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]

京北方携手国富量子 聚焦虚拟资产及数字货币业务展开深度合作 智通财经7月2日电，近日，京北方信息技术股份有限公司与国富量子创新有限公司正式签署战略合作协 议。双方将凭借各自在资本市场和金融科技领域的资源禀赋，聚焦虚拟资产及数字货币业务展开深度合 作，共同推动金融场景和金融科技的融合创新发展。这一协议的签署，标志着京北方正式启动出海战 略，借政策东风之势，以香港为跳板，稳步迈向全球金融科技和数字化转型的广阔蓝海。京北方和国富 量子的此次战略合作将围绕IT技术应用创新、虚拟资产及稳定币生态圈合作创新、金融业务创新三个层 面展开。 ...

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]

A股跨境支付板块调整，*ST仁东盘中触及跌停，京北方、吉大正元、四方精创、优博讯、拉卡拉、天 阳科技等跟跌。 ...

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]

证券代码：002987 证券简称：京北方 公告编号：2025-030 京北方信息技术股份有限公司 关于公司董事、高级管理人员股份减持计划实施完成的公 告 公司董事、副总经理赵龙虎先生、副总经理曹景广先生保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 京北方信息技术股份有限公司（以下简称"公司"）于2025年5月22日披露 了《关于公司董事、高级管理人员减持股份的预披露公告》（公告编号：2025- 028），公司董事、副总经理赵龙虎先生（持有2,308,382股，占公司总股本的0.2660%） 计划自上述公告披露之日起十五个交易日后的三个月内通过集中竞价交易方式 减持其持有的公司股份不超过529,200股，即不超过公司总股本的0.0610%；公司 副总经理曹景广先生（持有282,240股，占公司总股本的0.0325%）计划自上述公 告披露之日起十五个交易日后的三个月内通过集中竞价交易方式减持其持有的 公司股份不超过43,400股，即不超过公司总股本的0.0050%。 公司于近日收到董事、副总经理赵龙虎先生和副 ...

Core Viewpoint - The company announced the completion of share reduction plans by its executives, indicating potential changes in insider sentiment towards the company's stock [1] Summary by Relevant Sections Share Reduction Details - Executive Zhao Longhu reduced his holdings by 529,200 shares, accounting for 0.0610% of the total share capital, at an average price of 16.95 yuan per share [1] - Executive Cao Jingguang reduced his holdings by 43,400 shares, accounting for 0.0050% of the total share capital, at an average price of 17.05 yuan per share [1] Post-Reduction Holdings - After the reduction, Zhao Longhu holds 1,779,200 shares, representing 0.2050% of the total share capital [1] - After the reduction, Cao Jingguang holds 238,800 shares, representing 0.0275% of the total share capital [1]

Core Viewpoint - Jingbeifang is a leading financial technology service provider in China, expected to experience business growth beyond expectations due to the dual drivers of the accelerated implementation of the digital RMB national strategy and the deep integration of AI technology in the financial industry [1] Group 1: Over-Expectation Logic - Market expectations suggest that the advancement of digital currency is slow, and AI's application in the financial sector is also lagging, leading to a belief that these factors will not contribute to short-term performance [2] - The company believes that the pace of policy implementation is accelerating, with the digital currency rollout speeding up, as evidenced by the recent introduction of the stablecoin legislation in Hong Kong [2] - The company has established deep collaborations with banking clients and possesses full-stack service capabilities for digital currency, positioning it to benefit from the promotion of stablecoins [2] Group 2: Driving Factors - The rollout of stablecoins presents business opportunities, with the Hong Kong Legislative Council passing the "Stablecoin Ordinance" on May 21, 2025, indicating a shift in stablecoins from being mere connectors of crypto assets to becoming a new infrastructure for global financial payments [3] - Domestic large models are showing significant breakthroughs in cost and capability, leading to accelerated adoption in the banking sector, which directly benefits the company through private deployment and AI application demands [2][3] Group 3: AI Application and Product Launch - Domestic large models like Deepseek are rapidly being adopted in the financial sector due to their efficient performance, cost-effectiveness, and open-source nature, with banks prioritizing AI for various applications such as intelligent customer service and risk control [3] - The company has officially launched an AI large model service platform and four major products in 2024, catering to the private deployment and AI application needs of major state-owned and joint-stock commercial banks [3] Group 4: Performance Metrics and Catalysts - Key performance indicators include the implementation of stablecoin policy details, AI business orders, and the proportion of AI revenue [4] - Catalysts for growth include the implementation of stablecoin regulations, approval of licenses for tech giants, and the emergence of popular AI products [5] Group 5: Profit Forecast and Valuation - The company forecasts revenues of 5.147 billion, 5.685 billion, and 6.291 billion yuan for 2025-2027, with year-on-year growth rates of 11.01%, 10.46%, and 10.67% respectively, and net profits of 363 million, 416 million, and 472 million yuan, with growth rates of 16.34%, 14.63%, and 13.54% [6] - The company is compared with peers in financial technology and banking IT, with a projected PE of 44 times for 2025, while the average PE of comparable companies is 67 times, indicating a potential target stock price of 28.11 yuan, representing an upside of 54.39% [6]