Group 1 - Digital currency concept stocks experienced a partial rally, with Zhengyuan Wisdom (300645) rising over 10% [1] - Beijing North (002987) saw an increase of over 7% [1] - Other companies such as Hengbao Co., Ltd. (002104), Dongxin Peace (002017), and StarNet Ruijie (002396) also followed with gains [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 03 日 浙商早知道 2025 年 07 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 【浙商计算机 刘雯蜀/叶光亮】京北方（002987）公司点评：携手国富量子，共同拓展稳定币生态——20250702 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：7 月 2 日上证指数下跌 0.09%，沪深 300 上涨 0.02%，科创 50 下跌 1.22%，中证 1000 下跌 1.01%，创业板 指下跌 1.13%，恒生指数上涨 0.62%。 行业：7 月 2 日表现最好的行业分别是钢铁（+3.37%)、煤炭（+1.99%)、建筑材料（+1.42%)、农林牧渔（+0.84%)、 银行（+0.75%)，表现最差的行业分别是电子（-2.01%)、通信（-1.96%)、国防军工（-1.94%)、计算机（-1.64%)、 美容护理（-1.09%)。 资金：7 月 2 日全 A 总成交额为 14051 ...

Summary of the Conference Call Company and Industry Overview - **Company**: 金北方 (Jing Beifang) - **Industry**: Financial Technology, Digital Assets, Blockchain Key Points and Arguments 1. **International Expansion Strategy**: Jing Beifang plans to implement an overseas strategy, utilizing a delivery team in Shenzhen to serve Hong Kong and Southeast Asia, while a base in Macau and Zhuhai will cater to local markets and extend services to financial institutions along the Belt and Road Initiative [2][3][6] 2. **Collaboration with Guofu Quantum**: The partnership with Guofu Quantum focuses on leveraging its Hong Kong license resources combined with Jing Beifang's technology to explore a digital asset trading platform and participate in financial license operations, covering a complete value chain [2][5] 3. **Hong Kong Subsidiary Development**: Jing Beifang is advancing the establishment of a subsidiary in Hong Kong targeting major Chinese clients, providing banking and brokerage services, and considering financing to attract international cornerstone investors, with plans for a future listing in Hong Kong [2][6] 4. **Technological Capabilities**: The company possesses foundational technologies in blockchain privacy computing and digital currency bridges, planning to jointly apply for virtual asset trading licenses with Guofu Quantum [2][7] 5. **Stablecoin Strategy**: Jing Beifang has developed a detailed strategy for stablecoins in response to new regulations in Hong Kong, focusing on digital currency, cross-border payments, and financial technology ecosystems [3][13] 6. **Revenue Models in RWA**: The company is exploring various revenue models in Real World Assets (RWA), including consulting service fees, technical service fees, and platform transaction fees, with 12-15 patents authorized and 7-8 pending [3][17] 7. **Competitive Advantages**: Jing Beifang's competitive edge includes a strong technology reserve with numerous patents, a core team of top-tier graduates, and extensive implementation experience, positioning it well for international expansion [23][24] Additional Important Insights 1. **Virtual Asset Trading Platform Development**: The company is focused on two main directions for virtual asset trading platforms: public chain and RWA on-chain platforms, and compliance licenses in Hong Kong [11][12] 2. **Impact of Stablecoins on RMB Internationalization**: Stablecoins are seen as a crucial tool for the internationalization of the RMB, offering advantages in cross-border payments and potential for significant market expansion [14] 3. **IT System Solutions**: Jing Beifang has developed a range of IT system solutions to support emerging market demands, including blockchain infrastructure and smart contract development platforms [20][22] 4. **Client Base and Market Penetration**: The company has a broad client base across various financial sectors, ranking second in technology and service revenue among A-share financial technology companies, and first in the banking sector [24][28] This summary encapsulates the strategic direction, technological capabilities, and market positioning of Jing Beifang within the financial technology and digital asset landscape.

