Financial Performance - The company's operating revenue for Q1 2025 was ¥1,234,885,063.44, a decrease of 4.08% compared to ¥1,287,449,540.62 in the same period last year[5] - The net profit attributable to shareholders was -¥16,236,680.42, representing a decline of 162.74% from ¥25,878,436.87 year-on-year[5] - The basic earnings per share for Q1 2025 was -¥0.0195, down 162.70% from ¥0.0311 in the previous year[5] - Net profit for Q1 2025 was a loss of ¥16,236,680.42, compared to a profit of ¥25,878,436.87 in Q1 2024, indicating a significant decline[19] - The total comprehensive income attributable to the parent company was ¥-16,224,568.21 in Q1 2025, down from ¥25,506,119.52 in Q1 2024[20] - Basic and diluted earnings per share were both ¥-0.02 in Q1 2025, compared to ¥0.03 in Q1 2024, reflecting a negative shift in profitability[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,861,451,958.32, a decrease of 10.75% from ¥7,687,535,807.75 at the end of the previous year[5] - Total liabilities as of March 31, 2025, were ¥3,584,135,934.12, a decrease from ¥4,393,995,215.34 at the end of 2024[15] - The company's total equity as of March 31, 2025, was ¥3,277,316,024.20, slightly down from ¥3,293,540,592.41 at the end of 2024[15] Cash Flow - The net cash flow from operating activities was -¥1,273,137,598.47, which is not comparable to the previous year due to increased cash payments for goods and services[5] - Operating cash inflow for Q1 2025 was ¥1,010,875,753.81, an increase from ¥958,115,290.09 in Q1 2024[22] - Cash outflow from operating activities surged to ¥2,284,013,352.28 in Q1 2025, compared to ¥1,589,808,430.83 in Q1 2024, leading to a net cash flow from operating activities of ¥-1,273,137,598.47[23] - The company’s cash and cash equivalents at the end of Q1 2025 stood at ¥2,633,277,016.21, down from ¥2,393,085,009.39 at the end of Q1 2024[24] - The company experienced a net cash outflow from financing activities of ¥-3,158,057.65 in Q1 2025, compared to ¥-4,528,073.26 in Q1 2024, indicating a reduction in financing costs[24] Operational Insights - The company experienced a significant reduction in customer demand and IT investment, impacting software revenue and gross margin[6] - The company's management indicated a focus on improving operational efficiency and exploring new market opportunities in future quarters[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 62,649[8] - The company’s equity attributable to shareholders was ¥3,277,316,024.20, a slight decrease of 0.49% from ¥3,293,540,592.41 at the end of the previous year[5]

