证券代码：002368 证券简称：太极股份 公告编号：2025-024 太极计算机股份有限公司 第六届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届董事会第二十一次会议 通知于 2025 年 8 月 18 日以直接送达、电话或电子邮件的方式发出，会议于 2025 年 8 月 28 日下午 14:00 在北京市朝阳区容达路 7 号院中国电科太极信息产业园 C 座会议中心以现场结合通讯方式召开。 本次会议应到董事 9 位，实到董事 9 位，公司部分监事、高级管理人员列席 了会议，会议由董事长吕翊先生主持。本次会议的召开符合《公司法》和《公司 章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于<2025年半年度报告>及其摘要的议案》 公司严格按照《证券法》及《深圳证券交易所股票上市规则》的规定，并根 据自身实际情况，完成了 2025 年半年度报告的编制及审议工作。公司董事、监 事、高级管理人员就该报告签署了书面确认意见，监事会出具了书面审核意见。 2 ...

Financial Performance - The company's operating revenue for the first half of 2025 reached ¥3,781,592,555.80, representing a 44.69% increase compared to ¥2,613,628,401.58 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥9,646,710.19, a significant turnaround from a loss of ¥158,850,554.88 in the previous year, marking a 106.07% improvement[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,206,796.60, compared to a loss of ¥164,195,935.05 in the same period last year, reflecting a 104.39% increase[17]. - The basic earnings per share improved to ¥0.0155 from a loss of ¥0.2549, indicating a 106.08% increase[17]. - The total operating revenue for the reporting period was CNY 3,781,592,555.80, an increase of 44.69% compared to CNY 2,613,628,401.58 in the same period last year[43]. - The company reported a net loss from investment income of CNY -5,465,109.29, which is -30.94% of total profit[49]. - The company reported a total comprehensive income of CNY 58,433,763.36 for the first half of 2025, recovering from a total comprehensive loss of CNY 106,362,984.15 in the first half of 2024[136]. Assets and Liabilities - The total assets at the end of the reporting period were ¥15,553,970,193.68, a decrease of 2.86% from ¥16,012,049,788.95 at the end of the previous year[17]. - The company's total current assets decreased from CNY 12,102,438,062.99 to CNY 11,624,891,442.29, a decline of approximately 3.95%[124]. - The company's total liabilities decreased from CNY 10,410,673,489.16 to CNY 9,940,158,335.71, a decline of approximately 4.52%[126]. - The company's accounts receivable increased to CNY 5,208,497,297.80, accounting for 33.49% of total assets, up from 28.82% last year[51]. - The company's total equity attributable to shareholders increased slightly from CNY 5,240,388,400.93 to CNY 5,250,035,111.12, an increase of approximately 0.19%[126]. Cash Flow - The net cash flow from operating activities was negative at -¥2,008,773,888.33, which is an 8.90% decline compared to -¥1,844,673,569.19 in the same period last year[17]. - The company's cash flow from operating activities showed a net outflow of CNY -2,008,773,888.33, worsening by 8.90% compared to the previous year[44]. - The cash and cash equivalents decreased to CNY 831,356,956.63, down by 8.69% from CNY 2,246,346,135.63 at the end of the previous year[51]. - The cash flow from financing activities generated a net inflow of CNY 768,877,420.84 in the first half of 2025, compared to a net inflow of CNY 1,266,022,382.06 in the first half of 2024[138]. Market and Strategic Focus - The company is focusing on the "one body, two wings, and three engines" strategy to enhance its business model from project-driven to value-driven[27]. - The company aims to become the best digital service provider in China by deepening strategic industries and optimizing core products and services[27]. - The company signed new contracts in the信创 field totaling nearly 2 billion yuan with government clients across multiple provinces, indicating significant market expansion[30]. - The company plans to focus on top-tier enterprises to deepen cooperation and enhance digital solutions to optimize operational efficiency and improve cost structures[65]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[152]. Research and Development - The company launched four innovative products, including the KES V9 2025 integrated database and the KEMCC enterprise-level unified control platform, aimed at enhancing AI integration in database solutions[34]. - The company’s R&D investment was CNY 199,765,336.57, reflecting a slight increase of 2.38% from CNY 195,113,102.91[44]. - Research and development expenses increased to CNY 110,244,379.76 in the first half of 2025, up from CNY 79,640,224.65 in the first half of 2024, reflecting a growth of 38.4%[132]. Shareholder and Governance - The controlling shareholder increased its stake by acquiring 10,204,912 shares, representing 1.64% of the total share capital, with a total investment of CNY 250,012,712.48[42]. - The company emphasizes the protection of all shareholders' interests and will not engage in business arrangements that disadvantage itself for the benefit of other enterprises[77]. - The commitment to avoid related party transactions that could harm minority shareholders is strictly adhered to, ensuring market-based pricing principles[77]. - The company guarantees compliance with legal regulations regarding corporate governance to maintain operational independence and protect shareholder interests[77]. Risks and Challenges - The company faces risks related to market environment, industry competition, and innovation transformation as outlined in the risk management section[3]. - The company aims to enhance its innovation and R&D mechanisms to address multi-dimensional competition in the digital technology sector[66]. Compliance and Legal Matters - The semi-annual financial report was not audited[82]. - The company did not experience any bankruptcy reorganization matters during the reporting period[84]. - There were no major litigation or arbitration matters during the reporting period[85]. - The company reported a total of 31,685,000 CNY involved in non-significant litigation cases, which have not yet gone to court[85].

