计算机周报 20250713 金融科技之后，国产算力与 AI 应用怎么看？ 2025 年 07 月 13 日 ⚫ 市场回顾 本周（7.7-7.11）沪深 300 指数上涨 0.82%，中小板指数上涨 0.73%，创业板指 数上涨 2.36%，计算机（中信）板块上涨 3.37%。板块个股涨幅前五名分别为： 大智慧、上海钢联、中科金财、新开普、金证股份；跌幅前五名分别为：海航科 技、旋极信息、正元智慧、汇金股份、汇金科技。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 卓易信息：7 月 8 日消息，公司股东中恒企管拟通过集中竞价和大宗交易相 结合的方式减持不超过 2,271,445 股公司股份，占公司股份总数比例不超过 1.88%，将于本减持计划公告披露之日起 15 个交易日后的 3 个月内进行。 ➢ 万集科技：7 月 12 日消息，公司及控股子公司武汉万集取得由国家知识产 权局颁发的 9 项《发明专利证书》，盲区数据处理方法、装置、计算机设备和存 储介质、地图匹配方法、装置、计算机设备和存储介质等专利。 ⚫ 本周观点 ➢ 投资建议：全球范围内新一轮 AI"军备竞赛"已经开启，Grok4、Kimi K2 等重磅大模型发布有望显 ...

协同办公龙头，AI Agent 打开第二成 长曲线 [Table_CoverStock] — 泛微网络（603039.SH）深度报告 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮箱：pangqianqian@cindasc.com [Table_ReportTime] 2023 年 3 月 13 日 [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 深度报告 | [Table_StockAndRank] 泛微网络（603039.SH） | | --- | | 投资评级： 买入 | [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 沪深300 泛微网络 资料来源：iFinD、信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（元） | 59.26 | | --- | --- | | 52 周内股价 | 26.36-85.18 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 12.73% | | 总股本(亿股) ...

北京德恒（杭州）律师事务所 关于泛微网络科技股份有限公司 差异化分红事项的 法律意见书 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 电话:0571-86508080 传真:0571-87357755 邮编:310020 北京德恒（杭州）律师事务所 关于泛微网络科技股份有限公司 差异化分红事项的法律意见书 北京德恒（杭州）律师事务所 对本《法律意见书》，本所律师作出如下声明： 1．本所律师在工作过程中，已得到泛微网络的保证：公司业已向本所律师 提供了本所律师认为制作本《法律意见书》所必需的原始书面材料、副本材料、 扫描件、复印件和口头证言，其所提供的文件和材料是真实、准确和完整的， 且无隐瞒、虚假和重大遗漏之处。 关于泛微网络科技股份有限公司 差异化分红事项的 法律意见书 德恒【杭】书（2025）第 05045 号 致：泛微网络科技股份有限公司 北京德恒（杭州）律师事务所（以下简称"本所"）接受泛微网络科技股 份有限公司（以下简称"泛微网络"、"公司"或"上市公司"）的委托，就 泛微网络 2024 年度利润分配所涉及的差异化分红事项（以下简称"差异化分 红"），出具《北京德恒（杭州）律师事务 ...

证券代码：603039 证券简称：泛微网络 公告编号：2025-016 泛微网络科技股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.075元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 24 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次分派涉及差异化权益分派，公司回购专用账户（账号：B882417503）中合计有 2,544,250 股，不参与本次分派。 3. 差异化分 ...

