国泰新点软件股份有限公司2024 年年度报告 公司代码：688232 公司简称：新点软件 国泰新点软件股份有限公司 2024 年年度报告 二〇二五年四月 国泰新点软件股份有限公司2024 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司上市时未盈利且尚未实现盈利 □是 √否 三、重大风险提示 公司已在本报告中阐述了公司在经营过程中可能面临的风险因素，敬请查阅本报告"第三节 管理层讨论与分析（四）风险因素"。 四、公司全体董事出席董事会会议。 五、中汇会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人曹立斌、主管会计工作负责人季琦及会计机构负责人（会计主管人员）胡明锋 声明：保证年度报告中财务报告的真实、准确、完整。 七、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年年度利润分配预案为：公司拟向全体股东每10股派发现金红利3.60元（含税）。 截至2025年3月31日，公司总股本330,000,000股，扣减回 ...

新点软件公告，2024年净利润2.04亿元，同比增长4.88%。公司2024年年度利润分配预案为向全体股东 每10股派发现金红利3.60元(含税)。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is positioned as a leading provider of digital solutions for government and enterprise, focusing on smart procurement, smart governance, and digital construction. It aims to leverage AI and big data to enhance its service offerings and operational efficiency [5][7] - The company is expected to benefit from the government's proactive fiscal policies and debt management strategies, which are anticipated to improve local government spending capabilities and accelerate project implementation [7] - The company has a strong foothold in the AI governance sector, with multiple AI products and applications being deployed across various regions, indicating a growing market presence [7] Financial Data and Forecasts - Revenue and profit forecasts indicate a decline in revenue from 2023 to 2024, with expected revenues of 21.42 billion yuan in 2024, down 12.3% year-on-year, followed by a recovery in 2025 to 22.76 billion yuan, and further growth to 27.43 billion yuan in 2026 [5][10] - Net profit is projected to recover from 2.13 billion yuan in 2024 to 3.12 billion yuan in 2025, and reach 5.04 billion yuan in 2026, reflecting a significant growth trajectory [5][10] - The company’s gross margin is expected to improve gradually, reaching 66.0% by 2026, indicating enhanced operational efficiency [10] Business Segments - The smart procurement segment is forecasted to see a revenue decline of 14% in 2024, followed by a recovery of 8% in 2025 and a robust growth of 25% in 2026 [8] - The smart governance segment is also expected to decline by 12% in 2024, with a projected recovery of 5% in 2025 and 20% in 2026 [8] - The digital construction segment is anticipated to decline by 8.39% in 2024, with a recovery of 5% in 2025 and 10% in 2026 [8] Valuation - The company is assigned a dynamic PE ratio of 50-60 times for 2025, with a reasonable value range estimated between 47.28 and 56.74 yuan per share [7][10]

Summary of NewPoint Software Conference Call Company Overview - NewPoint Software was established in 1998 and went public on the Sci-Tech Innovation Board in 2021. The company's business layout includes three main areas: Smart Government, Smart Procurement, and Digital Construction [3][4]. Core Business Segments - The Smart Government segment involves traditional government IT services, such as integrated government services and data transaction platforms [3]. - The Smart Procurement segment serves both government and enterprises, providing public resource trading platforms and enterprise procurement platforms [3]. - The Digital Construction area offers internet-based smart building platforms, pricing software, and BIM calculation software [3]. Financial Performance - Smart Procurement and Smart Government are the two most important business segments, accounting for over 80% of total revenue in the first half of 2024. The Smart Procurement segment has a gross margin exceeding 65% despite a slight decline due to adjustments in cost accounting [4][6]. - Profit forecasts for NewPoint Software are projected at 220 million RMB, 270 million RMB, and 420 million RMB for 2024, 2025, and 2026, respectively. A reasonable valuation of seven times price-to-sales (PS) is assigned for 2025, corresponding to a fair value of 52.02 RMB per share, with a rating of "Buy" [4][10]. Employee Ownership - The employee ownership ratio exceeds 45%, which enhances employee sense of belonging and motivation, thereby promoting sustainable company development [4][5]. AI Applications - NewPoint Software focuses its AI applications primarily in the Smart Government and Smart Procurement sectors. For instance, 70 AI digital employees have been deployed in Shenzhen's Futian District to improve document processing efficiency [4][7]. - The company adapts mainstream large models based on customer needs, including those from Huawei, Tencent, Baidu, and Alibaba, for various applications [7]. Market Outlook - The Smart Procurement sector is divided into public resource trading platforms and intelligent procurement platforms, with a high degree of productization. Despite macroeconomic challenges, the long-term industry outlook remains positive, with NewPoint Software holding a significant competitive advantage as an industry leader [4][8]. AI Model Integration - AI large models enhance customer management processes and intelligent decision-making scenarios, such as intelligent document verification and bid analysis, which are expected to improve NewPoint Software's competitiveness in the procurement sector [4][9]. Risk Factors - Key risk factors include lower-than-expected fiscal spending, slower progress in traditional business, underperformance of AI applications, and intensified competition within the industry. These factors may impact the company's performance [4][11].

