Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The insurance industry is experiencing rapid growth, with the company achieving a revenue of 728 million yuan in 2024, representing a year-on-year increase of 28.65%. The company focuses on enhancing product capabilities to improve customer loyalty and has established long-term partnerships with various insurance clients [4] - The company is expanding its data and intelligent computing center construction, generating revenue of 107 million yuan in 2024 from IT product sales and value-added services. Key clients include financial institutions and government agencies [5] - The innovative traffic business is growing rapidly, with revenue of 134 million yuan in 2024. The company is developing a financial ecosystem platform to help financial institutions enhance customer acquisition and operational efficiency [6] Financial Projections - The company forecasts revenues of 2.369 billion yuan, 2.814 billion yuan, and 3.325 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.37 yuan, 0.57 yuan, and 0.80 yuan. The current stock price corresponds to PE ratios of 55, 36, and 25 times for the respective years [8][10]

Core Viewpoint - Shanghai New Touch Software Co., Ltd. maintains a stable long-term credit rating of A, with its convertible bonds also rated A, reflecting its competitive advantages in the software service industry and a strong repayment capability for its bonds [1][3][4]. Company Overview - The company has accumulated extensive industry experience and a stable client base, particularly in the insurance, banking, telecommunications, and automotive sectors, with 73 out of 90 life insurance companies and 47 out of 80 property insurance companies as clients [4][20]. - As of March 2025, the company has a total asset of 32.11 billion yuan and owner’s equity of 16.34 billion yuan [11][12]. Financial Performance - In 2024, the company achieved a total revenue of 19.95 billion yuan, representing an 18.57% year-on-year increase, driven by rapid growth in IT services related to AI agents [6][11]. - However, the profit level significantly declined, with total profit dropping to 0.06 billion yuan, a 91.73% decrease compared to the previous year, due to increased sales and R&D expenses [7][11]. Debt and Financing - The company’s total debt increased by 49.13% year-on-year to 11.63 billion yuan in 2024, but the overall debt burden remains manageable [8][11]. - The company plans to issue up to 31.25 million shares to enhance capital strength and liquidity, with a total fundraising target of no more than 300 million yuan [7][11]. Technology and Innovation - The company has developed core technologies in big data, artificial intelligence, mobile internet, and cloud computing, with a focus on AI products and solutions [4][20]. - In 2024, the company invested 177 million yuan in R&D, accounting for 8.85% of its revenue, and submitted 101 patent applications [6][20]. Industry Context - The software industry in China is experiencing steady growth, with software product revenue increasing by 6.6% in 2024, while IT service revenue grew by 11.0% [15][16]. - The banking and insurance sectors are expected to continue investing in financial technology, driven by the integration of new technologies and regulatory support [18][19].

Core Viewpoint - Shanghai Xinzhisoft Co., Ltd. maintains its credit ratings for both the company and its convertible bonds as "A" with a stable outlook following a recent tracking credit rating report by United Credit Rating Co., Ltd. [1][2] Group 1: Credit Ratings - The previous credit rating for the company was "A" with a stable outlook, and the same rating applies to the Xinzhitong convertible bonds [1][2] - The recent tracking rating report issued on June 25, 2025, confirms that both the issuer's credit rating and the bond's credit rating remain at "A" with a stable outlook [2]

| 证券代码：688590 | 证券简称：新致软件 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：118021 | 转债简称：新致转债 | | 上海新致软件股份有限公司 关于"新致转债"跟踪信用评级结果的公告 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： 根据《上市公司证券发行注册管理办法》、《上海证券交易所科创板股票上 市规则》等有关规定，上海新致软件股份有限公司（以下简称"公司"）委托信用 评级机构联合资信评估股份有限公司（以下简称"联合资信"）对公司于 2022 年 向不特定对象发行的可转换公司债券（以下简称"新致转债"）进行了跟踪信用评 级。 公司前次主体信用评级结果为"A"，评级展望为"稳定"，"新致转债"前次债 券信用评级结果为"A"，评级机构为联合资信，评级时间为 2024 年 6 月 26 日。 评级机构联合资信在对公司经营状况及相关行业进行综合分析与评估的基 础上，于 2025 年 6 月 25 日出具了《上海新致软件股份有限公司向不特定对象发 ...

上海新致软件股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 评级总监： 二〇二五年六月二十五日 | | | www.lhratings.com 1 联合〔2025〕5166 号 联合资信评估股份有限公司通过对上海新致软件股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持上海 新致软件股份有限公司主体长期信用等级为 A，维持"新致转债" 信用等级为 A，评级展望为稳定。 特此公告 联合资信评估股份有限公司 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的独 立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信基于相 关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事实陈述或 鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真实、客观、公正 的原则。鉴于信用评级工作特性及受客观条件影响，本报告在资料信息获取、评 级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受上海新致软件股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系外， 联合 ...

