Core Viewpoint - The controlling shareholder of Hongrun Technology plans to transfer 2% of the company's shares through an inquiry transfer method [1] Summary by Relevant Categories Company Information - Hongrun Technology (688088.SH) announced that its controlling shareholder, HomeRun Capital Management Limited, intends to transfer 8.0234 million shares, which represents 2.00% of the company's total share capital [1]

虹软科技公告，股东HomeRun Capital Management Limited拟通过询价转让方式转让虹软科技股份802.34 万股，占公司总股本的2%。出让方为虹软科技控股股东，持股比例超过5%。此次转让不通过集中竞价 交易或大宗交易进行，受让方为具备定价能力和风险承受能力的机构投资者，受让股份在受让后6个月 内不得转让。中信证券受托组织实施该询价转让。此次转让因股东自身资金需求而进行，价格下限不低 于认购邀请书发送前20个交易日股票交易均价的70%。 ...

2024 年年度股东大会会议材料 证券代码：688088 证券简称：虹软科技 虹软科技股份有限公司 2024 年年度股东大会 会议材料 二〇二五年五月十五日 • 杭州 第 1 页 / 共 38 页 2024 年年度股东大会会议材料 三、会议主持人：董事长 Hui Deng（邓晖）先生 四、会议安排： 目 录 | 2024 年年度股东大会会议议程 | 3 | | | --- | --- | --- | | 2024 年年度股东大会会议须知 | 5 | | | 议案一：关于 2024 年度董事会工作报告的议案 | | 8 | | 议案二：关于 2024 年度监事会工作报告的议案 | | 9 | | 议案三：关于 2024 年度财务决算报告的议案 | | 10 | | 议案四：关于 2024 年年度利润分配方案的议案 | | 11 | | 议案五：关于董事 2024 年度薪酬发放情况及 2025 | 年度薪酬方案的议案 | 13 | | 议案六：关于监事 2024 年度薪酬发放情况及 2025 | 年度薪酬方案的议案 | 15 | | 议案七：2024 年年度报告及其摘要 | | 16 | | 议案八：关于提请股东 ...

证券代码：688088 证券简称：虹软科技 公告编号：临 2025-014 虹软科技股份有限公司 关于举办投资者接待日活动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 为便于广大投资者全面、深入地了解虹软科技股份有限公司（以下简称公司） 的经营情况和发展战略，公司计划于 2025 年 5 月 15 日 10:00-11:30 举办投资者 接待日活动。通过此项活动，公司将进一步加强与投资者的沟通交流，认真倾听 投资者的意见和建议。现将有关事项公告如下： 一、活动召开的时间及地点 活动时间：2025 年 5 月 15 日（星期四）10:00-11:30 活动地点：浙江省杭州市滨江区长河街道滨兴路 392 号（虹软大厦） 二、活动方式：现场召开 活动时间：2025 年 5 月 15 日（星期四）10:00-11:30 活动地点：浙江省杭州市滨江区长河街道滨兴路 392 号（虹软大厦） 召开方式：现场召开 三、公司出席人员 公司管理层，具体人员以实际出席为准。 四、投资者参加方式 为了更好地安排本次活动， ...

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - The AI sector is experiencing a significant transformation, moving from quantitative to qualitative changes, with advancements in general large models demonstrating near-human capabilities in various cognitive tasks [1] - The AI technology is reshaping social production methods and human existence, indicating a profound impact on various industries [1] Group 2 - The release of multiple AI models by Alibaba and the financial results from major US tech companies highlight the competitive landscape in the AI sector [2] - The upcoming 2025 Lenovo Tech World and other significant industry events indicate a growing focus on AI and related technologies [2] - The emergence of new job roles, such as prompt engineers, reflects the changing employment landscape driven by AI advancements [4] Group 3 - The diversification of AI applications is evident, with digital human technology marking a shift towards multi-dimensional penetration in various fields, including education and healthcare [5] - The market for digital humans is projected to grow significantly, with estimates indicating a market size exceeding 640 billion yuan by 2025 [5] - The integration of AI into public services and commercial sectors demonstrates the expanding boundaries of technology applications [5] Group 4 - The competition in the AI industry is shifting towards breakthroughs in underlying technologies and cost control, with advancements in embodied intelligence and multi-modal models [7] - The technology sector is expected to regain momentum as concerns over previous performance and tariff disruptions dissipate, with a focus on long-term industry trends [8] - The upcoming months are critical for the tech sector, with numerous industry conferences and events expected to catalyze new growth opportunities [8] Group 5 - The TMT sector is showing signs of recovery, with a notable increase in net profit growth rates, particularly in the AI industry [9] - Institutional investors have significant room for increasing allocations in the TMT sector, particularly in computer and media segments [9] - The AI ETF, which tracks the innovation board's AI index, includes major companies across the AI value chain, indicating a strategic investment opportunity [9][10]