Core Viewpoint - The high gross margin of 93% for Fanwei Network is notable, surpassing that of Moutai, but the company faces a low net profit margin of less than 8% in 2024, raising questions about its authorized operation model and the potential need for transparency in its profit structure [1][7][10]. Financial Performance - In 2024, Fanwei Network reported revenue of 2.362 billion yuan, a year-on-year decrease of 1.31%, while net profit reached 203 million yuan, an increase of 13.58% [1]. - The first quarter of 2024 showed a decline in both revenue and net profit, with revenue at 329 million yuan, down 4.32%, and net profit at 26.12 million yuan, down 6.71% [1]. - The company's gross margin consistently exceeds 93%, with 2024 gross margin reported at 93.25%, significantly higher than peers like Yonyou Network (47.54%), Zhiyuan Huilian (64.22%), and Dingjie Zhizhi (58.25%) [3][4]. Business Model - Fanwei Network operates primarily through an authorized operation model, where over 90% of its revenue comes from this model, which allows costs to be transferred to operators, resulting in high gross margins but low net profits [1][4][7]. - The authorized operation centers are responsible for customer service and project implementation, while Fanwei Network retains contract income and pays a portion to these centers as project implementation fees [5][8]. Cost Structure - In 2024, the company's sales expenses reached 1.613 billion yuan, accounting for 68.28% of revenue, with 1.347 billion yuan paid to authorized operation centers, representing 81.46% of sales expenses [8][9]. - The company has a high level of prepayments, with 500 million yuan in prepayments at the end of 2024, constituting nearly 20% of current assets, and maintains a consistent level of 900 million yuan in advance receipts [22][24]. Employee and Operator Relationships - There is a notable mismatch between revenue growth and employee numbers, with a 25% decrease in employees from 2022 to 2024 despite slight revenue growth [10][18]. - The company has been questioned regarding the close relationships between its authorized operators and its employees, with some operators having significant financial ties to the company [13][16]. Regulatory Scrutiny - The company's accounting practices and the potential for cost manipulation have drawn regulatory inquiries, particularly regarding the high gross margins and the relationship with authorized operators [12][26]. - Fanwei Network's prepayment and advance receipt practices, along with its procurement from related parties, have raised concerns about transparency and potential conflicts of interest [22][25].

Core Viewpoint - The company, Fanwei Network Technology Co., Ltd., reported a significant reliance on its localized authorized operation centers for revenue generation, with over 95% of its operating income derived from this model in 2024, amounting to 2.362 billion yuan [1][2]. Group 1: Revenue Structure - In 2024, the company achieved total operating income of 2.362 billion yuan, with technical service income contributing 1.438 billion yuan, accounting for 60.91% of total revenue [1]. - The revenue from software products and technical services is categorized into three main types: self-developed software sales, technical service income, and third-party product sales [1][2]. - The revenue generated from the authorized operation model accounted for 94.48% of total income in 2022-2024, indicating a strong trend towards this operational strategy [1]. Group 2: Business Models - The company operates under two main business models: the authorized operation model and the direct sales model. The authorized operation model allows for rapid replication and promotion of business activities [1][2]. - The authorized operation centers are responsible for customer needs assessment, communication, implementation planning, training, and support, while the company's technical team provides product revisions and upgrades [1][2]. Group 3: Financial Performance - The company's gross profit margin for 2024 was reported at 93.25%, with a sales expense ratio of 68.31% and a net profit margin of 8.59% [1][15]. - The sales expenses for 2024 totaled 1.613 billion yuan, with 1.347 billion yuan paid to authorized operation centers, reflecting a decrease of 2.85% from 2023 [1][8]. Group 4: Cost Structure - The operating costs for 2024 were reported at 160 million yuan, with technical service costs increasing by 24.54% to 81.7844 million yuan compared to 2023 [1][8]. - The company has reduced its workforce by 13.40% in 2024, leading to a decrease in total employee compensation by 8.29% [1][8]. Group 5: Revenue Recognition - The company follows specific revenue recognition methods in compliance with the Accounting Standards for Enterprises, confirming income based on control over the goods before transfer to customers [2][3][4]. - The revenue from self-developed software products is recognized upon customer acceptance, while income from third-party products is recognized similarly to self-developed products [6][7].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its revenue recognition methods and operational agreements with authorized business operation centers [1][2]. Group 1: Revenue and Business Model - In 2024, the company achieved a total revenue of 2.362 billion yuan, with technical service revenue accounting for 1.438 billion yuan, representing 60.91% of total revenue [1]. - The company's revenue is primarily generated through an authorized operation model, with over 94% of revenue coming from this model in recent years [12][13]. - The company has established a standardized pricing system for its software products, which is based on functional points, ensuring that authorized centers adhere to these guidelines during negotiations with clients [3][4]. Group 2: Contracts and Obligations - The cooperation agreements between the company and authorized operation centers outline the rights and obligations of each party, including revenue sharing, service quality assurance, and compliance with legal regulations [2][3]. - Authorized operation centers are responsible for market development and sales of technical services under the company's brand, while the company retains direct responsibility for contract execution with end customers [5][6]. - The company has a structured approach to managing authorized operation centers, including performance assessments and compliance checks to ensure adherence to operational standards [24][25]. Group 3: Financial Details and Trends - The company reported a decrease of 2.85% in project implementation fees paid to authorized operation centers from 2023, amounting to 1.613 billion yuan in total sales expenses [20][23]. - The breakdown of project implementation fees over the past three years shows a consistent trend, with sales sharing and expense deductions being the main components [21][22]. - The company’s revenue recognition methods for software products and technical services are in compliance with the relevant accounting standards, confirming its status as the primary responsible party in transactions [18][19].