Core Viewpoint - Taiji Technology Co., Ltd. has shown a significant stock price increase of 25.83% year-to-date, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to March 2025, Taiji Technology reported a revenue of 1.396 billion yuan, a year-on-year decrease of 15.96%, and a net profit attributable to shareholders of 16.2612 million yuan, a slight decrease of 0.42% [2]. - The company has cumulatively distributed 1.191 billion yuan in dividends since its A-share listing, with 284 million yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, the number of shareholders for Taiji Technology is 55,600, a decrease of 3.76% from the previous period, while the average circulating shares per person increased by 3.90% to 11,151 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 7.9141 million shares (a decrease of 248,900 shares), and Southern CSI 500 ETF, holding 5.6462 million shares (a decrease of 611,600 shares). Additionally, E Fund CSI Artificial Intelligence Theme ETF is a new shareholder with 3.6921 million shares [3]. Stock Performance - As of August 28, Taiji Technology's stock price reached 29.68 yuan per share, with a trading volume of 297 million yuan and a turnover rate of 1.64%. The total market capitalization stands at 18.498 billion yuan [1]. - The stock has experienced a 1.19% increase over the last five trading days, a 19.39% increase over the last 20 days, and a 22.71% increase over the last 60 days [1]. Business Overview - Taiji Technology, established on October 10, 1987, and listed on March 12, 2010, is based in Beijing and specializes in providing industry solutions, IT consulting services, and value-added IT products. The revenue composition includes 43.87% from industry solutions, 24.65% from proprietary software products, 14.97% from cloud and data services, and 14.68% from digital infrastructure [1]. - The company operates within the computer-IT services sector and is associated with concepts such as data elements, smart governance, Huawei Harmony, digital economy, and cybersecurity [1].

Core Viewpoint - The rapid urbanization in China has led to an increased complexity in urban management, necessitating digital solutions like digital urban management, which is projected to reach a market size of 9.69 trillion yuan by 2024, reflecting a year-on-year growth of 13.73% [1][7]. Group 1: Industry Overview - Digital urban management refers to the integration of information technology and mobile communication to transform administrative processes, creating a centralized management and command center for efficient urban governance [3][5]. - The digital urban management model has evolved since 2003, transitioning from a rudimentary to a sophisticated system that enhances urban management efficiency [5][6]. Group 2: Market Size and Growth - By the end of 2024, China's urbanization rate is expected to reach 67%, a significant increase from 11% in 1949, marking the fastest urbanization process globally [1][7]. - The digital urban management industry is projected to grow to a market size of 9.69 trillion yuan in 2024, with a year-on-year increase of 13.73% [1][7]. Group 3: Industry Chain - The industry chain consists of upstream suppliers of hardware and software, midstream digital urban management services, and downstream applications in urban governance, including urban planning, traffic management, and public safety [6][7]. Group 4: Competitive Landscape - The industry is characterized by a "leading enterprises dominate + vertical field deep cultivation" structure, with major companies providing comprehensive solutions while niche players focus on specific areas like smart traffic and security [9][10]. Group 5: Development Trends - The industry is driven by supportive government policies aimed at enhancing urban infrastructure and management efficiency, with a focus on data sharing and integration [11]. - Technological advancements, including AI and IoT, are expected to enhance the effectiveness of digital urban management, leading to more intelligent and integrated systems [11][12]. - The shift towards collaborative governance will break down traditional departmental barriers, enabling seamless information sharing and coordinated responses to urban challenges [12].

