Core Viewpoint - The company, Dasan Intelligent (002421), is primarily focused on domestic business but is beginning to expand its overseas operations, with revenue from international markets expected to exceed one million in the first half of 2025 [1] Group 1: Domestic and International Business Focus - The company currently emphasizes domestic operations while gradually developing its overseas business [1] - The overseas revenue is projected to surpass one million, mainly from Southeast Asia and the Middle East, by mid-2025 [1] Group 2: Strategies for Overseas Expansion - The company employs three main strategies for international market expansion: accompanying Chinese enterprises abroad, establishing wholly-owned subsidiaries for localized services, and collaborating with ecosystem partners [1] - A wholly-owned subsidiary has already been established in Malaysia, and another is in preparation in Saudi Arabia [1] Group 3: International Projects and Clients - The company has provided services for various projects in Vietnam, Thailand, Indonesia, and Qatar, including clients such as Nine Dragons Paper, Luxshare Precision (002475), and JA Solar (002459) [1] - Despite these international projects, overseas business currently represents a relatively small portion of the company's overall revenue and does not significantly impact its operations [1]

证券日报网讯 达实智能（002421）9月9日发布公告，在公司回答调研者提问时表示，公司的企业客户 主要由三大类企业构成：高端制造、金融和科技。在高端制造领域，客户包括宁德时代（300750）、比 亚迪（002594）、立讯精密（002475）等知名企业。金融客户涵盖招商证券、中金公司（601995）、国 投证券等。在科技板块，字节跳动、唯品会、金蝶等均为我们的重要客户。截至2024年底，公司已服务 全国56.9%的500亿市值以上的上市公司。整体来看，公司的企业客户主要为行业领先企业。未来，公 司将依托AI应用，进一步拓展对优质客户的全方位服务。 ...

Core Viewpoint - The company, Dasan Intelligent (002421), is actively transforming its business model from a traditional integrator to a provider of smart space products and solutions based on the AIoT (Artificial Intelligence of Things) platform, focusing on intelligent and energy-saving services for users [1] Financial Performance - In the first half of 2025, the signed amount for AIoT platform products increased to 25.04 million yuan from 7.97 million yuan in the same period last year, representing a year-on-year growth of 214.35% [1] - Revenue from AIoT platform products rose to 13.56 million yuan, up from 10.87 million yuan year-on-year, marking a growth of 24.77% [1] Strategic Focus - The company plans to continue increasing investments in the AIoT platform, independent product research and development, and market promotion to enhance the revenue share of its proprietary products and accelerate the completion of its strategic transformation [1]

Core Viewpoint - The company announced that its AIoT IoT platform is compatible with approximately 95% of building electromechanical equipment categories, indicating a strong market position and technological capability [1] Company Summary - The company has developed an AIoT IoT platform that allows for efficient connectivity and high device access efficiency through the automatic synchronization of new devices connected at the edge [1]

Group 1: Company Overview and Strategy - The company has clarified its strategic goal of "AI + IoT," focusing on AIoT platform as the core and modular application scenarios as support for smart space solutions [1] - In the first half of 2025, the company launched the AIoT intelligent IoT control platform V7, optimizing various AI applications [1] - The company has established an "AI + IoT" open laboratory, collaborating with 9 universities and entrepreneurial teams to co-create AI applications [1] Group 2: Financial Performance - In H1 2025, the company achieved revenue of CNY 990 million, with a net loss of CNY 88.76 million due to downstream demand fluctuations and project delays [1] - Operating cash flow improved compared to the previous period, with a 3.2% decrease in sales, management, and financial expenses [1] - The signed amount for AIoT platform products increased from CNY 7.97 million to CNY 25.04 million, a year-on-year growth of 214.35% [1] - Revenue from AIoT platform products rose from CNY 10.87 million to CNY 13.56 million, a year-on-year increase of 24.77% [1] Group 3: Market Position and Client Base - The company has served 57 out of 93 large manufacturing listed companies in Shenzhen, achieving a coverage rate of 61.3% [2] - The client base includes leading enterprises in high-end manufacturing, finance, and technology, such as Ningde Times and ByteDance [2] - As of the end of 2024, the company has served 56.9% of listed companies with a market value of over CNY 50 billion nationwide [2] Group 4: Competitive Advantages - The company holds 392 patents and 563 software copyrights, with a focus on R&D and innovation in AIoT technology [3] - It has completed over 3,000 projects in the smart building and park sector, serving major clients like China Merchants Bank and BYD [3] - The company has hosted over 100,000 visitors at its carbon-neutral demonstration building, enhancing customer experience and trust [3] Group 5: AI Application Impact - AI energy-saving applications can reduce energy consumption by over 25%, saving approximately CNY 2 million annually [3] - The number of property management personnel was reduced from 156 to 100, achieving a reduction of over 25% [3] - The occupancy rate of the company's building is between 10%-20%, significantly better than the market average of around 30% [3]

