计算机/软件开发 中望软件（688083.SH） Q2 收入增长加速，境外收入表现亮眼 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 77.42 | | 一年最高最低(元) | 126.98/60.01 | | 总市值(亿元) | 131.29 | | 流通市值(亿元) | 131.29 | | 总股本(亿股) | 1.70 | | 流通股本(亿股) | 1.70 | | 近 3 个月换手率(%) | 82.35 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-09 2025-01 2025-05 中望软件 沪深300 相关研究报告 | 陈宝健（分析师） | 李海强（分析师） | | --- | --- | | chenbaojian@kysec.cn | lihaiqiang@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790524070003 | 国内 CAX 领域龙头，维持"买入"评级 考虑到公司加码研发投入，我们下调原有 20 ...

1 September 2025 | 8:36AM HKT China Software: 2Q25 result review; AI monetization and integration with software as focus, enhanced productivity starts to reflect on We review our China Software coverage based on 2Q25 performance and update our estimates to reflect our latest views. In 1H25, the avg. revenue growth of our coverage was at 9% YoY, and avg. net margin was -3% due to weak seasonality of the first half, while we see software companies' productivity improvement has started to reflect on margin imp ...

今日早参 2025 年 9 月 01 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：人民币：蓄势已久的升值 近日人民币兑美元和一篮子货币加速升值。8 月 28-29 两个交易日，离岸人 民币兑美元升值 0.4%。一方面，每日美元兑人民币中间价近来有所上调，但 另一方面，市场力量也开始加速推动人民币走强——近日在岸人民币交易价 格接近中间价、而离岸人民币汇率强于在岸即是例证（图表 10）。近期，全 球对配置中国权益资产的偏好上升可能是近期人民币汇率走强的催化剂之一 （参见华泰策略组报告《外资对中国资产关注度升温》，2025/8/24）。然而， 我们认为，人民币兑美元升值"蓄势"已久，有进一步走强的空间，且可能 成为驱动美元名义有效汇率（NEER）下一轮贬值的最大权重货币。往前 看，人民币汇率有较强的基本面支撑，仍有进一步升值动力，我们重申 12 个 月美元兑人民币汇率 6.98 的预测（参见《人民币或将有升值动力》， 2025/5/22，以及《中国 2025 年下半年宏观展望："再平衡"中孕育新机 遇》,2025/6/ ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

Core Insights - The food and beverage industry maintains the highest gross margin at 51.41% in the first half of the year, excluding the financial sector [1] - The beauty and personal care, as well as the media industries, rank second and third in gross margin [1] - The pharmaceutical and computer sectors dominate individual stock performance, with the top five companies by gross margin being Hai Chuang Pharmaceutical-U, Ailis, Dameng Data, Dize Pharmaceutical-U, and Zhongwang Software [1] - Hai Chuang Pharmaceutical-U leads with an impressive gross margin of 99.52%, while 27 companies reported gross margins exceeding 90% in the first half of the year [1]

Financial Performance - Company reported total revenue of 334 million yuan for the first half of 2025, an increase of 8.24% year-on-year [1] - Net profit attributable to shareholders was -52.41 million yuan, a significant decline of 976.9% compared to the previous year [1] - Gross margin decreased to 95.13%, down 2.64% year-on-year, while net margin fell to -15.26%, a drop of 634.85% [1] - Total operating expenses accounted for 74.86% of revenue, a slight decrease of 1.12% year-on-year [1] - Earnings per share was -0.31 yuan, a decrease of 875.0% year-on-year [1] Business Model and Market Position - Company relies heavily on R&D and marketing for its performance, indicating a need for thorough analysis of these drivers [2] - Historical data shows a median ROIC of 17.28% since its IPO, with a notable low of -6.12% in 2015 [2] - Company has faced challenges in maintaining strong capital returns, with a recent ROIC of 1.73% [2] Cash Flow and Receivables - Company’s cash flow situation is concerning, with a three-year average of operating cash flow to current liabilities at only 15.65% [2] - Accounts receivable reached 161.64% of net profit, indicating potential liquidity issues [2] Legal and Market Challenges - Company is currently facing a lawsuit from Autodesk, which it plans to address through negotiation and, if necessary, legal proceedings [5][6] - Despite the lawsuit, company believes that its sales will not be affected during the litigation period, as current laws allow for continued operations [6] - Company maintains strong relationships with its customers and partners, which it believes will support its ongoing sales efforts [6] Product Diversification - ZWCD is just one of many products offered by the company, with other products like ZW3D, CM, CE, and PLM gaining importance in revenue generation [7] - The company has been increasing investment in its 3D CAD product lines, which are expected to contribute positively to revenue despite the ongoing legal issues [7] Intellectual Property Management - Company emphasizes its commitment to protecting intellectual property and has implemented measures to avoid infringement [8] - It has received various accolades for its products, indicating a strong focus on compliance and quality in its R&D processes [8]

格隆汇8月29日丨中望软件(688083.SH)发布中报，2025上半年实现营业总收入3.34亿元，同比增长 8.24%；归属母公司股东净利润-5240.59万元，上年同期净利润为597.62万元；基本每股收益为-0.31元。 ...

