Group 1 - The core viewpoint of the article highlights the surge in the stablecoin and cross-border payment concepts, with several companies experiencing significant stock price increases [1] - Companies such as Shiji Information and Xunxing Co. reached their daily price limit, while others like Zhongyi Technology, Jingbeifang, Jinshi Technology, Jihong Co., Qingdao Jinwang, and Shiyiba also saw their stocks hit the limit [1] - The People's Bank of China publicly solicited opinions on the "Business Rules for the Renminbi Cross-Border Payment System (Draft for Comments)" on July 4, indicating regulatory progress in this sector [1] Group 2 - The Financial Secretary of the Hong Kong Special Administrative Region, Xu Zhengyu, stated on July 7 that the goal is to issue stablecoin licenses within this year, reflecting a proactive approach to stablecoin regulation [1]

Core Viewpoint - The company is actively integrating its DYLIGHT PMS with Marriott's new CRS and other systems, which is crucial for the rollout of its services in the hotel sector [1] Group 1: Business Operations - The SaaS business model charges subscription fees based on the number of hotel rooms and the features used, with different pricing for Full Service and Limited Service hotels [2] - The rollout of DYLIGHT PMS in hotels outside of InterContinental's China region is still under evaluation [3] - The company has recently signed a contract with Marriott, which is expected to accelerate future signing processes with other hotel groups [7] Group 2: Financial Performance - The company's hotel business gross margin is projected to decline in 2023 and 2024 due to increased amortization costs of intangible assets starting from the end of 2023 [4] - The first quarter of 2025 showed a revenue of 592 million yuan, a year-on-year decrease of 6.2%, while net profit attributable to shareholders was 21.11 million yuan, an increase of 85.36% [10] - The company plans to maintain its R&D investment to integrate more subsystems with DYLIGHT PMS and continue developing its software products [5] Group 3: Market Position - The INFRSYS POS system has been adopted by all top five global hotel groups, with a total of 4,333 clients expected by the end of 2024 [8] - The company aims to enhance booking efficiency and reduce costs by connecting its information systems with various booking channels and payment institutions [9]

Group 1 - The company recently hosted an investor meeting with HSBC Qianhai Securities to discuss various operational updates and future plans [1] - The integration of DAYLIGHT PMS with Marriott's new central reservation system ACRS is progressing according to the planned timeline [1] - SaaS business pricing is subscription-based, with cloud PMS products charged monthly based on the number of hotel rooms and the functionalities used [1] Group 2 - The decline in hotel business gross margin is attributed to increased amortization costs of intangible assets starting from the end of 2023 [1] - The company plans to maintain overall R&D investment levels to integrate more subsystems of the hotel information system with DAYLIGHT PMS [1] - The fourth quarter loss last year was mainly due to impairment of long-term equity investments in associates and increased bad debt provisions for long-aged receivables [1] Group 3 - The company has signed a contract with Marriott, which is expected to accelerate future signing processes and enhance the recognition of DAYLIGHT PMS in the industry [1] - INFRASYS POS, the cloud restaurant management system, has signed with all top five global hotel groups and is on a fast development track, with good rollout expected by the end of 2024 [1] - The company utilizes a direct connection system for OTA bookings to improve efficiency and reduce operational costs [1]

Group 1: Business Operations - The integration with Marriott's new generation central reservation system (ACRS) is currently in progress, following Marriott's planned timeline [1] - The SaaS business charges subscription fees based on monthly usage and the number of hotel rooms, with pricing varying for different service types [1] - The rollout of DAYLIGHT PMS in hotels outside of InterContinental's China region is still under evaluation [2] Group 2: Financial Performance - The gross margin for hotel business is expected to decline in 2023 and 2024 due to increased amortization costs of intangible assets starting from the end of 2023 [2] - The company experienced significant losses in Q4 of the previous year primarily due to impairment of long-term equity investments and increased bad debt provisions for aged receivables [4] - The risk of significant goodwill impairment this year is considered low, pending the results of year-end asset impairment testing [4] Group 3: Future Outlook - The company plans to maintain its overall R&D investment to integrate more subsystems with DAYLIGHT PMS and to support its diverse software products [3] - Recent agreements with Marriott, a leading global hotel group, are expected to accelerate future signing processes with other clients in the industry [4] Group 4: Product Development - INFRASYS POS, the cloud-based restaurant management system, has signed contracts with all top five global hotel groups, with a total of 4,333 clients expected to be online by the end of 2024 [4] - The system enhances booking efficiency and reduces costs by connecting customer information systems directly with various booking channels and payment institutions [5]

