Industry Overview - The computer simulation industry in China has a limited number of listed companies, but the industry chain is extensive, with key players in the midstream segment including Huazhi Chuantong, Holiwo, and Huaru Technology [1] - The industry is expected to grow, with significant revenue contributions from various companies, particularly in the fields of military simulation, training, and digital transformation [16] Key Companies and Their Performance - Listed companies in the computer simulation sector include Huazhi Chuantong (5.64 billion), Holiwo (2.15 billion), Huaru Technology (1.57 billion), and others, with varying revenue performances [5][14] - The largest revenue-generating company in the sector is Langxin Information, with 1206.69 billion, followed by TCL Technology at 1359.43 billion [4] Business Focus and Strategies - Huazhi Chuantong aims to solidify its foundation in simulation testing and radar signal processing, focusing on domestic alternatives in the aerospace industry [16] - Holiwo is working to achieve international standards in simulation functionality and precision, while also integrating AI technology into its software [16] - Huaru Technology is leveraging military models for intelligent decision-making and virtual training applications [16] Market Dynamics - The computer simulation industry is characterized by a high concentration of business activities, with many companies having over 90% of their business focused on simulation [12] - The geographical distribution of representative companies is concentrated in regions like Beijing, Jiangsu, and Shanghai, with Beijing having the most significant number of companies [6] Revenue and Financial Metrics - The revenue from computer simulation business for major companies is generally below 3 billion, with notable exceptions like Aerospace Zhizhuang and Jiean Gaoke, which have higher revenues [14] - The gross profit margins for companies in the sector vary, with Jiean Gaoke achieving a margin of 1.84% [14] Future Outlook - The industry is expected to continue evolving with advancements in technology and increased demand for simulation solutions across various sectors, including defense and telecommunications [16] - Companies are focusing on enhancing their product offerings and expanding their market reach through strategic partnerships and technological innovations [16]

Group 1 - The company Yongxin Zhicheng expects to report a net loss attributable to shareholders of the parent company for the year 2025, estimated between -50 million to -42 million yuan, representing a decrease of 50.48 million to 58.48 million yuan compared to the same period last year [1] - The primary reasons for the performance change include a reduction in client budget investments due to macroeconomic factors, delays in project signing, delivery, and acceptance, leading to a decline in overall operating revenue [1] - The company has increased its impairment provisions for accounts receivable significantly compared to the previous year, based on accounting prudence principles, which has impacted the current period's performance [1] - Investment income has decreased year-on-year due to the impact of lower financial management yields [1] Group 2 - The nuclear power construction industry is experiencing a surge in demand, with equipment manufacturers reporting high order volumes, with orders scheduled until 2028 [1] - Employees in the equipment manufacturing sector are working in three shifts, and production lines are operating 24 hours a day to meet the increased demand [1]

Revenue Projections - The company expects 2025 annual revenue to be between 270 million and 300 million yuan, representing a year-on-year decline of 15.81% to 24.23%[3]. - The previous year's revenue was 356.33 million yuan, with a net profit of 8.48 million yuan attributable to shareholders[4]. Net Loss and Profit Expectations - The projected net loss attributable to shareholders for 2025 is between -50 million and -42 million yuan, a decrease of 50.48 million to 58.48 million yuan compared to the previous year[3]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is between -50 million and -59 million yuan, a reduction of 47.94 million to 56.94 million yuan year-on-year[3]. Factors Affecting Performance - The decline in revenue is attributed to reduced client budgets and delays in project signing, delivery, and acceptance due to macroeconomic factors[6]. - The company has increased its impairment provisions for receivables significantly compared to the previous year, impacting current performance[6]. - Investment income has decreased year-on-year due to lower returns on financial investments[6]. Cash Flow and Cost Control - The company has improved cash flow from operating activities significantly year-on-year and is implementing cost control measures, which are expected to positively impact future profits[6]. Caution for Investors - The performance forecast is based on preliminary calculations and has not been audited by certified public accountants[7]. - Investors are advised to be cautious as the forecast data is preliminary and subject to change upon the release of the audited annual report[8].