Profit Distribution and Financial Performance - The profit distribution plan for 2024 proposes a cash dividend of RMB 3.40 per 10 shares, totaling approximately RMB 282.55 million, which accounts for 79.57% of the net profit attributable to ordinary shareholders[6]. - The total cash dividend distribution is based on the total share capital eligible for profit distribution on the record date[6]. - The company reported a total of 29,653,334 shares at the beginning of the year, with a decrease to 11,861,333 shares by year-end, resulting in a net change of 41,514,667 shares due to capital reserve conversion[171]. - The company plans to implement a three-year shareholder dividend return plan from 2024 to 2026, which was approved during the shareholders' meeting[170]. - The company has a cash dividend policy that stipulates a minimum of 10% of the distributable profit must be distributed as cash dividends each year[196]. - In the case of a mature company without significant capital expenditure plans, the minimum cash dividend proportion should be at least 80% of the profit distribution[197]. - The company is currently in a growth phase and plans to maintain a minimum cash dividend proportion of 20% in profit distribution due to significant future capital expenditures[197]. Audit and Governance - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy and completeness of the financial report[5]. - The board of directors and management have collectively ensured the authenticity and integrity of the annual report[5]. - The company has established a robust governance structure to ensure compliance with legal requirements and protect shareholder rights, particularly for minority shareholders[168]. - The company actively participates in training programs for its board members and executives to enhance governance knowledge and decision-making capabilities[169]. - The board of directors must consider the opinions of independent directors and minority shareholders when making decisions on cash dividends[199]. - The company has established a remuneration policy that aligns with industry standards and regional economic conditions[181]. Revenue and Profit Trends - In 2024, the company achieved revenue of 6.67 billion RMB, a year-on-year increase of 2.59%[33]. - The net profit attributable to shareholders was 355.11 million RMB, a decrease of 45.76% compared to the previous year[34]. - The gross profit margin for the main business was 25.80%, down 5.65 percentage points year-on-year[34]. - The company's operating revenue for the reporting period was approximately ¥6.67 billion, representing a 2.59% increase compared to the previous year[106]. - Operating costs increased by 11.04% to approximately ¥4.94 billion, indicating rising expenses in service delivery[106]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan for the fiscal year, representing a 20% year-over-year growth[176]. Cash Flow and Financial Management - The company's cash flow from operating activities improved significantly, reaching 1.25 billion RMB, a 538.70% increase year-on-year[22]. - The net cash flow from operating activities surged by 538.70% to approximately ¥1.25 billion, reflecting improved operational efficiency[106]. - The net cash flow from operating activities for 2024 is ¥1,249,135,076.93, representing a 538.70% increase compared to ¥195,575,184.80 in 2023[122]. - The company has implemented a performance assessment system that includes cash flow metrics to enhance the efficiency of cash collection[108]. - The net cash flow from investment activities is -¥17,284,481.90, a decrease from -¥35,884,295.96 in the previous year[123]. - The net cash flow from financing activities is -¥352,641,573.61, compared to -¥181,223,989.67 in the previous year[123]. Business Segments and Market Performance - Revenue from the insurance IT sector decreased by 15.31% to 3.05 billion RMB, while non-insurance IT revenue increased, particularly in non-insurance finance, government, and healthcare sectors[33]. - Non-insurance finance IT revenue grew by 32.43% to 685 million RMB, government IT revenue increased by 20.38% to 1.29 billion RMB, and healthcare IT revenue rose by 37.31% to 408 million RMB[33]. - The software business revenue was 4.99 billion RMB, a decline of 5.14% year-on-year, with a gross margin of 29.53%, down 6.10 percentage points[33]. - The company is actively participating in large-scale domestic transformation projects for major clients such as Postal Savings Bank and Bank of China[47]. - The company aims to enhance customer coverage and optimize product structure in the non-insurance financial sector[47]. - The company is expanding its market presence, targeting a 25% increase in market share within the next two years[176]. Research and Development - R&D expenditure amounted to 908 million yuan, accounting for 13.60% of the current period's revenue, with a year-on-year decrease of 3.72%[62]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing software capabilities[174]. - The number of R&D personnel is 5,927, accounting for 32.79% of the total workforce[119]. - The company aims to maintain a high level of product technology competitiveness through R&D innovation and intelligent solution upgrades[63]. - The company is investing heavily in R&D, allocating 10% of its revenue towards developing new technologies and products[176]. Strategic Initiatives and Future Outlook - The company aims to strengthen management and increase business investment to achieve a recovery in operating performance and high-quality development in 2025[39]. - The company will continue to expand its international strategy, targeting new customer acquisition and existing customer demand outside the mainland, aiming for rapid growth in international business[155]. - The overall business goal for 2025 is to achieve steady revenue growth while enhancing the proportion of high-tech businesses and improving business development quality[156]. - The company aims to capitalize on increasing investments in public health and medical information technology to accelerate growth in its healthcare IT business[78]. - The company is actively pursuing new customer acquisition and market expansion in Central Asia and Africa[60]. - The company will prioritize domestic replacement opportunities for key application software, particularly in the insurance sector, in light of the implementation of new accounting standards (IFRS17)[158]. Risks and Challenges - The company faces potential risks from cyclical fluctuations in IT investments from downstream industries, which may exert pressure on operations during certain phases[162][163]. - The competitive landscape in the software and IT services industry is intensifying, with increasing demand for new technologies and products, posing risks from new entrants[164]. - There is a shortage of composite talents who possess both technical skills and industry experience, which may impact the company's ability to meet client needs effectively[165]. Shareholder and Management Structure - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 1,561.61 million yuan, including annual performance compensation and benefits[181]. - The independent director remuneration standard for 2024 is set at 120,000 yuan per year (pre-tax)[181]. - Non-independent directors receive a remuneration standard of 24,000 yuan per year (pre-tax)[181]. - The company has a performance-based compensation system for senior management, which includes "basic salary + performance pay" determined by the board based on company performance and industry standards[181]. - The company has made significant changes in shareholding, with the chairman's shares decreasing from 5,765,760 to 2,306,304, reflecting a change of 8,072,064 shares due to capital reserve conversion[171].

