Core Viewpoint - Sorchin Technology, a leading domestic CAE software development company, was listed on the Shanghai Stock Exchange in April 2023 and is recognized for its strong technical foundation and full industry chain advantages, making it a valuable investment opportunity [1] Group 1: Business Performance - For Q3 2025, Sorchin Technology reported revenue of 106 million yuan, ranking 94th among 102 companies in the industry, while the industry leader, Shanghai Steel Union, achieved revenue of 57.318 billion yuan [2] - The net profit for the same period was a loss of 78.109 million yuan, placing the company 84th in the industry, with the top performer, Desay SV, reporting a net profit of 1.805 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Sorchin Technology's debt-to-asset ratio was 5.90%, significantly lower than the industry average of 31.94%, indicating strong solvency [3] - The gross profit margin for the same period was 41.89%, slightly down from 42.63% year-on-year, but still above the industry average of 41.71%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 96.76% to 11,300, while the average number of circulating A-shares held per shareholder decreased by 49.18% to 4,342.16 [5] - The company achieved a revenue growth of 27.8% year-on-year for the first three quarters of 2025, despite a slight increase in net losses [5] Group 4: Strategic Developments - In October 2025, Sorchin Technology won a bid for a low-altitude three-dimensional physical asset real-time control platform project, marking a significant step in the commercialization of physical AI [5] - The company is actively pursuing mergers and acquisitions to enhance its research and development capabilities and ecosystem layout, with plans for further actions in the future [5][6] Group 5: Executive Compensation - The chairman and general manager, Chen Hao, received a salary of 1.2583 million yuan in 2024, an increase of 112,200 yuan from the previous year [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a steady revenue growth in Q3 2025, with total revenue reaching 106 million yuan, a year-on-year increase of 27.8%. However, the net loss attributable to shareholders was 75.95 million yuan, slightly widening compared to the previous year [7] - The first contract for the physical AI product has been awarded, marking the beginning of revenue generation from this segment. The company won a project worth 30.96 million yuan in October 2025 [7] - The company is actively pursuing mergers and acquisitions to enhance its core industrial software capabilities, with significant cash reserves available for future deals [7] - There is a clear demand for high-precision technology scenarios, particularly in simulation capabilities, which the company's physical AI technology can address [7] - The company is developing a virtual training solution for robotics, which includes real-time multi-physics simulations and adaptive intelligent agents [7] - A three-dimensional low-altitude map is being constructed to facilitate simulation training and real-time navigation, enhancing urban low-altitude environment management [7] - The report emphasizes the company's competitive advantage in physical solving capabilities and maintains the "Buy" rating, projecting revenues of 604 million, 850 million, and 1.105 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 81 million, 120 million, and 160 million yuan [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 604 million yuan, with a year-on-year growth rate of 59.5%. The net profit attributable to shareholders is expected to be 81 million yuan, reflecting a growth rate of 96.2% [6] - The gross margin is forecasted to be 72.4% for 2025, with a return on equity (ROE) of 2.8% [6] - The company anticipates achieving a net profit of 160 million yuan by 2027, with a corresponding ROE of 5.0% [6]

Group 1 - The core point of the article is that Suochen Technology (688507.SH) reported its Q3 financial results, showing a revenue increase but a significant net loss [1] Group 2 - For the first three quarters of 2025, the company achieved total operating revenue of 106 million, representing a year-on-year growth of 27.83% [1] - The net profit attributable to shareholders of the parent company was a loss of 75.95 million, which is an increase in loss of 5.30 million compared to the same period last year [1] - The basic earnings per share were reported at -0.86 yuan [1]

Core Insights - The core viewpoint of the article highlights the financial performance of Suochen Technology for the third quarter of 2025, indicating significant revenue growth but also notable net losses [1] Financial Performance - In Q3 2025, Suochen Technology reported revenue of 48.56 million yuan, representing a year-on-year increase of 56.14% [1] - For the first three quarters of 2025, the company achieved revenue of 106 million yuan, which is a year-on-year growth of 27.83% [1] - The net loss for Q3 2025 was 30.25 million yuan, while the net loss for the first three quarters amounted to 75.95 million yuan [1]

