Investment Rating - The report assigns a "Buy" rating to China Software International (00354 HK) with a target price of HKD 5 31 [1] Core Views - The company reported H1 2024 revenue of RMB 7 926 billion (YoY -6 2%) and net profit attributable to shareholders of RMB 286 million (YoY -18 6%) due to reduced demand from core clients [1][2] - Gross margin decreased by 0 6 percentage points YoY to 23 1% while sales expenses increased by 1 2% to RMB 426 million [1][2] - Cloud and intelligent business revenue grew by 2 0% YoY to RMB 3 368 billion accounting for 42 5% of total revenue [1][2] - The company is advancing its "1+3" strategic layout focusing on cloud intelligence AIGC HarmonyOS and AIoT applications and enterprise digital transformation services [1][3] - In AIGC the company is developing model factory services and collaborating with leading clients in finance energy and healthcare sectors [3] - In the HarmonyOS ecosystem the company is building an independent IoT platform and expanding into industries like military energy and transportation [3] - The company is strengthening its position in the ERP market targeting state-owned enterprises and leveraging Huawei Cloud partnerships [4][5] Financial Performance and Forecast - Revenue is expected to decline slightly in 2024 but recover with steady growth in 2025-2026 [1][5] - Net profit attributable to shareholders is forecasted to be RMB 676 million in 2024 and RMB 759 million in 2025 [1][5] - The company's PE ratio for 2024-2025 is estimated at 13 5x and 12 0x respectively [5] Business Segments - Core business revenue in H1 2024 was RMB 4 558 billion (YoY -11 5%) while cloud and intelligent business revenue reached RMB 3 368 billion (YoY +2 0%) [2][5] - The top five clients contributed 60 0% of total service revenue and the top ten clients contributed 68 8% [2] Strategic Initiatives - The company is deepening its collaboration with Huawei becoming a comprehensive partner in Huawei Cloud and leading in capability certifications [5] - It is expanding internationally with R&D and delivery centers in Thailand Japan Singapore Saudi Arabia and the UAE [5]

Incentives and Performance Targets - The company granted incentives to certain directors and employees to subscribe for 145,460,000 shares at a price of HKD 5.08 per share[1] - The performance targets for the share incentives are related to the company's financial parameters, including revenue and profit[1] - Non-financial parameters such as strategic goals and operational objectives are also part of the performance criteria for the incentives[1] Supplementary Information - The company maintains that the supplementary information does not affect other data in the 2023 annual report[2]

Investment Rating - The report maintains a "Buy" rating for China Software International (0354.HK) [2] Core Insights - The company reported a revenue of 7.926 billion RMB for the first half of 2024, a year-on-year decline of 6.2%, primarily due to reduced demand from core clients in 2023 [1] - Gross profit for 1H24 was 1.831 billion RMB, with a gross margin of 23.1%, down 0.6 percentage points year-on-year [1] - Net profit for 1H24 was 285 million RMB, reflecting an 18.6% year-on-year decline, with a net margin of 3.6% [1] - The company is focusing on AI-driven innovations and aims to become a comprehensive AI software and service provider, enhancing collaboration with leading clients across various industries [1] - Cloud intelligence revenue increased to 42.5% of total revenue, with a 2% year-on-year growth in cloud intelligence business revenue [1] Summary by Sections Financial Performance - Revenue for 1H24 was 7.926 billion RMB, down 6.2% year-on-year [1] - Gross profit was 1.831 billion RMB, with a gross margin of 23.1% [1] - Net profit was 285 million RMB, down 18.6% year-on-year [1] Business Development - The company is enhancing its AI capabilities, focusing on natural language processing, computer vision, and predictive applications [1] - It has expanded its international business, particularly in the Middle East and Southeast Asia, collaborating with global partners like Huawei [1] Emerging Business Segments - Cloud intelligence revenue reached 33.68 billion RMB, accounting for 42.5% of total revenue [1] - The company is actively developing its ERP services and has launched several projects in key industries [1] Profit Forecast and Valuation - The net profit forecast for 2024 and 2025 has been adjusted to 720 million RMB and 870 million RMB, respectively, reflecting a decrease of 36% and 37% [1] - The company has conducted share buybacks totaling nearly 260 million shares over two years, indicating confidence in long-term growth [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 概要 截至二零二四年上半年業績 截至六月三十日止六個月 二零二四年 二零二三年 損益表概要 （未經審核） （未經審核） 變化 人民幣千元 人民幣千元 % 收入 7,926,183 8,450,060 (6.2%) 服務性收入 7,647,920 8,295,751 (7.8%) 本期溢利 285,353 350,687 (18.6%) 本公司擁有人應佔溢利 285,720 351,028 (18.6%) 每股基本盈利（人民幣分） 10.93 12.44 (12.1%) • 董事不建議就截至二零二四年六月三十日止六個月派發中期股息。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：354） 截至二零二四年六月三十日止六個月 中期業績公告 • 本公司不會暫停辦理過戶登記手續。 1 管理層討論與分析 主要運營資料 於二零二四年 ...

