2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议资料 用友网络科技股份有限公司 2025 年第一次临时股东大会 大会须知 用友网络科技股份有限公司 2025 年第一次临时股东大会 会议资料 二零二五年六月二十四日 2025 年第一次临时股东大会会议资料 目录 | 议案一：用友网络科技股份有限公司关于取消公司监事会并修订〈用友网络科技股份有 | | --- | | 限公司章程〉 及相关议事规则的议案 4 | | 议案二：用友网络科技股份有限公司关于修订及制定公司内部治理制度的议案 5 | | 议案三：用友网络科技股份有限公司 股）并在香港联 关于公司于境外公开发行股票（H | | 合交易所有限公司主板上市的议案 6 | | 议案四：用友网络科技股份有限公司关于公司于境外公开发行股票（H 股）并在香港联 | | 合交易所有限公司主板上市方案的议案 7 | | 议案五：用友网络科技股份有限公司关于公司转为境外募集股份有限公司的议案 10 | | 议案六：用友网络科技股份有限公司关于公司境外公开发行 H 股募集资金使用计划的议 | | 案 11 | | 议案七：用友网络科技股份有限公司关于公 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Viewpoint - The digital economy theme index has experienced a decline, with significant drops in key component stocks, indicating a challenging market environment for the sector [1][2]. Group 1: Market Performance - As of June 10, 2025, the CSI Digital Economy Theme Index (931582) fell by 1.99%, with major declines in stocks such as Deepin Technology (300454) down 7.14% and Yonyou Network (600588) down 6.22% [1]. - The Digital Economy ETF (560800) also decreased by 1.98%, with a latest price of 0.74 yuan and a trading volume of 21.44 million yuan [1]. - The Digital Economy ETF has reached a recent high in scale at 788 million yuan and a recent high in shares at 1.042 billion, ranking in the top half of comparable funds [2]. Group 2: Investment Trends - Shenwan Hongyuan suggests that a structural bull market in A-shares may require significant technological catalysts, particularly in AI, embodied intelligence, and defense industries [1]. - The report highlights key products to watch in the second half of the year, including DeepSeekR2, GPT5, and the mass production version of Tesla's Optimus [1]. - There is a noted increase in leveraged funds, with the Digital Economy ETF seeing net inflows of 13.6 million yuan and a total of 12.12 million yuan over the last five trading days [2]. Group 3: Key Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.98% of the index, with notable companies including Dongfang Wealth (300059) and SMIC (688981) [3][5]. - The performance of these key stocks varied, with Dongfang Wealth down 2.47% and Hikvision (002415) down 1.55%, while Haiguang Information (688041) saw an increase of 2.86% [5].

Group 1: Global AI Outlook - The report highlights a new paradigm in AI development characterized by new scaling, new architecture, and new total addressable market (TAM) opportunities [1] - The demand for computing power is expected to rise due to advancements in both training and inference processes, potentially unlocking new TAMs [1][3] - The report maintains a positive outlook on AI industry investments, anticipating that global AI applications will enter a performance harvesting phase [1] Group 2: Model Development - The pre-training scaling law is anticipated to open a new starting point for model development, with significant innovations in architecture being explored [2][23] - The report notes that the classic transformer architecture has reached a parameter scale bottleneck, with existing public data nearly exhausted [2][20] - Major tech companies are experimenting with new architectures, such as Tencent's Hunyuan TurboS and Google's Gemini Diffusion, which may accelerate scaling law advancements [23][24] Group 3: Computing Power Demand - The report identifies a clear long-term upward trend in computing power demand, driven by both training and inference needs [3][32] - New scaling paths are emerging in the post-training phase, with ongoing exploration of new architectures that may reignite pre-training demand narratives [3][33] - The deployment of large-scale computing clusters, such as OpenAI's StarGate, is expected to support the exploration of pre-training [38] Group 4: Application Development - The report indicates that the rapid advancement of agent applications is leading to a performance harvesting phase for global AI applications [4][67] - The commercialization of agent products is accelerating, with domestic AI applications quickly iterating and entering the market [4][67] - The report emphasizes that agent applications are evolving from simple tools to complex solutions, with significant growth expected in various sectors [5][68] Group 5: Business Model Transformation - The shift from traditional software delivery to outcome-based delivery is highlighted as a key trend, with quantifiable ROI accelerating the adoption of agent applications [5] - Specific sectors such as consumer-facing scenarios (advertising, e-commerce) and AI in marketing/sales are expected to lead in commercialization due to their inherent advantages [5][67] - The report notes that AI applications in HR are transitioning from efficiency tools to strategic hubs, indicating a broader transformation in business models [5][67]

