Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will outperform the market by over 20% [14]. Core Views - The company has a strong foothold in the natural language processing sector and is recognized for its technological capabilities, particularly in data security [14]. - The company has launched the "Tuotian" large model and is rapidly implementing it across various industry scenarios, with over 20 contracts signed in the financial sector alone, amounting to approximately 50 million [27]. - Despite a decrease in revenue and net profit in 2023, the company is expected to recover with significant growth projected for 2024 and beyond, particularly in net profit and earnings per share (EPS) [15][14]. Financial Summary - Revenue for 2022 was 907 million, which decreased to 782 million in 2023, with a projected increase to 861 million in 2024 and 1,026 million in 2025 [2]. - Net profit dropped from 128 million in 2022 to 36 million in 2023, but is expected to rebound to 235 million in 2024 and continue growing to 440 million by 2026 [2]. - The gross margin improved from 63.7% in 2022 to 68.4% in 2023, with further increases anticipated [2]. - The company’s EPS is projected to rise from 0.05 in 2023 to 0.30 in 2024, 0.43 in 2025, and 0.55 in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 321.9 in 2023 to 50.0 in 2024, indicating a more favorable valuation as earnings improve [2]. Order Backlog - As of the end of 2023, the company had an order backlog of 543 million, which represents an increase compared to the previous year, providing a solid foundation for future revenue growth [15][26].

买入 原评级：买入 市场价格:人民币 13.88 板块评级:强于大市 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) 增 持：预计该公司股价在未来 6-12 个月内超越基准指数 10%-20%； 拓尔思 本报告准确表述了证券分析师的个人观点。该证券分析师声明，本人未在公司内、外部机构兼任有损本人独立性与客 观性的其他职务，没有担任本报告评论的上市公司的董事、监事或高级管理人员；也不拥有与该上市公司有关的任何 财务权益；本报告评论的上市公司或其它第三方都没有或没有承诺向本人提供与本报告有关的任何补偿或其它利益。 本报告由中银国际证券股份有限公司证券分析师撰写并向特定客户发布。 300229.SZ (%) 今年 1 3 12 (64%) (47%) (30%) (14%) 3% 20% Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24 拓尔思 深圳成指 | --- | --- | --- | |-------------------------------|------ ...

