Group 1 - The core viewpoint of the news is that Dingjie Digital has shown significant stock performance and financial growth, with a notable increase in share price and revenue [1][2]. - As of September 16, Dingjie Digital's stock price increased by 2.00% to 51.43 CNY per share, with a total market capitalization of 13.958 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 99.03%, with a recent 5-day increase of 5.80% and a 20-day decrease of 10.79% [1]. Group 2 - Dingjie Digital's main business involves providing digital transformation, intelligent manufacturing, and industrial internet solutions, with revenue composition as follows: 47.89% from digital technology services, 28.11% from self-developed software products, and 23.99% from integrated software and hardware solutions [1]. - For the first half of 2025, Dingjie Digital achieved operating revenue of 1.045 billion CNY, representing a year-on-year growth of 4.08%, and a net profit attributable to shareholders of 45.0267 million CNY, up 6.09% [2]. - The company has distributed a total of 311 million CNY in dividends since its A-share listing, with 65.588 million CNY distributed over the past three years [3].

鼎捷数智股份有限公司 关于向不特定对象发行可转换公司债券申请获得深圳 证券交易所上市审核委员会审核通过的公告 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。 2025 年 9 月 11 日，深圳证券交易所上市审核委员会召开 2025 年第 17 次上 市审核委员会审议会议，对鼎捷数智股份有限公司（以下简称"公司"）向不特 定对象发行可转换公司债券（以下简称"本次发行"）的申请进行了审核。根据 会议审议结果，公司本次发行的申请符合发行条件、上市条件和信息披露要求。 公司本次发行事项尚需履行中国证券监督管理委员会（以下简称"中国证监 会"）注册程序，最终中国证监会能否同意注册及其时间尚存在不确定性。公司 将在收到中国证监会作出的予以注册或不予注册的决定文件后另行公告，敬请广 大投资者注意投资风险。 特此公告。 证券代码：300378 证券简称：鼎捷数智 公告编码：2025-09106 鼎捷数智股份有限公司 董事会 二〇二五年九月十二日 ...

Group 1 - The core viewpoint of the news is that Dingjie Digital has experienced a continuous increase in stock price, with a 5.51% rise over three days, reaching a price of 51.29 yuan per share and a market capitalization of 13.92 billion yuan [1] - Dingjie Digital, established on December 26, 2001, and listed on January 27, 2014, is based in Shanghai and specializes in providing digital transformation, intelligent manufacturing, and industrial internet solutions for manufacturing, circulation, and small and micro enterprises [1] - The revenue composition of Dingjie Digital includes 47.89% from digital technology services, 28.11% from self-developed digital software products, and 23.99% from integrated software and hardware solutions [1] Group 2 - From the perspective of fund holdings, Guolian Fund has a significant position in Dingjie Digital, with its Guolian Growth Preferred Mixed A Fund increasing its holdings by 11,300 shares in the second quarter, now holding a total of 49,800 shares, which represents 5.3% of the fund's net value [2] - The Guolian Growth Preferred Mixed A Fund has achieved a year-to-date return of 11.1% and a one-year return of 39.04%, ranking 4,174 out of 7,981 in its category [2] - The fund manager, Wang Kehan, has been in position for 4 years and 186 days, with a total fund size of 34.4 million yuan, while the other manager, Du Chao, has been in position for 1 year and 329 days, managing 2.467 billion yuan [3]

Core Points - The Shenzhen Stock Exchange announced that Dingjie Intelligent Co., Ltd. has met the conditions for issuing convertible bonds and listing requirements [1] - The company plans to raise up to RMB 827.6642 million through this issuance, which will be used for its intelligent ecological empowerment platform project and to supplement working capital [2][3] Group 1 - The issuance of convertible bonds is aimed at unspecified investors, including individuals, legal entities, and qualified investment funds [3] - Each bond will have a face value of RMB 100 and will be issued at face value [3] - The sponsor for this issuance is Industrial Securities Co., Ltd., with representatives Wang Xian and Li Haidong [4]

