Group 1 - The core viewpoint of the news is that Wangda Software's stock has experienced fluctuations, with a year-to-date increase of 48.77% but a recent decline in the last five trading days [1] - As of October 20, Wangda Software's stock price was 21.78 CNY per share, with a total market capitalization of 5.871 billion CNY [1] - The company has seen a net outflow of main funds amounting to 10.83 million CNY, with significant selling pressure observed [1] Group 2 - Wangda Software, established on December 9, 2009, and listed on September 14, 2016, is located in the China (Shanghai) Free Trade Zone and specializes in mobile internet multimedia software and business intelligence applications [2] - The company's revenue composition includes AI video big data solutions (50.78%), high-definition video solutions (46.10%), and other services [2] - As of June 30, the number of shareholders decreased by 16.80% to 36,400, while the average circulating shares per person increased by 20.19% to 7,408 shares [2] Group 3 - Wangda Software has distributed a total of 174 million CNY in dividends since its A-share listing, with 93.713 million CNY distributed over the past three years [3]

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]