Core Viewpoint - The announcement by former U.S. President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, with a strong market sentiment for "domestic substitution" in the software industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Reaction - The lack of a clear definition for "key software" in Trump's announcement has created uncertainty, and negotiations between the U.S. and China are expected to take place [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Outlook - If the export controls are implemented starting November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

Core Viewpoint - The announcement by former President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, while also igniting strong market sentiment for "domestic substitution" within the industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Sentiment and Expectations - The lack of a clear definition for "key software" in Trump's announcement has led to uncertainty, with expectations that negotiations between the US and China will continue [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Implications - If the export controls are implemented as planned on November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

Core Viewpoint - Some cloud computing concept stocks in Hong Kong experienced gains despite market downturns, indicating potential investor interest in this sector [1] Group 1: Stock Performance - Kingsoft Corporation (03888.HK) rose by 15.13%, reaching HKD 36.96 [1] - China Software International (00354.HK) increased by 6.1%, trading at HKD 6.26 [1] - Inspur Digital Enterprise (00596.HK) saw a rise of 5.07%, priced at HKD 8.49 [1] - Kingdee International (00268.HK) gained 1.04%, with a price of HKD 16.48 [1]

Core Viewpoint - Some cloud computing stocks are rising against the market trend, indicating potential investor interest and confidence in the sector [1] Group 1: Stock Performance - Kingsoft Corporation (03888) increased by 15.13%, reaching HKD 36.96 [1] - China Software International (00354) rose by 6.1%, reaching HKD 6.26 [1] - Inspur Digital Enterprise (00596) saw a 5.07% increase, reaching HKD 8.49 [1] - Kingdee International (00268) grew by 1.04%, reaching HKD 16.48 [1] Group 2: Regulatory Changes - On October 9, the Ministry of Commerce issued Announcement No. 61 of 2025, implementing export controls on certain overseas rare earth-related items with Chinese components [1] - The new regulations state that military-use exports are generally not permitted [1] - The announcement's attachment now uses WPS format, requiring application documents to be submitted in Chinese, which has sparked significant discussion [1] Group 3: Industry Implications - The use of WPS for government documents reflects a broader initiative to promote key technology self-sufficiency and ensure information security [1] - Open Source Securities highlights the trend towards self-controllable core technology products amid escalating external friction [1] - There is an emphasis on investment opportunities in the "Xinchuang" sector, which focuses on domestic innovation and technology [1]

Group 1 - The core viewpoint of the report highlights that the cloud service business has turned profitable, driving overall profit growth for the company in the first half of 2025 [3][4] - The company reported a revenue of 4.343 billion yuan for the first half of 2025, representing a year-on-year increase of 4.88%, while the net profit attributable to shareholders reached 183 million yuan, up 73.26% year-on-year [3][4] - The gross profit margin for the first half of 2025 improved significantly to 23.37%, an increase of 1.35 percentage points year-on-year, primarily driven by the rapid growth of the cloud service business [4] Group 2 - The cloud service revenue for the first half of 2025 was 1.274 billion yuan, reflecting a year-on-year increase of 29.96%, while the management software and IoT solutions reported revenues of 1.198 billion yuan and 1.872 billion yuan, showing slight declines of 0.34% and 4.46% respectively [4] - The operating profit from the cloud service business was 20 million yuan in the first half of 2025, a turnaround from a loss of 71 million yuan in the same period last year [4] - The company has launched the Haiyue Model V3.0, which enhances the intelligence of cloud service products and has been applied in various enterprises, including Beijing Tongrentang [6][7] Group 3 - The company has signed contracts with major state-owned enterprises for its management software, indicating a successful penetration into the market [8] - The IoT solutions focus on equipment manufacturing, smart manufacturing, and communication information, with significant projects signed in these areas [9] - The company forecasts revenues of 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 541 million yuan, 653 million yuan, and 893 million yuan [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浪潮數字企業技術有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00596 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註 ...

