Core Viewpoint - Zhongwang Software (688083) has shown a slight increase in stock price, closing at 70.38 yuan, up 0.7% from the previous week, with a total market capitalization of 12.071 billion yuan [1] Group 1: Company Announcements - The company will hold a half-year performance briefing on September 16, 2025, to discuss its operational results and financial status for the first half of 2025 [1] - Key participants in the briefing include the Chairman and General Manager Du Yulin, Independent Director Yan Fuyang, and other senior executives [1] - Investors can submit questions in advance through the Shanghai Stock Exchange Roadshow Center or via email [1] Group 2: Government Subsidy - Zhongwang Software has received a government subsidy totaling 19.096 million yuan, which is related to its revenue [2] - The company will classify this subsidy according to relevant accounting standards, and the final accounting treatment will depend on the annual audit results [2]

Group 1 - The stock price of Zhongwang Software (688083) closed at 69.85 yuan on September 9, 2025, down 3.71% with a turnover rate of 1.85% and a trading volume of 31,300 shares, amounting to a total transaction value of 222 million yuan [1] - On September 9, 2025, the net inflow of main funds was 19.33 million yuan, accounting for 8.72% of the total transaction value, while retail investors experienced a net outflow of 11.79 million yuan, representing 5.31% of the total transaction value [1][4] - Zhongwang Software will hold a half-year performance briefing on September 16, 2025, to discuss its operational results and financial status for the first half of 2025 [1][4] Group 2 - Zhongwang Software recently received government subsidies totaling 19.096 million yuan, which are related to its revenue [2] - The company will classify the received government subsidies according to the relevant provisions of the Accounting Standards for Enterprises and the final accounting treatment will depend on the results of the annual audit [2]

Core Viewpoint - The company, Zhongwang Software, announced the receipt of government subsidies totaling 19.096 million RMB [2] Group 1 - The government subsidy received by the company amounts to 19.096 million RMB [2]

广州中望龙腾软件股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 广州中望龙腾软件股份有限公司（以下简称"公司"）于近日收到政府补助 款项共计人民币 1,909.60 万元，为与收益相关的政府补助。 二、补助的类型及其对上市公司的影响 证券代码：688083 证券简称：中望软件 公告编号：2025-058 公司根据《企业会计准则第 16 号——政府补助》的有关规定，确认上述事 项并划分政府补助类型。上述实际获得的政府补助未经审计，最终的会计处理以 及对公司损益的影响情况仍须以审计机构年度审计确认后的结果为准。敬请广大 投资者注意投资风险。 特此公告。 广州中望龙腾软件股份有限公司董事会 2025 年 9 月 9 日 ...

证券代码：688083 证券简称：中望软件 公告编号：2025-057 广州中望龙腾软件股份有限公司 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/） 关于召开 2025 年半年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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 9 月 16 日(星期二)上午 11:00-12:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 9 日(星期二)至 9 月 15 日(星期一)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 ir@zwsoft.com 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。 广州中望龙腾软件股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 16 日 ...

Core Viewpoint - The company has received a government subsidy amounting to RMB 19.096 million, which is related to its revenue [1] Group 1 - The government subsidy received is classified according to the relevant provisions of the "Accounting Standards for Enterprises No. 16 - Government Subsidies" [1] - The actual government subsidy received is unaudited, and the final accounting treatment and its impact on the company's profit and loss will be confirmed after the annual audit by the auditing agency [1]

Core Insights - The report highlights the performance and growth potential of three companies: Sanxie Electric, Zhongkong Technology, and ZW Software, along with the challenges faced by Senqilin [5][7][11][14]. Company Summaries Sanxie Electric (920100.BJ) - Sanxie Electric focuses on the research, manufacturing, and sales of control motors, with applications in various sectors including security, textiles, and robotics. The company achieved a revenue of 420 million yuan in 2024, with a net profit of 56.34 million yuan, reflecting a compound annual growth rate (CAGR) of 14.23% in revenue and 30.15% in net profit over the past three years [6]. - The micro-special motor industry in China has become a significant global production base, with an estimated production and sales volume of 15.1 billion units in 2023. The global market for micro-special motors is projected to reach 46.74 billion USD in 2024 and 76.99 billion USD by 2032 [6]. - Sanxie Electric has a competitive edge in technology development, product quality, and customized services, holding 56 patents, including 10 invention patents. The company is well-positioned in Jiangsu province, benefiting from local industrial resources [6]. Zhongkong Technology (688777.SH) - Zhongkong Technology reported a revenue of 3.83 billion yuan in the first half of 2025, a decrease of 9.92% year-on-year, with a net profit of 354 million yuan, down 31.46% [7][10]. - The company is focusing on expanding its industrial AI and robotics business, which is expected to drive future growth. The launch of the TPT 2 platform aims to provide solutions for industrial problems and has already been applied in over 110 projects across various industries [10]. - Despite the revenue decline, the company is actively exploring structural growth opportunities in downstream industries, particularly in the PLC market, which has seen a steady increase in market share [10]. ZW Software (688083.SH) - ZW Software achieved a revenue of 334 million yuan in the first half of 2025, marking an 8.24% increase year-on-year, although it reported a net loss of 52 million yuan [11][12]. - The company is benefiting from domestic industrial software support policies and has seen significant growth in overseas markets, with a 42.21% increase in revenue from international operations [12]. - The 2D CAD product line remains strong, generating 215 million yuan in revenue, while the 3D CAD segment experienced slower growth, with a 3.40% increase [12]. Senqilin (002984.SZ) - Senqilin reported total revenue of 4.12 billion yuan in the first half of 2025, a slight increase of 0.2%, but net profit fell by 37.6% to 670 million yuan [14][15]. - The company faced challenges in production and sales, with a total tire production of 15.57 million units, down 3.21% year-on-year. However, a significant decrease in raw material costs is expected to positively impact future performance [15][16]. - The company is anticipating increased output from its new factory in Morocco, which is expected to contribute to revenue growth in the coming years [15].