Summary of Conference Call for New Point Software Company Overview - New Point Software experienced a revenue decline of 55.63% in 2024, but improved operational quality with a gross margin increase of 3.44%, a decrease in expense ratio by 1.2%, and a net profit margin increase of 1.93% [2][4][3] - The company reported sales collections of 2.332 billion yuan and a net operating cash flow of 230 million yuan, indicating strong cash flow management capabilities [2][4] Key Business Segments and Performance - **Procurement Operations**: Orders in procurement operations showed a significant recovery with a single-digit percentage revenue growth year-on-year [2][3] - **Central State-Owned Enterprise Procurement Platform**: Launched a series of products and established a shared platform for procurement review experts [2][3] - **Government Business**: Transitioned to an operational charging model through regional penetration and AI large model transformation, resulting in a 12.17% year-on-year increase in maintenance service fees [2][3] Future Outlook - The company anticipates better information technology investment in 2025 compared to 2024 due to the availability of local government bond funds and increased project funding applications [2][5] - There is a strong focus on AI technology, with expectations of significant funding and order growth driven by government interest in large model technology [2][5] - Plans to enhance project delivery efficiency to achieve sales revenue growth and increase the proportion of high-margin businesses such as cloud services and standalone software [2][5] AI and Digital Transformation - The government shows a strong demand for AI, particularly in lower-tier cities, with a focus on immediate AI applications and long-term restructuring of the government information system [3][7] - The company has trained three vertical large models in the AI field and launched related applications in smart governance and transaction areas [3][12] - AI applications in smart procurement include intelligent evaluation assistance, transaction agency agents, and automated document generation, enhancing efficiency and compliance [3][9] Financial Projections and Goals - For 2025, the company aims for rapid net profit growth, driven by increased efficiency and a higher proportion of high-margin services [5][13] - The projected revenue from AI applications in the government sector is expected to reach between 60 million to 100 million yuan in 2025, up from approximately 20 million yuan in 2024 [19] - In the procurement sector, the goal is to increase the number of registered users for mobile bidding platforms to 800,000 in 2025 [20] Data Element Strategy - The company is focusing on integrating data elements with AI technology to enhance business efficiency and exploring more application scenarios to strengthen market competitiveness [22][23] - The progress of the Changsha Public Data Authorization Operation Platform has been steady, with several application scenarios being developed [23][24] Conclusion - New Point Software is strategically positioned to leverage AI and digital transformation in government and procurement sectors, with a strong focus on improving operational efficiency and enhancing service offerings to drive future growth and profitability [2][5][12]