Group 1 - The core viewpoint of the news is that Dashi Intelligent has experienced a decline in stock price, with a cumulative drop of 8.4% over three consecutive days, currently trading at 3.49 CNY per share [1] - Dashi Intelligent, established on March 17, 1995, and listed on June 3, 2010, is based in Shenzhen, Guangdong Province, and specializes in building intelligence and energy-saving services, as well as green building public engineering and industrial automation [1] - The company's main business revenue composition includes: 79.25% from smart space overall solutions, 12.60% from smart space products and technical services, and 8.15% from smart space operation services and other businesses [1] Group 2 - From the perspective of Dashi Intelligent's top ten circulating shareholders, GF Fund's Guangfa CSI 1000 ETF increased its holdings by 2.0494 million shares in the second quarter, holding a total of 9.3219 million shares, accounting for 0.46% of circulating shares [2] - The Guangfa CSI 1000 ETF, established on July 28, 2022, has a latest scale of 30.718 billion CNY, with a year-to-date return of 22.11% and a one-year return of 59.17% [2] - The fund manager, Luo Guoqing, has a tenure of 9 years and 330 days, with the fund's total asset scale at 67.565 billion CNY, achieving the best return of 74.19% and the worst return of -48.08% during his tenure [2]

Core Viewpoint - The company is facing challenges with a net profit loss in the first half of 2025, but it is experiencing significant growth in AI-related business and is optimistic about future strategic opportunities in AI, digital transformation, and carbon neutrality goals [2][3]. Financial Performance - In the first half of 2025, the company reported a net profit loss of 88.76 million yuan, primarily due to fluctuations in downstream demand and delays in project implementation [2]. - Operating cash flow has improved, with a 3.2% decrease in sales, management, and financial expenses compared to the same period last year, leading to an optimized asset structure [2]. - The signed amount for AIoT platform products increased from 7.97 million yuan to 25.04 million yuan, a growth of 214.35%, while revenue rose from 10.87 million yuan to 13.56 million yuan, achieving a 24.77% increase [2]. Strategic Outlook - The company aims to leverage opportunities in AI, digital transformation, and carbon neutrality by replicating benchmark cases like those of China Merchants Bank and CATL in more sectors such as finance, technology, and high-end manufacturing [3]. - The company has served 61.3% of large manufacturing listed companies in Shenzhen and 56.9% of listed companies with a market value over 50 billion yuan nationwide, which will support the promotion of AI applications [3]. Management Insights - The management team addressed investor concerns regarding AI technology applications, stock building, and the reasons behind the loss, emphasizing a shift from scale to high-quality development [4]. - The company is focusing on optimizing its product offerings for the existing building renovation market and has seen faster order growth in the enterprise park sector compared to hospitals and data centers [4]. - The company is also managing accounts receivable effectively, with a focus on optimizing customer structure and strengthening risk control [4]. Operational Developments - The company has established a subsidiary in Malaysia and is advancing the establishment of a subsidiary in Saudi Arabia, with overseas business revenue exceeding one million yuan in the first half of 2025 [4]. - The rental rate of the company's building reached 80%-90%, outperforming the market due to the application of AI and IoT technologies [4]. - The company is enhancing its gate products with AI technology to improve efficiency and safety, resulting in significant upgrades in energy savings and user experience [4].

