Core Viewpoint - Beijing Zhiyuan Huilian Software Co., Ltd. reported significant declines in revenue and net profit for the fiscal year 2024, with total revenue of 847 million yuan, a year-on-year decrease of 18.97%, and a net loss of 236 million yuan, a drastic decline of 371% compared to the previous year [2][18]. Financial Performance - The company adjusted its revenue figures, reporting a total operating income of 846.53 million yuan, which is 71.3 million yuan lower than previously disclosed [2][4]. - The revenue from distribution mode decreased by 41.64%, while the gross margin for this mode was 78.29%, higher than the direct sales margin of 61.93% [18][27]. - The total sales and management expenses amounted to 562 million yuan, accounting for 66.4% of total revenue, an increase of 14.73 percentage points year-on-year [18][19]. Revenue Adjustment Reasons - The revenue adjustment was primarily due to a cautious reduction in dealer income and an increase in contract liabilities, as well as impairment provisions for associated companies [2][10]. - The company identified discrepancies in the sales data due to inaccurate or incomplete information provided by dealers, leading to a reduction in recognized revenue [4][9]. Market and Industry Analysis - The company operates in a highly competitive environment, facing challenges from major internet companies in the small and medium enterprise market, while large enterprises are experiencing budget cuts affecting IT investments [19][25]. - The shift in market demand towards customized solutions and the acceleration of digital transformation has increased the complexity and cost of project delivery, impacting profit margins [20][21]. Internal Control and Governance - The company has acknowledged deficiencies in its financial management and internal control systems, leading to repeated corrections in performance forecasts and reports [10][11]. - A special rectification team has been established to enhance financial management, improve information disclosure quality, and strengthen internal controls [14][15]. Future Outlook - The company is focusing on upgrading its financial accounting and internal control systems to better adapt to market changes and improve operational efficiency [16][26]. - The ongoing transformation and upgrade of the business model are critical for the company to regain market confidence and ensure sustainable growth in the future [25][26].

证券代码：688369 证券简称：致远互联 公告编号：2025-027 北京致远互联软件股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 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。 北京致远互联软件股份有限公司（以下简称"致远互联"、"公司"或"上 市公司"）于近日收到上海证券交易所《关于北京致远互联软件股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】0183 号，以下简 称"《问询函》"），公司会同年审会计师事务所立信会计师事务所（特殊普通 合伙）（以下简称"立信"或"年审会计师"）就问询函中所提的问题逐项进行 了认真分析，现将相关回复具体内容公告如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《北京致远互联软件股 份有限公司 2024 年年度报告》（以下简称"2024 年年报"）一致。 基于商业秘密和商业敏感信息，根据相关法律法规、规范性文件和公司《信 息披露暂缓与豁免事务管理制度》， ...

关于对北京致远互联软件股份有限公司 2024 年年度报告的信息披露 监管问询函的专项说明 信会师函字[2025]第 ZB089 号 立信会计师事务所(特殊普通合伙) 关于对北京致远互联软件股份有限公司 2024 年年度报告的信息披露监管问询函的专项说明 信会师函字[2025]第 ZB089 号 上海证券交易所科创板公司管理部: 根据贵部于近日出具的《关于北京致远互联软件股份有限公司 2024 年年度 报告的信息披露监管问询函》(上证科创公函《2025》0183 号)相关问题的要求, 立信会计师事务所(特殊普通合伙)(以下简称:"会计师"、"我们")作为 北京致远互联软件股份有限公司(以下简称:"致远互联"或"公司)2024年年 报审计机构,现就其中要求年审会计师发表意见的事项回复如下: 本回复中若出现总计数尾数与所列数值总和尾数不符的情况,均为四舍五 入所致。如无特别说明,本回复中使用的简称或名词释义与《北京致远互联软件 股份有限公司 2024年年度报告》（以下简称"2024年年报"）一致。 基于商业秘密和商业敏感信息,根据相关法律法规、规范性文件和公司《信 息披露暂缓与豁免事务管理制度》,公司对本次问询函回 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Insights - The Chinese AI + office software industry is experiencing a critical phase characterized by significant market growth, accelerated technology integration, and deepened ecosystem restructuring, with a projected market size of 30.864 billion yuan in 2024, representing a year-on-year growth of 135.55% [1][15] - The maturity of large model technology is driving a qualitative change in product functionality, with leading products like Microsoft 365 Copilot and Kingsoft WPS AI achieving over 50% efficiency improvement for users through features like "one-sentence PPT generation" and "natural language formula writing" [1][15] - The deployment of edge AI is accelerating, with manufacturers like Lenovo and Huawei launching AI PCs that pre-install localized large models, enabling intelligent creation and data analysis in offline modes, addressing data security needs in sectors like government and finance [1][15] Industry Overview - AI + office software represents a deep integration of artificial intelligence technologies with traditional office tools, enhancing work efficiency, reducing costs, and providing a more flexible and personalized experience [2] - The industry can be categorized into five main areas based on functionality and application scenarios: AI + text processing, AI + data organization, AI + presentation writing, AI + project management, and AI + communication collaboration [2] Industry Development History - The industry has evolved through four main phases: 1. The nascent phase (2010-2015) where AI began to penetrate office software with basic automation tools [4] 2. The exploratory phase (2016-2020) marked by advancements in image recognition and natural language processing, leading to the implementation of intelligent document processing [4] 3. The rapid development phase (2021-2023) where products based on large models were launched, enabling automatic document generation and data analysis [5] 4. The maturity and innovation phase (2024-present) characterized by real-time processing of text, images, and audio, with the introduction of policies to regulate AI + office software development [6] Industry Value Chain - The upstream of the AI + office software industry includes foundational technologies and hardware support, such as chips, servers, data centers, and storage devices [8] - The midstream involves the production and manufacturing of AI + office software [8] - The downstream consists of enterprise and individual users, with enterprises being the primary customers seeking automation and efficiency improvements [8] Market Size - The market size of the AI + office software industry in China is projected to reach 30.864 billion yuan in 2024, reflecting a year-on-year growth of 135.55% [15] Key Companies' Performance - The competitive landscape is characterized by leading companies like Kingsoft Office, Alibaba Cloud, Tencent, Baidu, and iFlytek, with Kingsoft Office holding a dominant position due to its high penetration rate and AI functionality [17] - Kingsoft Office reported a revenue of 1.301 billion yuan in Q1 2025, a year-on-year increase of 6.22%, and a net profit of 403 million yuan, up 9.75% [20] - iFlytek and Foxit Software are also notable players, with Foxit integrating AI into its PDF solutions and achieving significant user engagement globally [18][22] Industry Development Trends 1. The integration of technology and innovation is leading to a new era of intelligent office solutions, with AI tools evolving from auxiliary functions to core productivity enhancements [24] 2. Market demand is shifting towards high-end, customized solutions, particularly in sectors like finance and government, which require enhanced data privacy and algorithm transparency [25][26] 3. The industry is transitioning from product competition to ecosystem competition, with major players building integrated platforms that combine AI capabilities with office software [27]

