证券代码：688365 证券简称：光云科技 公告编号：2025-010 杭州光云科技股份有限公司 关于追加使用自有资金进行现金管理的公告 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： 杭州光云科技股份有限公司（以下简称"公司"） 于2025年3月21日召 开第三届董事会第二十七次会议，第三届监事会第二十四次会议，审议通过了《关 于追加使用自有资金进行现金管理的议案》。在保证日常经营资金需求和资金安 全的前提下，为进一步提高资金使用效率及收益水平等目的，同意公司在原有 10,000万元（含本数，人民币，下同）自有资金进行现金管理基础上追加20,000 万元自有资金进行现金管理，合计不超过30,000万元。使用期限自本次董事会审 议通过之日起12个月内有效。在上述额度及决议有效期内，资金可以循环滚动使 用。公司董事会授权公司管理层及工作人员根据实际情况办理相关事宜并签署相 关文件，具体事项由公司财务部负责组织实施。 一、使用自有资金进行现金管理的情况 资金来源为公司或全资、控股子公司的暂时闲置自有资金，公司在 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-012 杭州光云科技股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 召开日期时间：2025 年 4 月 7 日 15 点 00 分 召开地点：杭州市滨江区坚塔街 599 号光云大厦 10 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 4 月 7 日 至2025 年 4 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年4月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开 ...

本公司监事会及全体监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。 杭州光云科技股份有限公司（以下简称"公司"）第三届监事会第二十四次 会议于 2025 年 3 月 21 日在公司会议室以现场结合通讯方式召开。本次会议为 临时会议，会议通知于 2025 年 3 月 18 日以邮件方式送达全体监事。本次会议 应到监事 3 名，实际出席监事 3 名。会议由罗雪娟女士主持，会议召开符合有 关法律、法规、规章和《公司章程》的规定。与会监事审议并通过如下决议： 一. 审议通过《关于追加使用自有资金进行现金管理的议案》 监事会认为：公司利用部分暂时闲置自有资金进行现金管理，在确保资金 安全、不影响公司正常经营和主营业务发展的前提下，在授权额度内可以循环 使用，有利于提高公司闲置自有资金的使用效率，增加公司的收益，不存在损 害公司以及股东利益的情形，不影响公司的正常生产经营，符合相关法律法规 的要求。 证券代码：688365 证券简称：光云科技 公告编号：2025-014 杭州光云科技股份有限公司 第三届监事会第二十四次会议决议公告 具体内容详见披露于上海 ...

Summary of Guangyun Technology Conference Call Company Overview - Guangyun Technology was established in 2009, focusing on small and medium-sized e-commerce SaaS business. Initially, 90% of revenue came from Alibaba, but this has decreased to around 60% as the company expanded into platforms like Pinduoduo and Douyin, each contributing 20% to revenue [3][4]. Core Business and Revenue Structure - Total revenue for 2024 is projected to be approximately 480 million yuan, with 430 million yuan from e-commerce SaaS. This SaaS business is split evenly between small and medium-sized merchants and large merchants. Enterprise services contribute about 20 million yuan, while other supporting revenues total around 50 million yuan [4][5]. Importance of Small and Medium E-commerce SaaS - The small and medium e-commerce SaaS business is a significant cash flow source with a gross margin of 70%. Despite challenges from platform traffic diversion, this segment remains stable due to leading products like Express Assistant and Super Store Manager [6]. Development of Large Merchant SaaS Business - The large merchant segment, defined as clients shipping over 500 orders daily, has seen rapid growth since 2020. The average customer spends about 30,000 yuan annually, with a good renewal rate. This segment is expected to maintain a growth rate of 30%-40% over the next 3-5 years [7]. New Business Expansions - Guangyun Technology is expanding into enterprise services and supply chain-related businesses, including the acquisition of Yitao, which is expected to drive future growth starting in 2025 [8]. Financial Trends - Since 2020, significant investments in large merchant SaaS products have pressured revenue and profits. However, by 2023, these products have begun to achieve profitability. As product iterations are completed, R&D expenses are expected to decrease, improving overall financial health [9]. Expectations for 2025 - The large merchant SaaS business is anticipated to perform well in 2025, with a projected high gross margin. The renewal rate is around 80%, and the company expects to control R&D and sales expenses effectively, leading to improved profitability [10]. Development Plans for SaaS Segments - The company has clear development plans for both small and medium e-commerce SaaS and large merchant SaaS. The small and medium segment is expected to maintain stable growth, while the large merchant segment is viewed as a growth engine with a projected revenue increase of 30%-40% over the next 2-3 years [11]. AI Technology Applications - Guangyun Technology is actively integrating AI technology, including the use of GPT-4 models to serve major clients in the fast-moving consumer goods sector. Plans to expand the user base by 2025 are in place, with applications such as customer service bots and product recommendation systems [12]. Profit Forecast and Valuation - The small and medium e-commerce SaaS segment is expected to continue stable growth, while the large merchant segment is projected to drive significant revenue increases. The company is estimated to return to profitability by 2025, with a target market value of 9.1 billion yuan and a target price of 21 yuan per share, reflecting a PS ratio of 15-16 times [13].

