Summary of Zhongwang Software Conference Call Company Overview - Zhongwang Software is a leading domestic CAD (Computer-Aided Design) enterprise in China, benefiting from accelerated domestic substitution and self-controllable policies, which have enhanced its strategic position and driven stock price increases [2][6][8]. Industry Insights - The industrial software sector is a core driver of value in the industrial chain, with China's industrial software output significantly lower than its industrial output, indicating substantial growth potential [2][5]. - The global CAD market is valued at approximately $10-15 billion, with the Chinese market nearing 10 billion RMB. The market is expected to grow at over 20% due to trends in manufacturing transformation, domestic substitution, and software legalization [16][19]. Key Financial Metrics - The company targets a revenue growth rate of 15-20% and anticipates faster profit growth in the future [2][7]. - Revenue reached 3.7-3.8 billion RMB in 2023, with a ninefold increase in profit [10]. - The company’s gross margin is reported at 95%, showcasing strong profitability [7]. Product and Market Position - Zhongwang's product line includes 2D/3D CAD, CCAM, and CAE, with 3D CAD experiencing a compound annual growth rate (CAGR) of 16% over the past five years, projected to generate 3.155 billion RMB in revenue by 2024 [2][12]. - The company has over 1.4 million legitimate users and operates in 90 countries, with overseas revenue growth reaching 42% in the first half of 2025 [2][11]. Competitive Advantages - Zhongwang offers competitive pricing, with subscription fees significantly lower than those of international giants like Siemens and Dassault [4][23]. - The company has increased its R&D expense ratio to 50% in 2024 and 67% in the first half of 2025, emphasizing its commitment to innovation [4][13]. Strategic Initiatives - The company has acquired the entire intellectual property of the Override geometric kernel, enabling the development of 3D and electromagnetic structure simulation products [2][22]. - Zhongwang is actively pursuing international expansion, collaborating with over 800 global channel partners and participating in major industrial exhibitions [24]. Future Outlook - Zhongwang aims to become a Chinese equivalent of Dassault Systems and is expected to complete its transition from catching up to independence and globalization within 5 to 10 years [7]. - The market currently undervalues Zhongwang, with a target price-to-sales (PS) ratio of 15, significantly lower than the industry average of 27 [4][25]. Additional Considerations - The importance of software legalization is emphasized, as it is crucial for the development of specialized software in China, which currently has a low industrial software output relative to its manufacturing value [5][18]. - The integration of solutions to avoid data silos and improve process efficiency is a growing trend in the industry, with Zhongwang promoting an integrated strategy for CAD and CECAM [17].

Group 1 - The stock of Zhongwang Software (688083) closed at 91.14 yuan on October 9, reaching the daily limit with a trading volume of 9.27 billion yuan and a turnover rate of 6.37% [2][3] - The stock was listed on the daily trading list due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction amount of 4.36 billion yuan, with a net buying amount of 40.78 million yuan [2] Group 2 - The main capital inflow for the stock was 50.98 million yuan throughout the day [3] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 79.84 million yuan [3] - The largest selling department was Changcheng Securities, with a selling amount of 65.09 million yuan [3]

Core Points - The software development sector experienced a rise of 1.86% on October 9, with Zhongwang Software leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Zhongwang Software (688083) closed at 91.14, with a significant increase of 20.00% and a trading volume of 108,000 shares, amounting to a transaction value of 927 million [1] - Pincai Technology (60T8899) saw a rise of 15.87%, closing at 116.57 with a trading volume of 76,900 shares, totaling 816 million [1] - Dingjie Zhizhi (300378) increased by 10.13%, closing at 61.40 with a trading volume of 486,000 shares, resulting in a transaction value of 2.861 billion [1] - Baolande (688058) rose by 6.91%, closing at 31.71 with a trading volume of 44,200 shares, totaling 139 million [1] - Keda Xunfei (002230) increased by 6.40%, closing at 59.64 with a trading volume of 1.5733 million shares, amounting to 9.193 billion [1] - Shiji Information (002153) rose by 5.80%, closing at 11.31 with a trading volume of 559,500 shares [1] - Wanxing Technology (300624) increased by 5.12%, closing at 81.48 with a trading volume of 314,400 shares, totaling 2.578 billion [1] - ST Guohua (000004) rose by 5.04%, closing at 11.68 with a trading volume of 8,187 shares, totaling 9.5624 million [1] - Yongyou Network (600588) increased by 4.74%, closing at 16.36 with a trading volume of 1.4703 million shares, totaling 2.366 billion [1] - Hehe Information (688615) rose by 4.46%, closing at 166.80 with a trading volume of 62,700 shares, totaling 1.043 billion [1] Capital Flow - The software development sector saw a net outflow of 176 million from main funds, while retail investors contributed a net inflow of 163 million [1] - Speculative funds recorded a net inflow of 12.93 million [1]