年 2 0 2 Chinasoft International Limited 中軟國際有限公司* 於開曼群島註冊成立之有限公司 股份代號: 0354 * 僅供識別 1 公司資料 2 主席報告 3 業務概述 7 管理層討論與分析 31 企業管治報告 43 董事會報告 61 環境、社會及管治報告 77 董事及高級管理人員履歷 116 獨立核數師報告 121 綜合損益及其他全面收益表 126 綜合財務狀況表 128 綜合權益變動表 130 綜合現金流量表 131 綜合財務報表附註 133 財務摘要 232 1 目 錄 中軟國際有限公司 二零二三年年報 公司資料 2 | --- | --- | |-----------------------------------------------------|---------------------------------------------------| | 董事會 | 股票編號 | | 執行董事 | 香港聯交所股票編號： 0354 | | 陳宇紅博士 （主席及首席執行官） 何寧博士 （副主席） | 註冊辦事處 | | 唐振明博士 | Cricket Square ...

Investment Rating - The report assigns an "Outperform" rating to the company [1]. Core Insights - The company's computing power scheduling platform is positioned as a crucial driver for digital economic transformation, with significant growth potential and returns [4][7]. - The collaboration with Huawei has led to the launch of various AI products, enhancing the company's competitive edge in the AI sector [13][20]. - The company is expected to experience substantial revenue growth, with projected revenues of 213.37 billion, 257.90 billion, and 297.54 billion yuan for 2024, 2025, and 2026 respectively [21][23]. Summary by Sections Investment Rating - The company is rated as "Outperform" with a target price range of 6.83 to 8.54 HKD based on a dynamic PE of 20-25 times for 2024 [4][21]. Financial Performance - The company’s projected net profits for 2024, 2025, and 2026 are 918 million, 1.154 billion, and 1.389 billion yuan respectively, with corresponding EPS of 0.32, 0.40, and 0.48 yuan [5][21]. - The revenue for 2023 is expected to be 171.17 billion yuan, reflecting a year-on-year decrease of 14% [5][23]. Computing Power Scheduling Platform - The computing power scheduling platform is essential for managing diverse computing resources and optimizing their utilization across various business scenarios [4][8]. - The platform includes three core components: the computing power access management center, the computing power orchestration scheduling center, and the computing power operation center [9][11]. Collaboration with Huawei - The company has deepened its partnership with Huawei, resulting in the introduction of numerous AI products, including the AIGC model factory and various large model services [13][20]. - The collaboration aims to enhance the efficiency of model training and application development, addressing the challenges faced by enterprises in deploying large models [14][19]. Future Outlook - The company is well-positioned to benefit from the growing demand for AI and computing power solutions, with expectations of significant growth in the digital economy [12][21]. - The report emphasizes the importance of the company's innovative solutions in driving digital transformation across various industries [12][20].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：354） 截至二零二三年十二月三十一日止年度 年度業績公告 中軟國際有限公司（「中軟國際」或「本公司」）董事（「董事」）會（「董事會」）謹此公 佈本公司及其附屬公司（「本集團」）截至二零二三年十二月三十一日止年度之經審 核綜合業績，連同截至二零二二年十二月三十一日止年度之經審核綜合業績如下： | --- | --- | --- | --- | |------------------------------------|-------------------------|-------------------------|---------| | | | | | | 概要 | | | | | 截至二零二三年十二月三十一日止年度 | | | | | 損益表概要 | 二零二三年 ...