Group 1: Company Strategy and Technology - The company has clarified its strategic goal of "AI + IoT," focusing on AIoT platforms and modular applications for smart space solutions [1][2] - The AIoT intelligent management platform V7 was launched, optimizing energy consumption and integrating generative AI for innovative applications [1][2] - The company has established an "AI + IoT" open laboratory, collaborating with 9 universities and startups to co-create AI applications [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 990 million, with a net loss of CNY 88.76 million due to fluctuations in downstream demand and project delays [2][4] - The signing amount for AIoT platform products increased from CNY 7.97 million to CNY 25.04 million, a growth of 214.35% year-on-year [2][5] - Revenue from AI-related products rose from CNY 10.87 million to CNY 13.56 million, achieving a growth of 24.77% [2][5] Group 3: Market Coverage and Client Base - As of the end of 2024, the company served 57 out of 93 large manufacturing listed companies in Shenzhen, covering 61.3% of this market segment [3][8] - The company has also served 153 out of 269 listed companies with a market value over CNY 50 billion nationwide, achieving a coverage rate of 56.9% [3][8] - The revenue distribution for the first half of 2025 was 48% from enterprise parks, 39% from hospitals, and 13% from transportation and data centers [8] Group 4: Challenges and Future Outlook - The company acknowledged a significant decrease in net profit due to fewer signed projects compared to the previous year, indicating a shift towards high-quality development [4][5] - The company is optimistic about overcoming current challenges, supported by strong asset conditions and cash reserves [5] - Future growth is expected to be driven by AI technology opportunities, increasing domestic substitution demand, and the national "dual carbon" goals [6][9] Group 5: Risk Management and Financial Health - The company has implemented strict management of accounts receivable, with 4.8% attributed to real estate companies and 1% to Evergrande, indicating low risk of loss [7] - The total accounts receivable from PPP projects amounted to over CNY 700 million, accounting for 36% of total receivables [7] - The company has restructured the Hongze project, resulting in a loss of CNY 300 million but improving cash flow and reducing liabilities [6][7]

Summary of DaShi Intelligent Conference Call Company Overview - **Company**: DaShi Intelligent - **Industry**: AIoT (Artificial Intelligence of Things) solutions for smart buildings, energy management, and property management Key Points and Arguments 1. **AIoT Platform Development**: DaShi Intelligent has developed its AIoT platform, V7 version, integrating large language models to provide comprehensive solutions for enterprises, hospitals, and subways, enhancing user experience [2][5][7] 2. **Energy Consumption Analysis**: The company utilized its "XiaoDa IoT" mini-program to analyze energy consumption data, identifying the 12th floor of its Shenzhen office as the highest energy consumer, recommending checks on the air conditioning system for efficiency [2][6] 3. **Financial Performance**: In the first half of 2025, the company reported nearly 1 billion yuan in main business revenue but a net loss of 80 million yuan. However, AIoT platform contracts grew over 200% year-on-year, with a 25% revenue increase [2][11] 4. **Asset Strength**: DaShi holds 1.237 billion yuan in cash and valuable fixed assets, including a high-rise headquarters, providing a solid foundation to mitigate performance decline risks [2][12] 5. **Client Focus**: The company targets high-quality clients, including financial and high-tech enterprises, serving 61% of Shenzhen's large manufacturing listed companies and 57% of national companies with over 10 billion yuan market value [2][13] 6. **Technological Innovation**: DaShi has transitioned from localized to cloud deployment, shifting from one-time delivery to SaaS services, adapting to the challenges of smart building renovations [4][22] 7. **Energy Savings Achievements**: The company has saved 1.53 billion kWh of energy and reduced CO2 emissions by 532,000 tons through its advanced cooling control systems [4][16] 8. **Market Strategy**: DaShi's market strategy includes focusing on high-end enterprise smart parks, hospitals, and data centers, with significant growth in these areas due to AI advancements [23][32] 9. **Management Changes**: Recent organizational adjustments have introduced younger leadership while retaining experienced personnel for strategic development [31] 10. **Future Growth Logic**: The company's growth is driven by AI opportunities, increasing domestic substitution demand, and energy-saving renovation needs under national carbon policies [32] Additional Important Content 1. **Product Offerings**: DaShi provides a range of products, including access control systems, energy management systems, and integrated software platforms for various applications [8] 2. **International Expansion**: The company has established subsidiaries in Malaysia and plans to set up in Saudi Arabia, aiming for significant revenue growth in overseas markets [41] 3. **Client Base**: Major clients include large enterprises, hospitals, and data centers, with a strong presence in Shenzhen and nationwide [34] 4. **Smart Building Applications**: The integration of AI and IoT has led to significant improvements in operational efficiency, such as in the Shenzhen subway ticketing system, which increased throughput from 10 to over 50 people per minute [42] 5. **Cultural Impact**: The company emphasizes corporate culture, enhancing employee engagement and customer satisfaction through innovative product designs and strategic employee development programs [43] This summary encapsulates the essential insights from DaShi Intelligent's conference call, highlighting its strategic focus, financial performance, technological advancements, and market positioning.

Group 1 - The core point of the article is that Dasan Intelligent announced the approval of multiple proposals, including the reappointment of the accounting firm, during its second extraordinary general meeting of shareholders in 2025 [2] Group 2 - The announcement was made on the evening of September 2, indicating the company's ongoing governance and compliance efforts [2] - The reappointment of the accounting firm is a significant step for the company, reflecting its commitment to maintaining financial transparency and accountability [2]