Core Viewpoint - China Software International (00354) has successfully entered the centralized procurement project for human outsourcing services by Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes key service categories such as consulting, ERP, and implementation operations [1] Group 1 - The project aims to promote digital consulting, cloud planning, and innovative IT applications in the chemical industry, ensuring efficient application and continuous optimization of ERP systems within enterprises [1] - The inclusion in this project signifies a high recognition of the company's ERP consulting implementation and digital transformation service capabilities, marking a solid step in empowering the digital development of the energy sector [1] - This achievement further consolidates the company's penetration advantage among central state-owned enterprises, laying a strong foundation for strategic layout advancement [1] Group 2 - The company will continue to focus on the petrochemical industry, aligning closely with industry development trends and customer needs [1] - The company aims to combine technology leadership with industrial upgrading, continuously pushing forward in areas such as digital transformation, domestic substitution, and innovative applications of large models [1] - The goal is to help central state-owned enterprises cultivate more innovation-driven new productive forces, contributing to the high-quality development of the industry [1]

Core Viewpoint - China Software International (00354) has successfully entered the centralized procurement project for human outsourcing services by Sinochem Information Technology Co., Ltd. for the years 2025-2027, which includes key packages in consulting services, ERP, and implementation operations [1] Group 1: Project Details - The project aims to promote digital consulting, cloud planning, and innovative IT applications in the chemical industry, ensuring efficient application and continuous optimization of ERP systems within enterprises [1] - The inclusion in this project signifies a high recognition of the company's ERP consulting implementation and digital transformation service capabilities [1] Group 2: Strategic Implications - This milestone marks a solid step for the company in empowering the digital transformation in the energy sector, further consolidating its penetration advantage among central state-owned enterprises [1] - The company plans to continue focusing on the petrochemical industry, aligning with industry development trends and customer needs, while integrating technology leadership with industrial upgrading [1] Group 3: Future Directions - The company will persist in driving efforts in digital transformation, domestic substitution, and innovative applications of large models, contributing to the cultivation of innovative-driven new productive forces for central state-owned enterprises [1] - The goal is to contribute more wisdom and strength to promote high-quality development in the industry [1]

中国软件（600536.SH）2025 年半年报点评 聚焦主业成效显现，国产操作系统龙头地位稳固 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 27 日公司发布 2025 年半年度报告，实现营业收 入 22.42 亿元，同比增长 13.01%；实现归母净利润-7453 万元，同比减亏；扣 非归母净利润-7675 万元，同比减亏。 ➢ 聚焦主业成效显现，经营质量提升，亏损大幅收窄。2025H1 公司经营质量 显著改善：实现营业收入 22.42 亿元，同比增长 13.01%；归母净利润同比减亏 1.98 亿元，扣非后归母净利润同比减亏 2.09 亿元。盈利能力改善得益于公司加 强成本管控，2025H1 研发费用同比下降 38.06%。 ➢ "基础软件+党政核心应用"双轮驱动，核心资产优势巩固。公司围绕两大 主业，持续巩固市场领先地位。1）基础软件业务：核心子公司麒麟软件旗下操 作系统产品连续 14 年位列中国 Linux 市场占有率第一名。生态建设成果显著， 截至 2025H1，已完成硬件适配超 84 万项，软件适配超 639 万项，生态兼容适 配总量累计超过 723 万项。麒麟软件作为公 ...

