Group 1 - The A-share market showed a collective increase, with the Software 50 ETF (159590) rising by 2.13% and a turnover rate exceeding 5%, indicating strong investor interest [1] - The Software 50 ETF's constituent stocks mostly performed well, with notable gains from companies like Tuowei Information and Fanwei Network, which hit the daily limit, and Guanglian Da rising over 8% [3] - The Software 50 ETF attracted over 18.6 million yuan in net inflows over the past 22 trading days, with a significant increase of 25 million units in the past month, leading its peers [3] Group 2 - Open Source Securities highlighted the importance of self-reliance in key technology products amid escalating global trade tensions, emphasizing the rise of domestic software and hardware [3] - CITIC Securities noted that the AI industry chain is at a pivotal point, with simultaneous acceleration in hardware and software, recommending attention to the evolving AI landscape [3] - The Software 50 ETF closely follows the CSI All-Share Software Index, with a significant focus on AI software, where DeepSeek constitutes 40% of the index, and approximately 67% of the weight is in application software [4]

Core Viewpoint - The economic environment is putting short-term pressure on revenue, but the company is maintaining stable operations, resulting in good performance in profits and cash flow, driven by demand from government and AI initiatives [1]. Financial Performance - In 2024, the company achieved operating revenue of 2.362 billion yuan, a decrease of 1.31% - The net profit attributable to shareholders was 203 million yuan, an increase of 13.58% - Operating cash flow reached 293 million yuan, up by 21.62% - Gross margin remained relatively stable at 93.25%, down by 0.69 percentage points - The expense ratios for sales, management, and R&D were 68.31%, 3.09%, and 13.75%, showing reductions of 1.37, 0.57, and 1.05 percentage points respectively, indicating effective cost control [2][3]. Growth Drivers - The government and party's digital transformation initiatives are expected to accelerate by 2025, driving demand for OA collaborative software - The national policy is pushing for the completion of domestic software replacements by 2027, with OA software being well-positioned for this transition - The company, in collaboration with Huawei, launched the "DeepSeek & Xiaoe.AI Intelligent Office Integrated Solution" in March 2025, aiming to enhance smart and efficient government collaboration, potentially opening new revenue growth avenues [3]. AI Opportunities - The company released the enterprise intelligent brain Xiaoe.AI in December 2024, leveraging data and technology accumulated in the collaboration field - The AI system includes a "large model + small model + intelligent agent" framework, applicable across various business functions such as marketing, sales, and finance - The company expanded its service teams by 90 and filled 32 gaps in cities to support its strategic goals of expanding into new cities and overseas markets - The transformation brought by AI is creating numerous intelligent application scenarios and commercialization opportunities, with data and experience becoming key competitive advantages in AI applications [4].

2024 年年度股东大会 泛微网络科技股份有限公司 2024 年年度股东大会 会议资料 二零二五年四月 1 2024 年年度股东大会 目录 | 二〇二四年年度股东大会会议议程 3 | | | --- | --- | | 议案一：关于《2024 年度董事会工作报告》的议案 5 | | | 议案二：关于《2024 年度监事会工作报告》的议案 10 | | | 议案三：关于《2024 年度审计报告》的议案 13 | | | 议案四：关于《2024 年年度报告及摘要》的议案 14 | | | 议案五：关于《2024 年度利润分配方案》的议案 15 | | | 议案六：关于《2024 年度独立董事述职报告》的议案 16 | | | 议案七：关于继续聘请天健会计师事务所（特殊普通合伙）为公司审计机构的议案 | | | 31 | | | 议案八：关于 年度日常关联交易执行情况及 2025 年度日常关联交易预计的议 | 2024 | | 案 32 | | | 议案九：关于制定《泛微网络科技股份有限公司董事、高级管理人员薪酬制度》的 | | | 议案 39 | | | 议案十：关于确认 2024 年度董事薪酬情况及 2025 ...