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD.com, Pinduoduo, Douyin, and WeChat [3][10]. - The company has achieved a positive cash flow starting in 2023, with expectations for a performance turning point in 2025 as it focuses on high-margin businesses and improves cost control [3][5]. - The e-commerce SaaS market in China is expected to continue expanding, with a projected market size exceeding 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34]. - The company employs a tiered strategy to enhance customer coverage, leveraging AI to upgrade its entire service chain, which has resulted in significant revenue growth from small and medium-sized merchants [3][38]. Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company provides SaaS products and value-added services to e-commerce merchants, establishing a full-chain operational solution [3][10]. - It has a strong reputation and brand effect, with a young management team focused on delivering comprehensive solutions [3][12]. 2. Positive Cash Flow and Performance Turning Point - Revenue from 2018 to 2024 shows fluctuations, with a slight increase expected in 2024 [3][16]. - The company has reduced investment in low-margin businesses and is focusing on large merchants, leading to improved financial conditions and a projected cash flow of 27.05 million yuan in 2024 [3][30]. 3. Expanding E-commerce SaaS Market - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a compound annual growth rate of 30.2% [3][34]. - The market is characterized by a pyramid structure, with varying needs across different merchant tiers [3][35]. 4. Tiered Strategy and AI Empowerment - The company has over 1.2 million paying users and processes over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38]. - AI technology is enhancing operational efficiency, with products like the Kuaimai Xiaozhi customer service robot improving gross merchandise volume by 20% [3][45]. 5. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 482 million yuan, 566 million yuan, and 682 million yuan, respectively, with expected growth rates of 1.5%, 17.3%, and 20.4% [4][5]. - The company is expected to achieve profitability in 2025, supported by a strong market position and effective cost management [5][47].

Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD, Pinduoduo, Douyin, and WeChat, providing a full-chain solution for e-commerce operations [3][10] - The company has achieved positive cash flow starting in 2023, with expectations for a performance inflection point in 2025 as it focuses on high-margin businesses and improves cost control [3][30] - The e-commerce SaaS market is expanding, with the market size projected to exceed 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34] - The company employs a tiered strategy to deepen customer coverage, with AI technology enhancing operational efficiency and driving growth [3][38] Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company has established itself as a leading provider of SaaS products for e-commerce merchants, offering additional hardware and operational services to create a full-service ecosystem [3][10] - The company has a strong reputation and brand effect, with a young management team providing comprehensive solutions for e-commerce operations [3][12] 2. Positive Cash Flow and Performance Inflection Point - From 2018 to 2024, the company reported revenues of 4.65, 4.65, 5.1, 5.45, 4.95, 4.75, and 4.82 billion yuan, with a year-on-year change of +29.89%, -0.18%, +9.75%, +6.94%, -9.42%, -3.74%, and +1.46% respectively [3][16] - The company is expected to achieve a profit turnaround in 2025, with a projected net profit of 8 million yuan [5][30] 3. E-commerce SaaS Market Expansion - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a CAGR of 30.2%, and is expected to exceed 100 billion yuan by 2026 [3][34] - The market is characterized by a pyramid competition structure, with different needs and price sensitivities among various tiers of merchants [3][35] 4. Tiered Strategy and AI Empowerment - The company has covered over 1.2 million paying users, processing an average of over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38] - AI technology has been integrated into the company's operations, enhancing efficiency and customer service, with notable improvements in sales conversion rates [3][45] 5. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.82 billion, 5.66 billion, and 6.82 billion yuan from 2024 to 2026, with year-on-year growth rates of 1.5%, 17.3%, and 20.4% respectively [5][47] - The company is projected to maintain a competitive advantage in the e-commerce SaaS sector, with a target market value of 9.057 billion yuan and a target price of 21.27 yuan per share [5][47]