Summary of China Software 2Q25 Conference Call Industry Overview - The conference call focused on the **China Software** industry, particularly the performance of various software companies in the second quarter of 2025 (2Q25) and the first half of 2025 (1H25) - Average revenue growth for the covered companies was **9% YoY** in 1H25, with an average net margin of **-3%** due to weak seasonality in the first half [1][2] Key Company Performances - **Kingsoft Office, Thundersoft, and Sensetime** reported revenues in 2Q25 that exceeded expectations due to increased AI spending - **Glodon and Sangfor** showed better-than-expected net income in 2Q25, attributed to improved employee productivity [1] - **Yonyou** reported a revenue growth of **7% YoY** in 2Q25, recovering from a **-21% YoY** decline in 1Q25, supported by small and medium business (SMB) growth [9] - **Thundersoft** experienced a **50% YoY** revenue increase, driven by strong growth in its AIoT business [26] - **Glodon** faced a **-5% YoY** revenue decline, but net margin improved to **13%** due to product mix upgrades and cost management [17] Core Insights and Trends - Companies are focusing on: 1. **Monetization of AI tools** to provide value-added features [2] 2. **Diversification** into overseas markets or new categories to counteract slower IT spending in certain segments [2] 3. **Integration of AI** with core software products to capture a larger share of clients' budgets [2] - The average **P/E ratio** for China software companies increased to **55x-60x**, indicating early signs of AI monetization, while the average **EV/Sales** ratio rose to **8x-9x** [2] Company Ratings and Recommendations - **Buy** ratings maintained for **Empyrean** and **Kingdee** - **Neutral** rating for **Yonyou** - **Sell** ratings for **ZWSOFT, Thundersoft, Glodon, and Sangfor** [3] Earnings Revisions - **Yonyou**: Revised down 2025 net loss to **Rmb594m** from **Rmb517m** due to lower revenues during transformation [12] - **Glodon**: Revenue estimates revised down by **1%-3%** for 2025-28E, but earnings revised up by **18%/12%/2%/1%** due to improved productivity [20] - **Thundersoft**: Revenue estimates revised up by **8%/5%/4%** for 2025-27E, reflecting higher revenues from the IoT business [30] - **Sangfor**: Revenue estimates revised down by **9%/2%/1%** for 2025-27E due to lower security software revenues [46] Other Important Insights - **ZWSOFT** launched new products with enhanced 3D CAD features, which are expected to support long-term growth despite current muted growth in 3D CAD software [39] - **Sangfor** is expanding its cloud computing product offerings, which is expected to contribute to revenue growth [45] - The overall sentiment in the industry is cautiously optimistic, with expectations of improved productivity and revenue growth driven by AI integration and new product offerings [1][2][3]

天眼查资料显示，中国软件与技术服务股份有限公司，成立于1994年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本94009.3188万人民币。通过天眼查大数据分析，中国软件 与技术服务股份有限公司共对外投资了42家企业，参与招投标项目5000次，财产线索方面有商标信息75 条，专利信息123条，此外企业还拥有行政许可26个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中国软件与技术服务股份有限公司取得一项名为"一种基于长短期记忆神经 网络的发票票种核定方法"的专利，授权公告号CN 114529776 B，申请日期为2020年11月。 ...

Core Viewpoint - The Chinese software industry is entering a rapid development phase, with expectations for the market size to exceed 3.5 trillion yuan by 2030, driven by digital economy advancements and accelerated digital transformation of enterprises [5] Group 1: Software ETF Performance - The software ETF (159852) experienced a 0.83% decline as of August 29, 2025, with mixed performance among constituent stocks [1] - Over the past week, the software ETF has seen a cumulative increase of 9.42% as of August 28, 2025 [1] - The software ETF recorded a turnover rate of 7.65% and a transaction volume of 434 million yuan, leading comparable funds in both metrics [4] - The software ETF's net value has increased by 30.49% over the past three years, with a maximum monthly return of 39.35% since inception [4] Group 2: Key Stocks in Software Sector - The top ten weighted stocks in the CSI Software Service Index account for 61.39% of the index, with notable companies including iFlytek, Kingsoft Office, and Tonghuashun [5] - The performance of key stocks as of August 27, 2025, includes iFlytek at -0.24% weight 13.93%, Kingsoft Office at -1.02% weight 8.15%, and Tonghuashun at +1.91% weight 7.39% [7] Group 3: Technological Advancements - ByteDance's Seed has launched a new multimodal intelligent framework, M3-Agent, which outperforms existing commercial models in various tasks, showcasing advantages in human understanding and cross-modal reasoning [4] - Artificial intelligence plays a crucial role in software development, optimizing performance and enhancing user experience through machine learning and natural language processing technologies [5]