Group 1 - The State Council released opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027, and over 90% by 2030 [1] - The initiative includes building national AI application pilot bases, promoting the intelligent transformation of software and information service companies, and developing AI application service providers [1] - The focus is on creating a smart product ecosystem, with significant development in smart connected vehicles, AI smartphones and computers, smart robots, smart homes, and wearable devices [1] Group 2 - Huatai Securities believes that generative AI is entering a new development stage dominated by AI agents, which are seen as "digital employees" capable of understanding, planning, and executing complex tasks [2] - The demand for energy and semiconductors is rapidly increasing as AI agents transition from experimental to large-scale deployment, making these resources strategic and bottleneck factors for AI development [2] - Northeast Securities highlights that edge AI is evolving terminal devices from "single-function" to "scene intelligence," creating a core technology foundation for the Internet of Everything [2] Group 3 - Companies involved in AI applications across various sectors include: - AI + Government: Taiji Co., South威 Software, Newpoint Software, Digital Government, and Tuoer Si [3] - AI + Justice: Jinqiao Information, Huayu Software, and Tongda Hai [3] - AI + Finance and Tax: Tax Friend Co., Zhongke Jiangnan, and Bosi Software [3] - AI + Enterprise Services: Kingsoft Office, Yonyou Network, Kingdee International, Inspur Digital Enterprise, Guangyun Technology, Zhiyuan Interconnection, and Fanwei Network [3] - AI + Programming: Jin Modern and Puyuan Information [3] Group 4 - Companies such as Kute Intelligent and Nanxing Co. are identified as active entities in the AI agent space [4]

Group 1 - The company Taiji Co., Ltd. announced on August 25 that it is collaborating with Zhonghao Xinying on projects such as the Tianjin Mobile TPU Intelligent Computing Center [2] - The collaboration aims to advance the domestic computing power ecosystem to a higher level [2]

Group 1 - The company Taiji Co., Ltd. (002368.SZ) is collaborating with Zhonghao Xinying on projects such as the Tianjin Mobile TPU Intelligent Computing Center [1] - The partnership aims to advance the domestic computing power ecosystem to a higher level [1]

Investment Rating - The report maintains a "Positive" outlook on the computer industry, indicating expectations for the sector to outperform the overall market performance in the coming months [2]. Core Insights - The domestic AI chip market is experiencing robust supply and demand, with significant developments from companies like DeepSeek, Huawei, and Cambricon, which are forming a comprehensive ecosystem for domestic chips [4][16]. - Key companies such as Kingsoft Office, JD Health, and Taiji Co. are showing strong performance, with Kingsoft's AI commercialization accelerating and JD Health exceeding revenue expectations [4][31][35]. - The report highlights the increasing capital expenditure among domestic internet giants, which is expected to drive demand for domestic computing power [25][27]. Summary by Sections Domestic AI Chips - The release of DeepSeek's V3.1 model emphasizes a shift towards domestic computing power, indicating a gradual transition from reliance on NVIDIA chips [4][6]. - Major domestic chip manufacturers like Huawei, Cambricon, and Haiguang are establishing their ecosystems, with Huawei's Ascend chips nearing the performance of NVIDIA's H100 [17][19]. - The report notes the importance of "super nodes" in AI computing, showcasing advancements in system-level integration and interconnectivity [13][15]. Key Company Updates - **Kingsoft Office**: Reported H1 2025 revenue of 2.66 billion, up 10.1% YoY, with AI-driven growth in its WPS365 platform [31][32]. - **JD Health**: Achieved H1 2025 revenue of 35.3 billion, a 25% increase YoY, driven by strong sales in pharmaceuticals and digital marketing [35][36]. - **Taiji Co.**: Focused on AI solutions for healthcare and legal sectors, with its "ZhiLing" medical AI solution recognized as a benchmark case in the industry [37][38]. Capital Expenditure Trends - Domestic internet giants are expected to increase their capital expenditures, with Q2 2025 showing a significant rise in spending, reflecting strong demand for AI cloud services [25][27][28]. - The report compares domestic and overseas capital expenditure intensity, noting that domestic firms have room for growth in this area [25][26]. Investment Targets - The report identifies several investment targets across different segments, including AIGC applications, digital economy leaders, and AI computing power providers [39].