Core Viewpoint - The company announced the cancellation of a portion of the 2024 restricted stock incentive plan, totaling 71,187 shares, due to the disqualification of certain incentive targets and performance assessment results [5][6][7]. Group 1: Announcement of Cancellation - The company held its 19th board meeting on September 30, 2025, where it approved the proposal to cancel part of the 2024 restricted stock incentive plan [5][6]. - The cancellation was due to seven individuals leaving the company, resulting in the forfeiture of 43,165 shares, and 28,022 shares were also canceled due to performance assessment results [6][7]. Group 2: Impact on Company Operations - The cancellation of the restricted stock will not have a significant impact on the company's operations or the stability of its technical and management teams [8]. - The board's compensation and assessment committee confirmed that the cancellation aligns with relevant laws and regulations, ensuring no harm to shareholder interests [9]. Group 3: Legal and Procedural Compliance - The company has obtained necessary approvals and authorizations for the cancellation, complying with the management measures and listing rules [10]. - The board's decisions regarding the cancellation were made following established procedures and were disclosed appropriately [33][34].

Group 1 - The core transaction on September 30 involved a block trade of 71,000 shares of Zhongwang Software, with a transaction value of 4.7598 million yuan and a transaction price of 67.04 yuan, representing an 11.73% discount to the closing price of the day [2][3] - In the last three months, Zhongwang Software has recorded a total of six block trades, amounting to a cumulative transaction value of 18.966 million yuan [2] - The closing price of Zhongwang Software on the day of the transaction was 75.95 yuan, reflecting a 1.96% increase, with a turnover rate of 1.99% and a total trading volume of 2.57 billion yuan [2] Group 2 - The latest margin financing balance for Zhongwang Software is 205 million yuan, with an increase of 16.7445 million yuan over the past five days, representing an 8.92% growth [3] - Zhongwang Software was established on August 24, 1998, with a registered capital of 1.69584547 billion yuan [3]

Core Viewpoint - Zhongwang Software's stock rose by 1.96% on September 30, closing at 75.95 yuan, with a significant block trade occurring [1] Group 1: Stock Performance - The stock experienced a block trade with a total volume of 71,000 shares and a transaction value of 4.7598 million yuan [1] - The first transaction price was 67.04 yuan for 71,000 shares, resulting in a premium rate of -11.73% [1] - Over the past five trading days, the stock has increased by 7.73%, with a total net inflow of 52.7922 million yuan from main funds [1] Group 2: Trading Activity - In the last three months, the stock has recorded a total of six block trades, amounting to 18.966 million yuan [1] - The buying party for the recent block trade was Guotai Junan Securities Co., Ltd., while the selling party was Huatai Securities Co., Ltd. [1]

Group 1 - The company Zhongwang Software announced on September 30, 2025, that it received notifications regarding share reductions from Mengze Investment, Senxi Investment, and Shuo Yu Investment [1] - Mengze Investment reduced its holdings by approximately 1.89 million shares, accounting for 1.12% of the total share capital of about 170 million shares [1] - Senxi Investment reduced its holdings by approximately 1.66 million shares, representing 0.98% of the total share capital [1] - Shuo Yu Investment reduced its holdings by approximately 1.78 million shares, which is 1.05% of the total share capital [1] - The share reduction plan has been completed [1]

Group 1 - On September 30, Zhongwang Software executed a block trade of 71,000 shares, with a transaction amount of 4.7598 million yuan, accounting for 1.82% of the total transaction amount for the day [1] - The transaction price was 67.04 yuan, which represents an 11.73% discount compared to the market closing price of 75.95 yuan [1]

Group 1 - The company Zhongwang Software announced the convening of its sixth board meeting on September 30, 2025, which will be held in a hybrid format combining on-site and remote voting [1] - The meeting will review the proposal regarding the first vesting conditions of the 2024 restricted stock incentive plan [1]

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