Summary of the Conference Call for Suochen Technology Company Overview - **Company**: Suochen Technology - **Industry**: Computer-Aided Engineering (CAE) and Physical AI Key Points Industry and Market Position - Suochen Technology is a leading domestic CAE software company in China, with a market share of approximately 4.5% to 5% in 2024, benefiting from the trend of domestic substitution due to increasing localization rates [4][3][13] - The global CAE market is valued at around $10 billion, while the Chinese market is close to 100 billion RMB, indicating significant growth potential as the awareness of software licensing increases [13] Financial Performance and Projections - In the first half of 2025, Suochen Technology achieved approximately 3.75 million RMB in revenue from its Physical AI platform, accounting for 6.5% to 7% of total revenue, with a target of 30 million RMB for the full year [2][5] - The company expects total revenue to approach 500 million RMB in 2025, representing a year-on-year growth of about 30%, and to reach approximately 620 million RMB in 2026 [6][4] - Profit margins are anticipated to recover to 25% to 30% as the company expands its operations [6] Product Development and Innovations - Suochen Technology launched the "Kaiwu" Physical AI platform, which competes with NVIDIA's Omniverse, and introduced a training platform for embodied intelligence and robotics [2][5] - The company aims to bridge the gap between real and simulated environments, particularly in the wind power sector, optimizing turbine designs and securing a 30 million RMB order in the low-altitude economy project [11] Competitive Advantages - Suochen Technology's comprehensive product layout, especially in multi-physical fields and AI-related areas, positions it favorably against foreign competitors like Ansys, which is experiencing slower growth in China [4][13] - The company has a strong focus on domestic market needs and has been actively involved in mergers and acquisitions to enhance its industry channels and hardware capabilities [14] Challenges and Solutions - The robotics industry faces challenges related to data generalization and precision, which Suochen aims to address through simulation data that reduces costs and increases data diversity [9][10] - The reliance on simulation data is crucial for training robots, allowing for diverse action attempts and adaptability to environmental changes [10] Future Outlook and Valuation - The company maintains a median PS valuation of around 20 times since its IPO in April 2024, with a projected valuation ceiling of approximately 30 billion RMB based on capturing 20% of the potential 150 billion RMB CE market [7][18] - The anticipated revenue growth from Physical AI and high-margin business models could further enhance the company's valuation, with a conservative estimate suggesting a valuation space of at least 12.4 billion RMB by 2026 [8][18] Impact of External Factors - Being placed on the U.S. Entity List has not adversely affected Suochen's fundamentals, as the company relies solely on domestic sales and does not depend on overseas technology [15] Strategic Directions - Suochen plans to expand its business into automotive and wind power sectors while continuing to develop its simulation platform and data delivery for the robotics field [12][11] This summary encapsulates the essential insights from the conference call regarding Suochen Technology's market position, financial outlook, product innovations, competitive advantages, and strategic directions.

Core Insights - The stock price of Suochen Technology has seen a significant increase of 91.97% year-to-date, with a recent drop of 2.08% on October 28, trading at 104.30 CNY per share [1] - The company specializes in CAE software development, sales, and services, with a revenue composition heavily weighted towards its TianGong simulation products [2] - As of June 30, 2025, the company reported a revenue of 57.35 million CNY, reflecting a year-on-year growth of 10.82%, while the net profit attributable to shareholders was -45.70 million CNY, showing a 31.21% increase in losses compared to the previous year [2] Financial Performance - The stock's trading volume on October 28 reached 202 million CNY, with a turnover rate of 3.85% and a total market capitalization of 9.29 billion CNY [1] - The company has made a cumulative cash distribution of 67.92 million CNY since its A-share listing [3] - The top ten circulating shareholders include new entrants such as Nuoan Active Return Mixed A, which holds 953,600 shares [3] Market Activity - The stock has experienced significant trading activity, with net outflows of 9.41 million CNY from major funds on October 28, while large orders accounted for 26.30% of buy transactions and 34.90% of sell transactions [1] - Suochen Technology has appeared on the "Dragon and Tiger List" once this year, with a net buy of 23.53 million CNY on March 17 [1]