（一）顾飞龙先生的基本情况 证券代码：688365 证券简称：光云科技 公告编号：2025-006 杭州光云科技股份有限公司 关于核心技术人员离职的公告 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： 杭州光云科技股份有限公司（以下简称"公司"） 核心技术人员顾飞龙 先生因个人原因辞职，其辞职后不再担任公司任何职务。 顾飞龙先生与公司签订过《保密及竞业协议》，负有相应的保密义务和 竞业限制义务，其负责的工作已交接完毕，其离职不会对公司的日常经营、技术 研发产生不利影响，不会影响公司拥有的核心技术，不存在涉及职务成果，知识 产权相关的纠纷或潜在纠纷的情形。 一、顾飞龙先生离职的具体情况 公司于近日收到核心技术人员顾飞龙先生的书面辞职报告，其因个人原因辞 去公司核心技术人员职务。离职后，顾飞龙先生不再担任公司任何职务，公司对 顾飞龙先生为公司发展所做出的努力和贡献表示衷心感谢。 顾飞龙先生，1988年出生，中国国籍，无境外永久居留权，本科学历。2011 年毕业于华中科技大学，获得计算机科学与技术学位。2011年 ...

关于使用暂时闲置募集资金进行现金管理的公告 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。 证券代码：688365 证券简称：光云科技 公告编号：2025-007 杭州光云科技股份有限公司 公司对募集资金采用了专户存储制度，募集资金到账后，已全部存放于经公 司董事会批准开设的募集资金专项账户内，公司已与保荐机构、存放募集资金的 商业银行签署了《募集资金三方监管协议》。 二、募集资金投资项目的情况 根据公司披露的《杭州光云科技股份有限公司首次公开发行股票并在科创板 上市招股说明书》，公司首次公开发行股票募集资金投资项目及募集资金使用计 划如下： 杭州光云科技股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开第 三届董事会第二十六次会议、第三届监事会第二十三次会议，审议通过了《关于 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用额度不超过 10,000 万元（含本数，人民币，下同）的暂时闲置募集资金进行现金管理。在确 保不影响募集资金项目建设和使用、募集资金安全的前提下，公司拟购买安全性 高、流 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-005 杭州光云科技股份有限公司 关于使用自有资金进行现金管理的公告 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。 杭州光云科技股份有限公司（以下简称"公司"）于2025年2月28日召开第 三届董事会第二十六次会议、第三届监事会第二十三次会议，审议通过了《关于 使用自有资金进行现金管理的议案》。在保证日常经营资金需求和资金安全的前 提下，为进一步提高资金使用效率及收益水平等目的，同意公司（包括直接或间 接控股的子公司）使用额度不超过10,000万元（含本数，人民币，下同）暂时闲 置自有资金进行现金管理，使用期限自本次董事会审议通过之日起12个月内有效， 在上述额度及决议有效期内，资金可以循环滚动使用。 公司董事会授权公司管理层及工作人员根据实际情况办理相关事宜并签署 相关文件，具体事项由公司财务部负责组织实施。现就该事项的具体情况公告如 下： 资金来源为公司或全资、控股子公司的暂时闲置自有资金，额度为不超过 10,000 万元，在上述额度和决议有效期内，资金 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-008 杭州光云科技股份有限公司 关于公司及子公司向金融机构、非金融机构申请综合 授信额度并提供担保的公告 本次担保是否有反担保：否。 本次担保是否经股东大会审议：本次预计担保金额已经公司董事会审议 通过，无需股东大会审议。 一、综合授信并提供担保情况概述 (一) 担保基本情况 为满足公司及子公司日常经营和业务发展资金需要，公司及子公司拟向银 行等金融机构、非金融机构以保证、抵押、质押等方式申请不超过10亿元的综 合授信额度，主要用于办理贷款、银行承兑汇票、商业承兑汇票保贴、信用证、 保函、供应链融资、应付账款保理以及衍生产品等业务，具体授信额度和期限 以各家金融机构及非金融机构最终核定为准。以上授信额度不等于公司及子公 司的实际融资金额，实际融资金额在总授信额度内，以公司及子公司与金融机 构、非金融机构实际发生的融资金额为准。 为提高公司决策效率，公司拟为其乐融融和淘云科技在上述综合授信额度 内提供不超过2亿元的担保额度，担保方式包括保证、抵押、质押等，担保额度 在授权期限内可循环使用，具体担保额度与期限以届时签订的担保合同为准。 前述担保额度 ...