开源证券发布研报称，中软国际是华为最高级别合作伙伴，有望受益于鸿蒙生态发展。公司与华为于 2009年开始合作，深入参与华为各领域布局，是华为在国内最核心的IT服务外包商之一。2024年华为终 端业务业绩修复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增 长。原生鸿蒙软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核 心服务商，推出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公 司占据鸿蒙生态先发优势，有望持续受益。 消息面上，中国软件国际发布公告，紧接主要股东、主席兼执行董事陈宇红博士于7月18日收购200万股 公司普通股后，陈博士已于9月23日再次收购合共150万股份，总金额约为906.18万港元。于紧随股权增 加后，陈博士持有3.19亿股股份，相当于公司于本公布日期之已发行股份总数约11.68%。 智通财经APP获悉，中软国际(00354)再涨超5%，截至发稿，涨4.33%，报6.51港元，成交额3.09亿港 元。 ...

Core Viewpoint - The report from Kaiyuan Securities highlights China Software International (00354) as a leading IT service provider in China, significantly benefiting from its deep partnership with Huawei, which contributes over 40% of the company's revenue [1] Group 1: Business Performance - The company's cloud intelligence business is experiencing significant growth, with a notable increase in full-stack AI product deployment, indicating strong growth potential [2] - The ICT service remains the cornerstone of the company's business, contributing the majority of revenue and profit, with a recovery in revenue expected in the second half of 2024 [2] - The total number of employees is rebounding, and the number of major clients has reached the second-highest level since 2020, showcasing effective client expansion [2] Group 2: Strategic Partnerships - The company is a key partner in Huawei's "Together We Thrive" initiative, having collaborated with Huawei since 2009 and playing a crucial role in various fields [3] - The company is deeply integrated into the development of the HarmonyOS ecosystem, with expectations of benefiting from the recovery of Huawei's terminal business and the completion of the "1+8+N" IoT ecosystem [3] - The company has launched tools for HarmonyOS developers and is collaborating with institutions like Shenzhen Angel Fund to support entrepreneurial developers, positioning itself as a core service provider in the Harmony ecosystem [3] Group 3: Financial Projections - The company has revised its profit forecasts for 2025 and introduced projections for 2026-2027, expecting net profits of 564 million, 628 million, and 708 million yuan respectively, with corresponding EPS of 0.21, 0.23, and 0.26 yuan per share [1] - The original profit forecast for 2025 was 1.342 billion yuan, indicating a significant downward adjustment [1] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 26.9, 24.1, and 21.4 times, respectively [1]

Core Viewpoint - Company is a leading IT service provider in China and a deep partner of Huawei, with over 40% of its revenue contributed by Huawei [1] Group 1: Business Performance - The company's cloud intelligence business is experiencing significant growth, with a notable increase in full-stack AI product deployment, indicating growth potential [2] - The core ICT service business is recovering, with a projected revenue rebound in the second half of 2024 and a notable increase in the number of major clients [2] Group 2: Strategic Partnerships - Company has been a core IT service outsourcing partner for Huawei since 2009, deeply involved in Huawei's various business layouts [3] - The company is positioned to benefit from the development of the Harmony ecosystem, with the completion of the "1+8+N" IoT ecosystem expected to drive rapid growth in software ecosystem reconstruction demand [3] Group 3: Financial Projections - The company has revised its profit forecasts for 2025-2027, expecting net profits of 564 million, 628 million, and 708 million yuan respectively, with corresponding EPS of 0.21, 0.23, and 0.26 yuan per share [1]

香港联交所最新资料显示，9月23日，执行董事陈宇红增持中国软件国际（00354）150万股，每股均价 6.0412港元，总金额为906.18万港元。增持后最新持股数目约为3.19亿股，最新持股比例为11.68%。 来源：新浪港股 ...