Share Incentive Plan - The share incentive plan granted a total of 130,349,000 shares during the year, with 101,123,000 shares remaining unexercised as of December 31, 2022[2] - The company reported a total of 87,629,000 shares granted to other employees during the year, with 74,703,000 shares remaining unexercised[2] - The share incentive plan does not have any applicable plan authorization or service provider sub-limits[4] Compensation - The five highest-paid individuals in the company received a total of 36,960,000 shares, with 11,000,000 shares granted to the executive director Chen Yuhong[2][3] Governance Structure - The board of directors includes three executive directors and three independent non-executive directors, ensuring a diverse governance structure[5]

[0 -> 19] 然后我们接下来是中国忍者国际进行录演及投资者交流时长40分钟,有请中忍国际。大家好,我是中忍国际的陈怡妮丹妮。那很感谢大家今天来参加我们的这样一个交流会。那么因为我们公司最近也是 [25 -> 50] 我們公司最近也是剛推出中期的一個業績首先我們會先就我們公司大致的情況還有就我們公司中期的業績做個簡單的回顧以及介紹中人國際是在2000年成立的大型軟件信息技術服務公司我們是在2003年的時候在港股上市的 [52 -> 58] 下雨了吗对对对 [59 -> 87] 然後成立那麼多年以來其實我們整體營收都是保持在接近30%的高速增長那麼我們主要的業務是分成兩個大的板塊一個是我們的基石業務也就是大家理解的這種比較傳統的軟件外包服務那麼這一塊主要我們的服務對象是包括像是華為、匯豐、騰訊等等這一種行業的聯通企業客戶 [87 -> 111] 去给他们提供这种软件信息技术服务那么另外一方面呢也就是我们称为的新兴业务这一块呢主要是包括像是云智能业务然后鸿蒙业务 汉语IP然后智能汽车等等的这一系列的现在市场上面比较关注的这种新型的一些业务那么 [111 -> 133] 就是整體來看其實2022年以及2023年 ...

