Core Viewpoint - The company is preparing for its 2024 annual financial settlement and 2025 budget report, emphasizing the importance of maintaining shareholder rights and ensuring orderly conduct during the shareholder meeting [1][5]. Meeting Procedures - The meeting will be organized by a designated committee to ensure proper attendance verification and orderly proceedings [1][2]. - Shareholders and their representatives have the right to speak, inquire, and vote, but must register to speak and adhere to time limits [2][3]. - Legal representatives will witness the meeting and provide legal opinions on the proceedings [3][4]. Financial Performance - In 2024, the company achieved a total revenue of 846.53 million yuan, a decrease of 18.97% year-on-year, with a notable 8.7% growth in enterprise orders [6][7]. - Research and development expenses accounted for 25.15% of total revenue, an increase of 2.48 percentage points compared to the previous year, indicating a commitment to enhancing core competitiveness through sustained investment [6][7]. Business Segments - The company has strengthened its market position in key industries such as central state-owned enterprises, manufacturing, and healthcare, with a 20.8% increase in contract amounts from central enterprises [7][8]. - The introduction of standardized products for small and medium-sized enterprises has lowered digitalization barriers and improved management efficiency [8][9]. Product Development - The company has launched several AI-driven products, including the AI-COP platform and various versions of its software tailored for different market segments, enhancing operational capabilities [9][10]. - The upcoming release of the new generation AI intelligent product line, CoMi, is expected to provide customizable AI solutions for clients [12][13]. Governance and Compliance - The board of directors has conducted regular meetings to ensure compliance with legal and regulatory requirements, maintaining effective governance and oversight [18][20]. - The supervisory board has confirmed that the company’s financial management and internal controls are robust, ensuring the protection of shareholder interests [33][34]. Future Outlook - The company aims to enhance its operational efficiency and customer value through strategic initiatives focused on AI integration and platform development, targeting sustainable growth [27][28]. - Plans for 2025 include expanding market presence in Southeast Asia and the Middle East, as well as enhancing digital solutions for government services [28][29].

证券代码:688369 证券简称:致远互联 北京致远互联软件股份有限公司 为了维护北京致远互联软件股份有限公司（以下简称"公司"）全体股东的 合法权益，保证股东依法行使股东权利，确保股东大会的正常秩序和议事效率， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"证券法"）、《上市公司股东会规则》以及《公司章程》《股东大 会议事规则》等有关规定，特制定本须知，请全体出席股东大会的人员自觉遵守。 一、大会设会务组，负责会议的组织工作，协调处理相关事宜。为确认出席 大会的股东及股东代理人或其他出席者的出席资格，会议工作人员将对出席会议 者的身份进行必要的核对工作，请被核对者予以配合。 二、经公司审核后符合参加本次股东大会条件的股东（含股东代理人）、董 事、监事、高级管理人员及其他出席人员方可出席本次会议；公司有权拒绝不符 合条件的人士进入会场。 三、会议按照会议通知上所列顺序审议、表决议案。 四、出席现场会议的股东及股东代理人依法享有发言权、质询权、表决权等 权利。未通过股东资格审查或在主持人宣布大会开始后进入会场的股东，不具有 本次现场会议的表决权，其他权利不受影响。 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The year 2025 may witness a profit turning point for the industry, driven by cost reduction and efficiency improvement [4] - The AI sector is leading in performance, with revenue and profit growth rates for AI applications and terminals being notably high [42] Summary by Sections 1. Profitability and Cash Flow - In 2024, the computer industry achieved a revenue of 1,156.34 billion yuan, a year-on-year growth of 3.50%, while the net profit attributable to shareholders dropped by 48.97% to 14.44 billion yuan [11][9] - In Q1 2025, the industry reported a revenue of 261.59 billion yuan, a year-on-year increase of 15.13%, and a net profit of 2.63 billion yuan, up 230.22% [15][12] - The gross profit margin and net profit margin for 2024 were 25.12% and 1.25%, respectively, both showing a decline compared to the previous year [23][24] - In Q1 2025, the gross profit margin and net profit margin improved to 21.86% and 1.01%, respectively [24][28] - Operating cash flow for 2024 was 71.25 billion yuan, a 7.09% increase year-on-year, while Q1 2025 showed a cash flow of -30.48 billion yuan, improving by 39.61% year-on-year [33][33] 2. AI Sector Performance - In 2024, the revenue growth rates for AI terminals and applications were 25.72% and 12.40%, respectively, with net profit growth rates of 19.23% and 24.84% [42] - In Q1 2025, the revenue growth rates for AI terminals and applications were 27.74% and 13.77%, with net profit growth rates of 37.86% and 15.91% [42] 3. Institutional Holdings and Valuation - As of Q1 2025, the proportion of computer funds held by institutions was 3.11%, an increase of 0.35 percentage points [77] - The computer index (Shenwan) had a PE ratio of 81.54 and a PS ratio of 3.18 as of April 30, 2025, indicating potential for valuation improvement [80][80] - The market performance of the computer industry ranked sixth among 31 sectors from January 1 to April 30, 2025, with a cumulative increase of 2.35% [77]

