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。 ➢ ...

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]