Investment Rating - The report maintains a positive outlook on the AI industry, suggesting continued attention to investment opportunities within the sector [3][7]. Core Insights - The national emphasis on AI development is highlighted, with significant political support from President Xi Jinping, who underscored the importance of self-reliance and application orientation for healthy AI growth [2][7]. - The "Model Speed Space" in Shanghai is identified as a key innovation hub for AI, representing a comprehensive industry chain and expected to enhance industry momentum [2][7]. - The integration of young talent and academia is seen as a catalyst for accelerating the commercialization of AI technologies, with a focus on leveraging China's large pool of engineers and youth [2][7]. - The report emphasizes the diverse applications of AI products, advocating for quality and safety in development, and notes the vast market potential in China [2][7]. Summary by Sections National Policy and Industry Development - The report discusses the recent collective study by the Political Bureau of the CPC Central Committee on AI, indicating a strong governmental push for the sector [2][3]. - President Xi's visit to Shanghai reinforces the strategic importance of AI in national development, aiming to position Shanghai as a global tech innovation center [2][7]. Key Companies and Investment Opportunities - Recommended companies include Hehe Information, Sie Consulting, Digiwin Software, ArcSoft, Wondershare Technology, Kingdee International, Kingsoft Office, and Hygon Information Technology, with Cambricon Technologies identified as a beneficiary [3][7]. - The report provides earnings forecasts for these companies, indicating potential growth in EPS and PE ratios over the next few years [5]. Market Dynamics and Product Development - The report notes the flourishing of AI applications across various sectors, emphasizing the need for safe and reliable products to ensure long-term growth [2][7]. - The "Model Speed Space" showcases a range of AI products, reflecting a shift from "Made in China" to "Intelligent Manufacturing in China" [2][7].

Core Viewpoint - The article emphasizes that technological self-sufficiency is a key investment theme, particularly in the context of ongoing US-China trade tensions, which are seen as a competition in the technology sector [1][3]. Industry Insights - The concept of self-sufficiency refers to the ability to independently research, design, and control core technologies across the entire lifecycle of information systems, from hardware to software [2]. - The Chinese government has highlighted the importance of building self-sufficient industrial and supply chains, particularly in sectors such as integrated circuits, industrial mother machines, medical equipment, and advanced materials [2]. Investment Opportunities - Various institutions believe that technological self-sufficiency has become a reliable investment direction, with a focus on domestic demand in technology, particularly in areas like domestic computing power [4][5]. - Securities firms such as Everbright Securities and Huafu Securities are optimistic about investment opportunities in the semiconductor industry, recommending attention to wafer manufacturing and AI computing power chips [6]. Market Growth Projections - The China Investment Industry Research Institute projects that the market size of self-sufficient industries will reach 1.47 trillion yuan by 2027, indicating significant market potential [7]. - A selection of 50 potential stocks in the self-sufficient technology sector was made based on three criteria: research and development intensity, gross profit margin, and the ratio of contract liabilities to revenue [7]. Stock Performance and Predictions - Among the 50 identified stocks, 14 have seen upward adjustments in profit forecasts post-annual report releases, with two stocks, Foxit Software and Rainbow Technology, experiencing over 50% increases in 2025 profit predictions [9]. - Foxit Software's net profit forecast for 2025 was raised by 152.78% to 91 million yuan, reflecting strong recent performance [10]. - Rainbow Technology's net profit forecast for 2025 was increased by 58.27% to 220 million yuan, driven by its focus on technological innovation [10][11]. Institutional Interest - Six stocks from the identified 50 have received net purchases exceeding 100 million yuan from institutional investors, with Chip Origin Technology and China Software being notable examples [12]. - Chip Origin Technology has a range of self-sufficient processor IPs applicable in various fields, while China Software is recognized as a leading state-owned enterprise in software, benefiting from its strategic position and brand recognition [12][13].

证券代码：688088 证券简称：虹软科技 公告编号：临 2025-013 虹软科技股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 信息披露义务人南京瑞联新兴产业投资基金合伙企业（有限合伙）保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 第 1 页 / 共 3 页 本次权益变动为虹软科技股份有限公司（以下简称公司）股东南京瑞联 新兴产业投资基金合伙企业（有限合伙）（以下简称瑞联新产业、信息披露义务 人）履行此前披露的减持股份计划，以及因公司注销回购股份导致总股本减少后 持股比例变化的被动增持，不触及要约收购。 本次权益变动前，瑞联新产业持有公司的股份数量为 49,070,332 股，占 公司当时总股本的比例为 12.09%；本次权益变动后，瑞联新产业持有公司的股 份数量为 44,128,744 股，占公司目前总股本的比例为 11.00%，持股比例触及 1% 的整数倍。 本次权益变动为公司持股 5%以上非第一大股东减持及被动增持，不会使 公司控股股东、实际控制人发生变化。 本次权益变动未 ...

