Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

Summary of Key Points Core Viewpoint - The announcement details the results of the first category of restricted stock grants under the 2025 incentive plan by Beijing Huichen Zidao Information Co., Ltd, highlighting the number of shares granted, the participants, and the implications for the company's capital structure and financial status [1][2][3]. Group 1: Grant Details - The first category of restricted stock was registered on July 9, 2025, with a total of 1.8808 million shares granted [1]. - A total of 64 individuals received the restricted stock, with 4.52 thousand shares voluntarily forfeited by 8 participants [2]. - The distribution of the granted shares shows that 90.43% of the shares were allocated to core technical personnel and key staff [2]. Group 2: Terms and Conditions - The effective period for the restricted stock is up to 36 months from the date of registration, with a lock-up period of 12 and 24 months for different portions of the stock [3]. - The release of restrictions is scheduled in two phases: 50% after 12 months and the remaining 50% after 24 months [3]. Group 3: Financial Implications - The total funds raised from the stock grants amounted to approximately RMB 31.65 million, which will be used to supplement the company's working capital [4][6]. - The stock grant will result in an increase in the company's total share capital from 74,274,510 shares to 75,196,710 shares, maintaining compliance with listing requirements [5]. - The estimated total expense for the stock grants over the years 2025 to 2027 is approximately RMB 26.97 million, with annual amortization of costs detailed [6][7].

证券代码：688500 证券简称：慧辰股份 公告编号：2025-045 北京慧辰资道资讯股份有限公司 关于 2025 年限制性股票激励计划第一类限制性股票 授予结果公告 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： 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证 券登记结算有限责任公司上海分公司（以下简称"中证登上海分公司"）有关规 定，北京慧辰资道资讯股份有限公司（以下简称"公司"）已收到中证登上海分 公司出具的《证券变更登记证明》。根据《证券变更登记证明》，公司于 2025 年 7 月 9 日完成了 2025 年限制性股票激励计划第一类限制性股票授予登记工作， 有关具体情况公告如下： 一、第一类限制性股票授予情况 （一）第一类限制性股票授予情况 公司根据 2024 年年度股东大会授权，于 2025 年 5 月 16 日召开的第四届董 事会第二十一次会议、第四届监事会第十五次会议，审议通过了《关于向 2025 年限制性股票激励计划激励对象授予限制性股票的议案》，本次激励计划第一类 限 ...

证券代码：688500 证券简称：慧辰股份 公告编号：2025-044 北京慧辰资道资讯股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划权 益授予的进展公告 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。 北京慧辰资道资讯股份有限公司（以下简称"公司"）2025年限制性股票激 励计划（以下简称"本次激励计划"）规定的限制性股票授予条件已经成就。根 据公司2024年年度股东大会授权，公司于2025年5月16日召开的第四届董事会第 二十一次会议、第四届监事会第十五次会议，审议通过了《关于向2025年限制性 股票激励计划激励对象授予限制性股票的议案》，确定以2025年5月16日为授予 日，以16.83元/股的授予价格向72名激励对象授予192.60万股第一类限制性股票。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于向2025 （公告编号：2025-035）。 年限制性股票激励计划激励对象授予限制性股票的公告》 目前本次激励计划首次授予的第一类限制性股票的激励对象已完成缴款。在 ...

经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确 认，本次授予14名激励对象的958,600股第一类限制性股票将由无限售条件流通 股变更为有限售条件流通股，股份来源为公司从二级市场回购的本公司 A 股普 通股股票。公司股本结构变更情况如下： -1- | 证券类别 | 变更前数量 | 变更数量 | 变更后数量 | | --- | --- | --- | --- | | 限售流通股 | 0 | 958,600 | 958,600 | | 无限售流通股 | 74,274,510 | -958,600 | 73,315,910 | | 合计 | 74,274,510 | 0 | 74,274,510 | 证券代码：688500 证券简称：慧辰股份 公告编号：2025-044 北京慧辰资道资讯股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划权 益授予的进展公告 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。 北京慧辰资道资讯股份有限公司（以下简称"公司"）2025年限制性股票激 励计划（以下简称"本次 ...