Investment Rating - The report maintains an "Outperform" rating for the company [1][5][11] Core Views - The company is expected to face short-term revenue and profit pressure due to economic conditions and extended project cycles, with projected EPS for 2025-2026 at -0.73 and -0.28 RMB, respectively, and a forecast of 0.32 RMB for 2027 [5][11] - Revenue projections for 2025-2027 are estimated at 903 million, 1.01 billion, and 1.15 billion RMB, respectively [5][11] - The target price is set at 35.27 RMB, based on a 4.5x PS for 2025 [5][11] Financial Summary - In 2024, the company achieved revenue of 847 million RMB, a decrease of 18.97%, with a net profit attributable to shareholders of -236 million RMB [5][11] - For Q1 2025, revenue was 105 million RMB, down 42.40%, with a net profit of -67 million RMB [5][11] - Corporate contract orders grew by 8.7% in 2024, with contracts over 1 million RMB increasing by 27.2% [5][11] Product Development - The company launched a new AI product line, CoMi, in Q1 2025, allowing customers to choose pre-made or customizable intelligent agents, contributing to a rich AI ecosystem [5][11] - The company continues to invest in platform and technology, enhancing business customization efficiency [5][11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance is under short-term pressure, with a significant decline in revenue and net profit, but the effectiveness of its AI strategy is gradually becoming evident [2][4] - In 2024, the company achieved revenue of 847 million, a year-on-year decrease of 18.97%, and a net profit attributable to the parent company of -236 million, with a worsening loss margin [2][3] - The company is increasing its R&D investment, with R&D expenses accounting for 25.15% of revenue, up by 2.48 percentage points from the previous year, despite a decline in gross margin from 68.44% to 64.22% [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 847 million, down 19.0% year-on-year, and a net profit of -236 million, reflecting a 371.0% increase in losses compared to the previous year [3] - The gross margin decreased to 64.2% in 2024 from 68.4% in 2023, while the return on equity (ROE) fell to -22.5% [3] Business Development - The company has seen an 8.7% increase in enterprise orders, with contracts over one million growing by 27.2% [2] - The company launched new product versions based on its V8 and V5 platforms, enhancing efficiency and expanding capabilities in various sectors [2][4] International Expansion - The company achieved a 45.8% increase in overseas revenue in 2024, with significant contracts established in regions like Hong Kong and the Middle East [2][4] Future Projections - EPS is projected to be -0.91 in 2025, -0.26 in 2026, and 0.14 in 2027, with a corresponding P/E ratio of 218.43 in 2027 [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and net profit, but the effectiveness of its AI strategy is gradually becoming evident [2][4] - In 2024, the company achieved revenue of 847 million, a year-on-year decrease of 18.97%, and a net profit attributable to the parent company of -236 million, with a worsening loss margin [2][3] - The company is increasing its R&D investment, with R&D expenses accounting for 25.15% of revenue, up 2.48 percentage points from the previous year, despite a decline in gross margin from 68.44% to 64.22% [2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 847 million, down 18.97% year-on-year, and a net profit of -236 million, with a significant increase in loss margin [2][3] - For Q1 2025, revenue was 105 million, a decline of 42.40% year-on-year, with a net profit of -67 million [1][2] - The company expects revenues to recover slightly in the coming years, with projections of 901 million in 2025 and 1,118 million in 2027 [3] Customer Orders and Market Segments - The company saw an 8.7% increase in enterprise orders in 2024, with contracts over one million growing by 27.2% [2] - The company has made significant inroads with central state-owned enterprises, achieving a contract amount growth of 20.8% [2] Product Development - The company is focusing on product iteration and upgrades, launching new versions based on different platforms to enhance operational efficiency [2][4] - The introduction of the new AI product line CoMi aims to provide customizable AI solutions for clients, integrating mainstream AI models [4] International Expansion - The company achieved a 45.8% growth in overseas revenue in 2024, with significant contracts established in regions like Hong Kong and the Middle East [2][4]