Core Viewpoint - The company reported a slight revenue growth in H1 2025, with a total revenue of 1.045 billion yuan, representing a year-on-year increase of 4.08%, while the net profit attributable to shareholders reached 45 million yuan, up 6.09% year-on-year [1] Revenue Analysis - Revenue growth was driven by slight increases in Taiwan and mainland China, with Southeast Asia and AI applications showing significant growth. H1 and Q2 revenue growth rates were 4% and 4%, respectively, aligning with expectations [2] - In H1 2025, revenue from mainland China and overseas reached 476 million yuan and 569 million yuan, respectively, with year-on-year growth of 4.61% and 3.65%. Notably, local revenue in Southeast Asia surged by 61% [2] - By product line, revenue for R&D design, enterprise management, production control, and AIoT in H1 2025 was 57 million yuan, 571 million yuan, 138 million yuan, and 274 million yuan, reflecting year-on-year growth of 11.1%, 4.3%, 7.4%, and 3.5%, respectively. AI application products experienced a remarkable year-on-year growth of 126% due to enhanced product matrix and customer penetration [2] Profit Analysis - The company managed to optimize expenses significantly, which helped mitigate the impact of credit impairment losses, resulting in stable profit margins. The year-on-year growth rates for net profit attributable to shareholders were 6% for H1 and 2% for Q2 [3] - The gross margin for Q2 2025 was 57.39%, showing a decline of 1.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, while the overall gross margin for H1 was 58.32%, reflecting an increase of 0.88 percentage points year-on-year [3] - In Q2 2025, the sales, management, and R&D expense ratios were 25.09%, 9.49%, and 6.51%, respectively, with year-on-year decreases of 0.87 percentage points, 0.07 percentage points, and 2.67 percentage points, attributed to ongoing personnel control measures [3] AI Integration and Future Outlook - The company is fully embracing AI transformation, transitioning from "+AI" to "AI+". Since rebranding in 2024, the company has launched multiple AI software infrastructure suites, enhancing the integration of AI across its business [4] - The commercial aspect includes leveraging AI to increase product value, with AI-integrated PLM products boosting average transaction prices by approximately 30%. The AI business revenue grew by 126% year-on-year in H1 2025 [4] - The company is increasing its R&D investment in AI, planning to raise 838 million yuan for digital ecosystem empowerment projects, indicating strong potential for AI business growth [4] - Future profit projections for 2025-2027 estimate net profits of 197 million yuan, 242 million yuan, and 295 million yuan, with corresponding growth rates of 26%, 23%, and 22%, and PE ratios of 67.8x, 55.1x, and 45.2x [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company has demonstrated steady revenue growth, achieving an operating income of 1.045 billion yuan in the first half of 2025, a year-on-year increase of 4.08%. The net profit attributable to shareholders reached 45.03 million yuan, up 6.09% year-on-year [1][4]. - The AI business has seen significant growth, with revenue increasing by 125.91% year-on-year, reflecting successful implementation and customer acquisition strategies [3]. - The company is focusing on integrating AI technology into its products, enhancing operational efficiency and customer value [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a total revenue of 1.045 billion yuan, with a gross margin of 58.32%, an increase of approximately 0.88 percentage points year-on-year. The net cash flow from operating activities improved significantly, reaching -45.52 million yuan [1][4]. Business Segments - The R&D design segment generated 57 million yuan, growing by 11.05% year-on-year. The digital management segment achieved 571 million yuan, up 4.32%. The production control segment reported 138 million yuan, a 7.36% increase. The AIoT segment earned 274 million yuan, growing by 3.51% [2]. AI Business Development - The company launched an AI-powered PLM product, which has been adopted by nearly 100 clients, contributing to a significant increase in average transaction value. The multi-agent collaboration platform has been successfully implemented in various industries, establishing benchmark cases [3]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 2.536 billion, 2.794 billion, and 3.048 billion yuan, respectively. The net profit forecasts are set at 188.84 million, 236.92 million, and 274.51 million yuan, with corresponding EPS of 0.70, 0.87, and 1.01 yuan per share [4][7].