Core Insights - The stock price of Suochen Technology has increased by 86.25% year-to-date, with a recent rise of 8.54% over the last five trading days [2] - The company has a market capitalization of 9.017 billion yuan and reported a net outflow of 484.53 thousand yuan in main funds [1] Company Overview - Suochen Technology, established on February 24, 2006, focuses on the research, development, sales, and service of CAE software [2] - The company went public on April 18, 2023, and is classified under the software development industry, specifically in vertical application software [2] Financial Performance - For the first half of 2025, Suochen Technology achieved operating revenue of 57.35 million yuan, reflecting a year-on-year growth of 10.82% [3] - The net profit attributable to the parent company was -45.70 million yuan, showing a year-on-year increase of 31.21% [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 14.55% to 5,763, while the average circulating shares per person increased by 18.64% to 8,543 shares [3] - The company has distributed a total of 67.92 million yuan in dividends since its A-share listing [4] Institutional Holdings - Notable institutional investors include Nuoan Active Return Mixed A, which is the sixth largest circulating shareholder with 953.6 thousand shares, and Nuoan Growth Mixed A, which remains the tenth largest with 730 thousand shares [4]

Core Insights - The stock price of Suochen Technology increased by 2.13% on October 23, reaching 98.63 CNY per share, with a market capitalization of 8.789 billion CNY [1] - Year-to-date, the stock has risen by 81.54%, with a recent 5-day increase of 0.72% and a 20-day decline of 3.60% [1] Financial Performance - For the first half of 2025, Suochen Technology reported revenue of 57.35 million CNY, a year-on-year growth of 10.82%, while the net profit attributable to shareholders was -45.70 million CNY, reflecting a 31.21% increase in losses [2] - Cumulative cash dividends since the company's A-share listing amount to 67.92 million CNY [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 14.55% to 5,763, while the average circulating shares per person increased by 18.64% to 8,543 shares [2] - Notable institutional shareholders include Nuoan Active Return Mixed A, which is the sixth largest shareholder with 953,600 shares, and Nuoan Growth Mixed A, which remains the tenth largest shareholder with 730,000 shares [3] Business Overview - Suochen Technology, established on February 24, 2006, focuses on the research, development, sales, and services of CAE software, with its main revenue sources being simulation product development (56.93%) and engineering simulation software (29.33%) [2] - The company operates within the computer software development sector, specifically in vertical application software, and is involved in concepts such as industrial software and digital twins [2]

Transaction Overview - The company, Shanghai Suochen Information Technology Co., Ltd., approved the acquisition of 55% equity in Kunyu Lancheng (Beijing) Technology Co., Ltd. for RMB 74.25 million [2] - The acquisition was approved during the 20th meeting of the second board of directors held on October 9, 2025, and does not require shareholder approval [2] Progress Update - The company has received notification from Kunyu Lancheng that it has completed the industrial and commercial change registration and obtained a new business license from the Haidian District Market Supervision Administration in Beijing [3] - The registered capital of Kunyu Lancheng is RMB 10 million, and it was established on October 16, 2012 [3] - The business scope of Kunyu Lancheng includes technical services, software development, and sales of electronic products, communication equipment, computers, software, and auxiliary equipment [3]

证券日报网讯 10月22日晚间，索辰科技发布公告称，公司于2025年10月9日召开了第二届董事会第二十 次会议，审议通过了《关于全资子公司购买昆宇蓝程（北京）科技有限责任公司55%股权的议案》，同 意公司全资子公司上海索辰数字科技有限公司以人民币7，425万元收购昆宇蓝程（北京）科技有限责任 公司（简称"昆宇蓝程"）55%股权。本议案无需提交公司股东会审议。公司近日收到昆宇蓝程的通知， 其已完成工商变更登记手续并取得了北京市海淀区市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