Group 1 - The core point of the article is that Zhongke Ruank (603927) reported a revenue of 1.235 billion yuan in the first quarter of 2025, representing a year-on-year decline of 4.08% [1] - The company experienced a net loss of 16.2367 million yuan, compared to a net profit of 25.8784 million yuan in the same period last year [1]

[Table_MainInfo] 公司研究/信息服务 证券研究报告 股本摊薄） 数据来源：Wind，公司公告，HTI 中科软（603927）公司年报点评 [Table_InvestInfo] 非保险 IT 增速亮眼， AIGC 应用多场景落地 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] 财务摘要（百万 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 元） 营业收入 | 6,503 | 6,671 | 7,233 | 7,866 | 8,520 | | (+/-)% | -3.0% | 2.6% | 8.4% | 8.8% | 8.3% | | 净利润（归母） | 655 | 355 | 383 | 505 | 658 | | (+/-)% | 2.6% | -45.8% | 7.9% | 31.7% | 30.3% | | 每股净收益（元） | 0.79 | 0.43 | 0.46 | 0.61 | 0.79 | | 净资产收益率( ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603927证券简称：中科软 公告编号：2025-016 中科软科技股份有限公司 中科软科技股份有限公司（以下简称"公司"）已于2025年04月12日披露公司2024年年度报告，并将于 2025年04月25日披露公司2025年第一季度报告，为便于广大投资者更全面深入地了解公司2024年度及 2025年第一季度经营成果、财务状况，公司计划于2025年04月25日下午13:00-14:30举行2024年度暨2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会以视频结合网络互动形式召开，公司将针对2024年度及2025年第一季度经营成果及财务 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。 三、参加人员 公司董事长、总经理左春先生，副总经理、财务总监张志华先生，独立董事何召滨先生、董事会秘书蔡 宏先生、证券部经理郧文龙先生、财务部经理杨培兰女士及公司其他相关人员（如有特殊情况，参会人 员将可能进行调整）。 四、投资者参加方式 （一）投资者可在2025年04月25 ...

证券代码：603927 证券简称：中科软 公告编号：2025-016 中科软科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： 一、业绩说明会类型 本次业绩说明会以视频结合网络互动形式召开，公司将针对2024 年度及 2025 年第一季度经营成果及财务指标的具体情况与投资者进 会议召开时间：2025 年 04 月 25 日（星期五）下午 13:00-14:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 04 月 18 日（星期五）至 04 月 24 日（星 期四）16:00 前登录上证路演中心网站首页，点击"提问预征集"栏 目或通过公司邮箱 sinosoftzqb@sinosoft.com.cn 进行提问。公司将 在业绩说明会上对投资者普遍关注的问题进行回答。 中科软科技股份有限公司（以下简称 ...

2025年4月12日，中科软(603927.SH)发布2024年年度报告。截至2025年4月11日，共有187个机构投资者 披露持有中科软A股股份，合计持股量达3.57亿股，占中科软总股本的42.96%。其中，前十大机构投资 者包括北京科软创源软件技术有限公司、北京市海淀区国有资本运营有限公司、北京市海淀区国有资产 投资经营有限公司、全国社保基金一一一组合、中国农业银行股份有限公司-中证500交易型开放式指数 证券投资基金、香港中央结算有限公司、华宝中证金融科技主题ETF、天弘中证500指数增强A、嘉实中 证软件服务ETF、华夏中证500ETF，前十大机构投资者合计持股比例达41.25%。相较于上一季度，前 十大机构持股比例合计下跌了0.44个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括华宝中证金融科技主题ETF、博时金 融科技ETF、华夏中证金融科技主题ETF，持股增加占比达0.61%。本期较上一季度持股减少的公募基 金共计1个，即南方中证500ETF，持股减少占比达0.23%。本期较上一季度新披露的公募基金共计178 个，主要包括天弘中证500指数增强A、嘉实中证软件服务ETF、华 ...