Fundraising and Financial Management - The total amount raised through the issuance of convertible bonds in 2021 was RMB 800 million, with a net amount of RMB 791.7 million after deducting fees[2]. - As of December 31, 2022, the cumulative investment of raised funds in projects was RMB 525.3 million, with a remaining balance of RMB 285.9 million in the fundraising account[2]. - The company has not reported any changes in the use of raised funds during the reporting period[5]. - The company has an independent financial department with a sound financial management system[24]. - The company has established a dedicated investor relations management system to ensure accurate and timely information disclosure[22]. - The total assets of the evaluated units accounted for 100.00% of the company's consolidated financial statements[51]. - The total operating income of the evaluated units accounted for 100.00% of the company's consolidated financial statements[51]. - The company has not identified any significant defects in internal controls related to financial reporting[51]. - The company has established a comprehensive internal control system to ensure compliance with national laws and regulations[51]. - The company has not reported any major environmental issues in its operations[53]. - The company has not faced any regulatory criticism for non-compliance with information disclosure during the reporting period[22]. Revenue and Profitability - The company's AI software products and services generated revenue of RMB 236.97 million, an increase of 11.76% year-on-year, accounting for 30.32% of total revenue[20]. - The financial technology segment's AI and data revenue reached RMB 42.97 million, reflecting a growth of 29.85% compared to the previous year[20]. - The company achieved operating revenue of RMB 21,989,300 and a net profit of -RMB 2,291,500 during the reporting period[107]. - The Chengdu subsidiary reported operating revenue of RMB 50,009,300 with a net profit of -RMB 33,583,100[108]. - The company's total revenue for 2023 was ¥781,678,373.42, a decrease of 13.84% compared to 2022[196]. - The net profit attributable to shareholders for 2023 was ¥36,465,973.39, down 71.45% from the previous year[196]. - The net profit after deducting non-recurring gains and losses was ¥2,428,630.97, a decline of 96.97% year-on-year[196]. - The net cash flow from operating activities for 2023 was ¥45,940,871.74, a decrease of 74.96% compared to 2022[196]. - The basic earnings per share for 2023 were ¥0.0467, down 73.87% from the previous year[196]. - The weighted average return on net assets was 1.13%, a decrease of 3.77% compared to 2022[196]. - The company reported a negative net profit in the third quarter of ¥46,780,355.23, while the fourth quarter showed a recovery with a net profit of ¥13,602,247.78[176]. Employee and Compensation - The total employee compensation during the reporting period was approximately ¥410.25 million, accounting for 52.05% of the total operating costs of ¥788.19 million[45]. - The number of employees at the end of the reporting period was 1,906, with 1,725 in technical positions[43]. - The company has a total of 5 employees with a doctoral degree and 136 with a master's degree[43]. - The total remuneration for the board of directors and senior management was ¥1,168.23 million[38]. - The company has implemented a comprehensive employee compensation strategy, including basic and performance salaries, to align employee interests with company performance[68]. - The company is actively addressing human resource challenges, including rising costs and talent retention, by offering competitive compensation and fostering a collaborative work environment[88]. Strategic Initiatives and Market Position - The company is expanding its market presence and enhancing strategic collaborations to improve the performance of its subsidiaries[86]. - The company has established extensive strategic partnerships with leading enterprises, including state-owned enterprises and internet platform companies, to expand its SaaS ecosystem[111]. - The company is focusing on overseas market expansion, particularly in BRICS countries and along the Belt and Road Initiative, leveraging its data service advantages[114]. - The company is actively pursuing the application of large models in the publishing and media sectors, addressing challenges and enhancing its data capabilities[106]. - The company has received multiple accolades for its financial technology applications, including recognition at the 2023 Financial Street Forum and the Ministry of Industry and Information Technology[107]. - The company is facing intensified competition in the software market due to the increasing number of new entrants, which may impact its profitability and market share[115]. Technology and Product Development - The company has experienced significant growth in its core technology areas, particularly in data elements and AIGC applications[89]. - The company discussed its core technology coverage and product system, focusing on its layout in the data element field and application cases in the AIGC area[92]. - The company highlighted its development plans in the AIGC field, including the charging model and business expansion methods for its cloud and data services[92]. - The company is focusing on enhancing its product capabilities by integrating cutting-edge technologies and expanding its product line, particularly in the knowledge graph and financial regulatory sectors[126]. - The company has established knowledge graphs in various sectors, including public security and agriculture, and is exploring additional applications in government sectors[127]. - The company is planning to launch a new product, "trsgpt," and discussed shareholder situations and data sale targets[94]. Governance and Compliance - The company’s monitoring committee held 8 meetings during the reporting period, ensuring compliance with legal and regulatory requirements[21]. - The actual governance status of the company does not significantly differ from the regulations set by the China Securities Regulatory Commission[54]. - The company is committed to improving its governance structure and has held 9 board meetings to review significant matters during the reporting period[125]. - The company has not faced any significant competition issues within its industry[55]. - The company has not reported any negative media coverage that could impact its reputation[51]. Financial Reporting and Audit - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the audit report for the most recent year[176]. - The company reported no significant discrepancies between net profit and net assets when comparing financial reports prepared under international accounting standards and Chinese accounting standards[200]. - The financial indicators for the quarter have been disclosed, but specific figures are not provided in the available content[199]. - The company has made adjustments to the financial statements for the earliest period, affecting retained earnings and other related financial statement items due to temporary differences in tax liabilities and assets[198].

拓尔思信息技术股份有限公司 关于计提资产减值准备和信用减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、计提信用减值准备和资产减值准备情况概述 （一）本次计提信用减值准备和资产减值准备的原因 为真实、公允、准确地反映公司截至 2023 年 12 月 31 日的资产和财务状况， 拓尔思信息技术股份有限公司（以下简称"公司"）根据《企业会计准则》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及公司 会计政策的相关规定，对合并范围内截至 2023 年末的各类资产进行全面清查， 并进行充分的评估和分析。经资产减值测试，公司认为部分资产存在一定的减值 迹象，基于谨慎性原则，公司对存在减值迹象的相关资产计提信用减值准备及资 产减值准备。 证券代码：300229 证券简称：拓尔思 公告编号：2024-021 （二）资产减值准备 1、合同资产减值准备 （二）本次计提减值准备的资产范围和总金额 公司及下属子公司对 2023 年末存在可能发生减值迹象的资产进行全面清查 和减值测试后，2023 年度信用和资产减值损失合计人民币-4,4 ...

中信建投证券股份有限公司 关于拓尔思信息技术股份有限公司 2023 年度内部控制自我评价报告的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为拓尔思 信息技术股份有限公司（以下简称"拓尔思"、"公司"）向不特定对象发行可转换 公司债券并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》以及《企业内部控制基本规范》等相关法律法规的要求，对拓尔思董事会 出具的《2023 年度内部控制评价报告》进行了认真、审慎的核查，并出具核查意见如 下： 纳入评价范围的单位包括：公司、全资子公司、控股子公司，共计 9 家。包括： 拓尔思信息技术股份有限公司、北京拓尔思信息系统有限公司、成都拓尔思信息技术 有限公司、北京金信网银金融信息服务有限公司、拓尔思天行网安信息技术有限责任 公司、广州拓尔思大数据有限公司、厦门拓尔思信息科技有限公司、拓尔思国际有限 公司、南京拓尔思智能系统有限公司。纳入评价范围单位资产总额占公司合并 ...

