Core Viewpoint - The company held a half-year performance briefing on October 13, 2025, to discuss its technological advantages and future plans in the context of the current market environment [1]. Group 1: Technological Advantages - The company has developed a comprehensive HD video solution that integrates intelligent encoding and decoding technology, low-latency processing architecture, and AI deep analysis, achieving a transmission delay of 60ms in low-bandwidth environments [1][2]. - In the AI sector, the company focuses on security applications, creating specialized models that understand industry knowledge, and has successfully implemented intelligent analysis of 4K ultra-high-definition monitoring videos [2]. - The company is advancing its media production capabilities by integrating AIGC content generation and intelligent agent collaboration, enhancing content dissemination efficiency and digital marketing [2]. Group 2: R&D Investment and Future Directions - The company plans to focus on generative AI and its integration with video applications, emphasizing collaborative innovation in video encoding, editing, and recognition [5][6]. - Future R&D will target specific industry models, AIGC applications, and XR technologies, ensuring a balance between cost and benefit in R&D investments [6]. Group 3: Market Engagement and Strategic Initiatives - The company is actively participating in the low-altitude economy sector, developing intelligent inspection systems for drones and unmanned vehicles, which align with national strategic needs [7]. - The company has implemented a cash dividend policy, distributing 1.50 yuan per 10 shares to shareholders, and will continue to balance short-term returns with long-term growth [8]. Group 4: R&D Expenditure and Efficiency - The company reported a decrease in R&D expenses due to a strategic focus on AI technology and optimization of high-end video product lines, while reducing investments in mature and non-core areas [9]. Group 5: AI Safety Supervision Developments - The company has made advancements in AI-driven digital safety supervision systems, integrating multi-source data for dynamic perception and risk assessment in various operational scenarios [10].

证券代码：603189 证券简称：网达软件 公告编号：2025-045 上海网达软件股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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个别及连带责任。 上海网达软件股份有限公司（以下简称"公司"或"网达软件"）于 2025 年 10 月 13 日 9:00-10:00 在上证路演中心以网络互动的方式召开"网达软件 2025 年半年度业绩说明会"。关于本次说明会的召开事项，公司已于 2025 年 9 月 16 日在《上海证券报》、《中国证券报》、《证券日报》及上海证券交易所网站 （http://www.sse.com.cn）披露了《关于召开 2025 年半年度业绩说明会的公告》 （公告编号：2025-043）。现将召开情况公告如下： 一、本次说明会的召开情况 2025 年 10 月 13 日，公司董事长冯达、独立董事杨帆、董事会秘书孙琳、财 务总监沈宇智等出席了本次业绩说明会，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了问答。 二、本次会议投资 ...

Market Overview - The main board led the gains with notable stocks such as Dingxin Communication (+10.04%), Hengwei Technology (+10.02%), and Wangda Software (+10.01%) [1] - The ChiNext board saw significant increases with Jiangbolong (+20.00%) and Online and Offline (+15.08%) [1] - The Sci-Tech Innovation board was led by Dahong Technology (+20.00%) and Pinming Technology (+18.60%) [1] - Active sub-industries included SW Integrated Circuit Testing (+4.44%) and SW Digital Chip Design (+3.11%) [1] Domestic News - Wentai Technology announced a business adjustment due to significant market demand growth, leading to supply tightness and a temporary halt on shipments and price agreements [1] - Gaon Electronics plans to acquire 100% of Ruicheng Chip Micro for 2.174 billion yuan and 45.64% of Nengwei Micro, accelerating its transformation into a one-stop chip design solution platform [1] - TSMC announced its latest partner list for its Open Innovation Platform, with Gaon Electronics recognized for its modeling and simulation technology [1] - United Microelectronics Corporation (UMC) requested suppliers to propose executable price reduction plans exceeding 15%, effective from January 1, 2026 [1] Company Announcements - Yaxin Security received a government subsidy of 1,975,353.58 yuan, categorized as revenue-related [2] - Tuojing Technology announced a plan for shareholders to reduce their holdings by up to 2,811,639 shares, representing 1% of the total share capital [2] - Shida Group reported progress on acquiring assets from its indirect controlling shareholder, with audit and evaluation work completed [2] - Huibo Yuntong completed the transfer of equity in its wholly-owned subsidiary, receiving 60% of the transfer payment, amounting to 48 million yuan [2] International News - Raontech is expanding its supply of AR glasses optical solutions to major partners, integrating reflective waveguides with light engines [3] - Kioxia Holdings expects a 20% annual growth in NAND storage demand due to the expansion of AI data center operators [3] - Wolfspeed successfully completed its financial restructuring, reducing total debt by approximately 70% and extending debt maturity to 2030 [3] - Counterpoint Research indicates that the average selling price of global smartphones is projected to rise from $357 in 2024 to $370 in 2025, reaching $412 by 2029, with a compound annual growth rate of 3% [3]

Core Insights - The software development sector experienced a rise of 1.39% on September 30, with Pinming Technology leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Pinming Technology (688109) saw a significant increase of 18.60%, closing at 100.60 with a trading volume of 125,500 shares and a transaction value of 1.208 billion [1] - Other notable gainers included: - Yaxin Security (688225) up 10.16% to 21.90 with a volume of 121,200 shares [1] - Wangda Software (681809) up 10.01% to 23.30 with a volume of 255,000 shares [1] - Zhongdian Xindong (002298) up 10.01% to 13.19 with a volume of 960,400 shares [1] Capital Flow - The software development sector saw a net outflow of 700 million from institutional investors, while retail investors contributed a net inflow of 890 million [2] - The capital flow for specific stocks included: - Zhongdian Xindong (002298) with a net inflow of 570 million from institutional investors [3] - Wangda Software (603189) with a net inflow of 179 million from institutional investors [3] - Desai Xiwai (002920) with a net inflow of 133 million from institutional investors [3]