单Q4 来看，公司实现营收25.47 亿元，同比-1.36%，实现归母净利润0.65 亿元，同比-77.05%，略微承 压。单Q4 经营性现金流达20.01 亿元，同比增长55.04%。 深化AI 应用，持续投入AI 研发 公司继续将 AIGC 垂直应用作为重点研发方向，基于MaaS（ModelasaService）平台进行更多 AIGC 垂 直应用实践，包括举办内部技术交流、基于MaaS 平台推出 AIGC 在垂直领域的新应用、与生态伙伴合 作进行联合方案的研发等活动与成果。 2025 年一季度，中科软分别与华为、神州鲲泰等厂家合作，先后推出针对医疗卫生、保险等垂直领域 的 AIGC 应用联合方案。 公司于2025 年4 月11 日发布2024 年年报 全年营收稳中有增，非保险IT 版图扩张有效 公司全年实现营收66.71 亿元，同比2.59%，实现归母净利润3.55 亿元，同比-45.76%。全年毛利率达 25.93%，销售/管理/研发费用率分别为4.80%/1.46%/13.60%，同比变化-0.22/-0.17/-0.9 pct。费用整体有 效控制。全年经营性现金流为12.49 亿，同比增长538.7 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 6.671 billion RMB for 2024, a year-on-year increase of 2.6%, but the net profit attributable to shareholders decreased by 45.8% to 355 million RMB [2]. - The decline in insurance IT revenue by 15.3% to 3.047 billion RMB is attributed to the insurance industry's transformation and adjustments in IT spending by some clients [3]. - Non-insurance IT revenues in finance, government, and healthcare sectors showed strong growth, with increases of 32.4%, 20.4%, and 37.3% respectively [3]. - The company has improved cost control and cash flow management, with a 3.1% reduction in employee numbers and a significant increase in operating cash flow by 538.7% to 1.249 billion RMB [4]. - The company is actively pursuing AI applications across various sectors, including a partnership with Huawei for insurance industry AIGC applications [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 6.671 billion RMB, a 2.6% increase year-on-year, while the net profit attributable to shareholders fell to 355 million RMB, a 45.8% decline [2]. Operational Analysis - The share of non-insurance industry revenue has increased, but integrated business has negatively impacted gross margins, which decreased by 5.7 percentage points to 25.8% [3]. - The company reported a significant increase in system integration business revenue, which grew by 35.7% to 16.67 billion RMB [3]. Profit Forecast - Revenue projections for 2025-2027 are 7.468 billion RMB, 8.434 billion RMB, and 9.556 billion RMB, with expected growth rates of 11.95%, 12.94%, and 13.30% respectively [5]. - The forecasted net profit for the same period is 582 million RMB, 765 million RMB, and 956 million RMB, with growth rates of 63.93%, 31.41%, and 25.02% respectively [5].

Core Insights - The company reported a total revenue of 6.671 billion yuan for 2024, reflecting a year-on-year growth of 2.59%, but the net profit attributable to shareholders significantly declined by 45.76% to 355 million yuan [1] - The decline in the insurance IT business was the primary factor affecting overall performance, with revenue from this segment dropping by 15.31% to 3.047 billion yuan [3] - Despite growth in non-insurance sectors, the overall gross margin decreased, indicating challenges in maintaining profitability [5][7] Revenue Performance - Total revenue for 2024 was 6.671 billion yuan, a 2.59% increase from the previous year [1] - Insurance IT revenue fell to 3.047 billion yuan, a decrease of 15.31% [3] - Non-insurance financial IT revenue grew by 32.43% to 685 million yuan, while government IT revenue increased by 20.38% to 1.286 billion yuan, and healthcare IT revenue rose by 37.31% to 408 million yuan [5] Profitability Analysis - The gross margin for the insurance IT business dropped from 35.69% to 27.47%, contributing to a decline in the overall gross margin of the company, which fell by 5.65 percentage points to 25.80% [3] - Non-insurance financial IT business gross margin decreased by 17.62 percentage points to 23.73%, while healthcare IT gross margin fell by 13.50 percentage points to 28.82% [5] Technological Developments - The company made significant progress in the application of AIGC technology across various sectors, including insurance, government, and healthcare [6] - Despite advancements in AIGC applications, research and development expenditure decreased by 3.72% to 908 million yuan, representing 13.60% of total revenue [6] Future Outlook - The company faces challenges due to the cyclical pressures in the industry and adjustments in client budgets, necessitating a need to optimize business structure and enhance profitability in non-insurance sectors [7] - There is a critical need for the company to increase its focus on technological innovation to maintain a competitive edge in the market [7]