12月17日，中望软件与格力电器正式签署战略合作协议。此次合作，双方将围绕工业软件应用深化、定 制化开发及资源共享等多个维度展开深度协同，打造产业链协同创新标杆，培育新质生产力。 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 81.85 RMB per share, reflecting a 5% decrease from previous estimates [4][7]. Core Insights - The company is a leader in domestic CAD software, steadily advancing its 3D product development and deepening its global presence by recruiting top talent [4][14]. - Revenue projections for 2025-2027 are estimated at 0.938 billion, 1.068 billion, and 1.235 billion RMB, respectively, with net profits expected to be 0.061 billion, 0.084 billion, and 0.100 billion RMB [4][14]. - The company achieved a revenue growth of 5% year-on-year in the first three quarters of 2025, with a notable improvement in Q3 net profit, which increased by 141% year-on-year [4][14]. Financial Summary - Total revenue for 2023A was 828 million RMB, with projections of 888 million RMB for 2024A, 938 million RMB for 2025E, 1.068 billion RMB for 2026E, and 1.235 billion RMB for 2027E, reflecting growth rates of 37.7%, 7.3%, 5.6%, 13.9%, and 15.6% respectively [3]. - Net profit attributable to the parent company for 2023A was 61 million RMB, with projections of 64 million RMB for 2024A, 61 million RMB for 2025E, 84 million RMB for 2026E, and 100 million RMB for 2027E, showing significant growth in 2023A at 922.8% [3]. - Earnings per share (EPS) are projected to be 0.36 RMB for 2025E, 0.50 RMB for 2026E, and 0.59 RMB for 2027E [3][4]. Business Segmentation Forecast - The company anticipates a revenue growth of 5% for self-developed software in 2025, with an increase to 13% in 2026 and 15% in 2027 [11][12]. - The entrusted development segment is expected to see a revenue growth of 10% in 2025, rebounding to 20% in 2026 and 2027 as market demand increases [11][12]. - Revenue from purchased products and other businesses is projected to maintain steady growth at 5% for 2025-2027 [11][12].

Core Viewpoint - The company is a leading domestic CAD software provider, steadily advancing 3D product development and deepening its global presence [1][2]. Financial Performance - The company expects revenues of 938 million, 1.068 billion, and 1.235 billion yuan for 2025-2027, with net profits of 61 million, 84 million, and 100 million yuan respectively [2]. - For the first three quarters of 2025, the company achieved revenues of 538 million yuan, a 5% year-on-year increase, while the net profit attributable to shareholders was -41 million yuan [2]. - In Q3 alone, the company reported revenues of 204 million yuan, a slight increase of 0.08% year-on-year, and a net profit of 12 million yuan, marking a 141% year-on-year improvement [2]. Product Development - The company has entered a new phase in 3D product development, aiming to achieve the highest market share in the domestic design and R&D industrial software 3D sector by 2024 [3]. - The company is introducing high-end talent and adopting new R&D models to address significant technical challenges faced during the promotion of its ZW3D software across various industries [3]. Market Position - According to IDC's 2024 report, the company holds a 9.1% market share in the domestic CAD market, ranking first among local providers, and a 5% share in the 3D CAD software segment, also leading domestically [3]. Global Expansion - The company has developed over 800 channel partners across regions including Germany, France, Poland, Turkey, South Korea, Vietnam, the Middle East, and Japan, and has established localized subsidiaries in the US, Japan, Vietnam, Malaysia, and the UAE [3]. - The company serves over 1.4 million industrial users in more than 90 countries and regions, including major global enterprises such as Turkey Telecom, Saint-Gobain, and Honeywell, enhancing its international recognition [3].