Core Viewpoint - The company, Fanwei Network Technology Co., Ltd., is set to hold an annual performance and cash dividend briefing on April 18, 2025, to discuss its 2024 operational results and financial status with investors [2][3]. Group 1: Meeting Details - The meeting will take place on April 18, 2025, from 16:00 to 17:00 [2][7]. - It will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [6][7]. - Participants will include the Chairman and General Manager, Wei Lidong, the Secretary of the Board, Zhou Lin, the Chief Financial Officer, Bao Xiaojian, and the Independent Director, Zhou Jing [4]. Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center on the day of the meeting [5][6]. - Questions can be submitted from April 11 to April 17, 2025, via the Roadshow Center's "Pre-Question Collection" section or through the company's email [5][6]. Group 3: Contact Information - The company’s securities department can be contacted for inquiries at the phone numbers 021-52262600-6109 and 021-52262600-2032, or via email at weaver@weaver.com.cn [8].

泛微网络科技股份有限公司 证券代码：603039 证券简称：泛微网络 公告编号：2025-013 关于召开 2024 年度业绩暨现金分红说明会的公告 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： 泛微网络科技股份有限公司（以下简称"公司"或"泛微网络"）已于2025 年3月28日发布泛微网络2024年年度报告，为便于广大投资者更全面深入地了解 公司2024年度经营成果、财务状况，公司计划于2025年4月18日下午16:00-17:00 举行泛微网络2024年度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2024年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、会议时间：2025年4月18日（星期五）下午16:00-17:00 2、会议地点：上证路演中心（http://roadshow.sseinfo.com） 会议召开时间：2025年4月 ...

泛微网络（603039）公司年报点评 [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 [Table_InvestInfo] 业绩稳健，AI Agent 及信创推动需求释放 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 请务必阅读正文之后的信息披露和法律声明 维持"优于大市"评级。经济环境影响收入端短期承压，下调公司 2025-2026 年 EPS 至 1.01/1.27 元（原 1.12/1.33 元），新增 2027 年 EPS 预测为 1.57 元， 参考可比公司估值，给予公司 2025 年 PE 75 倍，上调目标价 75.80 元（原为 52.80 元，2024 年 55 倍 PE，+44%），维持"优于大市"评级。 收入短期承压，降本增效下利润稳健增长。公司发布 2024 年年报。2024 年 实现营业收入 23.62 亿元（-1.31%），归母净利润 2.03 亿元（+13.58%），经 营性净现金流 2.93 亿元（+21.62%），毛利率保持相对稳定为 93.25%（-0.69pct）。 销售/管理/研发费用率分别为 68.31% ...