Core Viewpoint - Guohai Securities upgraded the rating of Inspur Digital Enterprise (00596) to "Buy," forecasting revenue and net profit growth from 2025 to 2027, driven by the ongoing transformation towards cloud services [1] Financial Performance - Expected revenues for 2025, 2026, and 2027 are projected at 9.076 billion, 10.022 billion, and 10.996 billion yuan respectively, with net profits of 541 million, 653 million, and 893 million yuan [1] - The company achieved a revenue of 4.343 billion yuan in the first half of 2025, representing a year-on-year growth of 4.88%, and a net profit of 183 million yuan, up 73.26% year-on-year [1] - Earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.47, 0.57, and 0.77 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18.21, 15.08, and 11.02 [1] Cloud Services Business - The cloud services segment turned profitable, contributing to overall profit growth in the first half of 2025 [2] - Revenue from cloud services, management software, and IoT solutions in the first half of 2025 was 1.274 billion, 1.198 billion, and 1.872 billion yuan respectively, with cloud services growing by 29.96% year-on-year [2] - The gross margin for the company reached 23.37% in the first half of 2025, an increase of 1.35 percentage points year-on-year [1] Product Development and Market Expansion - The launch of Haiyue Model V3.0 significantly enhanced the intelligence of cloud service products, targeting large, medium, and small enterprises [3] - The company has made breakthroughs in large enterprise markets by integrating Haiyue Model with commercial AI and software solutions, securing contracts with major state-owned enterprises [3] - For small and medium-sized enterprises, the company introduced the Haiyue inSuite Standard Edition V5.0, focusing on lightweight and AI-native solutions [4] Software and IoT Solutions - The management software segment is undergoing an intelligent upgrade, with a focus on financial shared services and treasury management [5] - In the IoT solutions area, the company is concentrating on equipment manufacturing, smart manufacturing, and communication information, achieving significant market share and signing contracts with key clients [6]

Core Insights - The collaboration between Inspur Digital and Dassault Systèmes has led to the launch of Inspur Haiyue inSuite by DELMIAWorks, aimed at addressing the transformation challenges faced by growth-oriented discrete manufacturing enterprises [1] - The product offers an end-to-end integrated industrial software solution that covers R&D design, production manufacturing, and operational management, facilitating the construction of a digital intelligent system for discrete manufacturing [1] Group 1 - The product is designed to tackle the complexities of product structures, diverse production modes, and management difficulties in the discrete manufacturing sector, which is undergoing a shift from traditional manufacturing to intelligent manufacturing [1] - It features a unified data foundation that optimizes the entire process across five core business areas: R&D design, production manufacturing, operational management, maintenance services, and supply chain management [1] - The solution includes 28 standardized manufacturing scenarios tailored for ten key industries, such as equipment manufacturing, automotive parts manufacturing, medical instruments, and general specialized equipment manufacturing [1] Group 2 - Inspur Haiyue inSuite by DELMIAWorks integrates advanced technologies like artificial intelligence to create a comprehensive intelligent empowerment system across the entire business chain [2] - The product employs a "vertical domain model + AI Agent + toolchain" approach, embedding AI deeply into specific business scenarios [2] - For instance, the production material management agent utilizes a dual-core MRP system to link demand, inventory, procurement, and orders in real-time, significantly reducing the planning optimization process from several days to just a few hours, thereby enhancing efficiency and minimizing human errors [2]

浪潮數字企業技術有限公司（「本公司」）- 可供查閱通知 - 2025 年中期報告（「本次公司通訊」）之發布通知 本 公 司 的 本 次 公 司 通 訊 文 件 的 中 、 英 文 版 本 已 上 載 於 本 公 司 網 站 www.inspur.com 及 香 港 交 易 所 披 露 易 網 站 www.hkexnews.hk，歡迎瀏覽。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪 潮 數 字 企 業 技 術 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：596） 各位非登記持有人： 如 閣下欲收取本次公司通訊文件之印刷本，請填妥隨附之回條（「回條」），並使用回條底部郵寄標籤寄回本公司香港股份 過戶登記處（「股份過戶處」）,香港中央證券登記有限公司，（如在香港投寄，毋須貼上郵票；否則，請貼上適當的郵票）。股 份過戶處地 址 為 香 港 灣 仔 皇 后 大 道 東 183 號 合 和 中 心 17M 樓 。 ...

INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪 潮 數 字 企 業 技 術 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：596） 各位登記股東： 浪潮數字企業技術有限公司（「本公司」）- 可供查閱通知 - 2025 年中期報告（「本次公司通訊」）之發布通知 本公司的本次公司通訊文件的中、英文版本已上載於本公司網站 www.inspur.com 及香港交易所披露易網站 www.hkexnews.hk， 歡迎瀏覽。 承董事會命 浪潮數字企業技術有公司 主席 趙震 謹啟 2025 年 9 月 30 日 附註： 如 閣下欲收取本次公司通訊文件之印刷本，請填妥隨附之回條（「回條」），並使用回條底部郵寄標籤寄回本公司香港股份過戶 登記處（「股份過戶處」），香港中央證券登記有限公司，（如在香港投寄，毋須貼上郵票；否則，請貼上適當的郵票）。股份過戶 處 地 址 為 香 港 灣 仔 皇 后 大 道 東 183 號 合 和 中 ...