Core Viewpoint - The company reported a total operating revenue of 1.216 billion yuan for the fiscal year 2025, representing a 4.60% increase compared to the same period last year, despite a net loss of 11.3126 million yuan, which is an improvement from a loss of 82.1342 million yuan in the previous year [1] Group 1: Financial Performance - Total operating revenue reached 1.216 billion yuan, up 4.60% year-on-year [1] - Net profit loss narrowed to 11.3126 million yuan from a loss of 82.1342 million yuan in the previous year [1] Group 2: Strategic Initiatives - The company focused on market expansion, adjusting its market layout, and enhancing sales capabilities [1] - There was an emphasis on improving project delivery quality, leading to revenue growth compared to last year [1] - The company adjusted its business structure to increase the proportion of higher-margin software and information technology service revenues [1] - Efforts were made to control costs, optimize processes, and strictly manage expenditure [1]

Core Insights - The role of collaborative management software in China has fundamentally transformed from an auxiliary tool for enhancing internal administrative efficiency to a core operational platform that supports and drives intelligent transformation and business innovation in modern organizations [1][11][24] - The market size of China's collaborative management software industry is projected to reach approximately 10.233 billion yuan in 2024, representing a year-on-year growth of 17.58% [11][24] Industry Overview - Collaborative management software (CMS) is centered around people and utilizes information technology to integrate previously isolated resources within organizations, such as personnel, finances, materials, processes, documents, and customers, to achieve information sharing, event collaboration, plan execution, and decision support [2][16] - The software aims to enhance organizational collaboration efficiency, standardize organizational behavior, and help achieve overall strategic goals [2][16] Software Classification - Collaborative management software is categorized into three main types: - Collaborative tool software focuses on basic communication and collaboration, exemplified by products like DingTalk, WeChat Work, and Feishu, suitable for team communication and remote work [3][17] - Collaborative platform software serves as the underlying architecture for application development and integration, such as Zhiyuan V5 and Fanwei e-weaver, supporting low-code development and cross-system integration [3][17] - Collaborative application software targets specific business scenarios, including Zhiyuan A8-m and Yonyou YonSuite, optimizing business processes and enhancing operational efficiency [3][17] Industry Development History - The development of China's collaborative management software industry has evolved from personal office automation to internal organizational communication and collaboration, and further to business process optimization and knowledge management [5][17] - Each generation of collaborative management software has expanded and optimized based on the previous one, aligning more closely with actual enterprise needs [5][17] Industry Value Chain - The upstream of the collaborative management software industry chain includes servers, chips, network devices, storage devices, operating systems, databases, development frameworks, AI/large models, and low-code platforms [7][20] - The midstream involves the research and development and service segments of collaborative management software [7][20] - The downstream applications are primarily in government agencies, education, healthcare, finance, and manufacturing sectors [7][20] Market Trends - With the investment in industrial internet platforms, digital twins, and AI software solutions, the value chain of intelligent manufacturing is extending from production to upstream research and design and downstream supply chain collaboration and intelligent services [9][22] - Collaborative management software is evolving from a traditional office auxiliary tool to a core enabler and value multiplier for driving intelligent manufacturing [9][22]

Group 1 - The company, Aerospace Software, stated that it will leverage its core capabilities in software and information services to closely follow the development direction of the "14th Five-Year Plan" [1] - The company committed to strictly fulfilling its information disclosure obligations should there be any relevant information in the future [1]

Core Viewpoint - The company focuses on software and information services, having developed a comprehensive service capability, but currently does not engage in areas such as space computing [1] Group 1 - The company has established a complete service capability in the software and information services sector [1] - There is no involvement in the field of space computing at this time [1]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) | | 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-23 | 航天软件 | 688562 | 20.88 | 699.48 | 33.5 | 华泰证券股份有限 公司总部 | 国信说券股公有限 | | 2026-01-23 | 航天软件 | 688562 | 20.88 | 313.2 | T2 | 中信证券股份有限 公司上海浦东新区 东方路证券营业部 | 国信证券股公有限 | | 2026-01-23 | 航天软件 | 688562 | 20.88 | 313.2 | ાર | 中信证券股份有限 | 国信证券股份有限 公司北京分公司 | | 2026-01-23 | 航天软件 | 688562 | 20.88 | 313.2 | T2 | 公司江苏发公司 | 国信证券股份有限公司北京分公司 | | 2026-01-23 | 航天软件 | 688562 | 20.88 | 313.2 | ાર | 公司佛山湖景 ...

Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for the year 2025 to be between -14 million and -9 million yuan, which represents a reduction in loss of 68.13 million to 73.13 million yuan compared to the previous year, indicating a year-on-year decrease in loss of 82.95% to 89.04% [1] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between -75 million and -70 million yuan, reflecting a reduction in loss of 44.03 million to 49.03 million yuan compared to the previous year, which corresponds to a year-on-year decrease in loss of 37.00% to 41.20% [1] Previous Year Performance - In the previous year, the total profit was -61.69 million yuan, with a net loss attributable to shareholders of the parent company of -82.13 million yuan, and a net loss excluding non-recurring gains and losses of -119.04 million yuan [2] Earnings Per Share - The earnings per share for the previous year was -0.21 yuan [3] Reasons for Performance Changes - The company has focused on enhancing market presence, adjusting market layout, strengthening sales force, and improving project delivery quality, leading to revenue growth compared to the previous year - The company has adjusted its business structure to increase the proportion of revenue from higher-margin software and IT services, while also intensifying reform efforts to control costs and optimize processes - Despite remaining in a loss position, the scale of loss has decreased compared to the previous year due to increased investment in core product R&D and expansion into new technology areas such as AI and software factories, resulting in higher R&D and sales expenses [4]

Group 1 - The company focuses on software and information services, having developed a complete service capability [2] - The company does not engage in the production and sales of related components [2]

Group 1 - The company, Aerospace Software, supports the development process of satellites and rockets through its industrial software, enhancing the collaborative efficiency and development efficiency of complex military equipment in China's aerospace sector [1] - The software effectively safeguards the security of development data during the research and production phases [1]

Core Insights - The company has established three main business segments: autonomous software products, information technology services, and information system integration, primarily targeting aerospace and government sectors [1] Group 1: Business Segments - The company’s autonomous software products include basic software and industrial software [1] - Information technology services offered by the company encompass audit information services, commercial secret network cloud services, and information operation and maintenance services [1] - The information system integration services are mainly focused on the aerospace and government sectors [1] Group 2: Current Focus - The company currently does not have involvement in the fields of space computing and quantum computing [1]

Core Viewpoint - The company is enhancing its product capabilities by integrating large model standards and utilizing new generation protocols to create an intelligent digital backbone throughout the product lifecycle [1] Group 1: Product Development and Integration - The company's products support the integration of large model standards, enabling seamless integration of multi-source heterogeneous systems at the semantic level [1] - By leveraging protocols such as MCP and A2A, the company aims to reconstruct the PLM intelligent core [1] Group 2: Business Intelligence and Efficiency - The deployment of intelligent agents in scenarios such as planning generation, design platforms, and process writing transforms data connectivity into direct business intelligence [1] - This approach empowers the entire product development and production process to reduce costs and increase efficiency [1]