Group 1: Cloud Product Deployment - The company's cloud products are primarily based on public cloud deployment, which is recognized as the industry consensus due to its scalability and expansion capabilities compared to private cloud [1] - Leading international hotel groups are planning to transition to cloud systems, indicating a clear industry trend towards cloud adoption [1][2] Group 2: Client Acquisition and Market Presence - The company has signed contracts with major international hotel groups, including Peninsula, InterContinental, and others, achieving a total of 4,333 clients for its cloud restaurant management system [2] - The company maintains a market share of approximately 50% among top retail and chain clients in China's retail information system sector [3] Group 3: Product Implementation and Integration - The implementation of cloud products in signed hotel groups follows a slow-to-fast process, initially requiring system integration and certification before rapid deployment in other hotels [4] - The company's hotel cloud products, particularly the Daylight PMS, have been recognized and successfully implemented in several benchmark hotels, enhancing its reputation [2] Group 4: Competitive Advantages - The company's SEP platform is designed for group clients, featuring a microservices architecture that allows for flexible integration and data management [5] - The product ensures data security by automatically storing customer data in compliance with local regulations [5] Group 5: AI Integration and Future Outlook - The company is exploring AI applications to enhance cloud product capabilities, focusing on internal auditing and data analysis for operational forecasting [6] - Future business development priorities include globalization and platformization, with a goal to achieve breakeven in overseas operations as the number of global hotel clients increases [7]

北京中长石基信息技术股份有限公司投资者关系管理活动记录-调研纪要 | | 人工呼叫中心的非直连模式实现预订；但通过系统直连的方式 | | --- | --- | | | 会提高 OTA 和酒店的预订效率并降低成本。 | | | 公司通过将客户的信息系统与各种预订渠道、支付机构的 | | | 系统直连，实现信息的即时交互，以系统替代人工，从而大大 | | | 提升预订和支付环节的工作效率，降低运营成本。 | | | 4、我们现在的畅联业务的收入主要来自于飞猪吗？ | | | 畅联收入来源很多，除了飞猪以外，畅联已经有超过 220 | | | 家国内外主流预订渠道通过石基直连预订平台连接超过 6 万家 | | | 酒店。 | | | 5、公司全球化业务后续的市场推广策略是怎样的？ | | | 公司全球化业务是依靠相对领先的云产品和技术，以签约 | | | 全球标杆型酒店集团客户为优先，同时持续推进在已签约客户 | | | 中云产品的上线，继续形成示范效应，随着使用石基全新一代 | | | 云产品的客户体量的累积，逐步提升推广上线速度。 | | | 6、在财务方面，公司是否会采取些措施去缓解中短期的一 | | | ...

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 05 月 07 日 石基信息 (002153) ——SaaS + AI 持续推进，短期承压但长期空间广阔 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 06 日 | | --- | --- | | 收盘价（元） | 8.38 | | 一年内最高/最低（元） | 9.90/4.81 | | 市净率 | 3.2 | | 股息率%（分红/股价） | 0.12 | | 流通 A 股市值（百万元） | 13,406 | | 上证指数/深证成指 | 3,316.11/10,082.34 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 2.59 | | 资产负债率% | 15.68 | | 总股本/流通 A 股（百万） | 2,729/1,600 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-06 06-06 07-06 08-06 09-06 10-06 ...