事件: 2025 年3 月28 日，公司公告2024 年年报：2024 年，公司营收23.62亿元，同比-1.31%；归母净利润2.03 亿元，同比+13.58%；扣非后归母净利润1.67 亿元，同比+13.03%。 2024Q4，公司营收9.76 亿元，同比-1.93%；归母净利润1.17 亿元，同比-30.23%；扣非后归母净利润 1.02 亿元，同比-36.42%。 投资要点: 2024 年利润稳健增长，营销投入稳定发力 2024 年，受下游需求影响公司软件产品销售承压，但技术服务收入稳定增长； 公司技术服务/ 软件产 品/ 第三方产品收入分别为14.38/8.08/1.14 亿元，同比+8%/-14%/-6%。公司降本增效成果显现，2024 年 销售/ 管理/ 研发费用率分别为68%/3%/14% ， 同比-1.4/-0.6/-1.1pct；销售毛利率/销售净利率为 93%/9%，同比-0.7/+1.1pct。 2024 年公司进一步完善各市场区域的多层次营销服务体系。1）针对面向中大型组织的e-cology 产品， 公司已在全国九大区域200 多个城市建立超过600 个服务团队来提供本地化的服务；2 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 74.90 RMB [8][9]. Core Views - The report expresses optimism about the acceleration of AI commercialization in 2025, driven by the company's AI product capabilities and order backlog [1]. - The company achieved a revenue of 2.362 billion RMB in 2024, a slight decrease of 1.31% year-on-year, but net profit increased by 13.58% to 203 million RMB [2]. - The company has developed an AI architecture called Xiaoe.AI, which integrates large and small models to enhance its business systems across various management functions [3]. - The marketing system has been strengthened with the addition of 90 service teams across 200 cities, and partnerships with Tencent are expected to enhance the commercialization of AI products [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.07, 1.42, and 1.76 RMB respectively, with a target price based on a 70x PE ratio [5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 93.25%, a slight decline of 0.69 percentage points, primarily due to increased outsourcing costs [2]. - The company has effectively controlled its sales, management, and R&D expenses, leading to a reduction in employee count by 13% to 1,448 [2]. AI Product Development - The company has launched the Xiaoe.AI platform, which is designed to provide intelligent services across 14 specific business scenarios, indicating a strong competitive positioning in the AI space [3]. - The report anticipates that as AI products mature, their commercial deployment will accelerate, enhancing the company's market penetration [3]. Marketing and Partnerships - The company has established over 600 service teams in major regions and has expanded its presence internationally in seven countries, enhancing its service capabilities [4]. - Collaborations with Tencent are expected to yield over 20 mature application scenarios, which will support the commercialization of AI products [4]. Earnings Forecast and Valuation - The company’s projected revenues for 2025 are expected to reach 2.589 billion RMB, reflecting a growth of 9.63% year-on-year [7]. - The report provides a comparative valuation, indicating a PE ratio of 63.9x for comparable companies in 2025, while assigning a higher PE of 70x to the company due to its competitive advantages [5][13].

业绩简评 2025 年 3 月 27 日公司披露年报，24 年实现营收 23.62 亿元，同 比下降 1.31%，其中 e-cology、e-office 分别实现营收 7.89 亿元、 0.19 亿元，分别同比下降 14.10%、7.32%；公司实现归母净利润 2.03 亿元，同比增长 13.58%。 经营分析 受到下游客户需求波动影响，24 年公司软件产品营收同比减少 13.95%，技术服务实现营收 14.38 亿元，同比增长 7.87%。公司各 项费用管控良好，员工人数同比下降 13.4%，销售/管理/研发费用 率分别同比下降 1.4pct/0.6pct/1.1pct。 AI赋能产品全面升级，有望带动收入增长。泛微智能大脑Xiaoe.AI 支持自定义训练业务专属智能体（如合同审批助手、销售助手、 HR 助手等），可通过配置语料和 API 快速扩展新场景应用；公司还 推出全新微服务架构 E10，升级低代码平台 E-Builder 并新增 AI 智能助手；公司聚才林、采知连、京桥通、今承达等专项应用均 融合 AI 功能。25 年 3 月起公司在全国百座城市举办 Xiaoe.AI 体 验大会，产品功能完善叠加 ...

业绩简评 2025 年 3 月 27 日公司披露年报，24 年实现营收 23.62 亿元，同 比下降 1.31%，其中 e-cology、e-office 分别实现营收 7.89 亿元、 0.19 亿元，分别同比下降 14.10%、7.32%；公司实现归母净利润 2.03 亿元，同比增长 13.58%。 经营分析 受到下游客户需求波动影响，24 年公司软件产品营收同比减少 13.95%，技术服务实现营收 14.38 亿元，同比增长 7.87%。公司各 项费用管控良好，员工人数同比下降 13.4%，销售/管理/研发费用 率分别同比下降 1.4pct/0.6pct/1.1pct。 AI赋能产品全面升级，有望带动收入增长。泛微智能大脑Xiaoe.AI 支持自定义训练业务专属智能体（如合同审批助手、销售助手、 HR 助手等），可通过配置语料和 API 快速扩展新场景应用；公司还 推出全新微服务架构 E10，升级低代码平台 E-Builder 并新增 AI 智能助手；公司聚才林、采知连、京桥通、今承达等专项应用均 融合 AI 功能。25 年 3 月起公司在全国百座城市举办 Xiaoe.AI 体 验大会，产品功能完善叠加 ...