Core Viewpoint - The smart emergency industry in China is experiencing strong growth driven by digital transformation and increasing public safety awareness, with a projected market size of approximately 24.8 billion yuan in 2024, representing a year-on-year growth of 13.76% [1][12]. Industry Overview - Smart emergency refers to the use of modern information technologies (such as IoT, big data, cloud computing, and artificial intelligence) for the comprehensive management of emergency events, emphasizing efficiency and quality through information technology [1]. - The industry encompasses various segments including training, decision support, monitoring and early warning, post-disaster recovery, rescue operations, and command and dispatch [1]. Industry Value Chain - The upstream of the smart emergency industry includes hardware devices such as chips, sensors, electronic components, servers, drones, and robots, as well as software and technologies like operating systems, middleware, databases, cloud computing, big data, artificial intelligence, and digital twins [4]. - The midstream involves system integration and service, while the downstream applications are primarily in government and public services, industrial sectors, and urban communities [4]. Market Size - The smart emergency application industry in China is projected to reach approximately 24.8 billion yuan in 2024, with a year-on-year growth of 13.76%, driven by urbanization and the increasing frequency of natural disasters [12]. Key Companies' Performance - The competitive landscape of the smart emergency industry features a "leading enterprises + small and medium enterprises + cross-industry integration" model, with major players like Unicom Digital, Huawei, and Chen'an Technology holding significant market shares [14]. - Unicom Digital leads the smart emergency platform market, having connected 78% of provincial administrative regions through its national emergency management cloud platform [14]. - Chen'an Technology reported a revenue of 200 million yuan in Q1 2025, a year-on-year increase of 55.76%, while its net profit was -34 million yuan, up 41.32% [15]. - Tai Chi Technology's revenue in Q1 2025 was 1.396 billion yuan, a year-on-year decrease of 15.96%, with a net profit of 16 million yuan, down 0.42% [17]. Industry Development Trends 1. **Integration of Cutting-edge Technologies**: The smart emergency industry will accelerate technology integration, with advancements in virtual reality and quantum computing enhancing emergency management capabilities [19]. 2. **Innovation in Service Models**: New business models such as emergency insurance and social rescue will emerge, expanding the market space for emergency services [20]. 3. **Accelerated Globalization**: The globalization of China's smart emergency industry will enhance its international influence, with initiatives like the "Digital Silk Road" facilitating the export of monitoring and rescue systems [21].

Core Viewpoint - The company, Taiji Co., focuses on cloud and data services, proprietary software products, industry solutions, and digital infrastructure, indicating a strong presence in the technology sector [1] Group 1: Business Overview - The main business areas of the company include cloud and data services, proprietary software products, industry solutions, and digital infrastructure [1] - In the cloud and data services segment, the company covers various fields such as government cloud, state-owned assets cloud, and trusted innovation cloud [1] - The company has been providing government cloud services for several years to regions including Beijing, Tianjin, and Hainan, showcasing its established market presence [1] Group 2: Infrastructure Development - The company has constructed the computing power infrastructure for government cloud services in certain regions, highlighting its role in building digital capabilities for local governments [1]