执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@mszq.com 邮箱：guoxinyu@mszq.com SaaS 业务实现良好成长，云化、国际化进程持续加速 2025 年 05 月 04 日 石基信息（002153.SZ）2024 年年报及 2025 年一季报点评 Daylight PMS 方面，截至 2024 年底，已签约标杆客户洲际酒店集团成功上线 的酒店达 429 家，在半岛、洲际、朗廷、Ruby、Fletcher、Sircle、TIME、 Dakota、New Hotel Collection 等酒店集团上线共 629 家酒店，遍布全球 20 多个国家。在签约方面，新濠酒店、凯宾斯基酒店、Van der Valk、安麓酒店等 大型酒店集团的签约，为公司不断提升自身标杆效应奠定重要基础。2024 年全 年公司酒店信息管理系统业务实现 10.74 亿元，同比增长 14.55%。 ➢ 事件概述：2025 年 4 月 29 日公司发布公告，2024 年年度营业收入 29.47 亿元，同比增长 7.20%；归属于上市公司股东的净利润为-1.99 亿元， ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 2.947 billion yuan in 2024, representing a year-on-year growth of 7.20%. However, the net profit attributable to shareholders was -199 million yuan, showing a decline compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 592 million yuan, down 6.20% year-on-year, but the net profit attributable to shareholders increased by 85.36% to 21.11 million yuan [1]. - The SaaS business showed significant growth, with the Annual Recurring Revenue (ARR) reaching 523.29 million yuan in 2024, a 25.1% increase from 418.29 million yuan in 2023 [3]. - The company has signed contracts with major hotel groups, enhancing its market position and expanding its international presence [4]. Financial Performance Summary - The gross profit margin for 2024 was 34.87%, a slight decrease from the previous year. In Q1 2025, the gross profit margin improved to 49.17% [2]. - Operating cash flow improved, with a net cash flow of 67.13 million yuan in 2024, compared to 63.45 million yuan in the previous year. However, Q1 2025 showed a negative cash flow of -110 million yuan [2]. - The company expects revenues of 3.665 billion yuan in 2025, with a growth rate of 24.4%, and a projected net profit of 146 million yuan [8][9]. Business Development - The company continues to expand its SaaS offerings, with over 80,000 hotel clients and a renewal rate exceeding 90% [3]. - The Daylight PMS system has been successfully implemented in 629 hotels globally, with significant contracts signed with major hotel groups [4]. - The company is also enhancing its retail business through the acquisition of minority stakes in software firms, which is expected to strengthen its market position in retail management solutions [6]. Future Projections - Revenue projections for 2025-2027 are 3.665 billion yuan, 4.576 billion yuan, and 5.720 billion yuan, respectively, with corresponding PS ratios of 6X, 5X, and 4X [7][8]. - The net profit is expected to recover significantly, reaching 579 million yuan by 2027, with a net profit margin improving over the years [9].

4月29日，石基信息（002153.SZ）发布2024年度报告，公司全年实现营业收入29.47亿元，同比增长 7.20%。其中，酒店信息管理系统业务贡献收入10.74亿元，仍是公司第一大营收来源；零售信息管理系 统业务、第三方硬件配套业务分别实现营收5.36亿元、6.27亿元，表现亮眼。 分红方面，根据同日披露的2024年度利润分配预案，石基信息拟以总股本2,729,193,841为基数，向全体 股东按每10股派发现金股利0.1元（含税），共计派发现金红利2729.19万元。 平台化业务方面，支付直连交易额达2,977亿元，预订平台产量同比增长22.2%至2,405万间夜；畅联业 务，海外订单同比增长39.5%，日本、东南亚市场表现突出；创新业务Book&Pay平台已与Expedia、锦 江等国内外集团达成合作，成为新的增长点。 零售板块中，公司控股子公司石基零售聚焦县域市场与客户成功策略，服务客户门店超3.5万家，并中 标WestLake 专卖连锁、澳门 M8 等项目，出海步伐加快；子公司思迅软件净利润逆势增长2.38%，支付 技术服务与SaaS业务稳步扩张；餐饮领域，正品贵德在连锁餐饮供应链领域保持优势， ...

证券研究报告 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 计算机应用 | 石基信息 2024 年实现营收 29.47 亿元（yoy+7.20%），归母净利-1.99 亿元 （yoy-90.00%），扣非净利-2.18 亿元（yoy-78.83%）。公司 24 年业绩低于 我们此前预期（收入 32.45 亿元，净利 0.77 亿元），主要受下游需求修复速 度缓于预期及计提长期股权投资减值、坏账准备增加影响。我们认为，公司 SaaS 化、平台化、全球化基础完备，看好海外市场持续开拓，维持"买入"。 构建 SaaS 化、平台化、全球化三大基础，业务进展顺利 公司 SaaS 化进展顺利，2024 年 SaaS 业务年度可重复订阅费（ARR）为 5.23 亿元，同比+25.1%，SaaS 业务企业客户（最终用户）门店总数超 8 万 家酒店，平均续费率超 90%。公司强化平台化布局， 24 年酒店信息管理系 统业务、支付系统业务同比+14.55%、+8.68%。公司海外业务加速拓展，24 年签约凯宾斯基酒店集团、荷兰最大的独立酒店集团 ...