Core Viewpoint - The company expects a significant net profit loss for the year 2025, projecting a loss of between 42 million to 50 million yuan, which represents a decrease of 50.48 million to 58.48 million yuan compared to the previous year [1] Financial Performance - The anticipated operating revenue for 2025 is estimated to be between 270 million to 300 million yuan, indicating a year-on-year decline of 15.81% to 24.23% [1]

Core Viewpoint - Yongxin Zhicheng experienced a decline of 5.51% on January 26, with a trading volume of 101 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On January 26, Yongxin Zhicheng had a financing buy amount of 11.48 million yuan and a financing repayment of 11.99 million yuan, resulting in a net financing buy of -0.51 million yuan [1]. - The total financing and margin trading balance for Yongxin Zhicheng reached 136 million yuan, accounting for 3.77% of its market capitalization, which is above the 60th percentile of the past year [1]. - The company had a margin balance of 271,000 yuan with a margin volume of 11,400 shares, exceeding the 90th percentile of the past year, indicating a high level of short selling activity [1]. Business Performance - As of September 30, Yongxin Zhicheng reported a total revenue of 142 million yuan for the first nine months of 2025, reflecting a year-on-year decrease of 17.72% [2]. - The company recorded a net profit attributable to shareholders of -54.85 million yuan, a significant decline of 73.68% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Yongxin Zhicheng had 6,011 shareholders, a decrease of 0.96% from the previous period, while the average number of circulating shares per shareholder increased by 0.96% to 12,126 shares [2]. - The company has distributed a total of 36.03 million yuan in dividends since its A-share listing [3]. - Notably, two funds, Bosera Military Industry Theme Stock A and Bosera Emerging Growth Mixed, have exited the list of the top ten circulating shareholders [3].

Core Viewpoint - The company, Yongxin Zhicheng, expresses confidence in its current operational status and future development, stating that there are no undisclosed matters that need to be reported [1] Group 1: Company Operations - The company reports that its production and operational conditions are currently good [1] - Yongxin Zhicheng emphasizes its confidence in future growth and development [1] Group 2: Information Disclosure - The company commits to adhering to relevant laws and regulations regarding information disclosure, particularly concerning any plans for share buybacks or operational improvements [1]

Core Insights - The computer simulation industry in China is experiencing fluctuating investment activity, with a total of 108 financing events from 2016 to 2025, indicating a volatile upward trend in investment [2][27]. - The average single financing amount in the computer simulation industry has shown a fluctuating trend, with an average of 0.3 billion yuan from January to November 2025 [4]. - Investment rounds are primarily concentrated in the angel and A rounds, reflecting a "large at both ends, small in the middle" characteristic in financing rounds [7][23]. Investment Activity - In 2024, there were 12 disclosed financing events totaling 0.873 billion yuan, while by December 1, 2025, there were 30 financing events totaling approximately 0.889 billion yuan [2][3]. - The majority of financing events are concentrated in Beijing, with 40 events, followed by Shanghai with 33 events, and other regions like Jiangsu, Guangdong, and Zhejiang also showing high activity [8]. Sector Focus - The computer simulation industry is primarily focused on the industrial sector, with significant financing events occurring between 2021 and 2023 [11]. - The main investors in the computer simulation industry are predominantly investment firms, with notable examples including交银投资 and 深创投, while industrial investors include companies like 比亚迪 and 金蝶国际 [23]. Mergers and Acquisitions - The industry is still in its early development stage, leading to smaller company sizes and limited mergers, primarily focusing on horizontal integration among midstream companies to expand scale [25][27]. - Recent merger activities include horizontal integrations such as 索辰科 acquiring 力控科技 and 露辰科 acquiring 麦思捷 [26].

