Group 1: Company Overview and Activities - The company is Guangdong Desheng Technology Co., Ltd., with stock code 002908 [1] - The investor relations activities include offline specific object research and analyst meetings [2] - The meetings were held from November 21 to December 1, 2022, with various financial institutions participating [2] Group 2: Digital Sentinel Product - The Digital Sentinel product has expanded the company's service coverage, benefiting the "One Card" application scenario [3] - The product has been implemented in 15 cities, including Guangzhou, Dongguan, and Zhuhai, to support epidemic prevention management [3] - Revenue from related products is categorized under "One Card and AIoT Applications" [3] Group 3: Social Security Card Insights - The electronic social security card corresponds uniquely to the physical card, enhancing its application scenarios [4] - The social security card serves as a national account, facilitating various public services and government subsidies [4] - The third-generation social security card replaces the second generation, offering improved security and multifunctionality [5] Group 4: Government Collaboration and Funding - By 2023, all direct subsidies to individuals are expected to be distributed through the "One Card" system [6] - The company has facilitated the distribution of over 55 billion CNY in subsidies, benefiting more than 150 million people [6] - The third-generation card is projected to involve at least 2 trillion CNY in funds by the end of 2023, significantly increasing bank engagement [5] Group 5: Business Integration and Data Services - The acquisition of Beijing Jinse Huaqin Data Co., Ltd. enhances the company's capabilities in human resources big data services [7] - The collaboration has led to the establishment of a comprehensive employment service system in Bijie City, covering over 6 million labor data [7] - The model is being replicated in other regions, including Sichuan, Guangxi, and Hubei [7]

Group 1: Business Model and Revenue Generation - The company has two charging models for subsidy distribution: (1) one-time fee for platform construction and regular maintenance; (2) service fee based on the scale of subsidy funds [3]. - The true value of the subsidy distribution business lies in guiding users to deposit other funds into their social security card accounts, enhancing the card's value to banks [3]. - The company anticipates exponential revenue growth as the application of social security cards expands in various public service scenarios [3]. Group 2: Market Expansion and Strategic Direction - The company's subsidy distribution primarily targets third- and fourth-tier cities, with plans to expand into larger urban areas [4]. - The social security card's application range is rapidly expanding, with the government initiating projects in cities like Shenzhen and Hainan to integrate the card into smart city initiatives [4]. - The company is uniquely positioned as the only listed firm deeply involved in the development of these integrated service platforms, representing a significant strategic opportunity [5]. Group 3: Competitive Landscape and Data Utilization - The company views the rise of mobile payment platforms like WeChat and Alipay as a long-term challenge but believes that social security cards can serve as a state-controlled alternative for identity verification and financial transactions [5]. - The company acts as a technology and data service provider for the government, helping to commercialize government data assets, which are abundant but underutilized [6]. - The company can create commercial value by utilizing government data through middleware, data sandboxes, and blockchain technology [7]. Group 4: Product Development and R&D Investment - The company’s R&D expenses account for 12% to 13% of its revenue, reflecting its current transformation phase and the need for extensive development of middle-platform services [9]. - The future business direction will focus on data operation services, aiming to standardize development modules to respond to increasing front-end application scenarios [9]. - The third-generation social security card is being marketed, with its adoption driven by the need for access to urban convenience services [9].

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-003 | --- | --- | --- | |------------------------|-------|----------------------------------| | | | | | 投资者关系活动类别 | √ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □ | 现场参观 | | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | | 海通证券 于成龙 | | | | 兴业证券 赖 鹏 | | | | 东北证券 何柄谕 | | | | 方正证券 丁 诚 | | | | 新时代证券 刘 航 | | | | 华创证券 束海峰 | | --- | --- | --- | |----------------------|-----------|----------------------------------------------------| | | | | | | ...

Group 1: Company Overview and Market Position - Desheng Technology has a market share of approximately 20% in the social security card sector, with an average annual sales volume of around 20 million cards based on a population of 1.4 billion in China [4][6]. - The company has issued over 1.2 billion social security cards, reaching nearly 90% coverage by the end of March this year [4]. Group 2: Revenue Streams and Growth Potential - The current market space for subsidy distribution is estimated at around 300 million, primarily related to the construction of regulatory platforms [6]. - The company anticipates an average annual growth rate of about 20% in overall performance, focusing on deepening services in existing regions rather than expanding to new cities [13][14]. Group 3: Service Development and Application - Desheng Technology aims to create a closed-loop service system for subsidy distribution, transitioning to a service fee model in the future [4]. - The company is developing applications around the social security card, which serves as a crucial information carrier and payment channel between the government and the public [5][12]. Group 4: Challenges and Strategic Adjustments - The company faces challenges in converting local service teams into operational teams to effectively manage existing markets [5][14]. - The impact of electronic social security cards is seen as a potential boost for business promotion rather than a threat, as they enhance online application scenarios [9][12]. Group 5: Financial Performance and Future Outlook - After a peak in card issuance in 2014-2015, the company experienced a decline in 2016, but is now seeing improvements in cash flow and payment collection [13][14]. - The company is exploring partnerships with financial institutions to promote financial products through its social security card applications [12].