Financial Performance - The company's revenue for Q1 2025 was ¥592,155,582.81, a decrease of 6.20% compared to ¥631,294,308.93 in the same period last year[3]. - Net profit attributable to shareholders increased by 85.36% to ¥21,112,317.64 from ¥11,389,735.65 year-on-year[3]. - Basic earnings per share rose by 83.33% to ¥0.0077 from ¥0.0042 in the same period last year[3]. - Total operating revenue decreased to ¥592,155,582.81 from ¥631,294,308.93, a decline of approximately 6.5%[18]. - Net profit increased to ¥19,273,714.42 from ¥11,624,754.04, representing an increase of approximately 65.5%[19]. - Operating profit improved to ¥22,186,938.72 from ¥13,666,928.63, an increase of about 62.5%[19]. - The total comprehensive income attributable to the parent company was -27,911,043.98 CNY, compared to 13,472,197.83 CNY in the previous period[20]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 24.19%, reaching -¥110,094,388.35 compared to -¥145,222,917.64 in the previous year[3]. - The net cash flow from operating activities was -110,094,388.35 CNY, an improvement from -145,222,917.64 CNY in the previous period[21]. - Cash inflow from investment activities totaled 1,061,577,780.10 CNY, significantly higher than 85,117,467.40 CNY in the previous period[22]. - The net cash flow from investment activities was 578,770,370.73 CNY, compared to -148,057,049.14 CNY in the previous period[22]. - The net increase in cash and cash equivalents was 495,275,837.44 CNY, reversing a decrease of -295,279,966.78 CNY in the previous period[22]. - The cash outflow for operating activities was 694,541,000.04 CNY, down from 746,576,534.42 CNY in the previous period[21]. - The total cash and cash equivalents at the end of the period reached 2,110,720,079.31 CNY, compared to 903,025,379.58 CNY at the end of the previous period[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,373,951,161.73, a decrease of 0.77% from ¥9,447,040,786.12 at the end of the previous year[3]. - Total liabilities decreased to ¥1,469,738,691.01 from ¥1,488,752,899.90, a reduction of approximately 1.4%[16]. - The company's total assets amounted to ¥9,373,951,161.73, slightly down from ¥9,447,040,786.12[16]. Investment and Shareholder Information - The company reported a significant increase in investment income, which grew by 250.34% year-on-year, attributed to the disposal of equity in associated companies[6]. - The company received government subsidies amounting to ¥577,356.49 during the reporting period[4]. - The weighted average return on equity improved to 0.30% from 0.15% year-on-year[3]. - The total number of common shareholders at the end of the reporting period is 53,598[10]. - The largest shareholder, Li Zhongchu, holds 54.54% of the shares, totaling 1,488,635,366 shares[10]. - The company’s major shareholders include Taobao (China) Software Co., Ltd., holding 13.02% of the shares[10]. - Beijing Yiqin Investment Co., Ltd. participated in margin trading with 20,384,000 shares out of its 91,455,960 shares[10]. Operational Developments - The company signed a significant contract with New World Hotel Management Limited to provide SaaS services for hotel information management systems[11]. - The company is expanding its market presence through new product offerings and strategic partnerships[11]. - The company has provided a guarantee for a bank credit application for its wholly-owned subsidiary, with a maximum guarantee amount of RMB 50 million[12]. Other Financial Metrics - The company experienced a 13402.10% increase in short-term borrowings, driven by operational needs and supplier payments[6]. - Cash and cash equivalents increased by 267.95% compared to the same period last year, primarily due to a higher recovery of principal from term deposits over three months[8]. - Research and development expenses rose to ¥56,628,128.06 from ¥54,594,073.46, an increase of about 3.7%[19]. - The company reported a significant increase in investment income to ¥7,982,835.17 from a loss of ¥5,309,750.05[19]. - Other comprehensive income after tax decreased to -¥49,023,361.62 from ¥2,082,462.18, indicating a negative impact on overall equity[19]. - The trading financial assets increased to RMB 24,790,728.12 from RMB 18,196,979.16[14]. - The accounts receivable decreased to RMB 254,494.96 from RMB 591,646.25[14].

石基信息（002153）公告，2025年第一季度营收为5.92亿元，同比下降6.20%；净利润为2111.23万元， 同比增长85.36%。 ...

北京中长石基信息技术股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 索引 页码 专项说明 1-2 非经营性资金占用及其他关联资金往来情况汇总表 3-5 您可使用手机"扫一扫"或进入"注册会计师行业统一监管理会（htm://room not.gov.cn 据告编码:京25B40 O 0 9 O o o 0 0 O 0 信永中和会计师事务所|北京市东城区朝阳门北大街 联系电话: 关于北京中长石基信息技术股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025BJAA19B0202 北京中长石基信息技术股份有限公司 为了更好地理解石基信息公司 2024 年度非经营性资金占用及其他关联资金往来情 况汇总表,汇总表应当与已审计的财务报表一并阅读。 本专项说明仅供石基信息公司为 2024 年度报告披露之目的使用,未经本事务所书 面同意,不得用于其他任何目的。 l 审计报告(续) XYZH/2025BJAA19B0202 北京中长石基信息技术股份有限公司 北京中长石基信息技术股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了北京中长石基信息技术股份 ...