Core Insights - The 2025 Digital Military Industry Conference was held in Xi'an, focusing on "Deepening Digital Transformation to Empower the Defense Industry" [1] - Beijing Zhiyuan Interconnect Software Co., Ltd. presented its innovative approach to AI reconstructing operational management models in military enterprises [1][2] Group 1: Conference Overview - The conference gathered authoritative experts, scholars, and leading enterprise representatives from the military industry to explore digital transformation paths [1] - The event highlighted the military industry's role as a pioneer in digital manufacturing and innovation [1] Group 2: Company Contributions - Zhiyuan Interconnect emphasized its "All-in-Agent" strategy, investing in the development of an Agent platform and applications [1] - The company introduced its new AI agent product line, CoMi, which includes various enterprise application agents to enhance operational efficiency [1] - The Vice President of Zhiyuan Interconnect, Han Mingyu, delivered a keynote speech analyzing the pain points and challenges faced by the military industry during digital transformation [2] Group 3: Future Directions - Zhiyuan Interconnect aims to continue contributing to the digital transformation of military enterprises by providing secure and reliable industry-specific solutions [2]

北京致远互联软件股份有限公司 营业收入扣除情况表的鉴证报告 2024 年度 立 ( 文 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mcf.gov.cn）"进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mcf.gov.cn）"进行查询 " the count 关于北京致远互联软件股份有限公司2024年度 营业收入扣除情况表的鉴证报告 信会师报字[2025]第ZB10786号 北京致远互联软件股份有限公司全体股东: 我们审计了北京致远互联软件股份有限公司(以下简称"致远互 联")2024年度的财务报表,包括 2024年 12 月 31 目的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 24 日出具了报告号为信会师报字[2025]第 ZB10783 号的 无保留意见审计报告。 在对上述财务报表执行审计的基础上,我们接受委托,对后附的 致远互联2024年度营业收入扣除情况表(以下简称"营业收入扣除情 况表"）执行了合理保证的鉴证 ...

证券代码：688369 证券简称：致远互联 公告编号：2025-026 北京致远互联软件股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 1、 公司在任董事7人，出席7人； 2、 公司在任监事3人，出席3人； 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 20 日 （二） 股东大会召开的地点：北京市海淀区北坞村路甲 25 号静芯园 O 座一层多 功能厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 29 | | --- | --- | | 普通股股东人数 | 29 | | 2、出席会议的股东所持有的表决权数量 | 35,057,442 | | 普通股股东所持有表决权数量 | 35,057,442 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 31.7596 | | 例（%） | | | 普通股股 ...

致：北京致远互联软件股份有限公司 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于北京致远互联软件股份有限公司 2024 年年度股东大会的法律意见书 1 4. 根据本所律师的见证，公司于 2025 年 5 月 20 日 14:00 时在北京市海淀区 北坞村路甲 25 号静芯园 O 座一层多功能厅召开本次股东大会现场会议，会议由 公司董事长徐石先生主持。 见如下： 一、关于本次股东大会的召集和召开 1. 根据公司第三届董事会第十七次会议决议及于 2025 年 4 月 25 日在上海证 券交易所网站（www.sse.com.cn）上刊载的《北京致远互联软件股份有限公司关 于召开 2024 年年度股东大会的通知》（以下简称《股东大会通知》），公司董事会 已就本次股东大会的召开作出决议，并于会议召开二十日前以公告形式通知了股 东，《股东大会通知》中有关本次股东大会会议通知的内容符合《公司章程》的 有关规定。 2. 根据本所律师核查，本次股东大会采取现场投票与网 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 深信服(688369.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 业绩逐步恢复，AICP 平台升级打开云业务增长空间 ➢ 云业务订单带动收入增长，利润端同比亏损收窄。收入端：2025 年一 季度实现营收 12.62 亿元，同比增长 21.91%，主要是由于今年第一季 度公司云业务订单增速较好，带动公司整体收入实现增长，且公司去年 同期收入基数较低。利润端，公司 2025 年第一季度实现归母净利润- 2.50 亿元，亏损同比收窄 48.93%。此外，2025 年一季度公司经营性 净现金流同比增长 28.00%，主要是由一季度产品销售收到的现金增加 以及购买原材料支付的货款减少所致。 ➢ ...