Core Viewpoint - The company, Guangzhou ZW Software Co., Ltd. (中望软件), emphasizes its commitment to enhancing operational quality and investor returns through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, focusing on technological innovation and governance improvement [3][9][14]. Group 1: Company Overview - Guangzhou ZW Software is positioned as a key player in the industrial software sector, addressing critical technological challenges in China's R&D and design software [3][4]. - The company maintains a high R&D investment ratio, releasing new versions of its 2D and 3D CAD products, as well as CAE products, to strengthen its technological capabilities [3][5]. Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of 333.60 million yuan, an increase of 8.24% year-on-year, with main business revenue accounting for 99.88% of total revenue [10]. - The net profit attributable to the parent company was -52.41 million yuan, a decrease of 58.38 million yuan compared to the same period last year [10]. Group 3: Governance and Compliance - The company has revised its governance structure, eliminating the supervisory board and transferring its functions to the audit committee of the board of directors, thereby enhancing governance efficiency [6][7]. - Continuous training for directors and executives is emphasized to ensure compliance with securities market regulations and improve operational standards [7][8]. Group 4: Investor Relations and Communication - The company has prioritized information disclosure, releasing 31 announcements in the first half of 2025, including regular and temporary reports, to enhance market transparency [11][12]. - Various investor communication activities were conducted, with over 260 investors participating in discussions, reflecting the company's commitment to maintaining strong investor relations [12][13]. Group 5: Shareholder Returns - In the first half of 2025, the company distributed cash dividends totaling 60.35 million yuan, representing 94.35% of the net profit attributable to shareholders for the previous year [14][15]. - The company has initiated a share repurchase plan, acquiring 379,805 shares for a total of 30.69 million yuan, demonstrating confidence in its long-term value [15]. Group 6: Social Responsibility and Sustainability - The company actively discloses its environmental, social, and governance (ESG) practices, showcasing its commitment to sustainable development and technological self-reliance [16]. - It aims to enhance its global presence while contributing to the innovation ecosystem and promoting social progress [16].

1、国常会：加快培育和完善数据要素市场 重要程度：★★★★★ 国务院总理李强8月29日主持召开国务院常务会议。会议指出，要激发技术要素创新活力，推进土地要素 集约高效配置，引导人力资源要素合理流动，加快培育和完善数据要素市场，增强资本要素服务实体经济 能力，健全资源环境市场制度建设。要推动医疗、医保、医药政策协同发力，加大对基层医疗卫生机构的 投入倾斜力度，完善医保支付等政策，扩大用药种类，提升基层看病就医保障能力。 8月29日下午，华为发布了2025年半年度报告。报告显示，华为上半年营收4270.39亿元，同比增3.95%;净 利润371.95亿元，同比下降32%。归母净利润370.54亿元，去年同期归母净利润546.42亿元，同比下降 32.19%。研发投入969.50亿元，同比增9.04%，占营收22.7%。 4、新华保险：鸿鹄基金二期基本完成建仓 三期7月启动进展顺利 重要程度：★★★ 新华人寿保险股份有限公司于29日在京召开2025年中期业绩会。对于鸿鹄基金进展，新华资产管理股份有 限公司总裁陈一江表示，试点基金共三期，三期基金7月初开始启动，目前进展顺利。 从投资的方向范围来看，三期基金投资范围包 ...

北京商报讯（记者魏蔚）8月29日，中望软件发布的2025年上半年财报显示，营收3.34亿元，同比增长 8.24%，净亏损5240.59万元，同比扭亏。中望软件是一家主要从事 CAD/CAM/CAE 等研发设计类工业 软件的研发、推广与销售业务的企业，按业务分，标准通用软件类业务给中望软件贡献了3.18亿元营 收，外购软硬件业务营收219.51万元；定制软件和技术服务营收分别是439.88万元和818.02万元。 （文章来源：北京商报） ...