Core Viewpoint - The company announced that its SaaS business operates on a subscription fee model, with pricing based on the number of hotel rooms and the features utilized by clients [1] Group 1 - The company provides cloud PMS products that charge fees monthly based on the number of hotel rooms [1] - Pricing for the company's cloud products varies depending on the type of hotel service, such as Full Service and Limited Service [1]

Group 1: SaaS Business Model - The SaaS business charges subscription fees based on monthly usage and the number of hotel rooms [2] - Cloud PMS pricing varies depending on the type of hotel (Full Service vs. Limited Service) and the number of functional modules used [2] Group 2: Contractual Agreements - After signing the MSA with hotel management groups, individual hotels still need to negotiate service agreements [2] - The MSA includes a service agreement template that hotel owners must sign according to the management group's standards [2] Group 3: Revenue Growth Drivers - Revenue growth in the SaaS business relies on the accumulation of single hotel clients adopting various cloud systems [3] Group 4: Product Implementation - The implementation of cloud products in signed hotel groups follows a slow start, requiring system integration and certification before rapid deployment [4] - Once a certain number of demonstration hotels are successfully launched, the rollout speed for other hotels in the region increases [4] Group 5: Market Opportunities - The Asia-Pacific region shows faster adoption of cloud products due to higher familiarity, followed by Europe and then the U.S. [5] - The company has already signed landmark clients in the U.S., including Peninsula and Langham hotels, and aims to leverage these clients for market penetration [5] Group 6: Competitive Differentiation - DAYLIGHT PMS is designed as a platform for group clients, utilizing a microservices architecture that allows for external integration [6] - The system centralizes customer data, simplifying data management for hotel groups and ensuring compliance with local data security regulations [6] Group 7: Cloud Service Providers - The company primarily recommends using Amazon Cloud, with partnerships also established with Alibaba Cloud and Tencent Cloud [7] Group 8: Strategic Partnerships - The collaboration with Alibaba is strategic, covering various sectors including hotel, restaurant, and retail information systems [8] - Alibaba's decision-making team provides significant support and understanding of the company's platform and globalization transformation [8] Group 9: AI Integration - AI is being utilized in two main areas: marketing tools that generate revenue based on GMV and predictive analytics within PMS and POS products [9] - The company is actively using AI in product development to enhance efficiency, particularly in its European R&D center [9]

Group 1 - The core viewpoint of the news is that Shiji Information has seen a stock price increase of 5.05%, reaching 10.82 CNY per share, with a total market capitalization of 29.53 billion CNY [1] - Shiji Information, established on February 6, 1998, and listed on August 13, 2007, specializes in hotel information management systems, restaurant information management systems, and payment systems, among other software development and sales [1] - The revenue composition of Shiji Information includes: hotel information management systems (43.87%), retail information management systems (18.02%), proprietary smart commercial equipment (17.37%), third-party hardware support (16.46%), social catering information management systems (1.71%), tourism and leisure systems (1.09%), payment systems (1.00%), and others (0.48%) [1] Group 2 - Xinhua Fund has a significant holding in Shiji Information, with its Xinhua Active Value Flexible Allocation Mixed A Fund (001681) holding 142,200 shares, accounting for 1.96% of the fund's net value, making it the third-largest holding [2] - The Xinhua Active Value Flexible Allocation Mixed A Fund has a total scale of 57.48 million CNY and has achieved a year-to-date return of 5.87% [2] - The fund manager, Lin Zhai, has been in position for 5 years and 260 days, with the fund's best return during this period being 12.98% and the worst return being -5.55% [3]

Company Overview - Beijing Shiji Information Technology Co., Ltd. was established on February 6, 1998, and listed on August 13, 2007. The company is located at 65 Fuxing Road, Haidian District, Beijing [2] - The main business includes software development and sales for hotel information management systems, catering information management systems, payment systems, system integration, and technical support services. It also provides comprehensive solutions for digital hotels (IP Hotel) [2] - The revenue composition is as follows: hotel information management systems 43.87%, retail information management systems 18.02%, self-owned smart commercial equipment 17.37%, third-party hardware support 16.46%, social catering information management systems 1.71%, tourism and leisure systems 1.09%, payment systems 1.00%, and others 0.48% [2] Financial Performance - As of June 30, 2025, the company achieved operating revenue of 1.25 billion yuan, a year-on-year decrease of 9.56%. The net profit attributable to shareholders was 33.54 million yuan, a year-on-year increase of 35.67% [2] - The company has distributed a total of 833 million yuan in dividends since its A-share listing, with 54.58 million yuan distributed in the last three years [3] Stock Performance - On September 18, the stock price of Shiji Information fell by 2.06%, trading at 10.93 yuan per share, with a total market capitalization of 29.83 billion yuan [1] - Year-to-date, the stock price has increased by 53.30%, with a 2.15% increase over the last five trading days, a 3.36% decrease over the last 20 days, and a 24.77% increase over the last 60 days [1] - As of June 30, 2025, the number of shareholders was 47,900, a decrease of 10.63% from the previous period, with an average of 33,398 circulating shares per person, an increase of 11.90% [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 12.72 million shares, a decrease of 3.07 million shares from the previous period. The Southern CSI 500 ETF has exited the list of the top ten circulating shareholders [3] Market Activity - The net outflow of main funds was 33.73 million yuan, with large orders buying 43.08 million yuan (17.62%) and selling 54.05 million yuan (22.11%) [1]