Core Insights - China Software (600536) reported a revenue increase and a narrowing loss for the first half of 2025, with total revenue reaching 2.242 billion yuan, a year-on-year increase of 13.01% [1] - The company's net profit attributable to shareholders was -74.5263 million yuan, improving by 72.67% compared to the previous year [1] - The second quarter showed a significant revenue growth of 24.99% year-on-year, with total revenue of 1.601 billion yuan and a net profit of 6.0987 million yuan, up 103.77% year-on-year [1] Financial Performance - Gross margin stood at 39.73%, down 9.46% year-on-year, while net margin improved to -0.11%, a 99.17% increase [1] - Total operating expenses (sales, management, and financial expenses) amounted to 546 million yuan, accounting for 24.37% of revenue, a decrease of 14.3% year-on-year [1] - Earnings per share improved to -0.09 yuan, a 71.88% increase year-on-year, while operating cash flow per share was -0.94 yuan, up 35.4% [1] Investment Insights - The company has shown a weak historical return on invested capital (ROIC), with a median of 3.68% over the past decade and a particularly poor ROIC of -5.58% in 2024 [3] - Analysts expect the company's performance for 2025 to reach 127 million yuan, with an average earnings per share forecast of 0.15 yuan [3] Fund Holdings - The largest fund holding China Software is the Jiashi Information Industry Stock Initiation A, with 3.0694 million shares, which increased its position [4] - Other notable funds include Nuon Active Return Mixed A, which reduced its holdings, and several funds that have newly entered the top ten holdings [4]

Core Insights - The 14th "China Software Cup" University Student Software Design Competition concluded on August 28, focusing on hot technologies such as open-source AI models, drones, and industrial software [1] - The competition received over 200 problem submissions and attracted more than 5,604 teams from over 800 universities, with participation from over 20,000 students and teachers [1] - Since its inception in 2012, the competition has expanded significantly, covering over 2,000 institutions and involving more than 60,000 teams and 240,000 participants, addressing over 400 key common technology challenges [1] Industry Impact - The "China Software Cup" serves as a crucial platform for integrating software industry development with higher education in software talent cultivation [1] - The competition has been recognized in the "National College Student Competition Analysis Report" and was included in the "Index of College Student Computer Competitions" for 2024, receiving a five-star rating, the highest level [1] - The event has facilitated opportunities for nearly 40,000 participating students in further education, internships, and entrepreneurship [1]

Group 1: ETF Performance - The Big Data Industry ETF (516700) showed active performance on August 28, with an intraday price increase of 2.0% and a trading volume of 18.96 million yuan, bringing the fund's latest scale to 104 million yuan [1] - Key constituent stocks such as Qihoo 360, Tuo Wei Information, and Kehua Data experienced significant gains, with increases of 17.27%, 7.51%, and 6.29% respectively [1] - Conversely, stocks like Tuoer Si, Shenzhou Information, and Tax Friend saw declines of 3.52%, 2.63%, and 1.9% respectively [1] Group 2: AI Industry Developments - The release of the DeepSeek-V3.1 model on August 25, 2025, is expected to further drive the commercialization of AI technology [2] - Alibaba Cloud announced a 30% reduction in overall storage costs with the upgrade of its Tablestore AI Agent memory storage feature [2] - Huawei reported a 25% year-on-year growth in its government and enterprise business in China for 2024, with the computing industry growing by 80% [2] Group 3: AI Policy and Market Trends - The "Artificial Intelligence +" action plan aims for deep integration of AI with six key sectors by 2027, prioritizing industrial applications [3] - The software sector is expected to see accelerated performance verification for AI applications, supporting breakthroughs in AI chip technology and software ecosystem development [3] - The rapid increase in AI penetration is anticipated to drive a qualitative change in the "AI +" landscape, marking a new phase of intelligent transformation [3]

Group 1 - The company has decided to cancel the supervisory board and amend its articles of association in accordance with the new Company Law and relevant regulations [6][35][36] - The board meeting held on August 26, 2025, approved the proposal to cancel the supervisory board, which will be replaced by the audit committee [6][35][36] - The company will adjust its registered capital from 940,093,188 yuan to 933,786,584 yuan following the cancellation of the supervisory board [7][36] Group 2 - The company plans to apply for a total of 4.2 billion yuan in comprehensive credit facilities from various banks to support its business operations [14] - The company reported that as of June 30, 2025, it has not utilized any of the raised funds, with a remaining balance of approximately 1.99 billion yuan [17] - The supervisory board has reviewed the company's half-year report and confirmed that it complies with all legal and regulatory requirements [31][32]