北京中长石基信息技术股份有限公司 公告 证券代码：002153 证券简称：石基信息 公告编号：2025-26 北京中长石基信息技术股份有限公司 关于披露发行股份购买资产预案后的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、北京中长石基信息技术股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日披露 的《北京中长石基信息技术股份有限公司发行股份购买资产预案》（以下称"本次交易预案"） 及其摘要中，已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，敬 请广大投资者注意投资风险。 1 北京中长石基信息技术股份有限公司 公告 自本次交易预案披露以来，公司及相关各方积极推进本次交易的各项工作，截至本公告 披露之日，本次交易的相关尽职调查、审计、评估等工作尚未完成。待本次交易涉及的尽职 调查、审计、评估等事项完成后，公司将再次召开董事会，对本次交易的正式方案等相关事 项进行审议并披露重组报告书，并依照法律法规规定履行有关的后续审批程序及信息披露义 务。 三、风险提示 2、截至本公告披露之日，除本次交易预案披露的风险 ...

Group 1: Globalization Strategy - The company's globalization and platform strategy is a response to the trend of international hotel groups transitioning to cloud platforms, which is a necessary evolution for the hotel information system business [1] - The global expansion significantly broadens the target customer base from mainland China to the global hotel market, marking a substantial growth opportunity [1] Group 2: Product Development and Partnerships - The new generation cloud catering system has become the only signed system for all top five international hotel groups, accelerating its global rollout [2] - The DAYLIGHT PMS has gained recognition from major international hotel groups, including Marriott and InterContinental, and has begun mass deployment, particularly with Marriott, which is expected to create a strong demonstration effect [2] Group 3: Market Influence and Competitiveness - The signing of the agreement with Marriott is anticipated to positively influence other hotel group signings, as it establishes DAYLIGHT PMS's relative leadership in the industry [2] - DAYLIGHT PMS is designed as a platform product specifically for group clients, utilizing a microservices architecture that allows for flexible integration and data management [3][4] Group 4: Business Model and Pricing - DAYLIGHT PMS operates on a standard SaaS business model, charging subscription fees based on monthly usage and the number of hotel rooms [6] - The pricing structure varies depending on the type of service selected by the hotel, such as Full Service or Limited Service [6] Group 5: Future Market Plans - The global nature of the MSA signed with Marriott allows for easy expansion into other regions, such as Asia-Pacific and Europe, with minimal adjustments needed [5] - The agreement with Marriott positions the company as the preferred PMS supplier for Marriott in China, which is expected to guide other market clients positively [5]

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Viewpoint - Shiji Information has signed a contract with Marriott Hotels, marking a significant milestone in its globalization process. The agreement indicates that Shiji's wholly-owned subsidiary in the U.S. will be the preferred provider of PMS cloud services for Marriott's directly managed and franchised hotels in China, utilizing the new generation cloud-based hotel management system, DAYLIGHT PMS [1] Group 1 - The company has been steadily improving its offerings through a strategy of incremental progress, signing regional high-end luxury hotel clients to build reputation and achieve breakthroughs [1] - The signing with Marriott further solidifies the company's position as a leading player in the industry, now having partnerships with two of the top five luxury hotel groups globally [1] Group 2 - The potential market space for Shiji's SEP is estimated at approximately 11.8 billion RMB, based on the top 30 high-end hotels, with actual market potential likely exceeding expectations due to ongoing hotel expansion [2] - Revenue forecasts for 2025-2027 are projected at 3.354 billion, 3.852 billion, and 4.460 billion RMB, with year-on-year growth rates of 13.8%, 14.8%, and 15.8% respectively, and net profits of 91 million, 199 million, and 294 million RMB [2] - The company is assigned a valuation multiple of 9.5X PS, leading to a target share price of approximately 11.68 RMB per share, maintaining a "buy" rating [2]