Group 1 - Financial technology sector continues to strengthen, with New Guodu surging over 12% and other stocks like Zhao Ri Technology and Zhinancun also seeing significant gains [1] - The Financial Technology ETF (159851) rose by 1.61%, achieving a trading volume exceeding 400 million yuan [1] - The People's Bank of China is set to develop a new phase of financial technology development planning, aiming to enhance the digital transformation of finance [1] Group 2 - From a strategic perspective, financial technology is entering a new round of innovation opportunities, supported by favorable policies such as the recent legislation in Hong Kong and financial opening measures announced by the central bank [3] - The "1+6" policy is seen as a strong initiative for capital markets to better serve technological innovation and new productivity development, with a focus on retail brokers and financial technology targets [3] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokers and financial IT firms poised for growth [3]

| 证券代码：688590 | 证券简称：新致软件 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：118021 | 转债简称：新致转债 | | 上海新致软件股份有限公司 关于获得政府补助的公告 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、获得补助的基本情况 二、补助的类型及对上市公司的影响 公司根据《企业会计准则第 16 号—政府补助》等有关规定，确认上述事项 并划分补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影 响情况最终以审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风 险。 特此公告。 上海新致软件股份有限公司董事会 2025 年 6 月 21 日 上海新致软件股份有限公司（以下简称"公司"）于近日收到政府补助人民 币 402.86 万元，属于与收益相关的政府补助款项。 ...

Company Overview - Shanghai Xinzhi Software Co., Ltd. was established as a joint-stock company based on the original Shanghai Xinzhi Software Co., Ltd. and was listed on the Shanghai Stock Exchange in December 2020 [1] - The company operates in the software and information technology services industry, with a total issued share capital of 26,521,724.44 shares as of December 31, 2024 [1] Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of December 31, 2024 [1][2] - The reporting period is from January 1 to December 31 each year, with a business cycle of 12 months [1] Accounting Policies - The company adopts specific accounting policies and estimates based on its operational characteristics, including revenue recognition and asset valuation [1][2] - The financial statements are prepared on a going concern basis, ensuring that the company can continue its operations for the foreseeable future [1] Consolidation and Control - The scope of consolidation is determined based on control, which includes the company and all subsidiaries [2] - The company treats the entire corporate group as a single accounting entity, preparing consolidated financial statements that reflect the overall financial status and performance [2] Business Combinations - For business combinations under common control, the assets and liabilities are measured at their book values on the date of combination [3] - Non-common control business combinations are accounted for at fair value, with goodwill recognized for any excess of the purchase price over the fair value of identifiable net assets acquired [3][4] Financial Instruments - Financial assets are classified at initial recognition as either measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss [8][9] - The company assesses expected credit losses for financial instruments based on historical data, current conditions, and forecasts of future economic conditions [15][16] Inventory and Assets - Inventory is classified into raw materials, work-in-progress, finished goods, and is measured at the lower of cost and net realizable value [19] - Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell [21] Long-term Equity Investments - Long-term equity investments are accounted for using the cost method for subsidiaries and the equity method for associates and joint ventures [22][24] - The initial investment cost for long-term equity investments is adjusted for any differences between the cost and the fair value of identifiable net assets acquired [23][24]

Core Viewpoint - Shanghai Newtouch Software Co., Ltd. is planning to issue A-shares to specific investors, with the underwriting and sponsorship provided by Changjiang Securities. The issuance aims to raise up to 300 million yuan for working capital and loan repayment [1][8]. Group 1: Issuance Details - The underwriting institution is Changjiang Securities [2]. - The specific representatives responsible for the issuance are Wang Jun and Zhao Yu [2]. - The shares will be issued at a price of 9.63 yuan per share, which is 80% of the average trading price over the last 20 trading days prior to the pricing benchmark date [6][19]. - The total number of shares to be issued will not exceed 31,249,999 shares, accounting for no more than 30% of the company's total shares before the issuance [6][7]. Group 2: Company Information - Shanghai Newtouch Software Co., Ltd. was established on June 4, 1994, and became a joint-stock company on May 28, 2014, with a registered capital of 260.699 million yuan [4]. - The company operates in software development, technical services, and information system integration, among other areas [4]. - As of March 31, 2025, the total share capital of the company is 262,887,614 shares, all of which are tradable shares [10]. Group 3: Financial Performance - The company's revenue for the first quarter of 2025 was 434.17 million yuan, with a net profit of 12.38 million yuan [12]. - The total assets as of March 31, 2025, amounted to 321.11 million yuan, with total liabilities of 157.75 million yuan, resulting in a debt-to-asset ratio of 49.13% [11]. - The company has maintained a consistent cash dividend policy, distributing 0.35 yuan per share to shareholders in December 2024 [6][11].

证券简称：新致软件 证券代码：688590 债券简称：新致转债 债券代码：118021 上海新致软件股份有限公司 受托管理事务报告 （2024年度） 债券受托管理人 （中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 二〇二五年六月 重要声明 长江证券承销保荐有限公司(以下简称"长江保荐")编制本报告的内容及信 息来源于上海新致软件股份有限公司(以下简称"新致软件"、"公司"或"发 行人")对外公布的公开信息披露文件及发行人向长江保荐提供的资料。 Shanghai Newtouch Software Co., Ltd. （上海市浦东新区康杉路 308 号） 向不特定对象发行可转换公司债券 长江保荐按照《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》等相关规定及与新致软件签订的《上海新致软件股份有限公司与长江 证券承销保荐有限公司之可转换公司债券受托管理协议》(以下简称"《受托管 理协议》")的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为长江保荐所作的承诺 或声明。请投资者独立征询专业机构 ...