Investment Rating - The investment rating for the company is "Buy" 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 growing willingness among large enterprises to purchase AI applications, with the company having signed AI contracts with major clients like Tianhe Energy and Anshan Iron and Steel [3]. - The internal use of AI technology has significantly improved operational efficiency, leading to a reduction in employee numbers to 19,594, down by 1,689 from the end of 2024 [4]. - Revenue projections for 2025-2027 are estimated at RMB 99.58 billion, RMB 110.18 billion, and RMB 123.15 billion respectively, with EPS expected to be RMB 0.05, RMB 0.17, and RMB 0.31 [5][7]. Summary by Sections 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 intelligent solutions across ten core business areas [2]. Commercialization - The demand for AI applications among large enterprises has surged, with the company serving over 58,000 medium and large enterprises and signing contracts with 45 central state-owned enterprises by Q1 2025 [3]. Efficiency Improvement - The integration of AI technology has led to significant efficiency gains within the company, optimizing various operational aspects and improving profitability [4]. Financial Forecast and Valuation - The company maintains its revenue forecast for 2025-2027 and assigns a 7x PS valuation for 2025, sustaining a target price of RMB 20.40 [5][7].

Summary of Key Points Core Viewpoint - The company has decided to abolish its supervisory board and amend its articles of association and related rules to enhance corporate governance and ensure compliance with new legal requirements effective from July 1, 2024 [1]. Group 1: Reasons and Basis for Revision - The decision to abolish the supervisory board is based on the need to improve corporate governance and ensure that the articles of association align with the new Company Law and related regulations issued by the China Securities Regulatory Commission [1]. - The supervisory board's responsibilities will be transferred to the audit committee of the board of directors [1]. Group 2: Amendments to Articles of Association - The articles of association have been revised to reflect the changes in governance structure, including the removal of the supervisory board and the corresponding rules [1]. - Specific amendments include the definition of the legal representative and the roles of senior management, which now include the president and other key executives [1][2]. - The scope of business has been updated to include various technology services and consulting, as well as compliance with regulatory requirements [1][2]. Group 3: Shareholder Rights and Governance - Shareholders retain rights to request information, participate in meetings, and propose resolutions, ensuring transparency and accountability within the company [3][4]. - The company has established clear procedures for shareholder meetings, including notification requirements and voting processes [10][9]. - The governance structure emphasizes the protection of minority shareholders' rights and the prohibition of actions that could harm their interests [8][7].

Group 1 - The article outlines the nomination procedure for director candidates at Yonyou Network Technology Co., Ltd. following its H-share issuance and listing [1][2] - The company must comply with the Hong Kong Listing Rules, specifically Articles 13.70 and 13.74, regarding shareholder nominations and announcements [1] - Shareholders holding more than 1% of voting shares can propose director candidates in writing, with a limit on the number of nominees [1][2] Group 2 - The written proposal for director candidates must include contact and personal information as per Hong Kong Listing Rules and must be signed by the candidate [2] - Shareholders are encouraged to submit their nomination proposals well in advance of the shareholder meeting to allow sufficient time for consideration [2] - The policy will take effect upon approval at the shareholder meeting following the company's initial public offering of H-shares [2]

Core Viewpoint - The company has appointed Ernst & Young as the auditing firm for its H-share issuance and listing in Hong Kong, pending approval from the shareholders' meeting [1][3]. Group 1: Appointment of Auditing Firm - The board of directors and the supervisory board have approved the appointment of Ernst & Young as the auditing firm for the H-share issuance and listing [1][3]. - Ernst & Young is recognized for its extensive experience in financial auditing for public offerings and possesses the necessary independence and professional capability [1][2]. - The appointment is subject to approval by the company's shareholders' meeting [3]. Group 2: Auditing Firm's Qualifications - Ernst & Young is registered as a public interest entity auditor under Hong Kong law and has obtained a temporary audit business license in mainland China [2]. - The firm has not faced any significant issues affecting its auditing business in the last three years, as per the quality checks conducted by the Hong Kong Institute of Certified Public Accountants [2]. Group 3: Approval Process - The audit committee reviewed the proposal and confirmed Ernst & Young's qualifications in terms of professional competence, investor protection capability, and integrity [2][3]. - The board of directors has also approved the proposal, which will be submitted to the shareholders' meeting for final approval [3].

Core Viewpoint - The company is revising its Articles of Association and related rules to comply with the requirements for issuing H shares and listing in Hong Kong, ensuring alignment with both domestic and Hong Kong regulations [1][2]. Group 1: Reasons and Basis for Revision - The revision is necessitated by the issuance of H shares and listing requirements, guided by various laws and regulations including the Company Law and the Hong Kong Stock Exchange Listing Rules [1]. - The company aims to adapt its Articles of Association and related rules to meet the practical needs and regulatory requirements for H share issuance and listing [1][2]. Group 2: Specific Amendments to Articles of Association - The original Article 2 states the company is established under Chinese law, while the revised version includes provisions for H shares and their registration in Hong Kong [1]. - The revised Article 20 specifies that H shares will be primarily held in a central clearing system in Hong Kong, contrasting with the A shares held in China [1]. - Amendments to Article 21 clarify the total number of shares post-H share issuance, with specific details on the issuance process and potential over-allotment [1][2]. Group 3: Shareholder Rights and Obligations - The revised Articles outline shareholder rights, including the right to dividends and participation in shareholder meetings, ensuring compliance with both domestic and Hong Kong regulations [3][4]. - Shareholders are required to adhere to legal obligations and the company's Articles, with specific provisions for the transfer and pledge of shares [4][5]. - The company emphasizes the importance of transparency and disclosure in shareholder meetings, including the requirement for detailed information on director candidates [6][7].

