Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company officially launched physical AI products such as embodied intelligent virtual training and low-altitude three-dimensional physical maps at the 2025 World Artificial Intelligence Conference, accelerating the commercialization process of physical AI [6] - The embodied intelligent virtual training solution achieves two levels: intelligent agent training and autonomous perception [6] - The low-altitude three-dimensional map enables simulation training and real-time navigation, creating a digital twin of urban low-altitude environments [6] - The company emphasizes its competitive advantage in physical solving capabilities, maintaining a "Buy" rating and projecting revenue of 600 million, 850 million, and 1.105 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 604 million yuan, with a year-on-year growth rate of 59.5% [2] - Net profit attributable to the parent company is projected to be 81 million yuan in 2025, with a year-on-year growth rate of 96.2% [2] - Earnings per share for 2025 is estimated at 0.91 yuan [2] - Gross margin is expected to be 72.4% in 2025 [2] - Return on equity (ROE) is projected to be 2.8% in 2025 [2] Market Data - The closing price of the stock is 90.01 yuan as of July 25, 2025 [3] - The stock has a price-to-book ratio of 2.8 and a dividend yield of 0.27% [3] - The circulating A-share market value is 4,432 million yuan [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company has established itself as a significant player in the CAE field, focusing on core technology research and development, which is crucial for national defense and industrial informationization [13][16] - The CAE software market in China is expected to grow significantly, with a projected market size of approximately 137.09 billion yuan by 2030, indicating a favorable market environment for the company [2][54] - The company is expanding its technical layout and industry fields, leveraging strong customer resources primarily from military and research institutions, which enhances its competitive position [3][8] Financial Summary - Revenue is projected to grow from 3.79 billion yuan in 2024 to 10.78 billion yuan by 2027, with a compound annual growth rate (CAGR) of 26.72% from 2019 to 2024 [27][30] - The net profit attributable to shareholders is expected to increase from 410 million yuan in 2024 to 1.44 billion yuan by 2027, with significant growth rates in the coming years [27][30] - The company's earnings per share (EPS) is forecasted to rise from 0.47 yuan in 2024 to 1.61 yuan by 2027, reflecting strong profitability potential [27][30] Industry Analysis - The CAE industry has high technical barriers due to its complex algorithms and the need for continuous innovation, which presents a significant opportunity for domestic companies to replace imported software [2][39] - The overall industrial software and CAE segments are expected to see substantial growth, supported by government policies and funding aimed at promoting domestic technology [2][56] - The company is well-positioned to benefit from the increasing demand for domestic CAE solutions, as the market is currently dominated by foreign players, providing a clear path for growth [54][56]

Group 1 - The core viewpoint of the news is that Suochen Technology (688507.SH) is currently experiencing a decline in stock price, with a closing price of 85.50 yuan and a drop of 2.8%, indicating a state of being below its initial public offering price [1] - Suochen Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 18, 2023, with an issuance of 10,333,400 shares at a price of 245.56 yuan per share [1] - The total amount raised from the initial public offering was 253,746.97 million yuan, with a net amount of 231,574.91 million yuan, exceeding the original plan by 134,684.55 million yuan [1] Group 2 - The total issuance costs for Suochen Technology's IPO amounted to 22,172.06 million yuan (excluding tax), with underwriting fees accounting for 19,231.02 million yuan [2] - The company announced a cash dividend of 0.15 yuan per share (including tax) and a capital reserve increase of 0.48 shares for every share held, resulting in a total distribution of 6,200,010 yuan in cash dividends and an increase of 19,840,032 shares, raising the total share capital to 61,173,432 shares [2] - For the 2023 annual profit distribution, the company plans to distribute a cash dividend of 3.80 yuan for every 10 shares (including tax) and a capital reserve increase of 4.60 shares for every 10 shares, with the record date set for June 18, 2024 [2]

Investment Rating - The report emphasizes the importance of 3D data assets and physical simulation engines, indicating a positive outlook on China's physical AI as a scarce asset [3]. Core Insights - The report outlines the five stages of biological intelligence and maps them to embodied intelligence, highlighting that the current missing elements are simulation and planning capabilities [4][10]. - It discusses the evolution of intelligent driving algorithms and their relevance to understanding the development of embodied intelligence models, noting that many core teams in humanoid robotics have extensive experience in the intelligent driving sector [39][41]. - The report identifies the need for physical AI to facilitate real-world interactions for robots, contrasting this with intelligent driving, which inherently avoids physical interactions [4][41]. Summary by Sections 1. Mapping Biological Intelligence to Embodied Intelligence - The report details the five stages of biological intelligence, emphasizing that the current stage of humanoid robots is still early, with a significant gap in simulation learning capabilities [10][35]. - It highlights the importance of understanding the evolutionary history of biological intelligence to inform the development of embodied intelligence [10]. 2. Intelligent Driving and Its Implications - The report reviews the history of intelligent driving algorithms, concluding that the architecture has evolved from 2D images to 3D spatial understanding, which is crucial for developing initial spatial intelligence [39]. - It notes that the transition from traditional algorithms to model-based reinforcement learning is essential for both intelligent driving and humanoid robotics, affecting their usability [39][41]. 3. The Role of Physical AI - The report emphasizes that physical AI is critical for enabling robots to interact with the physical world, addressing the challenges of data scarcity in the robotics industry [4][10]. - It contrasts the requirements for physical interaction in humanoid robots with the goals of intelligent driving, which focuses on avoiding physical collisions [41].