香港联交所最新资料显示，9月23日，执行董事陈宇红增持中国软件国际(00354)150万股，每股均价 6.0412港元，总金额为906.18万港元。增持后最新持股数目约为3.19亿股，最新持股比例为11.68%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月23日，执行董事陈宇红增持中国软件国际(00354)150 万股，每股均价6.0412港元，总金额为906.18万港元。增持后最新持股数目约为3.19亿股，最新持股比 例为11.68%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic IT services sector and a deep partner of Huawei, with over 40% of its revenue coming from Huawei [4][6] - The cloud intelligence business is experiencing significant growth, and the initial completion of the HarmonyOS ecosystem is expected to benefit the company as its collaboration with Huawei Cloud deepens [4][5] - The report has adjusted the profit forecast for 2025 and introduced forecasts for 2026-2027, estimating net profits of 564 million, 628 million, and 708 million yuan for 2025-2027, respectively [4][7] Summary by Sections Company Overview - Established in 2000, the company has been a strategic partner of Huawei since 2009 and has evolved into a leading comprehensive software and IT service provider in China [15][16] Financial Performance - The company reported a revenue of 17.17 billion yuan in 2024, with a slight decline of 0.3% year-on-year, while net profit was 513 million yuan, down 28.1% [7][20] - The gross margin has been under pressure, dropping from 29.20% in 2020 to 22.07% in 2024, but there are efforts to improve margins through high-value projects and AI product deployment [22][27] Business Segments - The core ICT services business has seen a decline in revenue from 133.87 billion yuan in 2022 to 96.36 billion yuan in 2024, while the cloud intelligence business has grown from 2 billion yuan in 2019 to 73.15 billion yuan in 2024 [27][28] - The company aims to transition from a traditional outsourcing model to an AI technology service provider, leveraging its partnership with Huawei [31][54] Strategic Partnerships - The company is a key partner in Huawei's cloud strategy, benefiting from the growth of the HarmonyOS ecosystem and the increasing demand for AI-driven solutions [6][60] - The collaboration with Huawei has allowed the company to expand its customer base and enhance its service offerings, particularly in sectors like energy, finance, and government [41][42] Market Outlook - The IT services market in China is projected to grow steadily, with a total market size expected to reach 525.6 billion USD in 2024, driven by digital transformation across various sectors [32][36] - The cloud computing market in China is anticipated to exceed 2 trillion yuan by 2027, with significant contributions from AI and big data applications [61][69]

Core Viewpoint - China Soft International (中软国际) has shown positive stock performance following significant share purchases by its major shareholder, indicating potential recovery in its core IT outsourcing business after a prolonged decline [1] Group 1: Shareholder Activity - Major shareholder Dr. Chen Yuhong has increased his stake in China Soft International by purchasing an additional 1.5 million shares for approximately 9.06 million HKD, bringing his total holdings to 319 million shares, which represents about 11.68% of the company's issued shares [1] Group 2: Business Recovery - Nomura has indicated that the worst period for China Soft International may be over, as the company's core IT outsourcing business has shown signs of recovery with a year-on-year growth of 7% expected in the first half of 2025, following nearly three years of decline [1] - The recovery is attributed to Huawei's business restructuring, which is anticipated to increase demand for China Soft International's IT services due to Huawei's active AI plans and expansion in cloud, software, and automotive applications [1]

Group 1 - The core point of the article is that China Soft International (中软国际) has seen a significant increase in its stock price, attributed to recent share purchases by its major shareholder, Dr. Chen Yuhong, and positive outlook from Nomura regarding the company's recovery in its core IT outsourcing business [1] Group 2 - China Soft International's stock rose over 4% and was trading at HKD 6.27 with a transaction volume of HKD 194 million [1] - Dr. Chen Yuhong purchased an additional 1.5 million shares on September 23, following a previous acquisition of 2 million shares on July 18, bringing his total holdings to 319 million shares, which is approximately 11.68% of the company's issued shares [1] - Nomura indicated that the worst period for China Soft International may be over, as the company's core IT outsourcing business showed signs of recovery with a year-on-year growth of 7% expected in the first half of 2025, largely due to Huawei's business restructuring [1] - The positive developments in Huawei's AI initiatives and its expansion in cloud, software, and automotive applications are anticipated to increase demand for China Soft International's IT services [1]

Core Viewpoint - China Software International (00354.HK) announced that its major shareholder, Chairman and Executive Director Chen Yuhong, has increased his shareholding in the company, reflecting confidence in the company's value and future growth potential [1] Shareholding Increase - On September 23, 2025, Chen Yuhong acquired a total of 1.5 million shares at an average price of approximately HKD 6.0412 per share, amounting to a total investment of about HKD 9.0618 million [1] - Following this acquisition, Chen Yuhong holds a total of 318,988,861 shares, representing approximately 11.68% of the total issued shares of the company as of the announcement date [1] - The total number of shares acquired by Chen Yuhong corresponds to about 0.05% of the total issued shares of the company as of the announcement date [1]