Group 1 - The core viewpoint of the article is that Shiji Information (SZ 002153) has conducted an investor survey, revealing insights into its revenue composition and market valuation [1] - For the first half of 2025, the revenue composition of Shiji Information is as follows: 83.09% from computer services and software industry, and 16.91% from the wholesale trade sector [1] - As of the report, the market capitalization of Shiji Information stands at 30.5 billion yuan [1]

Group 1: Partnership with Amadeus - Amadeus is the largest GDS and CRS service provider globally, and its partnership with the company is exclusive, enhancing global promotion efforts [2][4] - The integration of Amadeus's CRS with the company's DAYLIGHT PMS aims to create a comprehensive technology platform for the entire travel journey [3] Group 2: MSA Agreements with Hotel Groups - MSA (Master Service Agreement) is a non-exclusive framework agreement, allowing hotel owners to sign specific agreements for cloud products [4] - The trend towards using a single system in a region is driven by cost efficiency and operational convenience, especially after cloud system implementation [4][5] Group 3: Cloud Services and Market Strategy - The company primarily uses Amazon Cloud, with partnerships in China with Alibaba Cloud and Tencent Cloud [5] - The Chinese market is prioritized for international hotel groups due to its advanced mobile applications and high data security compliance [5][6] Group 4: Cloud Product Implementation Timeline - The implementation of cloud products is a gradual process, starting with system integration and certification before rapid deployment in other hotels [6][7] Group 5: Collaboration with Alibaba - The strategic partnership with Alibaba covers various sectors, enhancing the company's platform and global transformation efforts [8] Group 6: Competitive Positioning - The company has invested several hundred million dollars and built a large international team since 2015, making it difficult for competitors like Oracle to catch up [9] - Future expansion plans include targeting major hotel groups like Accor and Hilton, contingent on successful integration with Amadeus [9][10] Group 7: Market Segmentation - DAYLIGHT PMS targets international chain hotels and luxury hotel groups, while other cloud products cater to localized star-rated hotels with international management features [11]

Core Insights - The stock price of Shiji Information has decreased by 2.39% on September 16, trading at 11.01 CNY per share with a market capitalization of 30.048 billion CNY [1] - Year-to-date, the stock has increased by 54.42%, but has seen a decline of 1.70% over the last five trading days [1] Company Overview - Shiji Information Technology Co., Ltd. was established on February 6, 1998, and went public on August 13, 2007 [2] - The company specializes in hotel information management systems, restaurant information management systems, payment systems, and provides integrated solutions for digital hotels [2] - Revenue breakdown: hotel information management systems (43.87%), retail information management systems (18.02%), proprietary smart commercial equipment (17.37%), third-party hardware (16.46%), and other services [2] Financial Performance - For the first half of 2025, Shiji Information reported revenue of 1.25 billion CNY, a year-on-year decrease of 9.56%, while net profit attributable to shareholders was 33.54 million CNY, an increase of 35.67% [2] - The company has distributed a total of 833 million CNY in dividends since its A-share listing, with 54.58 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.63% to 47,900, with an average of 33,398 circulating shares per shareholder, an increase of 11.90% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.716 million shares, a decrease of 3.0724 million shares from the previous period [3]

Group 1: Company Research - Jiasai Fund recently conducted research on five listed companies, including Shiji Information, which signed a significant operational contract with Amadeus to create a comprehensive technology platform for travel [1] - Juhua Materials plans to invest 68 billion KRW in acquiring SK Enpulse's blank mask business, with a direct or indirect investment ratio of no less than 95% [2] - China Nuclear Power has received over 2.8 billion CNY in new energy subsidies as of the end of August, expecting a total of about 4 billion CNY for the year [3] - XCMG Machinery's stock incentive plan includes ROE, net profit, and cash flow from operating activities as assessment indicators, aiming for over 40 billion CNY in revenue from the mining machinery sector by 2030 [4] - Lide Man's revenue is expected to decline by 14.80% in the first half of 2025 due to intensified industry competition and the implementation of centralized procurement policies [5] Group 2: Industry Insights - The collaboration between Shiji Information and Amadeus is expected to enhance customer confidence and benefit the annual recurring revenue (ARR) growth in 2026 [1] - Juhua Materials aims to address domestic "bottleneck" issues in core raw materials through its acquisition strategy [2] - China Nuclear Power is focusing on digital transformation and smart operations while maintaining a dividend payout ratio of over 35% despite capital pressures from 19 ongoing projects [3] - XCMG Machinery anticipates continued growth in overseas market exports, with domestic sales benefiting from policy incentives and the renewal cycle [4] - Lide Man is pursuing a cash acquisition of up to 70% of Xiansheng Xiangrui to expand its tuberculosis diagnosis and innovative vaccine business [5]