Market Overview - The Shanghai Composite Index closed at 3399.77 points, above the six-month moving average, with a gain of 0.43% [1] - The total trading volume of A-shares reached 13126.55 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 220 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Qitian Technology: 8.76% deviation, closing price at 14.00 yuan, with a daily gain of 16.86% and turnover rate of 21.88% [1] - Haochen Medical: 8.62% deviation, closing price at 3.12 yuan, with a daily gain of 9.86% and turnover rate of 7.25% [1] - Guangyun Technology: 8.13% deviation, closing price at 14.22 yuan, with a daily gain of 9.89% and turnover rate of 6.59% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - CITIC Special Steel: minor deviation, closing price at 20.30 yuan, with a daily gain of 10.69% [1] - Nanda Optoelectronics: minor deviation, closing price at 36.44 yuan, with a daily gain of 9.99% [1] -沃尔核材: minor deviation, closing price at 25.41 yuan, with a daily gain of 11.75% [1]

Market Overview - The Shanghai Composite Index closed at 3393.26 points, above the six-month moving average, with a change of 0.23% [1] - The total trading volume of A-shares reached 838.618 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 184 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Qitian Technology: 11.69% deviation, closing price 14.38 yuan, with a daily increase of 20.03% and turnover rate of 15.50% [1] - Haochen Medical: 8.62% deviation, closing price 3.12 yuan, with a daily increase of 9.86% and turnover rate of 6.44% [1] - Jinyinhai: 7.58% deviation, closing price 21.00 yuan, with a daily increase of 9.66% and turnover rate of 6.43% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Guangyun Technology: 7.45% deviation, closing price 14.13 yuan, with a daily increase of 9.20% and turnover rate of 4.78% [1] - Yaowang Technology: 5.93% deviation, closing price 7.12 yuan, with a daily increase of 7.88% and turnover rate of 13.64% [1] - Nuotai Biotech: 5.91% deviation, closing price 55.37 yuan, with a daily increase of 10.36% and turnover rate of 5.58% [1] Summary of Other Stocks - Additional stocks with lower deviation rates that have just crossed the six-month moving average include: - Guangdong Hongtu: just above the six-month line [1] - Xinhe Shares: just above the six-month line [1] - Songjing Shares: just above the six-month line [1]

截至2025年6月9日 10:58，中证数字经济主题指数(931582)上涨0.47%，成分股用友网络(600588)上涨6.42%，东方财富(300059)上涨2.97%，金山办公(688111) 上涨2.79%，同花顺(300033)上涨2.55%，润泽科技(300442)上涨2.24%。数字经济ETF(560800)上涨0.53%，最新价报0.76元，成交1371.90万元。（以上所列 示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生 变化。市场有风险，投资需谨慎。) Wind数据显示： 规模方面，数字经济ETF近2周规模增长2240.82万元，实现显著增长，新增规模位居可比基金1/2。 份额方面，数字经济ETF近2周份额增长1800.00万份，实现显著增长，新增份额位居可比基金1/2。 资金流入方面，数字经济ETF最新资金净流入150.61万元。拉长时间看，近9个交易日内，合计"吸金"1170.86万元。 数据显示，杠杆资金持续布局中。数字经济ETF连续5天获杠杆资金净买入，最高单日获得347.92万元净买入，最新 ...

