Group 1 - The core point of the article is that Guangzhou Shiyuan Electronic Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are China International Capital Corporation (CICC) and GF Securities Hong Kong [1]

Core Viewpoint - The market is increasingly recognizing the potential of Shiyuan Co., Ltd. in the AI + education sector, as evidenced by recent coverage from multiple securities firms [1][3]. Group 1: Company Developments - Shiyuan Co., Ltd. is a leading player in educational information technology, leveraging its Hiwo brand to implement deep AI applications across various educational scenarios [1]. - The company is focusing on building capabilities around large models and utilizing a cloud-edge-end collaborative platform to enhance AI functionalities in its products [1]. - The recent "1+5+N" smart education plan launched at a higher education expo connects a teaching management platform with five subsystems, covering critical aspects of education [1]. Group 2: Product Innovations - The company has made significant progress in AI learning terminals, with a rapid increase in sales of multi-price range learning machines set to launch in 2024 [2]. - The collaboration with various tech companies aims to expand the boundaries of AI education, with initiatives like the "AI + Education New Ecosystem Initiative" led by Hiwo [2]. - Shiyuan Co., Ltd. is innovating new teaching scenarios such as "AI + Science" and "AI + Sports" through partnerships with ecological enterprises [2]. Group 3: Market Recognition - The concentrated coverage from financial institutions reflects the market's acknowledgment of Shiyuan Co., Ltd.'s ongoing investments in AI + education and the tangible results achieved [3]. - The company is positioned to benefit from policy support and industry trends, driving improvements in profitability through continuous product iterations in the AI + education space [3].

Core Insights - MAXHUB showcased its complete Microsoft Teams Rooms solutions at InfoComm USA 2025, emphasizing a digital transformation in office communication with a theme of "Possibility in Every Space" [1] - The company targeted four key groups: IT teams, end-users, decision-makers, and channel partners, addressing pain points in collaboration scenarios with innovative solutions [2] - MAXHUB's product matrix covers enterprise meetings, education, and digital signage, highlighting its leading position in the Windows Teams ecosystem [2] Product Highlights - The MAXHUB Express Install kit simplifies Microsoft Teams Rooms setup with a plug-and-play design, reducing installation time and costs while offering various display sizes from 43 inches to 65 inches [3] - MAXHUB XBoard is an integrated interactive display certified for Microsoft Teams Rooms, featuring a 50MP triple-camera system and AI capabilities for automatic focus and speaker tracking [3][5] - MAXHUB UC P30 is a 4K dual-lens camera designed for medium to large meeting rooms, equipped with advanced privacy controls and optimized for complex lighting conditions [5] Technological Advancements - In 2024, the company invested CNY 1.54 billion in R&D, a 7.2% increase year-on-year, establishing a three-generation rolling R&D mechanism to enhance MAXHUB products and services [6] - The company focuses on AI technology with capabilities in perception, analysis, and generation, developing two scenario-based models for educational and meeting environments [6] - MAXHUB aims to drive digital transformation through continuous technological iteration and ecosystem integration, positioning itself as a leader in commercial display and collaborative office solutions [6]

Group 1 - The company held its ninth meeting of the fifth board of directors on June 12, 2025, to discuss key resolutions related to its H-share issuance and listing in Hong Kong [1][2]. - The board approved the establishment of a business address in Hong Kong and the registration as a non-Hong Kong company, which is necessary for the H-share issuance [1]. - The board appointed two joint company secretaries and designated representatives in accordance with the Hong Kong Stock Exchange listing rules [2]. Group 2 - The board made adjustments to the audit and nomination committee members to enhance corporate governance following the H-share issuance [2][3]. - The new audit committee members include Liu Yunguo (Chairman), Zhu Yikun, and Liu Da [2]. - The new nomination committee members include Zhu Yikun (Chairman), Liu Yunguo, and Yu Wei [3].

第五届董事会第九次会议决议公告 证券代码：002841 证券简称：视源股份 公告编号：2025-034 广州视源电子科技股份有限公司 第五届董事会第九次会议决议公告 本公司及董事会全体委员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 广州视源电子科技股份有限公司（以下简称"公司"）第五届董事会第九次 会议于 2025 年 6 月 12 日 14:00 以现场结合通讯的方式召开。会议通知于 2025 年 6 月 6 日以电子邮件等方式发出。本次会议由董事长王洋先生主持，应出席董 9 名，实际出席董事 9 名，公司其他高管列席本次会议。本次董事会会议的召开 符合《中华人民共和国公司法》《广州视源电子科技股份有限公司章程》和有关 法律法规的规定。 二、董事会会议审议情况 本次会议以投票表决方式形成如下决议： （一）以9票赞成，0票弃权，0票反对，0票回避，审议通过了《关于同意 公司在香港进行非香港公司注册的议案》 为本次发行 H 股并上市之目的，公司需在香港设立营业地址，并根据香港 《公司条例》（香港法例第 622 章）第 16 部的规定向香港公司注册处申 ...