关于全资子公司购买昆宇蓝程（北京）科技有限责任公司 股权进展暨完成工商变更登记的公告 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。 一、交易概述 上海索辰信息科技股份有限公司（简称"公司"）于 2025 年 10 月 9 日召开了 第二届董事会第二十次会议，审议通过了《关于全资子公司购买昆宇蓝程（北京） 科技有限责任公司 55%股权的议案》，同意公司全资子公司上海索辰数字科技有限 公司以人民币 7,425 万元收购昆宇蓝程（北京）科技有限责任公司（简称"昆宇蓝 程"）55%股权。本议案无需提交公司股东会审议。具体内容详见公司于 2025 年 10 月 10 日刊登于上海证券交易所网站（www.sse.com.cn）的《关于全资子公司购买 昆宇蓝程（北京）科技有限责任公司 55%股权的公告》（公告编号：2025-057）。 二、进展情况 证券代码：688507 证券简称：索辰科技 公告编号：2025-060 上海索辰信息科技股份有限公司 注册资本：1,000 万元 法定代表人：王晋升 成立日期：2012 年 10 月 16 ...

证券代码：688507 证券简称：索辰科技 公告编号：2025-059 投资者联系专线：021-50307121 传真：021-34293321 邮箱：info@demxs.com 特此公告。 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。 因经营发展需要，上海索辰信息科技股份有限公司（简称"公司"）总部于近 日搬迁至新办公地址。为更好地开展投资者关系管理工作，便于投资者与公司沟通 交流，现将变更后的办公地址公告如下： | 变更 | | 变更前 | | | 变更后 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 事项 | | | | | | | | | | | 办公 | 上海市浦东新区五星路 | 676 | 弄 27 | 号楼； | 上海市浦东新区五星路 | | 676 | 弄 27 | 号楼； | | 地址 | 上海市黄浦区淮海中路 | 300 | 号K11 | 上海办 | 上海市黄浦区淮海中路 | | 138 | | 号 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continuous recommendation of domestic investment opportunities due to increasing external technology controls and the ongoing promotion of domestic innovation policies, indicating a clear trend towards self-sufficiency in key technologies [6][13] - The performance of leading domestic computing companies is showing significant revenue growth, validating the trend of domestic industrial development [7][14] Summary by Sections Weekly Perspective - The report highlights the sustained recommendation of domestic investment opportunities, noting a decline in the CSI 300 index by 2.22% and a 5.61% drop in the computer index during the week of October 13-17, 2025 [5][12] Company Dynamics - Haiguang Information reported a revenue of 40.26 billion yuan for Q3 2025, marking a year-on-year growth of 69.60% and a net profit of 759.99 million yuan, up 13.04% [16] - Cambricon Technologies achieved a revenue of 1.727 billion yuan in Q3 2025, with a staggering year-on-year increase of 1332.52%, and a net profit of 567 million yuan, indicating a strong turnaround [14] Investment Recommendations - Key domestic software companies recommended include Kingsoft Office, Dameng Data, and others, while leading domestic computing companies such as Haiguang Information and Sugon are also highlighted for their growth potential [8][15]

Core Insights - The stock price of Suochen Technology has decreased by 2.00% on October 16, trading at 98.88 CNY per share with a market capitalization of 8.811 billion CNY [1] - The company has experienced a year-to-date stock price increase of 81.37%, but has seen a decline of 7.59% over the last five trading days [1] Financial Performance - For the first half of 2025, Suochen Technology reported a revenue of 57.35 million CNY, reflecting a year-on-year growth of 10.82%, while the net profit attributable to shareholders was -45.70 million CNY, showing a year-on-year increase of 31.21% in losses [2] - The company has distributed a total of 67.92 million CNY in dividends since its A-share listing [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Suochen Technology was 5,763, a decrease of 14.55% from the previous period, with an average of 8,543 circulating shares per shareholder, an increase of 18.64% [2] - Notable institutional shareholders include Nuoan Active Return Mixed A and Nuoan Growth Mixed A, with the former being a new entrant among the top ten circulating shareholders [3] Business Overview - Suochen Technology, established on February 24, 2006, focuses on the research, development, sales, and service of CAE software, with its main revenue sources being simulation product development and engineering simulation software [2] - The company operates within the software development sector, specifically in vertical application software, and is involved in concepts such as industrial software, digital twins, sensors, artificial intelligence, and robotics [2]