证券代码：688083 证券简称：中望软件 二零二五年十二月 1 | 2025 | 年第三次临时股东会会议资料目录 2 | | --- | --- | | 2025 | 年第三次临时股东会会议须知 3 | | 2025 | 年第三次临时股东会会议议程 5 | | 2025 | 年第三次临时股东会会议议案 6 | | | 议案一 关于变更公司注册资本及修订《公司章程》并办理工商变更登记的议案 6 | 广州中望龙腾软件股份有限公司 2025 年第三次临时股东会会议须知 为保障广州中望龙腾软件股份有限公司（下称"公司"）全体股东的合法权益， 维护股东会的正常秩序，保证股东会的议事效率，确保本次股东会如期、顺利召开， 根据《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》 （以下简称《证券法》）以及《广州中望龙腾软件股份有限公司章程》（以下简称 《公司章程》）《广州中望龙腾软件股份有限公司股东会议事规则》等相关规定， 特制定2025年第三次临时股东会须知。 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 广州中望龙腾软件股份有限公司 2025年第三次临时股东会 会议资料 二、为 ...

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

Core Viewpoint - The company, Zhongwang Software, is facing arbitration initiated by the IntelliCAD Technology Consortium (ITC) regarding alleged contract violations related to the licensing of IntelliCAD technology to ZYX Tech, a South Korean CAD company [1][2]. Group 1: Arbitration Details - The arbitration application has been accepted but has not yet commenced [1]. - ITC claims that the company violated its contractual obligations by granting ZYX Tech access to IntelliCAD software and related technology [1]. - The arbitration requests include a ruling on the alleged contract violation, an injunction against the company for infringing ITC's trade secrets and copyrights, and a requirement for the company to participate in an audit and provide financial records [1]. Group 2: Financial Impact - ITC is seeking approximately $2.42 million in damages, along with interest, related technical service revenues, punitive damages, arbitration fees, and legal costs [1]. - The company disputes these claims and is preparing for arbitration, including evidence collection and hiring a professional legal team [2]. - As of the third quarter of 2025, the company reported revenues of 538 million yuan, a year-on-year increase of 5.0%, but a net loss attributable to shareholders of 40.85 million yuan, a significant decline of 479.3% [2]. - The company's net cash flow from operations was -28.52 million yuan, an increase in losses of 75.6% year-on-year [2].

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

Core Viewpoint - Zhongwang Software has received an arbitration application from the IntelliCAD Technology Consortium (ITC), claiming damages of $2.4175 million along with additional fees [1] Group 1: Arbitration Details - The arbitration case has been accepted but has not yet commenced [1] - ITC alleges that Zhongwang Software violated contractual obligations by granting ZYX Tech access to IntelliCAD software [1] - The arbitration involves Zhongwang Software and ZYX Tech, a CAD company based in South Korea [1] Group 2: Membership and Relationship - Zhongwang Software was previously a member of ITC but terminated its membership on July 9, 2025 [1] - ITC is a non-profit organization that provides IntelliCAD technology licensing services to its members and collects annual fees [1]

关于公司涉及仲裁事项的公告 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。 证券代码：688083 证券简称：中望软件 公告编号：2025-078 广州中望龙腾软件股份有限公司 重要内容提示： 一、本次仲裁的基本情况 近日，广州中望龙腾软件股份有限公司（以下简称"公司"）收到了 IntelliCAD Technology Consortium（国际 CAD 软件技术联盟，以下简称"ITC"）代理律师送达的 仲裁申请相关材料。截至本公告披露日，该案件已获受理，暂未开始审理。 二、仲裁案件的基本情况 （一）仲裁当事人 申请人：IntelliCAD Technology Consortium 被申请人：ZWSOFT Co., Ltd.（广州中望龙腾软件股份有限公司）及 ZYX Technology Co., Ltd（以下简称"ZYX Tech"） （二）事实与理由 本次仲裁事项的申请人 ITC 是一家国际性非营利组织，通过向会员提供 IntelliCAD 仲裁案件所处的阶段：已获受理暂未开始审理。 上市公司所处的当事人地位：被 ...

Core Viewpoint - The company has received arbitration materials from ITC's attorney, and the case has been accepted but not yet started for hearing. [1] Group 1: Arbitration Details - The applicant, ITC, claims that the company violated contractual obligations by granting technology licensing rights or software access to ZYX. [1] - The arbitration request includes a ruling for breach of contract, an injunction against the infringement of trade secrets and copyrights, and a claim for $2.4175 million in damages, plus interest and related technical service revenues. [1] Group 2: Company's Response - The company does not acknowledge the claims made and will actively respond, with the final impact dependent on the arbitration outcome. [1]