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 Points - The profit distribution plan for the fiscal year 2024 has been approved by the shareholders' meeting held on May 30, 2025, with a cash dividend of 6.80 RMB per 10 shares, totaling approximately 471.55 million RMB [1][2] - The distribution will be based on a total share capital of 696,016,545 shares, excluding 2,563,644 repurchased shares, resulting in a base of 693,452,901 shares for the dividend calculation [1][2] - The record date for the distribution is set for June 12, 2025, with the ex-dividend date on June 13, 2025 [2][3] Profit Distribution Details - The cash dividend of 6.80 RMB per 10 shares will be distributed to all shareholders, with no stock bonus or capital reserve conversion [1][2] - The total cash dividend distribution amounts to 471,547,972.68 RMB, and the remaining undistributed profits will be carried forward to the next fiscal year [1][2] - The cash dividend will be subject to different tax rates for various types of shareholders, with specific provisions for Hong Kong investors and domestic investors [2][3] Calculation of Dividend and Ex-Dividend Price - The per-share cash dividend ratio is calculated as 471,547,972.68 RMB divided by 696,016,545 shares, resulting in approximately 0.6774953 RMB per share [3][4] - The ex-dividend price will be determined by subtracting the per-share cash dividend from the closing price on the record date [3][4]

2024 年度权益分派实施公告 证券代码：002841 证券简称：视源股份 公告编号：2025-033 广州视源电子科技股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 任何虚假记载、误导性陈述或重大遗漏。 广州视源电子科技股份有限公司（以下称"公司"）2024 年度利润分配方 案已经 2025 年 5 月 30 日召开的 2024 年年度股东大会审议通过。现将本次权益 分派具体事宜公告如下： 一、股东大会审议通过的利润分配方案 公司 2024 年年度股东大会审议通过的利润分配方案为：以公司 2025 年 4 月 21 日在中国登记结算公司深圳分公司登记在册的总股本 696,016,545 股，扣除 已回购股份 2,563,644 股后的 693,452,901 股为基数，拟向全体股东每 10 股派发 现金红利股利 6.80 元（含税），共计分配现金股利人民币 471,547,972.68 元。不 送股，不以资本公积金转增股本。若利润分配方案实施前，公司股本总额发生变 化的，以分配方案未来实施时股权登记日的股本总额为股本基数，按前述分配比 例不变，相 ...

Summary of the Conference Call for Shiyuan Co., Ltd. Company Overview - **Company**: Shiyuan Co., Ltd. (视源股份) - **Industry**: Home appliance controllers, education technology, and overseas markets Key Points and Arguments Business Growth and Revenue Projections - Home appliance controller business is expected to grow rapidly, with revenue projected to reach **2.8 to 3 billion CNY** by 2025, benefiting from partnerships with well-known brands like **BSH** and **SDK** [2][3] - Education business saw a **17% revenue growth** in Q1 2025, reversing a trend of declining quarterly revenues [2][3] - The overseas brand **Maxhub** for conference products experienced a **50-60% year-on-year growth** in Q1 2025, despite challenges in the US market [2][3][6] Financial Performance - Overall revenue growth for the company was **11% year-on-year** in Q1 2025, with a gross profit increase of approximately **64 million CNY** compared to the same period last year [3] - The company aims for a **10-15% revenue growth** in 2025, with specific contributions expected from various segments: home appliance controllers (1 to 1.2 billion CNY), education business (500 million CNY), and overseas brands (50% growth) [2][13] Innovations in Education Technology - The **Xiwo Teaching Model** was launched in October 2023, utilizing over **1 billion** teaching materials and classroom data for AI applications [5] - The **Xiwo AI Preparation System** helps teachers design lessons and activities, aiming to convert **3 million** of the **9 million** active users of Xiwo Whiteboard 5 into users of the AI preparation product [5][8] Market Dynamics and Challenges - The company faces a **soft demand** in the US market, but has mitigated tariff impacts through local talent development and certification with **Microsoft Team Rooms** [6][23] - The home appliance controller business is expected to grow faster than the overall appliance industry, despite tightening subsidies for appliance upgrades [14] Cost Management and Profitability - The company is focused on strict control of management and sales expenses, with a stable gross margin recovery trend [4][19] - The gross margin for home appliance controllers has surpassed that of LCD display main control boards, contributing to overall margin improvement [18] Future Plans and Strategic Direction - The company plans to use its cash reserves for acquisitions rather than dividends, maintaining a dividend ratio of around **40%** [21][22] - The Hong Kong listing aims to support overseas brand promotion and build an international capital platform, with no plans to split the education or Shiyuan brand [20] Market Potential and Development in Education - The education sector's potential is driven by the upgrade of **280,000 classrooms**, with significant government support for AI integration [12][10] - The Xiwo AI preparation system is expected to generate substantial revenue, with a target of converting a significant portion of active users into paying subscribers [8][12] Product Performance and Future Outlook - The company anticipates that the **TV mainboard business** will remain stable, with growth primarily from Korean clients, although uncertainty remains [15] - The **automotive electronics** and **power electronics** sectors are experiencing rapid growth, but significant contributions to revenue are not expected for at least two years [23] Conclusion - Shiyuan Co., Ltd. is positioned for strong growth across its home appliance controllers and education technology segments, with strategic initiatives in overseas markets and a focus on innovation in AI applications for education. The company is managing costs effectively while planning for future acquisitions to enhance its market position.

关于公司股份回购进展的公告 证券代码：002841 证券简称：视源股份 公告编号：2025-032 广州视源电子科技股份有限公司 关于公司股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 广州视源电子科技股份有限公司（以下简称"公司"）于 2024 年 7 月 26 日召开第五届董事会第三次会议，审议通过了《关于公司回购股份方案的议案》。 公司将以自有资金回购公司发行的人民币普通股（A 股）的部分社会公众股份， 回购资金总额不低于人民币 1 亿元（含），不超过人民币 2 亿元（含），回购价 格不超过人民币 43.65 元/股。本次回购的实施期限自公司董事会审议通过回购方 案之日起 12 个月内。具体内容详见 2024 年 7 月 27 日公司在巨潮资讯网 （www.cninfo.com.cn）披露的《第五届董事会第三次会议决议公告》（公告编号： 2024-037）、《关于公司回购股份方案的公告》（公告编号：2024-038）、《回 购股份报告书》（公告编号：2024-039）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股 ...