Core Viewpoint - The strategic cooperation between Jingbeifang and Guofu Quantum marks the initiation of Jingbeifang's overseas expansion strategy, focusing on the virtual assets and digital currency sectors, particularly in the promising area of stablecoins [1][2]. Group 1: Strategic Cooperation - Jingbeifang and Guofu Quantum have signed a strategic cooperation agreement to collaborate deeply in the virtual asset and digital currency business, emphasizing stablecoins [1]. - Guofu Quantum, as the founding shareholder of Yuan Coin Technology, provides critical support for Jingbeifang's entry into the stablecoin market and expansion into overseas markets through its compliance licenses and ecosystem layout [1][2]. - The partnership aims to build a stablecoin issuance, circulation, and application ecosystem, leveraging both companies' strengths in technology and compliance [1][2]. Group 2: IT Technology Application Innovation - The collaboration will focus on researching the application of foundational technologies such as blockchain, artificial intelligence, big data, privacy computing, and quantum technology in stablecoin operations and virtual asset trading platforms [2]. - Both companies will work on IT infrastructure construction to support various application scenarios, including stablecoin wallets and supply chain finance platforms [2]. Group 3: Financial Business Innovation - The partnership will explore innovative financial business products and operational models within a compliant policy framework, targeting areas like inclusive finance, cross-border payments, and virtual asset transactions [2]. - By closely monitoring stablecoin policy dynamics, the companies aim to seize opportunities in the stablecoin sector and contribute to its healthy development while expanding their growth space in financial technology [2]. Group 4: Market Expansion Strategy - This cooperation is seen as a significant milestone in Jingbeifang's strategy to expand its non-bank financial institution client base, with Hong Kong positioned as a gateway to the international fintech market [3]. - Through collaboration with Guofu Quantum, Jingbeifang aims to break traditional models and achieve a global closed-loop system [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. to expand the stablecoin ecosystem, focusing on virtual assets and digital currency business [1][2] - The partnership aims to leverage both companies' resources in capital markets and fintech to drive innovation in financial scenarios and technology [1][2] - The company is officially launching its overseas strategy, using Hong Kong as a springboard to enter the global fintech and digital transformation market [3] Financial Forecast - The company is projected to achieve revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% [4][6] - The net profit attributable to the parent company is expected to be 363 million, 416 million, and 472 million yuan for the same years, reflecting growth rates of 16.34%, 14.63%, and 13.54% [4][6] - The earnings per share (EPS) is forecasted to be 0.42, 0.48, and 0.54 yuan for 2025, 2026, and 2027, respectively [4][6]

Core Viewpoint - Jingbeifang Information Technology Co., Ltd. has signed a strategic cooperation agreement with Guofu Quantum Innovation Co., Ltd. to focus on virtual assets and digital currency business, marking the start of its overseas strategy with Hong Kong as a launchpad for global fintech and digital transformation [1] Group 1: Strategic Cooperation - The cooperation will leverage both companies' resources in capital markets and fintech to promote the integration and innovative development of financial scenarios and fintech [1] - The strategic partnership will focus on three areas: IT technology application innovation, virtual asset and stablecoin ecosystem collaboration, and financial business innovation [1] Group 2: Market Expansion - The agreement signifies Jingbeifang's formal initiation of its overseas strategy, aiming to steadily enter the vast opportunities in global fintech and digital transformation [1]

Group 1 - The electronic ID concept sector experienced a decline of 2.52%, ranking among the top losers in the concept sector, with Jida Zhengyuan hitting the limit down [1][2] - Among the stocks in the electronic ID sector, notable declines were seen in Xinguodu (-7.29%), Hengbao Shares (-3.97%), and Xiongdi Technology (-8.73%) [2][3] - Conversely, stocks that saw gains included Chutianlong (up 4.08%), ST Renzihang (up 2.43%), and Guoxin Technology (up 1.39%) [1][3] Group 2 - The electronic ID sector faced a net outflow of 1.997 billion yuan, with 33 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Xinguodu, with a net outflow of 400 million yuan, followed by Hengbao Shares (270 million yuan) and Xiongdi Technology (215 million yuan) [2][3] - Stocks with the highest net inflow included Chutianlong (160 million yuan), Guoxin Technology (38.5 million yuan), and ST Renzihang (14.1 million yuan) [2][3]