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]

Group 1 - Huawei held the 2025 Hong Kong and Macau Partner Conference in Shenzhen, focusing on accelerating industry digitalization, optimizing partner policies, and successful industry solution practices [1] - The establishment of the Hong Kong and Macau Partner IDA Intelligent Digital Alliance aims to unite ecosystem partners to build an open platform, promoting the deep integration of AI technology with industry scenarios [3] - Zhiyuan Interconnection, as a key member of the alliance, marks a higher level of cooperation with Huawei, enhancing collaboration in technology sharing and ecosystem building [3] Group 2 - Zhiyuan Interconnection is a leading digital service provider in China, actively pursuing an overseas strategy and expanding into markets in Hong Kong, Macau, Southeast Asia, the Middle East, and emerging regions like Africa and Latin America [3] - The cooperation between Zhiyuan Interconnection and Huawei Cloud began in 2019 and has recently upgraded to focus on AI solutions, leveraging Huawei's Ascend computing foundation and self-developed AI-COP collaborative operation platform [4] - Both companies have achieved significant results in overseas markets, including projects with the Côte d'Ivoire Ministry of Interior and the Iraq National Data Center [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is actively positioning itself in the AI Agent space. The long-term development outlook remains positive despite current challenges [4][5] - Revenue for 2024 is projected to decline by 18.97% year-on-year, with a net loss of 236 million yuan, indicating an expanded loss compared to the previous year [4] - The company has adjusted its net profit forecasts for 2025-2026 to -97 million and -23 million yuan respectively, with a new forecast for 2027 set at 21 million yuan [3] Financial Summary - In 2024, the company achieved operating revenue of 847 million yuan, down from 1,045 million yuan in 2023, with a gross margin decrease from 68.44% to 64.22% [4][6] - For Q1 2025, the company reported operating revenue of 105 million yuan, a decline of 42.4% year-on-year, with a net loss of approximately 66.98 million yuan [4] - The company's EPS (Earnings Per Share) is projected to be -0.84, -0.20, and 0.18 yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 148.6 for 2027 [3][6] Strategic Initiatives - The company launched a new generation of AI intelligent products, CoMi, which integrates mainstream AI models and allows for the creation of customized agents for various applications [5]

Group 1 - The core theme of the event is "AI-COP Digital Operation New Engine," showcasing the AI-COP digital collaborative operation platform and the CoMi Family of AI products [1] - Over 500 representatives from central state-owned enterprises and leading companies across various industries attended the event [1] - The company aims to assist large organizations and central state-owned enterprises in seizing opportunities in "AI + Xinchuang" through digital and intelligent operational management solutions [1] Group 2 - The company has focused on collaborative operations for 23 years, leveraging a strategy based on "large models + collaborative operation domain models + scenarios + intelligent agents + knowledge bases" [2] - Future plans include deepening the AI-COP platform and CoMi Family, collaborating with ecosystem partners to create a "technology-scenario-ecosystem" innovation system [2] - The goal is to empower enterprises to transition from point intelligence to overall intelligence, contributing to the dual-track development of Xinchuang and AI across various industries [2]