Summary of the Conference Call on Shiji Information and Amadeus Partnership Company and Industry Involved - **Company**: Shiji Information - **Partner**: Amadeus - **Industry**: Travel Technology and Hospitality Core Points and Arguments 1. **Global Strategic Partnership**: Shiji Information has entered into a global strategic partnership with Amadeus to fully integrate their Central Reservation System (CRS) with Property Management System (PMS) through API connections, creating a comprehensive travel technology platform covering the entire process from booking to check-out [2][3][10] 2. **Selection of Shiji by Amadeus**: Amadeus chose Shiji after a year-long evaluation of various cloud PMS providers, citing Shiji's functionality, product maturity, company strength, and technical capabilities as key factors [5][17] 3. **Benefits for Hotel Clients**: The partnership will provide hotel clients with a more complete and optimized one-stop solution, simplifying contract management and enhancing guest experience through the integration of Amadeus's ACRS technology with Shiji's solutions [6][10] 4. **Market Expansion Opportunities**: This collaboration allows Shiji to potentially enter the European and North American markets, despite existing concerns regarding data security in the U.S. [11][18] 5. **Technical Innovations**: The partnership will involve deep technical collaboration, including the development of a new inventory management system and the use of AI agents for automated processing, enhancing booking efficiency and user experience [12][14] 6. **Future Integration Plans**: If the initial integration of ACRS and Daylight is successful, it will lay the groundwork for further expansion across the entire travel industry value chain, enabling seamless connections from flight bookings to hotel check-outs [15][16] 7. **Long-term Vision**: The partnership is expected to drive significant technological transformation in the travel industry, with a focus on real-time data synchronization and improved operational efficiency [7][8][10] 8. **Revenue Sharing Model**: Shiji will share revenue with Amadeus, as the latter holds a significant share of the CRS systems used by many hotels [18] 9. **Post-Contract Plans**: After the five-year partnership, the future direction will depend on product integration success and market response, with existing contracts likely to remain in effect if clients continue using the systems [21] Other Important but Possibly Overlooked Content 1. **Client Confidence**: The collaboration is expected to enhance client confidence in Shiji's products, particularly regarding data security concerns in the hospitality industry [25] 2. **Marketing and Client Acquisition**: Both companies will engage in joint marketing efforts to attract more clients, particularly large hotel groups, by offering advanced and integrated solutions [9][10] 3. **Future Client Targeting**: Shiji is looking to target clients like Accor and Hyatt, who currently use different systems, by preparing interfaces for seamless integration [23][24] 4. **Financial Expectations**: The integration of products is anticipated to significantly boost client confidence and lead to noticeable impacts by 2026 [25][26]

Core Viewpoint - The partnership between Shiji Information and Amadeus is expected to significantly enhance Shiji's global promotion of its DAYLIGHT PMS, potentially transforming the travel industry through the integration of Amadeus's CRS and Shiji's PMS [1][3]. Group 1: Cooperation and Impact - Amadeus, as the largest GDS and CRS service provider, has chosen Shiji's DAYLIGHT PMS after its own attempts in the PMS market [1]. - The partnership includes an exclusive mutual agency agreement, which will leverage Amadeus's endorsement for global outreach [1]. - Successful integration of ACRS and DAYLIGHT PMS could automate the entire travel booking process, especially through AI Agent handling [3]. Group 2: Technical Development and Planning - Basic functionalities for CRS integration have been completed, with plans for further development of new features [2]. - A working group of senior business experts will be formed to plan specific development projects following the contract announcement [2]. Group 3: Financial Impact Expectations - The agreement with Amadeus is anticipated to significantly boost other clients' confidence in DAYLIGHT PMS, with positive impacts expected on the Annual Recurring Revenue (ARR) for 2026 [6]. Group 4: Cooperation Duration and Future Planning - The initial term of the agreement is five years, with options for extension, and the contract will remain effective if clients continue using Shiji's system [4]. - The immediate focus is on the integration of the DAYLIGHT PMS product [4]. Group 5: Client Expansion and Peripheral Products - Hotel peripheral systems will migrate to DAYLIGHT PMS, and the agency of this system will include peripheral systems [5]. - Shiji has completed the interface development with Sabre CRS for clients like Hyatt, laying a technical foundation for future collaborations [5].