Investment Rating - The investment rating for the company is "Buy" with a target price of 45.32 RMB [7][8] Core Views - The company achieved a revenue of 7.836 billion RMB in 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million RMB, down 49.08% year-on-year. The performance was below expectations primarily due to delays in traditional project bidding from downstream clients. The company is focusing on cloud and data services, which are progressing well, and is expected to benefit from AI and data demand, particularly in government and industry cloud services [1][2][4] - The cloud and data business generated 1.173 billion RMB in revenue in 2024, an increase of 12.34% year-on-year, accounting for 14.97% of total revenue. The company is expected to leverage its "Xinchuang" positioning advantage in the market [2][4] - The subsidiary, Kingbase, reported a revenue of 433 million RMB in 2024, a year-on-year increase of 16.02%, benefiting from industry demand for Xinchuang. The database management system has passed national security assessments, maintaining a leading position in the industry [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.836 billion RMB and a net profit of 191 million RMB, with significant declines in both metrics compared to the previous year [1][6] - The revenue forecast for 2025 is adjusted to 8.558 billion RMB, with net profit expected to be 408 million RMB, reflecting a recovery trend [4][6] Business Segments - The cloud and data services segment is projected to be the core driver of revenue growth, with a focus on government and industry cloud opportunities [2][4] - The Kingbase database segment is expected to see accelerated revenue growth in 2025 due to ongoing industry demand [3][4] Valuation - The estimated market capitalization is 28.2 billion RMB, with a target price of 45.32 RMB, reflecting a valuation of 15.1x PS for the Kingbase database business and 60.1x PE for other businesses [4][8]

Meeting Information - The annual general meeting of Taiji Computer Co., Ltd. is scheduled for May 15, 2025, at 14:00 [1] - Voting will be conducted both on-site and via online platforms, with specific time slots for internet voting from 9:15 to 15:00 on the same day [1][2] Voting Procedures - Shareholders can choose either on-site voting or online voting, and duplicate votes will be counted based on the first submission [2] - Shareholders must register to attend the meeting, with specific documentation required for different types of shareholders [3][4] Agenda Items - The meeting will review several proposals, including: - Confirmation of 2024 annual related party transactions and estimated transactions for 2025 - Application for comprehensive credit from commercial banks and guarantees for subsidiaries - Application for comprehensive credit from China Electronics Technology Finance Co., Ltd. and related party transactions [2][3] Voting Process - The voting process will allow shareholders to express their opinions on proposals as "agree," "disagree," or "abstain," with specific rules for handling duplicate votes [5][9] - Detailed instructions for participating in online voting are provided, including identity verification requirements [5]

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 0.925 yuan per 10 shares, totaling approximately 57.65 million yuan, which aligns with regulatory requirements and aims to benefit all shareholders, particularly minority shareholders [1][2][5]. Group 1: Profit Distribution Plan - The profit distribution plan is based on a total share capital of 623,231,286 shares as of December 31, 2024, with a cash dividend of 0.925 yuan per 10 shares, amounting to a total distribution of 57,648,893.95 yuan [1][2]. - The company will not increase share capital through reserves or issue bonus shares, and any changes in total share capital due to share buybacks will adjust the distribution ratio while keeping the total cash dividend unchanged [1][2]. Group 2: Financial Performance - The company reported a net profit attributable to shareholders of 191,084,177.64 yuan for the year 2024, with a total distributable profit of 1,025,806,709.11 yuan after accounting for legal reserves and previous undistributed profits [2][4]. - The cumulative cash dividends over the last three fiscal years exceeded 30% of the average net profit for the same period, thus not triggering any risk warning under the Shenzhen Stock Exchange listing rules [3][5]. Group 3: Compliance and Justification - The profit distribution plan complies with relevant laws and regulations, including the Company Law and Securities Law, and considers the company's profitability, financial condition, and funding needs while ensuring long-term development [5]. - The cash dividend level is consistent with the average level of listed companies in the same industry, indicating a balanced approach to shareholder returns [5].

证券代码：002368 证券简称：太极股份 公告编号：2025-004 太极计算机股份有限公司 第六届董事会第十九次会议决议公告 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"）第六届董事会第十九次会议通 知于 2025 年 3 月 21 日以直接送达、电话或电子邮件的方式发出，会议于 2025 年 4 月 1 日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《2024年度董事会工作报告》 公司独立董事分别向董事会提交了《2024年度独立董事述职报告》，并将在 公司2024年度股东大会上述职。董事会依据独立董事提交的《独立董事独立性自 查情况表》，出具了《关于独立董事独立性情况的专项意见》。 （四）审议通过了《2024年度财务决算报告》 本议案 ...

