Group 1 - The core viewpoint of the report is that China Software International (00354) maintains its profit forecast, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "Buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has shown confidence in the company's long-term development by increasing his shareholding, acquiring 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been recognized as a city partner in the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation sector in Xi'an, positioning itself as a full-stack service provider in the Harmony ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released a distributed heterogeneous robot operating system, M-Robots OS, while leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem, having developed a "Hongyun Virtual Machine" solution that ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a place in the centralized procurement project for human outsourcing services from Sinochem Information Technology Co., Ltd. for 2025-2027, covering key areas such as consulting services, ERP, and implementation operations [3] - This win further consolidates the company's penetration advantage in state-owned enterprises and lays a solid foundation for advancing its strategic layout [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in the Huawei cloud ecosystem in terms of business scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services including model training and scenario development [4]

Group 1 - The core viewpoint of the report maintains the profit forecast for China Software International, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has increased his shareholding in the company, demonstrating confidence in its long-term development by purchasing 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been selected as a city partner for the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation field in Xi'an, positioning itself as a full-stack service provider in the HarmonyOS ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released the M-Robots OS for distributed heterogeneous robotic systems, leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem by developing the "Hongyun Virtual Machine" solution, which ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a new order for human resource outsourcing services from Sinochem Information Technology Co., covering consulting, ERP, and implementation services, further solidifying its penetration in state-owned enterprises [3] - The collaboration with Silicon-based Flow aims to implement a high-performance AI platform that integrates heterogeneous computing power and vector databases, facilitating the large-scale deployment of intelligent agents across various industries such as manufacturing, healthcare, and finance [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in Huawei's cloud ecosystem in terms of scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services [4]

Core Insights - The OpenHarmony project, under the OpenAtom Open Source Foundation, has rapidly developed into the fastest-growing open-source operating system in China, with over 9,200 contributors and more than 130 million lines of code contributed as of August 31 [1] - Huawei's HarmonyOS 5 has surpassed 17 million terminal devices, with over 30,000 applications and services available as of September 20 [1] Group 1 - The OpenHarmony project was initiated after Huawei donated the foundational code of the Harmony operating system to the OpenAtom Open Source Foundation in September 2020 [1] - The project covers various sectors including government, transportation, finance, electricity, water conservancy, and construction [1] - The collaboration among academia, industry, and research has been emphasized as a key factor in the project's success over the past five years [1] Group 2 - The OpenHarmony project allows enterprises to develop their own commercial versions of the open-source Harmony operating system based on its foundation [1] - Huawei has released its own version, HarmonyOS 5, which is built on the OpenHarmony framework [1]

Core Viewpoint - The company, China Software and Technology Service Co., Ltd., is set to hold a half-year performance briefing on October 14, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3]. Group 1: Meeting Details - The meeting will take place on October 14, 2025, from 10:00 to 11:00 AM [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible online [4][5]. - The format of the meeting will be an interactive online session, enabling real-time communication with investors [3][4]. Group 2: Investor Participation - Investors can submit questions from September 29, 2025, to October 13, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website or via the company's email [6]. - The company will address commonly asked questions during the briefing [2][6]. - After the meeting, investors can review the session's details and key content on the Shanghai Stock Exchange Roadshow Center [6].

证券代码：600536 证券简称：中国软件 公告编号：2025-050 中国软件与技术服务股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 14 日（星期二）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 29 日（星期一）至 10 月 13 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 cssnet@css.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 中国软件与技术服务股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年经营成果、财务状况，公司计划于 2025 年 10 月 14 ...

Core Viewpoint - The company is a leading player in the domestic IT services sector and maintains a "buy" rating due to its strong partnership with Huawei, which contributes over 40% of its revenue [1][2]. Group 1: Financial Performance - The company has adjusted 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 current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 26.9, 24.1, and 21.4 times respectively [1]. Group 2: Business Growth - The company's cloud intelligence business is experiencing significant growth, with a projected revenue of 957 million yuan from its full-stack AI products in 2024, indicating an initial growth curve [2]. - The ICT services remain the cornerstone of the company's revenue and profit, with a recovery expected in the second half of 2024, alongside an increase in the number of major clients [1][2]. Group 3: Strategic Partnerships - The company has been a core partner of Huawei since 2009, deeply involved in various fields of Huawei's layout, making it one of the most critical IT service outsourcing providers in China [2]. - The company is positioned to benefit from the development of the HarmonyOS ecosystem, with the completion of the "1+8+N" IoT ecosystem expected to drive rapid growth in software ecosystem reconstruction demand [2].

Summary of Conference Call Notes Industry Overview - The focus is on the IT services industry in China, specifically highlighting companies Chinasoft International and iSoftstone - There is a significant shift towards AI computing and AI models, with approximately 50% of new projects being AI-related solutions [1][4][9] Key Insights - **Project Wins**: Recent project wins for Chinasoft International and iSoftstone are primarily from sectors such as finance, transportation, telecom, and government [1][9] - **AI Demand**: The demand for AI solutions has surged since the introduction of enhanced local AI foundation models in December 2024, leading to a notable increase in AI computing and application projects [1] - **Project Value**: The value of new projects ranges from RMB 1 million to RMB 650 million, indicating a diverse scale of investment in AI solutions [1] - **Integrated Solutions**: The industry is moving towards integrated AI solutions that encompass computing platforms, AI models, and applications, which support clients in deploying AI models effectively [1] - **Algorithm Optimization**: There is a focus on optimizing AI algorithms to improve training and inferencing efficiency, which is crucial for enhancing service delivery [1] Company-Specific Developments - **Chinasoft International**: - The company has been shortlisted for a significant ERP and consulting project with SinoChem Info, reflecting its capabilities in handling large-scale SOE clients [10] - Gross margin (GM) improved to 22% in 1H25, up from a trough of 21.2% in 2H24, driven by increased productivity and AI technology adoption [11] - The development of AI sales assistants through the R1-AgentDIM platform is enhancing sales efficiency and contributing to top-line growth [11] - **iSoftstone**: - The company has secured multiple project wins in local AI server solutions and AIGC applications, with project values reaching up to RMB 427 million [10] Financial Outlook - **Valuation**: Chinasoft International has a Neutral rating with a 12-month target price of HK$6.8, based on an 18x P/E for 2026E, reflecting concerns over growth visibility due to soft IT services budgets [15] - **Risks**: Key risks include fluctuations in customer diversification, IT services budget recovery, R&D investments, and product mix upgrades [16] Additional Considerations - The report emphasizes the importance of AI technology in improving internal efficiencies and the overall delivery process within IT service companies [11] - The ongoing trend towards AI solutions is expected to continue shaping the IT services landscape in China, presenting both opportunities and challenges for companies in the sector [1][10]

Core Insights - China Software International (00354) 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 cloud intelligence business shows significant growth, with full-stack AI products highlighting growth potential [1] - The cornerstone business, ICT services, is the main source of revenue and profit, with a recovery in revenue expected in the second half of 2024 [1] - The total number of employees is rebounding, and the number of major clients has reached the second highest level since 2020, indicating effective client expansion [1] Group 2: Strategic Partnerships - The company is a top-level partner of Huawei Cloud and is expected to benefit from the development of the HarmonyOS ecosystem [1] - The partnership with Huawei began in 2009, and the company has been deeply involved in Huawei's various strategic layouts, making it one of Huawei's core IT service outsourcing providers in China [1] - The company is closely tied to the construction of the Harmony IoT ecosystem, with expectations for further collaboration in 2024 [1]

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]