Venustech Group 启明星辰
3 significant filings since 30 May 2026: 2 on equity incentive and 1 on earnings pre-announcement. The latest, on 11 Jul 2026: 启明星辰2026年半年度业绩预告. On 11 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to rise by 127.85% to 140.71% from the same period a year earlier.
自 30 May 2026 起有 3 份重大公告：equity incentive 2 份、earnings pre-announcement 1 份。最新一份（11 Jul 2026）：启明星辰2026年半年度业绩预告。11 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期上升 127.85% 至 140.71%。
As of 25 Sep 2026 截至2026年9月25日
Venustech Group 启明星辰, listed in 2010, is a software company. It reported a wider net loss in 2025 at -RMB572.3m compared to -RMB226.3m in 2024, with revenue down 29.5% to RMB2.34bn. The loss widened despite a gross margin of 58.3%. In the first half of 2026, the company turned profitable with attributable net profit at RMB30.8m, up 133.0% year-on-year. Operating cash flow per share improved to RMB0.24 in 2025 from -RMB0.26 in 2024. However, receivables remain high at 602 days. The company is controlled by 中移资本控股有限责任公司, with a 23.37% stake. Market capitalisation is RMB17.38bn, and the stock has declined 9.0% over one year.
启明星辰2010年上市，属于软件开发行业。2025年归属于母公司股东的净利润为-5.72亿元，较2024年的-2.26亿元亏损扩大，营业收入同比下降29.5%至23.38亿元。尽管毛利率为58.3%，但净利率为-24.7%，亏损扩大。2026年上半年扭亏为盈，归母净利润达3,078.6万元，同比增长133.0%。每股经营现金流由2024年的-0.26元改善至2025年的0.24元。但应收账款周转天数高达602天。公司控股股东为中移资本控股有限责任公司，持股23.37%。总市值173.84亿元，股价一年下跌9.0%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025; a profit in the period to 30 Jun 2026, +133.0% on the same period a year earlier 2025年归母净利润亏损；截至2026年6月30日的报告期盈利，较上年同期+133.0% | The company reported a net loss in 2025. 公司2025年报告了净亏损。 | A net loss of -RMB572.3m in 2025, wider than -RMB226.3m in 2024, reflects deteriorating profitability. Although the first half of 2026 turned profitable, sustained recovery remains uncertain. 2025年净亏损达-5.72亿元，较2024年-2.26亿元扩大，显示盈利能力恶化。尽管2026年上半年已扭亏为盈，但持续复苏尚不确定。 |
| 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. 营业收入同比下滑超过20%。 | Revenue fell 29.5% to RMB2.34bn in 2025 from RMB3.32bn in 2024, indicating weak top-line performance and possible market or operational challenges. 2025年营业收入从2024年的33.15亿元下降29.5%至23.38亿元，显示收入表现疲软，可能存在市场或运营问题。 |
| 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. 应收账款回收周期超过180天。 | Receivable days were 602 at 30 Jun 2026, far above 180 days, indicating slow collections and potential liquidity pressure despite improved operating cash flow. 截至2026年6月30日应收账款周转天数为602天，远超180天，显示回款缓慢，尽管经营现金流改善，仍可能存在流动性压力。 |
- Attributable net profit for the full year 2026, to confirm whether the profit recovery in the first half continues.
2026全年归母净利润，以确认上半年盈利恢复是否持续。 - Revenue growth in the second half of 2026, to assess if the +9.0% growth in the first half is sustained.
2026年下半年营业收入增长，以评估上半年9.0%的增长是否持续。 - Receivable days at year-end 2026, to see if collection efficiency improves from 602 days.
2026年末应收账款周转天数，以观察回款效率是否从602天改善。 - Operating cash flow per share for 2026, to confirm cash generation strength after the 2025 improvement.
2026年每股经营现金流，以确认2025年改善后现金流生成能力是否持续。 - Any update on litigation or regulatory matters, as these are not shown in the current facts.
诉讼或监管事项的更新，因当前事实中未列示。 - Next shareholder structure filing after 30 Jun 2026, to monitor for changes in the 23.37% holding by 中移资本控股有限责任公司.
2026年6月30日后下一次股东结构公告，以监测中移资本控股有限责任公司23.37%持股是否变动。
- Company: Venustech Group 启明星辰, Shenzhen Stock Exchange 002439; industry Software; listed 23 Jun 2010.
公司：启明星辰，深圳证券交易所 002439；行业：软件开发；上市日期：2010年6月23日。 - Close on 24 Sep 2026 RMB14.35; close on 24 Sep 2025 RMB15.77; one-year change -9.0%.
2026年9月24日收盘价14.35元；2025年9月24日收盘价15.77元；一年涨跌幅-9.0%。 - 52-week range RMB12.39 to RMB16.63.
52周区间12.39元至16.63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: 13 Apr 2026 +10.0%.
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：2026年4月13日 +10.0%。 - Market capitalisation RMB17.38bn; P/E TTM not meaningful (loss-making); price to book 1.60x.
总市值173.84亿元；市盈率（TTM）不适用（亏损）；市净率1.60倍。 - Revenue 2025 RMB2.34bn; 2024 RMB3.32bn; change -29.5%.
营业收入2025年23.38亿元；2024年33.15亿元；同比-29.5%。 - Attributable net profit 2025 -RMB572.3m; 2024 -RMB226.3m; change -152.9% (the loss widened).
归属于母公司股东的净利润2025年-5.72亿元；2024年-2.26亿元；同比-152.9%（亏损扩大）。 - Net profit excluding non-recurring items, 2025 change -294.7%.
2025年扣除非经常性损益后的净利润同比-294.7%。 - Basic EPS 2025 -RMB0.47; 2024 -RMB0.19.
基本每股收益2025年-0.47元；2024年-0.19元。 - Operating cash flow per share 2025 RMB0.24; 2024 -RMB0.26.
每股经营现金流2025年0.24元；2024年-0.26元。 - 2025 gross margin 58.3%; net margin -24.7%; ROE -5.1%.
2025年毛利率58.3%；净利率-24.7%；净资产收益率-5.1%。 - At 30 Jun 2026: liabilities to assets 15.0%; current ratio 3.95; quick ratio 3.74; receivable days 602; inventory days 139.
截至2026年6月30日：资产负债率15.0%；流动比率3.95；速动比率3.74；应收账款周转天数602；存货周转天数139。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB1.23bn, change +9.0%; attributable net profit RMB30.8m, change +133.0% (from a loss to a profit); operating cash flow per share RMB0.06.
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12.35亿元，同比+9.0%；归母净利润3,078.6万元，同比+133.0%（扭亏为盈）；每股经营现金流0.06元。 - Pre-announcement of 11 Jul 2026 for the period to 30 Jun 2026: attributable net profit change +128% to +141%.
2026年7月11日发布的截至2026年6月30日业绩预告：归母净利润同比+128%至+141%。 - Ownership: controlling shareholder 中移资本控股有限责任公司; actual controller 中国移动通信集团有限公司; largest holder at 30 Jun 2026: 中移资本控股有限责任公司, 23.37%.
股权：控股股东：中移资本控股有限责任公司；实际控制人：中国移动通信集团有限公司；2026年6月30日第一大股东：中移资本控股有限责任公司，持股23.37%。 - 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 B, score 70.6 of 100, graded within a peer group of 133 companies in its industry; no rank among peers is given.
金源评级B，得分70.6（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。