证券代码：688507 证券简称：索辰科技 公告编号：2025-062 上海索辰信息科技股份有限公司 关于调整2023年限制性股票激励计划授予价格的公告 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： 限制性股票授予价格由 45.08 元/股调整为 44.65 元/股。 上海索辰信息科技股份有限公司（简称"公司"）于 2025 年 10 月 29 日召 开了第二届董事会第二十一次会议，审议通过了《关于调整 2023 年限制性股票 激励计划授予价格的议案》，同意公司根据《上市公司股权激励管理办法》 （简称《管理办法》）《公司 2023 年限制性股票激励计划（草案）》（简称 "本激励计划"或《激励计划（草案）》）的相关规定，以及公司 2023 年第一 次临时股东大会的授权，将 2023 年限制性股票授予价格由 45.08 元/股调整为 44.65 元/股。现将有关事项说明如下： 一、本次限制性股票已履行的决策程序和信息披露情况 1、2023 年 8 月 24 日，公司召开第二届董事会第二次会议，会议审议通过 了 ...

证券代码：688507 证券简称：索辰科技 公告编号：2025-063 上海索辰信息科技股份有限公司（简称"公司"）于 2025 年 10 月 29 日召 开了第二届董事会第二十一次会议，审议通过了《关于作废 2023 年限制性股票 激励计划部分已授予尚未归属的限制性股票的议案》，同意公司根据《上市公 司股权激励管理办法》（简称《管理办法》）、《公司 2023 年限制性股票激励 计划（草案）》（简称"本激励计划"或《激励计划（草案）》）的相关规定， 以及公司 2023 年第一次临时股东大会的授权，同意作废部分已授予尚未归属的 限制性股票。现将有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2023 年 8 月 24 日，公司召开第二届董事会第二次会议，会议审议通过 了《关于<上海索辰信息科技股份有限公司 2023 年限制性股票激励计划（草 案）>及其摘要的议案》《关于<上海索辰信息科技股份有限公司 2023 年限制性 股票激励计划实施考核管理办法>的议案》以及《关于提请公司股东大会授权董 事会办理 2023 年限制性股票激励计划相关事宜的议案》等议案。公司独立董事 就本激励计划相关议案发 ...

北京市中伦律师事务所 关于上海索辰信息科技股份有限公司 部分已授予尚未归属的限制性股票事项的 法律意见书 二〇二五年十月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 2023 年限制性股票激励计划调整授予价格、作废 北京市中伦律师事务所 关于上海索辰信息科技股份有限公司 2023 年限制性股票激励计划调整授予价格、作废 部分已授予尚未归属的限制性股票事项的 法律意见书 致：上海索辰信息科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受上海索辰信息科技股份有 限公司（以下简称"公司"）的 ...