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Viewpoint - Zhongwang Software (688083.SH) reported a revenue of 334 million yuan for the first half of 2025, marking an 8.24% year-on-year increase, but recorded a net loss attributable to shareholders of 52.41 million yuan, compared to a profit of 5.98 million yuan in the same period last year [1][3]. Financial Performance - Revenue for the first half of 2025 was 334 million yuan, up 8.24% from 308 million yuan in the same period last year [1][3]. - The total profit for the period was -64.08 million yuan, compared to -13.31 million yuan in the previous year [3]. - The net profit attributable to shareholders was -52.41 million yuan, a significant decline from the previous year's profit of 5.98 million yuan, representing a decrease of 976.90% [3]. - The net profit after deducting non-recurring gains and losses was -114.86 million yuan, compared to -83.97 million yuan in the same period last year [3]. - The net cash flow from operating activities was -85.66 million yuan, an improvement from -149.70 million yuan in the previous year [3]. Historical Financial Data - In 2022, the company reported a revenue of 601 million yuan, which increased to 828 million yuan in 2023, and further to 888 million yuan in 2024 [5][6]. - The net profit attributable to shareholders for 2022 was 600.35 thousand yuan, which rose to 6.14 million yuan in 2023, and 6.40 million yuan in 2024 [5][6]. - The net profit after deducting non-recurring gains and losses showed a loss of 6.77 million yuan in 2022, worsening to -9.14 million yuan in 2024 [5][6]. - The net cash flow from operating activities was positive in 2022 at 8.71 million yuan, but decreased to 2.05 million yuan in 2024 [5][6].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7] Core Views - The company has achieved steady revenue growth, with a significant acceleration in overseas market expansion despite short-term profit fluctuations due to pressures on core customer sales [5][6] - The company is positioned to benefit from the domestic industrial software support policies and has made continuous improvements to its core products while aggressively expanding into overseas markets [5][6] - The company’s revenue for the first half of 2025 reached 334 million yuan, a year-on-year increase of 8.24%, while the net profit attributable to shareholders was -52 million yuan, compared to 6 million yuan in the same period last year [4][5] Financial Performance - In Q2 2025, the company reported revenue of 208 million yuan, a year-on-year increase of 10.59%, but the net profit attributable to shareholders was -4 million yuan, a decrease of 114.04% year-on-year [4][5] - The gross margin for the first half of 2025 was 95.13%, down 2.58 percentage points from the previous year, primarily due to an increase in customized software and technical service revenues [5] - The company’s net profit margin for the first half of 2025 was -15.26%, a decrease of 13.19 percentage points year-on-year, but improvements are expected in the second half of the year due to ongoing cost reduction and efficiency enhancement efforts [5] Market Segmentation - The domestic commercial market saw a slight revenue decrease of 0.10% year-on-year, totaling 187 million yuan in the first half of 2025 [6] - The domestic education market experienced a significant decline, with revenue dropping 36.00% year-on-year to 21 million yuan due to policy adjustments and budget constraints [6] - The overseas market showed robust growth, with revenue increasing by 42.21% year-on-year to 126 million yuan, driven by successful localization strategies in various regions [6] Product Performance - The 2D CAD segment generated revenue of 215 million yuan, an increase of 11.82% year-on-year, supported by continuous product iterations and enhancements [7] - The 3D CAD segment saw a modest revenue growth of 3.40% year-on-year, totaling 92 million yuan, impacted by a temporary slowdown in customer promotions [7] - The CAE segment achieved a revenue increase of 25.38% year-on-year, while the BoChao series experienced a remarkable growth of 85.88% year-on-year [7] Investment Recommendations - The company is recognized as a leading player in industrial design software, with its product competitiveness expected to improve, benefiting from the trend of domestic industrial software localization [7] - The projected earnings per share (EPS) for 2025-2027 are 0.43, 0.57, and 0.70 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 160.7, 122.4, and 99.2 [7]