于董事长增持公司股份触及1%整数倍的提示性公告。
As of 25 Sep 2026 截至2026年9月25日
HeNan Splendor Science & Technology 辉煌科技, listed in 2009, operates in the telecom equipment industry. The company reported a revenue decline of 30.9% in 2025 to RMB878.5m, with attributable net profit down 31.8% to RMB187.1m. Margins remain stable, with a 60.0% gross margin and 21.1% net margin in 2025. As of 30 Jun 2026, the company's financial position is sound, with a liabilities to assets ratio of 24.2% and a current ratio of 2.60. However, receivable days at 483 and inventory days at 536 indicate slow asset turnover. The stock has declined 13.7% over one year, and two double-digit gains occurred in early 2026. Risks stem from falling revenue and prolonged receivables collection.
辉煌科技，2009年上市，属于通信设备行业。2025年营业收入为8.79亿元，同比减少30.9%；归母净利润为1.87亿元，同比下降31.8%。2025年毛利率为60.0%，净利率为21.1%，保持稳定。截至2026年6月30日，资产负债率为24.2%，流动比率为2.60，财务状况稳健。但应收账款周转天数达483天，存货周转天数为536天，资产周转较慢。过去一年股价下跌13.7%。2026年初出现两次单日涨超10%的情况。主要风险来自收入下滑和回款周期过长。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by more than 20% year-on-year in 2025. 2025年营业收入同比下滑超20%。 | A sustained revenue drop may reduce operating cash inflows and pressure profitability. The 2025 decline of 30.9% to RMB878.5m follows a drop from RMB1.27bn in 2024, indicating a weakening top line. 持续的收入下滑可能减少经营性现金流流入，并对盈利能力造成压力。2025年营业收入从12.72亿元降至8.79亿元，同比减少30.9%，显示主营业务持续萎缩。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take more than 180 days to collect. 应收账款回款周期超过180天。 | Long collection periods increase liquidity risk and may lead to higher bad debt provisions. At 483 days as of 30 Jun 2026, receivables are highly illiquid and could strain cash flow despite reported profits. 回款周期过长增加流动性风险，可能导致坏账计提上升。截至2026年6月30日，应收账款周转天数为483天，资产流动性差，即使盈利也可能面临现金流紧张。 |
- Change in 2026 full-year revenue compared to 2025's RMB878.5m
2026全年营业收入相比2025年8.79亿元的变化 - Receivable days at the end of 2026, compared to 483 days as of 30 Jun 2026
2026年末应收账款周转天数，较2026年6月30日的483天变化 - Operating cash flow to net profit ratio in 2026, compared to 0.91x in 2025
2026年经营现金流与净利润之比，较2025年的0.91倍变化 - Attributable net profit in 2026, compared to RMB187.1m in 2025
2026年归母净利润，较2025年1.87亿元的变化 - Inventory days at the end of 2026, compared to 536 days as of 30 Jun 2026
2026年末存货周转天数，较2026年6月30日的536天变化 - Largest shareholder's stake at 30 Jun 2027, compared to 李海鹰's 7.95% at 30 Jun 2026
2027年6月30日第一大股东持股比例，较2026年6月30日李海鹰的7.95%变化
- Company: HeNan Splendor Science & Technology 辉煌科技, Shenzhen Stock Exchange 002296; industry Telecom Equipment; listed 29 Sep 2009.
公司：辉煌科技，深圳证券交易所 002296；行业：通信设备；上市日期：2009年9月29日。 - Close on 24 Sep 2026 RMB9.43; close on 24 Sep 2025 RMB11.08, RMB10.93 in today's terms; one-year change, adjusted for distributions and share changes -13.7%.
2026年9月24日收盘价9.43元；2025年9月24日收盘价11.08元（前复权10.93元）；一年涨跌幅（复权）-13.7%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB8.45 to RMB14.93.
52周区间（前复权）8.45元至14.93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: 9 Jan 2026 +10.0%; 9 Feb 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1月9日 +10.0%；2026年2月9日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB3.67bn; P/E TTM 21.5; price to book 1.47x.
总市值36.74亿元；市盈率（TTM）21.5；市净率1.47倍。 - Revenue 2025 RMB878.5m; 2024 RMB1.27bn; change -30.9%.
营业收入2025年8.79亿元；2024年12.72亿元；同比-30.9%。 - Attributable net profit 2025 RMB187.1m; 2024 RMB274.5m; change -31.8%.
归属于母公司股东的净利润2025年1.87亿元；2024年2.75亿元；同比-31.8%。 - Net profit excluding non-recurring items, 2025 change -31.3%.
2025年扣除非经常性损益后的净利润同比-31.3%。 - Basic EPS 2025 RMB0.48; 2024 RMB0.71.
基本每股收益2025年0.48元；2024年0.71元。 - Operating cash flow per share 2025 RMB0.43; 2024 RMB0.39; operating cash flow to net profit 0.91x.
每股经营现金流2025年0.43元；2024年0.39元；经营现金流与净利润之比0.91倍。 - 2025 gross margin 60.0%; net margin 21.1%; ROE 7.6%.
2025年毛利率60.0%；净利率21.1%；净资产收益率7.6%。 - At 30 Jun 2026: liabilities to assets 24.2%; current ratio 2.60; quick ratio 1.99; receivable days 483; inventory days 536.
截至2026年6月30日：资产负债率24.2%；流动比率2.60；速动比率1.99；应收账款周转天数483；存货周转天数536。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB372.2m, change -7.9%; attributable net profit RMB118.0m, change -12.3%; operating cash flow per share RMB0.30.
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3.72亿元，同比-7.9%；归母净利润1.18亿元，同比-12.3%；每股经营现金流0.30元。 - Ownership: largest holder at 30 Jun 2026: 李海鹰, 7.95%.
股权：2026年6月30日第一大股东：李海鹰，持股7.95%。 - Latest distribution: ex-date 17 Jun 2026, cash RMB0.13 per share.
最近一次分配：除权除息日2026年6月17日，每股现金0.13元。 - Aurelian Grade C, score 65.3 of 100, graded within a peer group of 89 companies in its industry; no rank among peers is given.
金源评级C，得分65.3（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。