Dark Horse Technology Group 创业黑马
8 significant filings since 30 May 2026: 3 on acquisition or disposal, 2 on equity incentive and 3 on issue review inquiry. The latest, on 21 Sep 2026: 关于公司发行股份及支付现金购买资产并募集配套资金事项经深圳证券交易所并购重组审核委员会审议通过的公告.
自 30 May 2026 起有 8 份重大公告：acquisition or disposal 3 份、equity incentive 2 份、issue review inquiry 3 份。最新一份（21 Sep 2026）：关于公司发行股份及支付现金购买资产并募集配套资金事项经深圳证券交易所并购重组审核委员会审议通过的公告。
As of 25 Sep 2026 截至2026年9月25日
创业黑马 is an education company listed on the Shenzhen Stock Exchange since 10 Aug 2017. The company reported a narrower net loss of -RMB49.1m in 2025, compared to -RMB105.5m in 2024, on lower revenue of RMB141.1m, a drop of 36.4% from the prior year. Despite the loss, the company's financial position remains stable with a liabilities to assets ratio of 28.0% at 30 Jun 2026 and strong liquidity, as shown by a current ratio of 2.33. Operating cash outflows widened, with operating cash flow per share at -RMB0.34 in 2025. The stock has shown high volatility, with 10 trading days in the past year closing 9% or more from the prior close, including four consecutive days. The company remains loss-making, with declining revenue and negative operating cash flows, raising concerns about sustainability.
创业黑马是一家教育行业公司，于2017年8月10日在深圳证券交易所上市。2025年归属于母公司股东的净利润为-4,909.0万元，较2024年的-1.06亿元亏损收窄，但营业收入为1.41亿元，同比下降36.4%。尽管亏损收窄，截至2026年6月30日，公司资产负债率为28.0%，流动比率2.33，显示财务结构稳定、流动性良好。2025年每股经营现金流为-0.34元，较2024年的-0.18元流出扩大。过去12个月有10个交易日收盘涨跌幅达9%及以上，最长连续4个交易日，股价波动较大。公司仍处于亏损状态，收入下滑明显，经营现金流为负，可持续性存疑。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss in 2025. 公司2025年录得净亏损。 | A net loss of -RMB49.1m in 2025 indicates ongoing profitability challenges. Although the loss narrowed from -RMB105.5m in 2024, the company remains loss-making, which could pressure equity and investor confidence if not reversed. 2025年净亏损-4,909.0万元，显示持续盈利困难。尽管较2024年-1.06亿元的亏损有所收窄，但公司仍处于亏损状态，若未能扭转，可能影响股东权益和投资者信心。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow was negative in 2025. 2025年经营性现金流为负。 | Operating cash flow per share was -RMB0.34 in 2025, worse than -RMB0.18 in 2024, indicating a widening cash outflow from operations. This weakens the company's ability to fund activities without external support. 2025年每股经营现金流为-0.34元，较2024年的-0.18元进一步恶化，显示经营性现金流出扩大，削弱公司依靠自身运营支持业务的能力。 |
| 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%。 | Revenue fell from RMB221.9m in 2024 to RMB141.1m in 2025, a drop of 36.4%. Such a sharp decline suggests weakening demand or operational issues, which could further impact profitability and cash flow. 营业收入从2024年的2.22亿元降至2025年的1.41亿元，同比下滑36.4%。大幅下降反映需求疲软或经营问题，可能进一步影响盈利和现金流。 |
- Change in attributable net profit for the full year 2026, to see if the loss continues to narrow or turns to profit.
2026全年归母净利润变动，观察亏损是否持续收窄或转为盈利。 - Operating cash flow per share in 2026, to assess if cash outflows from operations improve.
2026年每股经营现金流，评估经营性现金流出是否改善。 - Revenue growth in 2026 compared to 2025, to determine if the downward trend reverses.
2026年营业收入较2025年增长情况，判断收入下滑趋势是否逆转。 - Liabilities to assets ratio at 31 Dec 2026, to monitor financial leverage stability.
2026年12月31日资产负债率，监测财务杠杆稳定性。 - Gross margin in 2026, to evaluate if profitability at the operational level holds.
2026年毛利率，评估运营层面盈利能力是否维持。 - Number of high-volatility trading days in the next 12 months, to gauge price movement frequency.
未来12个月高波动交易日数量，判断价格波动频率。
- Company: Dark Horse Technology Group 创业黑马, Shenzhen Stock Exchange 300688; industry Education; listed 10 Aug 2017.
公司：创业黑马，深圳证券交易所 300688；行业：教育；上市日期：2017年8月10日。 - Close on 24 Sep 2026 RMB35.61; close on 24 Sep 2025 RMB32.20; one-year change +10.6%.
2026年9月24日收盘价35.61元；2025年9月24日收盘价32.20元；一年涨跌幅+10.6%。 - 52-week range RMB18.94 to RMB36.78.
52周区间18.94元至36.78元。 - In the last 12 months 10 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 21 Jul 2026 +10.0%; 22 Jul 2026 +20.0%; 27 Jul 2026 +10.8%; 30 Jul 2026 +11.4%; 25 Aug 2026 +9.6%. The longest run of them on consecutive trading days: 4 days.
近12个月共有10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：2026年7月21日 +10.0%；2026年7月22日 +20.0%；2026年7月27日 +10.8%；2026年7月30日 +11.4%；2026年8月25日 +9.6%。其中最长连续4个交易日。 - Market capitalisation RMB5.96bn; P/E TTM not meaningful (loss-making); price to book 16.91x.
总市值59.60亿元；市盈率（TTM）不适用（亏损）；市净率16.91倍。 - Revenue 2025 RMB141.1m; 2024 RMB221.9m; change -36.4%.
营业收入2025年1.41亿元；2024年2.22亿元；同比-36.4%。 - Attributable net profit 2025 -RMB49.1m; 2024 -RMB105.5m; change +53.5% (the loss narrowed).
归属于母公司股东的净利润2025年-4,909.0万元；2024年-1.06亿元；同比+53.5%（亏损收窄）。 - Net profit excluding non-recurring items, 2025 change +44.9%.
2025年扣除非经常性损益后的净利润同比+44.9%。 - Basic EPS 2025 -RMB0.30; 2024 -RMB0.65.
基本每股收益2025年-0.30元；2024年-0.65元。 - Operating cash flow per share 2025 -RMB0.34; 2024 -RMB0.18.
每股经营现金流2025年-0.34元；2024年-0.18元。 - 2025 gross margin 52.2%; net margin -55.3%; ROE -12.3%.
2025年毛利率52.2%；净利率-55.3%；净资产收益率-12.3%。 - At 30 Jun 2026: liabilities to assets 28.0%; current ratio 2.33; quick ratio 2.33; receivable days 30; inventory days not shown.
截至2026年6月30日：资产负债率28.0%；流动比率2.33；速动比率2.33；应收账款周转天数30；存货周转天数未披露。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB46.9m, change -33.6%; attributable net profit -RMB10.6m, change +9.2% (the loss narrowed); operating cash flow per share -RMB0.15.
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4,686.5万元，同比-33.6%；归母净利润-1,058.7万元，同比+9.2%（亏损收窄）；每股经营现金流-0.15元。 - Ownership: actual controller 牛文文; largest holder at 30 Jun 2026: 牛文文, 15.14%.
股权：实际控制人：牛文文；2026年6月30日第一大股东：牛文文，持股15.14%。 - 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 D, score 32.0 of 100, graded within a peer group of 16 companies in its industry; no rank among peers is given.
金源评级D，得分32.0（满分100），于行业同业16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。