上海索辰信息科技股份有限公司 第二届董事会第二十一次会议决议公告 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、董事会会议召开情况 上海索辰信息科技股份有限公司（简称"公司"）第二届董事会第二十一次会 议于 2025 年 10 月 29 日在公司会议室以现场结合通讯方式召开，会议通知已于 2025 年 10 月 17 日以书面方式送达各位董事。会议由公司董事长陈灏先生主持，应 参会董事 7 名，实际参会董事 7 名。会议的召集、召开和表决情况符合《中华人民 共和国公司法》等有关法律、法规及《上海索辰信息科技股份有限公司章程》（简 称《公司章程》）的规定，形成的决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，本次会议审议并通过了以下议案： （一）审议通过了《关于<公司 2025 年第三季度报告>的议案》 经审议，公司 2025 年第三季度报告的编制符合相关法律法规、上交所业务 规则及《公司章程》的有关规定，报告真实、准确、完整地反映了公司的财务 状况和经营情况，不存在虚假记载、误导性陈述或重大遗漏。 证券 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥48,559,745.53, representing a year-over-year increase of 56.14%[3] - The total profit for the period was -¥35,444,445.15, with a year-to-date total profit of -¥97,837,938.64, indicating significant losses[3] - The net profit attributable to shareholders was -¥30,252,825.48 for the quarter, and -¥75,951,125.92 year-to-date[3] - Total revenue for the first three quarters of 2025 reached CNY 105,910,621.06, an increase from CNY 82,851,753.56 in the same period of 2024, representing a growth of approximately 27.8%[20] - Net profit for the first three quarters of 2025 was a loss of CNY 78,109,043.28, compared to a loss of CNY 74,216,187.52 in the same period of 2024, indicating a deterioration in profitability[21] - The total comprehensive income attributable to the parent company was -75,751,556.46 CNY for the first three quarters of 2025, compared to -70,795,214.13 CNY in the same period of 2024, reflecting a decline[22] Research and Development - Research and development expenses totaled ¥29,867,729.64, accounting for 61.51% of operating revenue, a decrease of 6.13 percentage points compared to the previous year[4] - The company experienced an increase in R&D personnel salaries and technical service fees, contributing to the rise in R&D expenses[8] - Research and development expenses amounted to CNY 80,488,664.94, down from CNY 89,580,909.36, showing a decrease of approximately 10.2%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,990,091,002.88, down 2.62% from the previous year-end[4] - The total assets decreased to CNY 2,990,091,002.88 from CNY 3,070,471,115.59, a decline of about 2.6%[19] - Total liabilities increased to CNY 176,415,227.31 from CNY 168,008,997.41, reflecting an increase of approximately 5.3%[18] - The company's total equity decreased to CNY 2,813,675,775.57 from CNY 2,902,462,118.18, a decline of approximately 3.1%[19] Cash Flow - As of September 30, 2025, the company's cash and cash equivalents amounted to RMB 1,634,182,720.72, a decrease from RMB 1,900,689,509.48 as of December 31, 2024[16] - The company's cash and cash equivalents decreased from CNY 2,591,781,118.34 to CNY 2,355,620,681.36, a decline of about 9.1%[19] - The net cash flow from operating activities was -74,301,652.24 CNY for the first three quarters of 2025, an improvement from -87,117,140.32 CNY in the same period of 2024[24] - Cash received from sales of goods and services was 140,111,461.18 CNY, down from 147,537,019.34 CNY year-over-year[23] - Total cash inflows from operating activities amounted to 166,031,498.26 CNY, compared to 181,208,800.76 CNY in the previous year[23] - Cash outflows from operating activities totaled 240,333,150.50 CNY, a decrease from 268,325,941.08 CNY in the same period of 2024[23] - The net cash flow from investing activities was -132,556,200.07 CNY for the first three quarters of 2025, compared to -126,684,987.67 CNY in the same period of 2024[24] - Cash inflows from investing activities were 36,118,316.49 CNY, while cash outflows were 168,674,516.56 CNY, resulting in a significant net outflow[24] - Cash flow from financing activities resulted in a net outflow of -59,838,505.91 CNY, slightly improved from -60,535,883.87 CNY in the previous year[24] - The ending cash and cash equivalents balance was 1,633,516,170.72 CNY, down from 1,951,042,164.80 CNY year-over-year[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,339[10] - The company repurchased a total of 693,511 shares, representing 0.78% of the total share capital, with a total expenditure of RMB 50,502,956[13] - The company plans to grant up to 693,511 restricted stocks to core technical personnel, representing 0.78% of the total share capital[14] - The maximum price for repurchased shares was RMB 96.67 per share, while the minimum was RMB 39.65 per share[13] - The company has not disclosed any significant changes in the relationships among its major shareholders[12] Inventory and Other Assets - The company reported a total inventory of RMB 17,272,593.41 as of September 30, 2025, slightly up from RMB 17,224,963.52[16] - The company’s contract assets stood at RMB 18,336,658.14, compared to RMB 17,514,923.61 in the previous year[16] - The company’s prepayments increased to RMB 16,279,852.07 from RMB 9,195,486.02 year-over-year[16] - The company reported a significant increase in other income to CNY 10,514,160.02 from CNY 6,518,065.68, representing an increase of about 61.1%[20] Earnings Per Share - The company reported a basic and diluted earnings per share of -¥0.34 for the quarter, and -¥0.86 year-to-date[3] - The company reported a basic and diluted earnings per share of -0.86 CNY for the current period, compared to -0.80 CNY in the previous period[22] - The weighted average return on net assets was -1.09%, a decrease of 0.94 percentage points compared to the previous year[3]

索辰科技公告，第三季度营收为4855.97万元，同比增长56.14%；净利润亏损3025.28万元。前三季度营 收为1.06亿元，同比增长27.83%；净利润亏损7595.11万元。 ...