Investment Rating - The report assigns a rating of "Outperform" with a target price of 54.74 CNY for the company [1][5][15]. Core Insights - The company is positioned as a leader in data intelligence, implementing two main strategies: "Data Element ×" and "Artificial Intelligence +" to leverage high industry growth and return to a rapid growth trajectory [1][5][22]. - The data analysis industry is expected to maintain a compound annual growth rate (CAGR) of over 15% until 2029, driven by government policies and market demand [9][10]. - The company has made significant investments in AI, developing an AI application platform and integrating AI with data analysis to create new growth opportunities [29][41]. Financial Summary - Revenue projections for 2025-2027 are 581 million, 747 million, and 941 million CNY, representing year-on-year growth rates of 30.8%, 28.7%, and 25.9% respectively [3][11]. - The net profit attributable to the parent company is expected to be 54 million, 81 million, and 117 million CNY for the same period, with growth rates of 201.0%, 50.9%, and 44.0% respectively [3][11]. - The company is currently experiencing a temporary decline in performance due to macroeconomic factors but has shown signs of recovery in early 2025 [23][26]. Business Overview - The company has over 15 years of experience in data analysis and is gradually expanding into AI-driven data intelligence solutions [17][18]. - It provides comprehensive data analysis services, including customized industry analysis and application solutions for leading enterprises and government agencies [17][21]. - The company aims to enhance its market position by focusing on AI and data integration, developing various AI platforms and solutions to meet diverse client needs [22][26]. AI Development - The company has launched the "Hui AI Intelligent Application Platform," which integrates various AI models to support enterprise applications [29][30]. - It has developed a digital employee solution that combines hardware and software to facilitate AI deployment in various business scenarios [41][50]. - Strategic partnerships have been established to create a unified computing power management service platform, enhancing operational efficiency and service offerings [51].

Core Viewpoint - Yang Lei has resigned from her position as a non-independent director of Beijing Huichen Zidao Information Co., Ltd. due to internal adjustments but will continue to serve as the Chief Financial Officer [1][2] Group 1: Board Changes - Yang Lei's resignation will not reduce the number of board members below the legal minimum, and her resignation is effective immediately upon delivery to the board [1] - Following her resignation, Yang Lei was elected as an employee representative director during the company's first employee representative meeting on June 20, 2025, with her term lasting until the end of the current board's term [1][2] Group 2: Compliance and Regulations - The total number of directors who are both senior management and employee representatives does not exceed half of the total number of directors, complying with relevant laws and regulations [2] Group 3: Yang Lei's Background - Yang Lei, born in June 1978, holds a bachelor's degree from Huaqiao University and a master's degree from Tsinghua University [3] - She has held various positions in companies such as Beijing Yadu Indoor Environmental Technology Co., Ltd. and Tsinghua Holdings, serving in roles including assistant president and CFO [3] - As of the announcement date, Yang Lei does not hold any shares in the company and has no related party relationships with major shareholders or other directors [3]

证券代码：688500 证券简称：慧辰股份 公告编号：2025-042 北京慧辰资道资讯股份有限公司 关于选举职工代表董事的公告 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。 北京慧辰资道资讯股份有限公司（以下简称"公司"）董事会于近日收到非 独立董事杨蕾女士提交的辞职报告，因公司内部调整，杨蕾女士申请辞去公司第 四届董事会董事职务。辞任后，杨蕾女士继续在公司担任财务总监职务。杨蕾女 士辞职不会导致公司董事会成员低于法定最低人数，其辞职报告自送达公司董事 会之日起生效。 为保障公司董事会正常运作，根据《中华人民共和国公司法》《上海证券交 易所上市公司自律监管指引第1号——规范运作》等法律法规和规范性文件及《公 司章程》等相关规定，公司于2025年6月20日召开公司2025年第一次职工代表大 会。经全体与会职工表决，选举杨蕾女士（简历见附件）为公司第四届董事会职 工代表董事，任期自本次职工代表大会审议通过之日起至第四届董事会任期届满 为止。 杨蕾女士当选公司职工代表董事后，公司第四届董事会兼任公司高级管理人 员的董事以及由 ...

证券代码：688500 证券简称：慧辰股份 公告编号：2025-043 北京慧辰资道资讯股份有限公司 2025年第二次临时股东大会决议公告 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 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 20 日 （二） 股东大会召开的地点：北京市朝阳区酒仙桥北路甲 10 号院 102 号楼 6 层公司会议室 （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 | 23 | | --- | --- | | 普通股股东人数 | 23 | | 2、出席会议的股东所持有的表决权数量 | 25,003,295 | | 普通股股东所持有表决权数量 | 25,003,295 | | 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 | 34.7010 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 34. ...

北京市金杜律师事务所（以下简称本所）接受北京慧辰资道资讯股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会 规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法 律、行政法规、规章和规范性文件和现行有效的《北京慧辰资道资讯股份有限公 司章程》（以下简称《公司章程》）有关规定，指派本所律师出席公司于 2025 年 6 月 20 日召开的 2025 年第二次临时股东大会（以下简称本次股东大会），并 就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括： 北京市金杜律师事务所 关于北京慧辰资道资讯股份有限公司 2025 年第二次临时股东大会 的法律意见书 致：北京慧辰资道资讯股份有限公司 1. 经公司 2025 年第一次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 6 月 4 日召开的第四 ...