Zhimingda's performance quadrupled, but institutional disagreements have significantly increased.

• □Financial Investment Reporter Lin Ke

Zhimingda (688636) is expected to achieve a net profit of 102 million yuan in 2025, slightly below the previous earnings forecast of 110 million yuan.

After market close on March 25th, Zhimingda released its 2025 annual report, showing the company achieved an operating revenue of 709 million yuan, a year-on-year increase of 61.87%; net profit of 102 million yuan, up 425.27%; net profit after deducting non-recurring gains and losses of 97.4863 million yuan, up 704.06%; basic earnings per share of 0.61 yuan. Additionally, the company plans to distribute a cash dividend of 1.00 yuan (tax included) per 10 shares to all shareholders.

Regarding performance growth, Zhimingda stated that new orders in 2025 increased significantly compared to the same period last year, leading to higher deliveries and revenue. Specifically, airborne product revenue grew by 51% year-over-year, missile payload product revenue increased by 167%, and other product revenues rose by 49%. Meanwhile, the company maintained good operational scale control during the reporting period, with a notable decrease in cost rates, resulting in substantial profit growth. As of the end of 2025, Zhimingda had on-hand orders worth 417 million yuan (including verbal orders).

Public information shows that Zhimingda is a leading enterprise in China’s embedded computer industry, focusing on providing customized solutions, products, and services for key domestic sectors based on customer needs. Currently, the company’s products and solutions cover interface control, data processing, signal processing, graphics and image processing, high-reliability intelligent power supplies, data acquisition, communication switching, large-capacity storage, and image perception technologies. Over the years, it has served key national clients and successfully applied its products in airborne, missile payload, and other critical platform equipment.

Guotai Haitong Securities stated that in 2024, the company continued to implement a technology-leading strategy, constantly enhancing its technical strength, deepening its existing product lines such as airborne, missile payload, commercial aerospace, and unmanned equipment, with significant value increases for individual models compared to previous versions. The company also explored new technologies and fields. By the end of 2024 and early 2025, with a surge in customer demand, related product orders experienced explosive growth. The company launched fundraising projects for the R&D and industrialization of embedded computers for unmanned equipment and commercial aerospace, which will help accelerate the development of new fields and products, seize emerging business opportunities, and build new growth drivers.

Although industry brokerage firms remain optimistic about Zhimingda and the company has shown impressive performance, there are still clear differences in institutional attitudes. According to the list of the top ten tradable shareholders, in Q4 2025, the Southern Military Reform Flexible Allocation Hybrid Securities Investment Fund and Changxin Defense Military Industry Quantitative Flexible Allocation Hybrid Securities Investment Fund appeared as new shareholders among the top ten tradable shareholders. Meanwhile, GF Small and Mid Cap Selected Hybrid Securities Investment Fund, GF Technology Power Stock Securities Investment Fund, and Changxin Jinli Trend Hybrid Securities Investment Fund directly exited the top ten. Overall, public mutual funds showed both increases and decreases in holdings of Zhimingda in Q4, with evident divergence.