Core Points - The policy aims to enhance board diversity to improve company performance and support sustainable development [1][2] - The company commits to ensuring at least 10% female representation on the board and focuses on training female talent for long-term development opportunities [2] - The nomination committee is responsible for overseeing the implementation of this policy and will report on board diversity annually in the ESG report [2][3] General Policy - The company believes that board diversity is crucial for achieving strategic goals and sustainable development [1] - The selection of board members will consider various diversity factors, including gender, age, cultural background, and ethnicity, alongside qualifications and experience [1][2] - The company will disclose the composition of the board, including diversity metrics, in its corporate governance report annually [1] Monitoring and Reporting - The nomination committee will supervise the policy's implementation and report on board diversity in the ESG report [2] - The board and nomination committee will review the policy periodically to ensure its effectiveness [2][3] Disclosure of the Policy - The policy will be published on the company's website for public information, and measurable targets will be disclosed in the ESG report [2][3]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on June 24, 2025, at 14:00 [1] - The meeting will take place at the Yonyou Industrial Park, Beijing, in Meeting Room E102, Building 8 [1] - Voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's network voting system [1] Voting Details - Online voting will be available from 9:15 to 15:00 on the day of the meeting [1] - Shareholders can vote through the trading system or the internet voting platform [2] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [2] Agenda Items - The meeting will review 14 non-cumulative voting proposals, including amendments to the company's articles of association and various management systems [1][3] - Proposals include the management system for related party transactions and external guarantees [3] - The proposals were approved in previous board and supervisory meetings held on June 6, 2025 [1] Attendance and Registration - Shareholders registered by the close of trading on June 16, 2025, are eligible to attend [2] - Registration for attendance will occur on June 17, 2025, at the Yonyou Industrial Park [2] - Proxy representation is allowed, and specific documentation is required for registration [2] Additional Information - Shareholders are responsible for their own travel and accommodation expenses [2] - The company assures the accuracy and completeness of the announcement [1]

Core Viewpoint - Company intends to cancel its supervisory board and amend its articles of association, transferring the supervisory functions to the audit committee of the board of directors [1][2][3] Group 1: Cancellation of Supervisory Board - The supervisory board will be dissolved, and its powers will be transferred to the audit committee of the board of directors [1] - The decision to cancel the supervisory board requires approval from the shareholders' meeting [2] Group 2: H Share Issuance and Listing - Company plans to publicly issue H shares and list on the main board of the Hong Kong Stock Exchange to enhance capital strength and international competitiveness [2][3] - The issuance will comply with relevant laws and regulations, requiring approvals from regulatory bodies [2][3] Group 3: H Share Issuance Details - The H shares will have a nominal value of RMB 1.00 and will be offered in both public and international placements [3][6] - The total number of H shares issued will not exceed 10% of the company's total share capital post-issuance, with an option for an additional 15% in case of over-allotment [5][6] Group 4: Use of Proceeds - Proceeds from the H share issuance will be used for business development, including AI technology research, global capability building, and strategic investments [9] - The board will have the authority to adjust the use of proceeds based on operational needs and regulatory feedback [9] Group 5: Profit Distribution and Auditing - The undistributed profits before the H share issuance will be shared by new and existing shareholders based on their respective holdings post-issuance [11] - The company plans to appoint Ernst & Young as the auditing firm for the H share issuance [11]

公司控股子公司的对外担保，视同公司行为，其对外担保应执行本制度所 确定的审批程序。在公司董事会或者股东会批准后，控股子公司才能召开董事 会或股东会决议通过对外担保事项。公司控股子公司应在其董事会或股东会做 出决议后及时通知公司履行有关信息披露义务。 第四条 公司对外担保实行统一管理，非经公司董事会或股东会批准、授 权，公司任何部门和个人无权以公司名义签署对外担保的合同、协议或其他类 似的法律文件；非经公司董事会或股东会批准、授权，分公司及控股子公司不 得对外提供担保，公司及控股子公司不得相互提供担保，也不得请其他单位为 子公司提供担保。 （H股发行上市后适用） 第一章 总则 第一条 为了维护投资者的利益，规范用友网络科技股份有限公司（以下 简称"公司"）的对外担保行为，有效防范公司对外担保风险，确保公司资产 安全，根据《公司法》《民法典》《上市公司监管指引第8号—上市公司资金往 来、对外担保的监管要求》《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）、《香港联合交易所有限公司证券上市规则》等法律法规、规 范性文件及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称对外担保是 ...

用友网络科技股份有限公司 非金融企业债务融资工具信息披露事务管理制度 第一章 总则 第一条 为规范用友网络科技股份有限公司（以下简称"公司"）在银行间债券市 场发行债务融资工具的信息披露行为，保护投资者合法权益,根据《中华人民共和国 公司法》、中国人民银行发布的《银行间债券市场非金融企业债务融资工具管理办法》、 中国银行间市场交易商协会（以下简称"交易商协会")发布的《银行间债券市场非 金融企业债务融资工具信息披露规则》及相关法律法规和规范性文件及交易商协会指 定的其他自律性文件的规定，并结合公司具体情况，制定本制度。 第二条 本制度中提及"信息"系指在公司债务融资工具(以下简称"债务融资工 具")发行时或存续期限内所有债务融资工具监管机构要求披露的信息或可能对公司 偿债能力产生重大影响的信息 本制度中提及"披露"系指按照银行间市场监管机构的要求在规定的时间、在规 定的媒介、以规定的方式向银行间市场公布信息。 第二章 信息披露的基本原则 第三条 公司及其全体董事或具有同等职责的人员，应当保证所披露的信息真实、 准确、完整、及时，不得存在虚假记载、误导性陈述或重大遗漏，并向所有投资者公 开披露信息。个别董事或具 ...