Group 1: Company Strategy and Market Positioning - The company's new hotel information system development team is primarily based overseas to align with the needs of large international hotel groups, ensuring local market adaptation [2][3] - Marriott's presence in China, with over 600 hotels, is expected to significantly boost revenue and provide additional value-added services [3] - The integration of DAYLIGHT PMS with Marriott's new central reservation system ACRS is a key step in the rollout plan [3] Group 2: Agreements and Client Relationships - The MSA agreement framework allows for the addition of new service plans for different regions without needing to renegotiate the main agreement [3] - Hotel groups typically prefer non-exclusive agreements, which allows them to choose multiple suppliers while minimizing operational costs [3] Group 3: AI and Technological Integration - The company is embedding AI into hotel scenarios, although a results-based payment model for AI services has not yet been established [5] - Current AI-related products are still billed under traditional project-based budgets, reflecting an immature ecosystem for AI in the industry [5] Group 4: Acquisitions and Growth Opportunities - The acquisition of Thinker Software was strategically planned to stabilize and incentivize the founding management team, ensuring continued contributions to company growth [6] - The company is focusing on expanding its cloud products in the U.S. market, leveraging landmark clients to penetrate further [7] Group 5: Competitive Advantages - DAYLIGHT PMS is designed as a platform for group clients, utilizing a microservices architecture that enhances operational efficiency and data security [8] - The company offers various cloud PMS products tailored for different market segments, including localized solutions for domestic star-rated hotels [9] Group 6: Future Business Focus - The company aims to prioritize globalization and platformization, with a significant portion of revenue expected to come from overseas markets [9] - The majority of IT budgets for hotels in China are driven by foreign brands, highlighting the company's competitive edge in meeting high standards [9] Group 7: Employee Incentives - Historical stock incentive plans have been implemented, but there are currently no new plans; the company maintains a stable team with flexible KPI assessments [10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 11.37 RMB [8][9]. Core Insights - The company has signed a Master Services Agreement with Marriott International, positioning itself as the preferred provider of PMS cloud services for Marriott's hotels in China, marking a significant step in its global expansion [1][2]. - The agreement is expected to enhance the company's revenue through new orders and accelerate its international growth strategy [1][2]. - The company's annual recurring revenue (ARR) for its SaaS business is projected to reach 523 million RMB in 2024, reflecting a year-on-year growth of 25.1% [3]. - The Daylight PMS system is anticipated to generate approximately 26 million RMB in annual revenue from the Marriott agreement, which is about 50% of the current annual ARR [3]. Summary by Sections Agreement with Marriott - The company has become the certified cloud PMS service provider for Marriott in China, with a high likelihood of exclusivity during the contract period [2]. - The agreement is part of a global framework, with potential for expansion to other regions under Marriott's umbrella [2]. SaaS Business Growth - The SaaS business has over 80,000 hotel clients with a renewal rate exceeding 90% [3]. - The Daylight PMS model charges based on the total number of hotel rooms, which could significantly boost revenue from the new agreement [3]. Technology and Market Position - The Daylight PMS system is designed for interoperability among various applications and systems, enhancing operational efficiency [4]. - The company has successfully onboarded major hotel groups, establishing a replicable model for further expansion [4]. Financial Projections - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 3.45 billion, 3.94 billion, and 4.50 billion RMB respectively [5]. - Earnings per share (EPS) estimates for the same period have also been revised, projecting 0.04, 0.07, and 0.09 RMB [5]. - The company is valued at a price-to-sales (P/S) ratio of 9.0x for 2025, aligning with comparable companies in the sector [5].