Financial Performance - For the first half of 2023, the company reported revenue of RMB 8,450.06 million, a decrease of 15.7% compared to RMB 10,025.28 million in the same period of 2022[4]. - Service revenue for the same period was RMB 8,295.75 million, down 15.5% from RMB 9,820.49 million year-on-year[4]. - The net profit for the first half of 2023 was RMB 350.69 million, representing a decline of 38.6% from RMB 570.88 million in the previous year[4]. - Basic earnings per share decreased by 36.6% to RMB 12.44 from RMB 19.62 in the same period last year[4]. - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2023[4]. - The company achieved a net profit margin of 4.2% during the reporting period, indicating a healthy business development despite the revenue decline[6]. - The company reported a profit for the period of RMB 350,687 thousand, down from RMB 570,880 thousand in the first half of 2022[140]. - The company’s total assets as of June 30, 2023, were RMB 14,430,156 thousand, an increase from RMB 13,411,499 thousand at the end of 2022, reflecting a growth of about 7.6%[165]. - The company reported a foreign exchange loss of RMB (3,266) thousand from overseas operations, compared to a gain of RMB 1,743 thousand in the previous year[163]. Strategic Partnerships and Collaborations - The company signed a cooperation agreement with Huawei Cloud for the Pangu model, becoming a strategic partner and receiving the "Pangu Model Technology Leader" award[8]. - The company is actively collaborating with Huawei to develop a core business system that is self-controllable, efficient, and secure, focusing on "extremely simple architecture, extremely high quality, extremely low cost, and extremely superior experience"[14]. - The company has established a strong partnership with Huawei Cloud, binding 10% of its capabilities to enhance advanced cloud digital transformation consulting and system integration services[15]. - The company has established a deep collaboration with Huawei and China Mobile Hong Kong, becoming one of the qualified suppliers for the Hong Kong government's IT services over the next four years[24]. - The company has signed strategic partnerships with NetEase and Zhujian Intelligent Technology to explore AIGC and low-code applications[32]. - The company has established 13 joint innovation centers with Huawei, focusing on software development, industrial internet, and AI capabilities[69]. Technological Innovations and Developments - The company has launched the JointPilot AI platform, integrating with Huawei's Pangu model and AI cloud services, focusing on industry application services[8]. - The company has introduced AIGC technology to enhance operational efficiency and quality, aiming to build a healthy profitability model through process optimization and automation[21]. - The company has developed a self-research voice recognition assistant for digital witnessing in bidding processes, ensuring the authenticity of transaction data[30]. - The company has launched the JointPilot AI application platform, which integrates various model capabilities and data governance to provide comprehensive AI solutions for government and enterprise clients[28]. - The company has developed an enterprise-level server operating system "Pan Shi" based on the openEuler community version, which simplifies system migration and significantly reduces costs[95]. - The company has developed a digital content review system that covers all service types, ensuring excellent SLA performance across various business areas[100]. Market Expansion and Global Presence - The company has expanded its services into Southeast Asia, the Middle East, and Latin America, covering markets such as Singapore, Malaysia, Thailand, Indonesia, and India, and has become the IT service provider for Kenagan Bank[24]. - The company aims to strengthen its global IT influence by establishing an overseas sales service platform and expanding its market presence[24]. - The company is focusing on expanding its presence in Southeast Asia and the Middle East, aiming to enhance its global IT influence[135]. - The company has established a comprehensive digital transformation service for 47 countries globally, leveraging partnerships with major clients such as Huawei, Tencent, and Alibaba[135]. Operational Efficiency and Cost Management - The company aims to enhance efficiency and quality through integrated financial and operational projects while increasing the proportion of high-margin and high-output businesses[143]. - The company plans to accelerate the deployment of AIGC and AIOT industries to improve service and product competitiveness[143]. - The company has committed to a high-quality closed-loop management system to enhance execution efficiency and investment effectiveness[26]. - The company has implemented a one-stop service model for digital transformation, receiving high praise from customers and product partners[60]. Employee and Financial Management - The total number of employees decreased by 19.9% year-on-year to 72,937 as of June 30, 2023, primarily due to business fluctuations and strategic transformation[136]. - Employee compensation for the six months ended June 30, 2023, was approximately RMB 7,199,889,000, up from RMB 8,598,009,000 in the same period of 2022[198]. - The company’s interest expenses for borrowings increased to RMB 77,399,000 in the first half of 2023, compared to RMB 42,244,000 in the same period of 2022[181]. - The company’s total borrowings amounted to RMB 4,060,175,000, a significant increase from RMB 1,928,531,000 as of December 31, 2022, reflecting a growth of approximately 110.5%[83][195]. Industry Engagement and Standards - The company has become a leading participant in the construction of the digital RMB system, winning multiple bids for digital RMB projects with various banks[72]. - The company is focusing on optimizing data applications in railway and water transport sectors, enhancing digital transformation efforts in ports like Ningbo-Zhoushan[82]. - The company has received recognition as a top-level partner in the healthcare sector with Huawei, serving numerous hospitals domestically and internationally[89]. - The company is actively involved in green finance, providing products for financial institutions to support their green transformation efforts[75].