非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 | 2023 | 年期初占用 | 2023 年度占用累计 发生金额（不含利 | 2023 | 年度占 用资金的利息 | 2023 年度偿 还累计发生金 | 2023 年期末 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 会计科目 | | 资金余额 | | | | | 占用资金余额 | 因 | | | | | | | | | 息） | | (如有) | 额 | | | | | 控股股东、实际控 | | | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | 前控股股东、实际 | | | | | | | | | | | | | | 控制人及其附属企 | | | | | | | | | | ...

拓尔思信息技术股份有限公司 2023 年度监事会工作报告 | 会议届次 | 召开时间 | | 议案 | | --- | --- | --- | --- | | | | 3) | 《关于<公司 2023 年度向特定对象发行股票方案论证分析报告> | | | | | 的议案》 | | | | 4) | 《关于<公司 2023 年度向特定对象发行股票预案>的议案》 | | | | 5) | 《关于<公司 2023 年度向特定对象发行股票募集资金使用可行性 | | | | | 分析报告>的议案》 | | | | 6) | 《关于公司前次募集资金使用情况相关报告的议案》 | | | | 7) | 《关于公司 2023 年度向特定对象发行股票摊薄即期回报及填补 | | | | | 回报措施和相关主体承诺的议案》 | | | | 8) | 《关于公司未来三年股东回报规划（2023-2025 年）的议案》 | | | | 9) | 《关于本次向特定对象发行股票不存在直接或通过利益相关方向 | | | | | 参与认购的投资者提供财务资助或补偿的议案》 | | | | 1) | 《2023 年半年度报告》及《2023 年半年度 ...

拓尔思信息技术股份有限公司 2023 年度独立董事述职报告 （刘斌） 本人作为拓尔思信息技术股份有限公司（以下简称"公司"）的独立董事， 在 2023 年度任职期间严格按照《中华人民共和国公司法》《上市公司独立董事管 理办法》《深圳证券交易所创业板股票上市规则（2023 年 8 月修订）》《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2023 年 12 月修订）》及其他有关法律、法规和《拓尔思信息技术股份有限公司章程》（以下 简称《公司章程》）《独立董事工作制度》等公司相关的规定和要求，忠实履行独 立董事职责，勤勉尽责、谨慎认真地行使公司所赋予的权利。在 2023 年度工作 中，本人积极出席公司相关会议，认真审议董事会及各专门委员会各项议案，对 公司重大事项发表了客观、公正的独立意见，在董事会中充分发挥了参与决策、 监督制衡、专业咨询的作用。并且，本人全面关注公司发展状况，及时了解公司 经营信息，促进公司规范运作，切实维护公司和全体股东特别是中小股东的合法 权益。现将本人 2023 年度履行独立董事职责情况汇报如下： 一、出席公司董事会和股东大会会议情况 2023 年任职期内，公 ...

拓尔思信息技术股份有限公司 募集资金年度存放与使用情况鉴证报告 信会师报字[2024]第 ZG10639 号 拓尔思信息技术股份有限公司 募集资金年度存放与使用情况鉴证报告 （2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 募集资金年度存放与使用情况鉴证报告 | 1-3 | | 二、 | 专项报告 | 1-7 | | | 附表 1：募集资金使用情况对照表 | 8-9 | | | 附表 2：变更募集资金投资项目情况表 | 10 | 关于拓尔思信息技术股份有限公司2023年度 募集资金存放与使用情况专项报告的鉴证报告 信会师报字[2024]第ZG10639号 拓尔思信息技术股份有限公司全体股东： 我们接受委托，对后附的拓尔思信息技术股份有限公司（以下简 称"拓尔思"） 2023年度募集资金存放与使用情况专项报告（以下 简称"募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 拓尔思董事会的责任是按照中国证券监督管理委员会《上市公司 监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 ...

拓尔思信息技术股份有限公司 审计报告及财务报表 二〇二三年度 信会师报字[2024]第 ZG10637 号 拓尔思信息技术股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-110 | 审计报告 信会师报字[2024]第 ZG10637 号 拓尔思信息技术股份有限公司全体股东： 一、 审计意见 我们审计了拓尔思信息技术股份有限公司（以下简称"拓尔思"） 财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表， 2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并 及母公司所有者权益变动表以及相关财务报表附注。 我们认为，后 ...