Core Viewpoint - The company plans to invest RMB 30 million in the "Future Industry Fund," focusing on the nuclear fusion industry, leveraging professional investment experience to enhance shareholder returns [2][20]. Group 1: Investment Details - The investment amount is RMB 30 million, representing 60% of the fund's total size of RMB 50 million [6][20]. - The fund is primarily focused on early and growth-stage projects within the nuclear fusion industry chain [6][16]. - The fund's management is handled by Xingfu Investment Management Co., Ltd., which has a track record of managing over RMB 11 billion [11]. Group 2: Regulatory and Approval Aspects - The transaction does not require board or shareholder approval as it does not meet the necessary thresholds [3][8]. - The fund is still in the preparatory stage and has not yet completed its registration, which introduces some uncertainties [4]. Group 3: Strategic Alignment - The investment aligns with national policies promoting the integration of artificial intelligence and energy sectors, aiming for significant advancements by 2030 [5]. - The company aims to explore and establish a presence in the nuclear fusion sector, which is considered a potential future energy source [16][20]. Group 4: Impact on the Company - The investment is expected to broaden the company's investment channels and enhance shareholder returns without affecting its core business operations [20]. - The company emphasizes that this investment will not create new related-party transactions or competition within the industry [20].

Core Viewpoint - Wangda Software (603189.SH) plans to invest in the "Future Industry Fund" as a limited partner, contributing RMB 30 million, which represents 60% of the partnership's share [1] Group 1: Investment Details - Wangda Software will participate in the private equity investment fund alongside Hefei Comprehensive Science Center Energy Research Institute and other partners [1] - The total raised capital for the fund is RMB 50 million, primarily focusing on equity investments [1] Group 2: Investment Focus - The fund will mainly invest in early and growth-stage projects within the nuclear fusion industry chain associated with the Hefei Comprehensive National Science Center Energy Research Institute [1] - It will also allocate resources to mature projects within the nuclear fusion industry chain [1]

Core Viewpoint - Wangda Software (603189.SH) plans to invest in the Future Industry Fund as a limited partner, contributing RMB 30 million, which represents 60% of the fund's total investment [1] Group 1: Investment Details - The Future Industry Fund has a total fundraising scale of RMB 50 million [1] - Wangda Software will participate in the fund as a limited partner alongside Hefei Comprehensive Science Center Energy Research Institute and other partners [1] - The fund primarily focuses on equity investments in early and growth-stage projects within the nuclear fusion industry chain [1] Group 2: Fund Structure - The fund is established by the general partner Xingfu Investment Management Co., Ltd. and other limited partners [1] - The fund will also allocate resources to mature projects within the nuclear fusion industry chain [1]

证券代码：603189 证券简称：网达软件 公告编号：2025-044 上海网达软件股份有限公司 关于参与设立产业投资基金的公告 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： 参与设立产业基金的基本情况 拟投资标的名称：国科能研院兴富未来私募基金合伙企业(有限合伙)（以实 际工商注册为准，以下简称"未来产业基金"或"基金"） 投资金额：人民币 3,000 万元，为上海网达软件股份有限公司（以下简称"公 司"）自有资金。 本次交易未达到董事会及股东会审议标准，无需提交董事会或股东会审议。 其它需要提醒投资者重点关注的风险事项 基金尚处于筹备设立阶段，尚未完成工商注册，尚需取得中国证券投资 基金业协会备案，实施过程存在不确定性。另外，私募股权投资基金具 有投资周期长、流动性低等特点，公司本次对外投资将面临较长的投资 回收期，且投资过程可能面临宏观经济、行业周期、市场竞争、政策环 境、拟投资项目经营管理等多种因素影响，可能存在投资后无法实现预 期收益的风险。敬请广大投资者注意投资风险。 本次交易不构成关联交易 本次 ...

Core Viewpoint - Wangda Software (603189.SH) plans to invest in the Future Industry Fund as a limited partner, contributing RMB 30 million, which represents 60% of the partnership's total investment [1] Group 1: Investment Details - The Future Industry Fund has a total raised capital of RMB 50 million [1] - Wangda Software's investment will primarily focus on early and growth-stage projects within the nuclear fusion industry chain [1] - The fund is established by Xingfu Investment Management Co., Ltd. and other limited partners [1] Group 2: Partnership Structure - Wangda Software will act as a limited partner alongside Hefei Comprehensive Science Center Energy Research Institute Co., Ltd. and other partners [1] - The investment strategy of the fund is mainly equity investment [1]

Core Viewpoint - Wangda Software (603189.SH) plans to invest in the "Future Industry Fund" as a limited partner, contributing RMB 30 million, which represents 60% of the partnership's share [1] Group 1: Investment Details - Wangda Software will participate in the private equity investment fund alongside Hefei Comprehensive Science Center Energy Research Institute and other partners [1] - The total raised capital for the fund is RMB 50 million, primarily focusing on equity investments [1] Group 2: Investment Focus - The fund will mainly invest in early and growth-stage projects within the nuclear fusion industry chain associated with the Hefei Comprehensive National Science Center Energy Research Institute [1] - It will also allocate resources to mature projects within the nuclear fusion industry chain [1]