Group 1: Company Overview - The company focuses on social security card hardware and related services, adapting to the rise of digital payment platforms like Alipay and WeChat [5] - The company has established a significant presence, serving 20 provinces and aiming to expand social security card applications to 150 cities within these provinces [7][10] Group 2: Business Model and Services - The business model includes three main dimensions: card sales and hardware provision, social security card environment construction, and operational services for social security payments [12] - The company has developed a "real-name farmer" platform, promoting it in over 100 counties, which supports poverty alleviation efforts [6] Group 3: Financial Performance - In 2018, the company's net profit margin was approximately 15%, and the return on equity (ROE) was 11.2% [13] - The company aims to maintain its current profitability while exploring value-added services to enhance overall profitability [13] Group 4: Market Strategy and Expansion - The company plans to accelerate its market promotion in underdeveloped regions, particularly in the northwest and southwest, where social security card development is slower [10] - The company is focused on building a service ecosystem that satisfies government, citizens, and banks, ensuring a closed-loop service model [7] Group 5: Data and Compliance - Data generated from operations belongs to local governments, and the company provides services based on this data without engaging in commercial sales [8] - The company emphasizes its role as a bridge between the government and citizens, enhancing service efficiency and public satisfaction [14]

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-002 | --- | --- | --- | |------------------------|------------|----------------------------------| | | | | | 投资者关系活动类别 | □ | 特定对象调研 □分析师会议 | | | √ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | | 中国证券报 朱海威 | | | | 上海证券报 李五强 | | | | 证券时报 吉斐菲 | | | | 证券日报 戴华琪 | | | | 每日经济新闻 吴 凡 | | | | 华夏时报 黄兴利 | | --- | --- | |----------------------|----------------------------------------------------| | | 21 世纪经济报道 饶守春 | | ...

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-004 | --- | --- | |------------------------|--------------------------------------------------| | | | | 投资者关系活动类别 | □ 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | □ 新闻发布会 □路演活动 | | | □ 现场参观 | | | √其他 （ 2018 广东辖区上市公司投资者集体接待日 | | | 活动） | | 参与单位名称及人员姓名 | 通过"全景·路演天下"（ http://rs.p5w.net) 参与 | | | 2018 广东辖区上市公司投资者集体接待日活动的投 | | | 资者 | | 时间 | 2018 年 5 月 3 日 15:00-16:30 | | --- | --- | |----------------------------|----------------------------------------------------- ...

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-001 | --- | --- | |------------------------|-------------------------------------------------| | | | | 投资者关系活动类别 | □ 特定对象调研 □分析师会议 | | | □ 媒体采访 √业绩说明会 | | | □ 新闻发布会 □路演活动 | | | □ 现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 通过"全景·路演天下"（ http://rs.p5w.net) 参与网 | | | 上业绩说明会的投资者 | | 时间 | 2018 年 4 月 23 日 15:00-17:00 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 董事长兼总经理虢晓彬先生 | | --- | --- | --- | |-------|----------------------|-------| | | 保荐代表人杨德林先生 | | | | 董事会秘书陈曲女士 | ...

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-005 | --- | --- | --- | |------------------------|------------|----------------------------------| | | | | | 投资者关系活动类别 | √ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | | 东北证券 何柄谕 | | | | 万联证券 曾超巩 | | | | 国泰君安 李傲远 | | | | 恒生证券 刘忠腾 | | | | 中信资本 丘鸿钊 | | | | 中信资本 李 晋 | | --- | --- | --- | |----------------------------|---------------|------------------------------------------------| | ...

证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2018-006 | --- | --- | |------------------------|------------------------------------------------| | | | | 投资者关系活动类别 | □ 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | □ 新闻发布会 □路演活动 | | | □ 现场参观 | | | √其他 （电话会议） | | 参与单位名称及人员姓名 | 财通证券赵成及其他线上投资者共 81 人 | | 时间 | 2018 年 10 月 26 日 | | 地点 | 广东省广州市天河区软件路 15 号二三四层 | | 上市公司接待人员姓名 | 副总经理兼董事会秘书陈曲女士、董董事兼副总经理 | | | 谷科先生、董事兼副总经理朱会东先生 | | --- | --- | |----------------------------|--------------------------------------------------- ...