Summary of the Conference Call for 永信至诚 Company Overview - **Company Name**: 永信至诚 - **Focus**: AI application implementation, particularly in security assessment and education platforms Key Points Industry and Business Development - 永信至诚 has focused on AI applications since 2018, establishing a dedicated subsidiary in 2023 for AI product development, particularly in large models and AI-related products [3][4] - The company launched the **春秋 AI 大模型安全测评数字互动平台**, covering over 60 mainstream large models and accumulating more than 6 million real assessment cases, recognized as a new technology support project in Beijing [2][3] Financial Performance - In the first three quarters of 2025, AI-related business revenue exceeded **17 million yuan**, with core product sales of the 元芳 series large model integrated machines surpassing **100 units** and nearly **100 clients** [2][6] - The company anticipates achieving an annual revenue target of approximately **30 million yuan** for 2025, with a strong performance expected in the fourth quarter [6][10] - AI-related business revenue accounted for over **10%** of total revenue in the first three quarters, with AI integrated machine revenue estimated between **6 to 7 million yuan** [4][11] Product Offerings - **元芳 Series Products**: Focused on native security concepts, including integrated machines and industry solutions, facilitating AI application deployment for government and enterprise clients [6] - **AI Training and Research Platform**: Aimed at the AI education sector, providing support for talent cultivation and research innovation for universities and research institutions [6] - **Digital Wind Tunnel Solutions**: Aimed at embodied intelligence, integrating digital health concepts into the lifecycle of embodied intelligence [6] Regulatory Environment - The new cybersecurity law, effective January 1, 2026, incorporates AI governance, increasing regulatory scrutiny on AI safety, which is expected to create more growth opportunities for 永信至诚 [9] Strategic Partnerships and Projects - The company won a project with **中国科学技术大学** for an AI safety teaching and research platform, with a contract value of nearly **9 million yuan** [8] - Active participation in drafting industry standards for AI risk safety assessment and governance, enhancing the company's credibility and market position [5][7] Market Outlook - The company expects continued growth in AI-related business, driven by ongoing projects and the implementation of new products in emerging fields [14][15] - Despite anticipated adjustments in the cybersecurity industry, structural growth opportunities in AI are expected to persist [14] Additional Insights - The overall gross margin for the company in the first three quarters was approximately **55%**, with a rise to **60%** in the third quarter, indicating a positive trend driven by high-value project contracts [12] - The company is actively involved in market bidding and client engagement to promote its products and services [11] This summary encapsulates the key developments and financial performance of 永信至诚, highlighting its strategic focus on AI applications and the regulatory landscape that may influence its growth trajectory.

Core Insights - The global computer simulation industry market size reached $300 billion, growing from $182.5 billion in 2018, with a projected growth trend from 2019 to 2024 [3][11] - Computer simulation technology has penetrated various industries, initially starting in military applications and expanding into civil sectors such as aviation, education, and manufacturing [1][11] Industry Overview - Major listed companies in the computer simulation industry include Huali Chuangtong (300045.SZ), Holowell (688682.SH), and others [1] - The industry has seen significant growth due to advancements in internet and information technology, with a forecasted market size of approximately $300 billion by 2024 [3] Application and Development Trends - Computer simulation technology is widely applied across defense, industrial, and various human production and life aspects, including aerospace, electronics, and energy sectors [11][13] - The application range is continuously extending, with emerging markets in developing countries like China and India expected to accelerate growth [9][13] - The technology has evolved from theoretical research to practical applications in production, driving demand and enhancing simulation capabilities [11][13] - Cloud-native architectures are transforming the market by providing "simulation as a service," improving accessibility and efficiency [13]

国信证券股份有限公司 关于永信至诚科技集团股份有限公司 2025年度持续督导工作现场检查报告 上海证券交易所： 根据《上海证券交易所科创板股票上市规则（2025年4月修订）》《上海证 券交易所上市公司自律监管指引第11号——持续督导（2025年4月修订）》等有 关法律、法规的规定，国信证券股份有限公司（以下简称"保荐机构"）作为正 在履行永信至诚科技集团股份有限公司（以下简称"永信至诚"、"公司"）持 续督导工作的保荐机构，对公司2025年1月至本次现场检查期间（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： | 保荐机构 | 国信证券股份有限公司 | | | --- | --- | --- | | 保荐代表人 | 侯英刚、李艳 | | | 现场检查时间 | 2025 年 月 30 日 | 12 | | 现场检查人员 | 侯英刚、李艳 | | | | 公司治理及内部控制、信息披露、独立性、与关联方的资金往来、募 | | | 现场检查内容 | 集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状 | | | | 况等。 | | | | 1、与上市公司董事、 ...