Core Insights - Goldman Sachs recently engaged with Chinese software supply chain companies to discuss customer software budgets, advancements in generative AI, and growth and profitability prospects for the second half of 2025. It is anticipated that the average revenue growth for Chinese software companies covered by Goldman Sachs will be 26% year-on-year in 2025, with sequential revenue growth expected across all four quarters [1]. Group 1: Generative AI Impact - The emergence of enhanced local foundational models, such as deep search models, has shifted customer software budgets from functional tools to generative AI software, leading to increased average revenue per user and attracting new paying customers [1]. - As demand rises and profitable business models for enterprise (B-end) and consumer (C-end) users become clearer, more software companies are investing in the development of application software based on foundational models [1]. - Generative AI is enabling enterprises to reduce operational costs, such as recruitment tools, with revenue from generative AI for covered Chinese software companies expected to rise from 0%-10% in 2025 to 10%-50% by 2028 [1]. Group 2: Revenue Contributions and Projections - The contribution of generative AI revenue to various companies is projected to increase significantly by 2028, with specific companies like Kingsoft Office and iFlytek expected to see substantial growth in their generative AI revenue contributions [2]. - The revenue growth for different segments, including electronic design automation, marketing, CAD/BIM, and automotive software, is expected to be robust in 2025, with generative AI applications playing a key role [10][29]. Group 3: Software Company Strategies - Companies are shifting their business models to subscription-based services, which provide predictable revenue streams and better operational leverage, particularly in the context of generative AI applications [7]. - Software companies are focusing on providing customized solutions for large clients while also developing standardized solutions for small and medium enterprises [24][25]. - The monetization of generative AI is occurring in both B-end and C-end markets, with existing clients paying more for upgraded versions with AI features and new clients converting from free to paid status more rapidly [26]. Group 4: Growth and Profitability Outlook - Companies like Kingsoft Office and Yonyou are expected to achieve steady revenue growth, with Kingsoft focusing on expanding its AI user base and Yonyou optimizing its product mix to improve gross margins [31]. - The automotive software sector is witnessing increased demand due to the push for intelligent vehicle strategies, benefiting the entire automotive technology supply chain [29]. - Cybersecurity companies are adapting to market demands by integrating multiple point solutions into platform offerings, driven by the increasing need for security solutions in the context of generative AI [30].

Core Viewpoint - The company has showcased its smart driving solutions in collaboration with Texas Instruments (TI) at the Munich Shanghai Electronics Show, indicating an enhancement in customer expansion capabilities and driving core business growth [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 815 million yuan, a year-on-year increase of 21.62%, and a net profit attributable to shareholders of 177 million yuan, a year-on-year increase of 99.67% [1] - For Q1 2025, the company reported revenue of 209 million yuan, a year-on-year increase of 13.77%, and a net profit attributable to shareholders of 50 million yuan, a year-on-year increase of 45.36% [1] Group 2: Mobile Intelligence - In 2024, the company's mobile intelligent terminal visual solutions generated revenue of 675 million yuan, a year-on-year increase of 16.17% [2] - The Turbo Fusion technology has penetrated flagship, high-end, and mainstream models, with commercial solutions implemented across multiple models [2] - The company has developed high-definition image processing algorithms for AI glasses, optimizing solutions for various application scenarios and establishing deep partnerships with several AI glasses brands [2] Group 3: Smart Driving - In 2024, the company's smart driving and other IoT intelligent device visual solutions achieved revenue of 127 million yuan, a year-on-year increase of 71.20% [2] - The company is expanding its model coverage and market share in the cabin business while driving product launches through projects in the external business [2] Group 4: Smart Commercial Photography - The ArcMuse computing technology engine has upgraded its vertical model system from billions to hundreds of billions of parameters in 2024 [3] - The PSAI service has entered multiple platforms, including Taobao, Douyin, and Shein, serving hundreds of thousands of merchant clients [3] Group 5: Investment Outlook - The company is positioned to benefit from the recovery in emerging markets, with expected stable revenue growth in mobile intelligence and smart driving, while also tapping into the blue ocean market of smart commercial photography [3] - Projected revenues for 2025-2027 are 1.011 billion, 1.274 billion, and 1.618 billion yuan, with net profits of 234 million, 314 million, and 443 million yuan respectively [3]