Group 1 - The core viewpoint of the news highlights the growth and development of the data industry in Hangzhou's Yuhang District, aiming to establish a national-level data industry cluster worth trillions within three years [2] - The Yuhang District has launched a three-year action plan (2025-2027) to promote high-quality development in the data industry, focusing on building a "National Data Industry Excellence Center" [2] - Key enterprises such as Alibaba, ByteDance, and Tonghuashun are central to the ecosystem, which includes over 10,000 specialized data companies covering the entire data industry chain [2] Group 2 - The CSI Big Data Industry Index (930902) has shown a positive performance, with a 0.99% increase as of June 9, 2025, and notable gains in constituent stocks like Yonyou Network and Chuangyue Huikang [1] - The Data ETF (516000) closely tracks the CSI Big Data Industry Index and has experienced a 3.95% increase over the past week, indicating strong market interest [1][3] - The index includes major companies involved in big data storage, analysis, and applications, such as iFlytek, Inspur, and Yonyou Network, reflecting the overall performance of listed companies in the big data sector [3]

Core Points - The stock price of Yonyou Network (600588) increased by 5.06% to 13.71 yuan as of June 6, 2025, with a market capitalization of 46.847 billion yuan, ranking 8th in the software development sector and 284th in the A-share market [1] Group 1: Share Buyback and Financial Management - Yonyou Network announced a share buyback plan approved by the board on September 4, 2024, with a total of 3,186,790 shares repurchased by May 31, 2025, accounting for 0.093% of the total share capital, with a total expenditure of 36,270,894 yuan [2][14] - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives [2] Group 2: Corporate Governance Changes - The board of directors decided to abolish the supervisory board, transferring its powers to the audit committee, and to revise the company's articles of association and related rules [4][5][9] - A temporary shareholders' meeting is scheduled for June 24, 2025, to discuss the abolition of the supervisory board and the issuance of H-shares for listing on the Hong Kong Stock Exchange [6] Group 3: H-Share Issuance - Yonyou Network plans to publicly issue H-shares and list on the Hong Kong Stock Exchange, with funds raised intended for AI technology research and global capability development [4][5][14] - Ernst & Young has been appointed as the auditing firm for the H-share issuance and listing [7] Group 4: Internal Policies and Procedures - The company has established a draft for related party transaction management to ensure fairness and protect shareholder rights [3] - A draft for shareholder communication policy has been created to ensure transparent and timely communication with shareholders [8] - The company has revised its internal reporting system for significant information to ensure accurate and complete disclosures [13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.40 [8][9]. Core Insights - The company is actively embracing AI transformation, with continuous updates to its Agent use cases covering various enterprise processes such as finance, human resources, supply chain, and manufacturing [1][2]. - There is a significant increase in AI application procurement demand from large enterprises, with the company having served over 58,000 medium and large enterprises and signed contracts with 45 central state-owned enterprises by Q1 2025 [3]. - The internal use of AI technology has led to significant efficiency improvements, with a reduction in employee numbers to 19,594, down by 1,689 from the end of 2024, indicating a successful structural adjustment [4]. Financial Projections - The company expects revenues of RMB 99.58 billion, RMB 110.18 billion, and RMB 123.15 billion for the years 2025 to 2027, respectively, with EPS projected at RMB 0.05, RMB 0.17, and RMB 0.31 for the same period [5][7]. - The report indicates a recovery in contract signing amounts in February and March 2025, reflecting a positive trend in business performance [3]. Product Development - The company launched the YonGPT enterprise service model in 2023, followed by the YonGPT 2.0 version in 2024, and the "Yonyou BIP Enterprise AI" in 2025, which includes a three-layer architecture for comprehensive enterprise solutions [2].