Core Viewpoint - Taiji Co., Ltd. reported a significant decline in both revenue and net profit for 2024, indicating substantial operational pressure and challenges in market competition and business expansion [1][4][7] Revenue and Profit Decline - The company achieved a revenue of 7.836 billion yuan in 2024, a year-on-year decrease of 14.77% [1] - The net profit attributable to shareholders was 191 million yuan, down 49.08% year-on-year [1] - Despite an increase in gross margin to 24.08%, this did not translate into profit growth [4] - Operating cash flow improved by 347 million yuan, but overall performance continued to decline [4] Business Segment Performance - Key business segments, including cloud and data services, proprietary software products, industry solutions, and digital infrastructure, did not show significant growth [4] - Major information technology projects in digital government and smart cities had limited profitability, failing to contribute sufficient profit [4] - Delays in market expansion and project delivery led to issues with timely payment collection, exacerbating financial pressure [4] Innovation and Market Competition - The performance in the Xinchuang (innovation) business was also disappointing, with subsidiary Electric Science JinCang achieving a revenue of 433 million yuan, a 16.02% increase, but net profit growth slowed to 6.42% [5] - Despite leading in security technology, the company did not gain a significant competitive advantage in the market [5][6] - The management software sector showed lackluster performance, with limited market share growth despite new product launches [5][6] Digital Transformation Challenges - The pace of digital transformation was slow, particularly in the utilization of data elements [7] - The launch of the Taiji Trusted Data Space V1.0 did not yield significant commercial value [7] - The company’s cloud services performance was also underwhelming, with limited profitability from projects like the Changchun Computing Power Center [7]

太极计算机股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2025]0011001616 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 Da Hua Certified Public Accountants（Special General Partnership） 太极计算机股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 二、 太极计算机股份有限公司 2024 年度非经营性 资金占用及其他关联资金往来情况汇总表 1-4 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 控 股 股 东 及 其 他 关 联 方 根据中国证券监督管理委员会发布的《上市公司监管指引第 8 号 ——上市公司资金往来、对外担保的监管要求》（证监会公告[2022]26 号）和深圳证券交易所《深圳 ...

关于太极计算机股份有限公司 涉及财务公司关联交易的存款、贷款等金融业务的专项说明 （2024 年度） 目 录 页 次 关于太极计算机股份有限公司 2024 年度涉及财务公司关联交易的存 款、贷款等金融业务的专项说明 大华核字[2025]0011001617 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 一、 专项说明 1-2 二、 太极计算机股份有限公司 2024 年度涉及财务 公司关联交易的存款、贷款等金融业务汇总表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 涉 及 财 务 公 司 关 联 交 易 的 存 款 、 贷 款 等 金 融 业 务 的 专 项 说 明 大华核字[2025] 0011001617 号 太极计算机股份有限公司全体股东： 我们接受委托，依据《中国注册会计 ...

太极计算机股份有限公司 内部控制审计报告 大华内字[2025]0011000042 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 太极计算机股份有限公司 内部控制审计报告 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了太极计算机股份有限公司（以下简称"太极股份"） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外 ...

太极计算机股份有限公司 审计报告 大华审字[2025]0011003643 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants（Special General Partnership） 太极计算机股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-7 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-133 | 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [10 ...

太极计算机股份有限公司 独立董事周一兵先生 2024 年度述职报告 各位股东、股东代表： 作为太极计算机股份有限公司（以下简称"公司"或"本公司"）的独立董 事，本人严格遵守《公司法》《上市公司治理准则》《上市公司独立董事管理办 法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律法规以及《公司章程》《独立董事工作制度》等有关规章制度的规定 和要求，本着客观、公正、独立的原则，勤勉尽责、独立履职，及时了解公司经 营管理及发展情况，促进公司规范运作、健康发展，维护公司、全体股东特别是 中小股东的利益。现将本人报告期内工作情况报告如下： 一、独立董事基本情况 （一）基本情况 周一兵，男，中国国籍，毕业于中国科学技术大学精密机械与精密仪器专业， 本科学历。1996 年起历任联想集团事业部副总经理，神州数码控股有限公司 LTL 事业部总经理、沈阳平台总经理、系统集成本部总经理、助理总裁、副总裁，神 州数码信息服务股份有限公司副总裁、总裁，伟仕佳杰控股有限公司副主席、中 国区董事长；现任北京星链南天科技有限公司副董事长、上海溪盎科技有限公司 董事长，本公司独立董事。 （二）独立性自查情况 ...