目 录 | 一、关于授权运营业务模式……………………………………… 第 | 1—19 | 页 | | --- | --- | --- | | 二、关于客户与供应商……………………………………………第 | 19—30 | 页 | | 三、关于现金资产管理……………………………………………第 | 30—38 | 页 | | 四、关于资产减值…………………………………………………第 | 38—47 | 页 | | 五、附件……………………………………………………………第 | 48—51 | 页 | | （一）本所营业执照复印件……………………………………………第 | 48 | 页 | | （二）本所执业证书复印件……………………………………………第 | 49 | 页 | | （三）签字注册会计师执业证书复印件………………………… 第 | 50—51 | 页 | 问询函专项说明 天健函〔2025〕6-55 号 上海证券交易所： 由泛微网络科技股份有限公司（以下简称泛微网络公司或公司）转来的《关 于泛微网络科技股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公 函〔2025〕0385 号，以下简称问询函） ...

息披露监管问询函的回复公告 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。 泛微网络科技股份有限公司（以下简称"泛微网络"、"公司"或"上市公 司"）于 2025 年 4 月 16 日收到上海证券交易所《关于泛微网络科技股份有限公 司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】0385 号，以下 简称"《问询函》"），公司就问询函中所提的问题逐项进行了认真分析，现将 相关回复具体内容公告如下： 一、关于授权运营业务模式 1.根据公司年报及前期对我部问询函的回复公告，公司通过本地化授权运 营中心产生的营业收入占比超 95%。2024 年，公司实现营业收入 23.62 亿元， 其中技术服务收入 14.38 亿元，占比 60.91%；自有及第三方软件产品销售收入 9.23 亿元，占比 39.09%。审计报告将收入确认方法列为关键审计事项，称可能 存在管理层通过不恰当的收入确认以达到特定目标或预期的固有风险。请公司： （1）结合上市公司、授权运营中心及客户三方之间签订合同或协议的主要条款， 说明上述三方分别涉及的 ...

Group 1 - The company is a leading player in the collaborative management software sector, focusing on OA development for over 20 years, with a strong market presence and a healthy cash flow [1] - The company has established over 200 branches nationwide and has expanded to overseas markets, serving more than 80,000 clients across 87 different industries [1] - According to IDC, the company holds a 25.7% market share in the local deployment segment of China's enterprise team collaboration software market as of the first half of 2023 [1] Group 2 - The collaborative management software industry in China is fragmented, with product-driven leading firms having a relative advantage [2] - The implementation of the "Xinchuang" policy is expected to boost domestic OA software replacement demand, with projections indicating that the market for Xinchuang OA could reach 31.9 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [2] - AI integration into OA software is anticipated to enhance productivity, with Gartner forecasting that the percentage of enterprise software featuring AI agents will increase from less than 1% in 2024 to 33% by 2028 [2] Group 3 - The company has transformed its products and channels, leveraging a modular approach to meet diverse business needs and has launched 14 specialized products to tap into high-frequency customer demands [3] - The company is expanding its Xinchuang ecosystem and has developed over 50 ready-to-use intelligent agents around its AI product, Xiaoe.AI, which enhances the natural language office experience [3] - The company has successfully adapted to the trends of Xinchuang and AI, increasing R&D investments to seize market opportunities [3] Group 4 - Revenue projections for the company from 2025 to 2027 are 2.607 billion, 2.896 billion, and 3.207 billion yuan, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [4] - The expected net profit attributable to the parent company for the same period is 283 million, 354 million, and 431 million yuan, with growth rates of 39.69%, 24.87%, and 21.74% respectively [4] - The company is rated as a "buy" based on its leadership in the collaborative management software sector and its potential to benefit from the Xinchuang and AI market trends [4]