Revenue Performance - Total revenue for 2024 was CNY 2,142.12 million, a decrease of 12.25% compared to the previous year[4] - The decline in total revenue was attributed to project delays and macroeconomic factors affecting client budgets[6] Profitability - Net profit attributable to shareholders of the parent company was CNY 2,131.23 million, an increase of 9.43% year-on-year[4] - Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses rose by 55.63% to CNY 1,226.73 million[4] - The gross profit margin improved by 3.44% year-on-year, reflecting enhanced operational efficiency[7] - The company reported a basic earnings per share of CNY 0.65, up 10.17% from the previous year[4] Cash Flow and Assets - Operating cash flow net amount significantly increased, despite a 6.06% decline in sales collection to approximately CNY 2,332 million[7] - Total assets at the end of the reporting period were CNY 6,720.42 million, a decrease of 1.20% from the beginning of the period[4] Strategic Focus - The company plans to deepen internal market-oriented reforms and focus on quality revenue growth in 2025[7] - The company is committed to increasing R&D investment and enhancing operational revenue through strategic partnerships[7]

证券代码：688232 证券简称：新点软件 公告编号：2025-013 国泰新点软件股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 | 回购方案首次披露日 | 2024/2/20，由董事长提议 | | --- | --- | | 回购方案实施期限 | 2024/2/19~2025/2/18 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购价格上限 | 35.64 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 801.80 万股 | | 实际回购股数占总股本比例 | 2.43% | | 实际回购金额 | 17,651.06 万元 | | 实际回购价格区间 | 18.08 元/股~31.60 元/股 | 重要内容提示： 一、 回购审批情况和回购方案内容 2024 年 2 月 19 日，国泰新点软件股份有限公司（以下简称 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][36]. Core Insights - The company is positioned as a leading SaaS provider in the procurement sector, focusing on smart procurement, smart governance, and digital construction, with a resilient revenue model [1][9]. - The total public procurement transaction volume in China reached over 46 trillion yuan in 2023, representing a significant market opportunity for the company's SaaS services [2][26]. - The integration of AI technologies is expected to enhance efficiency and reduce costs in the procurement process, driving growth in the company's SaaS offerings [3][30]. Summary by Sections Company Overview - The company focuses on three main areas: smart procurement, smart governance, and digital construction, serving government and enterprise clients in their digital transformation efforts [9][11]. - The procurement business has been a cornerstone for the company, with SaaS operations showing resilience, achieving revenue of 172 million yuan in H1 2024, a year-on-year increase of 8.6% [1][15]. Market Potential - In 2023, the total public procurement in China exceeded 46 trillion yuan, accounting for approximately 36% of the national GDP, indicating a vast market potential for the company's services [2][26]. - The company has established a strong presence in the G-end procurement platform market, covering 29 provinces and serving over 1,000 counties [26][35]. AI Empowerment - The company has developed a procurement industry model leveraging AI, big data analysis, and industry knowledge graphs to enhance the efficiency of bidding processes [3][32]. - The SaaS platform has seen significant growth, with the number of trading segments increasing by 41% year-on-year in 2023 [26][30]. Financial Forecast - The company is projected to achieve net profits of 237 million yuan, 307 million yuan, and 380 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 51, 39, and 32 [4][36]. - The report highlights the company's strong profitability, with a historical net profit margin around 20% and a gross margin consistently above 60% [21][23].

国浩律师（上海）事务所 关于 致：国泰新点软件股份有限公司 国泰新点软件股份有限公司 2025 年第一次临时股东大会 之 法律意见书 二〇二五年二月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于国泰新点软件股份有限公司 2025 年第一次临时股东大会之 法律意见书 国浩律师（上海）事务所（以下简称"本所"）接受国泰新点软件股份有限公 司（以下简称"公司"）委托，指派李鹏律师、张强律师（以下简称"本所律师"） 出席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。本所律师 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）等法律、法规、部门规章和规范性文件以及《国泰新点软件股 份有限公司章程》（以下简称"《公司章程》"）的规定，就公司股东大会的召集 与召开、出席会议人员资格、召集人资格、会议表决程序和表决结果的合法性等 有关法律问题出具《国浩律师（上海）事务所关于国泰新点软件股份有限公司 2025 年第一次临时股东大会之法律意见书》（以下简称"本法律意见书"） ...