Group 1 - The A-share cross-border payment sector is undergoing adjustments, with *ST Rendo hitting the daily limit down [1] - Other companies such as Jingbeifang, Jida Zhengyuan, Sifang Jingchuang, Youbuxun, Lakala, and Tianyang Technology also experienced declines [1]

Market Overview - The A-share market experienced fluctuations on July 1, with the Shanghai Composite Index rising by 0.09%, while the Shenzhen Component Index and the ChiNext Index fell by 0.34% and 0.57% respectively [2][4]. Chip Industry - The chip industry chain continued to rise, with sectors such as photolithography machines and advanced packaging leading the gains. Notable stocks like Blue Eagle Equipment and San Chao New Materials reached the daily limit of 20% increase [6][8]. - The photolithography machine segment is highlighted as a core area for self-sufficiency, with significant market share in semiconductor equipment. Domestic demand for photolithography machines is expected to remain strong as local wafer fabs continue to expand [8]. Stablecoin Concept Stocks - Stablecoin concept stocks saw a significant decline, with companies like Jingbeifang, Xiongdi Technology, and Cuiwei Co. all dropping over 6% [9][10]. - The current divergence in monetary policy between the U.S. government and the Federal Reserve has created uncertainty regarding the future of stablecoin legislation, which is closely tied to the core issue of U.S. dollar issuance rights [10][11].

Summary of the Conference Call for Jinbeifang Company Overview - Jinbeifang is a leading IT company in the banking sector, focusing on software development with over 60% of its clients being large banks, ensuring stable business growth [2][3] - The company is actively expanding its non-banking client base and aims to become a diversified service provider, with AI technology as a primary development direction [2][4] Core Insights and Arguments - Jinbeifang has launched four major AI products, including an AI large model service platform and intelligent testing assistant, which are expected to be promoted to small and medium-sized banks and other non-banking institutions [2][6] - The company is involved in the construction of the digital RMB system and is exploring stablecoin-related businesses in regions like Hong Kong, leveraging its experience with large state-owned banks [2][7][8] - Jinbeifang anticipates maintaining a revenue compound annual growth rate (CAGR) of around 10% starting in 2025, with net profit growth of approximately 15%, projecting revenues of 5.15 billion and profits of 360 million by 2025 [2][9] Growth Drivers - The company is expanding its system construction beyond banks to include non-banking clients, insurance companies, and asset management firms, aiming for a comprehensive service model [4][5] - AI applications and data services are expected to constitute a significant portion of future revenues, with AI-related income projected to grow rapidly [5][6] Competitive Advantages - Jinbeifang's primary advantages include being the largest in software development revenue among listed banking IT companies, focusing solely on software development without involvement in system integration or hardware services [3] - The company has a strong client base of large banks, which provides stability and allows for deep involvement in digital currency and AI initiatives [3][6] Financial Outlook and Valuation Potential - The company is expected to achieve a PE ratio close to 50 times by 2025, with potential for valuation increases compared to peers like Shen Zhou Information and Changliang Technology, which have higher valuations [9][10] - Jinbeifang's stock price could see over 50% upside, driven by stablecoin policy developments and increasing AI orders, with anticipated revenue growth of over 50% in the next two years [10][11] Industry Catalysts - Key catalysts for the stablecoin industry include the implementation of Hong Kong's stablecoin regulations and the US Genius Act, which are expected to encourage more companies to enter the stablecoin issuance and virtual asset trading space [11] - Despite recent stock price increases of 30% to 40%, there remains potential for further growth in the context of macroeconomic dynamics and stablecoin developments [11] Additional Insights - Changliang Technology is noted for its strong position in the stablecoin sector, having successfully sold its core systems overseas and established significant partnerships, particularly in Southeast Asia and Hong Kong [12] - The collaboration between Changliang Technology and Tencent is highlighted as a strategic advantage, with expectations for further developments in stablecoin initiatives [12]