Group 1 - The company held its 17th meeting of the second board of directors on July 21, 2025, with all 7 directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the proposal to grant restricted stock to 85 incentive targets, totaling 554,809 shares at a price of 39.35 yuan per share, effective from July 21, 2025 [1][2] - The board also approved the election of employee representative director Xie Rong as a member of the remuneration and assessment committee, alongside Zhang Yuping and Lou Xiang [2]

一、关于非独立董事辞职的基本情况 上海索辰信息科技股份有限公司（简称"公司"）董事会于近日收到非独立董 事谢蓉女士提交的辞职报告。因公司内部工作调整，谢蓉女士申请辞去公司第二届 董事会非独立董事及薪酬与考核委员会委员职务。根据《上海证券交易所科创板股 票上市规则》（简称《上市规则》）、《上海索辰信息科技股份有限公司章程》 （简称《公司章程》）等相关规定，谢蓉女士的辞任不会导致公司董事会人数低于 法定最低人数，不影响公司董事会正常运行，其辞职报告自送达公司董事会之日起 生效。 谢蓉女士辞去非独立董事职务后仍继续在公司担任其他职务，将继续遵守《上 市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员 减持股份》等相关法律法规及其在公司首次公开发行股票时所作的相关承诺。 二、关于选举职工代表董事情况 根据《中华人民共和国公司法》《上市规则》等法律法规、规范性文件及《公 司章程》的有关规定，公司董事会设职工代表董事一名。公司于 2025 年 7 月 21 日 召开职工代表大会，经全体与会职工代表表决，同意选举谢蓉女士为 ...

证券代码：688507 证券简称：索辰科技 公告编号：2025-040 上海索辰信息科技股份有限公司 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： ? 限制性股票授予日：2025 年 7 月 21 日 ? 限制性股票授予数量：55.4809 万股，占目前公司股本总额 8,910.8784 万股的 0.6226% ? 股权激励方式：第二类限制性股票 上海索辰信息科技股份有限公司（以下简称"公司"）《2025 年限制性股 票激励计划（草案）》（以下简称"《激励计划》"或"本激励计划"）规定 的公司 2025 年限制性股票授予条件已经成就，根据公司 2025 年第一次临时股 东大会的授权，公司于 2025 年 7 月 21 日召开第二届董事会第十七次会议，审 议通过了《关于向激励对象首次授予限制性股票的议案》，确定 2025 年 7 月 第二类限制性股票。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 过了《关于 <公司 ensp="ensp" 年限制性股 ...

上海索辰信息科技股份有限公司 董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划 二、本激励计划首次授予激励对象均为公司公示的激励对象名单中的人员， 符合公司股东大会批准的本激励计划规定范围和名单，具备作为激励对象的资 格和条件。 三、本激励计划首次授予激励对象符合《股权激励管理办法》《上市规则》 等文件规定的激励对象条件，符合《公司 2025 年限制性股票激励计划（草案）》 规定的激励对象条件。本激励计划拟首次授予激励对象为公司公告本激励计划 时在本公司（含子公司）任职的核心技术人员、核心骨干及董事会认为需要激 励的其他人员。不包括独立董事、监事、单独或合计持有上市公司 5%以上股份 的股东或实际控制人及其配偶、父母、子女。 综上，公司董事会薪酬与考核委员会认为：截止授予日，公司《2025 年限 制性股票激励计划激励对象名单（首次授予日）》中的 85 名激励对象均符合 《股权激励管理办法》等法律、法规及规范性文件规定的作为上市公司股权激 励对象的条件，其作为本激励计划首次授予激励对象的主体资格合法、有效； 董事会薪酬与考核委员会同意以 2025 年 7 月 21 日为授予日，向 85 名激励对 ...

上海索辰信息科技股份有限公司（以下简称"公司"）于 2025 年 7 月 4 日 分别召开第二届董事会第十六次会议、第二届监事会第十三次会议，审议通过 证券代码：688507 证券简称：索辰科技 公告编号：2025-038 上海索辰信息科技股份有限公司 关于公司2025年限制性股票激励计划 内幕信息知情人买卖公司股票情况的自查报告 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。 间买卖本公司股票情况进行了查询确认，并由中国证券登记结算有限责任公司 上海分公司出具了查询证明。 二、核查对象买卖本公司股票的情况说明 根据中国证券登记结算有限责任公司上海分公司出具的《信息披露义务人 持股及股份变更查询证明》，在本次激励计划自查期间，所有核查对象均不存 在买卖公司股票的行为。 了《关于 <公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草案"> 及其摘要 的议案》等相关 议案。公司于 2025 年 7 月 5 日在上海证券交易所网站（www.sse.com.cn）上披 露了《上海索辰信息科技股 ...

关于向激励对象首次授予限制性股票的公告 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。 重要内容提示： 限制性股票授予日：2025 年 7 月 21 日 限制性股票授予数量：55.4809 万股，占目前公司股本总额 8,910.8784 万股的 0.6226% 股权激励方式：第二类限制性股票 证券代码：688507 证券简称：索辰科技 公告编号：2025-040 上海索辰信息科技股份有限公司 上海索辰信息科技股份有限公司（以下简称"公司"）《2025 年限制性股 票激励计划（草案）》（以下简称"《激励计划》"或"本激励计划"）规定 的公司 2025 年限制性股票授予条件已经成就，根据公司 2025 年第一次临时股 东大会的授权，公司于 2025 年 7 月 21 日召开第二届董事会第十七次会议，审 议通过了《关于向激励对象首次授予限制性股票的议案》，确定 2025 年 7 月 21 日为授予日，以 39.35 元/股的授予价格向 85 名激励对象授予 55.4809 万股 第二类限制性股票。现将有关事项说明如下： 一、限制 ...