Core Viewpoint - The report from Haitong International highlights the launch of the "SUPA" model and a new paradigm by Dingjie Smart, indicating a positive long-term growth outlook for the company with a target price of 68.56 yuan, maintaining an "outperform" rating [1] Group 1: AI and Digital Transformation - AI is recognized as a crucial driver of new productivity, with digital transformation being essential for the survival and development of enterprises [1] - The value of AI lies in its ability to transcend human limitations, enhancing productivity by addressing labor shortages, capability gaps, and creating value in previously unsolvable areas [1] Group 2: Future Business Strategy - The company's future vision includes "one model," "two cores," and "three types of intelligent agents," aimed at helping businesses innovate productivity through data and intelligent technologies [1] - The AI strategy for enterprises involves three levels of advancement: cost reduction and efficiency improvement, business expansion for new growth, and paradigm reconstruction for boundary-breaking growth [1] Group 3: Competitive Edge and Application - Future competitiveness of enterprises will depend on the density of AI applications, which are expected to accelerate exponentially [1] - The application landscape includes general products and industry-specific suites, such as ChatFile for unstructured knowledge queries, design generation for 2D/3D CAD, and "Nana" for personal and executive assistance [1] - Industry cloud solutions are also highlighted, including supply chain integration through parts cloud, a closed-loop focus on pre-sale to post-sale in equipment manufacturing cloud, and the restructuring of financial reporting processes through the "Smart Consolidation Report" [1]

Core Insights - Dingjie Smart has seen a stock price increase of 91.99% year-to-date, with a recent price of 49.61 CNY per share as of September 10 [1] - The company operates in the software development sector, focusing on digital transformation and industrial internet solutions for manufacturing and small businesses [1][2] Financial Performance - For the first half of 2025, Dingjie Smart reported a revenue of 1.045 billion CNY, representing a year-on-year growth of 4.08%, and a net profit attributable to shareholders of 45.03 million CNY, up 6.09% [2] - The company has distributed a total of 311 million CNY in dividends since its A-share listing, with 65.59 million CNY paid out in the last three years [3] Shareholder Information - As of August 20, 2025, the number of shareholders decreased by 12.90% to 54,000, while the average number of tradable shares per shareholder increased by 14.81% to 4,988 shares [2] - Notable changes in institutional holdings include a decrease in shares held by major shareholders such as招商优势企业混合A and富国新兴产业股票A/B, while new shareholders like中欧互联网混合A and财通资管数字经济混合发起式A have entered the top ten [3]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 68.56 CNY [6][12] Core Views - The company has achieved steady revenue growth in H1 2025, driven by its digital transformation and the potential of its Athena digital native platform, alongside expanding AI applications and overseas business opportunities [2][12] - The company is expected to maintain growth momentum, with projected revenues of 26.58 billion CNY, 30.25 billion CNY, and 33.73 billion CNY for 2025, 2026, and 2027 respectively, reflecting a strong demand for AI infrastructure and industry-specific solutions [12][13] Financial Summary - Total revenue for 2023 is projected at 2,228 million CNY, with a year-on-year growth of 11.7%. The net profit attributable to the parent company is expected to be 150 million CNY, reflecting a growth of 12.3% [4][13] - The company’s revenue is expected to grow to 2,658 million CNY in 2025, representing a 14.0% increase from 2024 [4][14] - The earnings per share (EPS) is projected to increase from 0.55 CNY in 2023 to 0.72 CNY in 2025 [4][13] Business Performance - In H1 2025, the company reported a revenue of 10.45 million CNY, a year-on-year increase of 4.08%, and a net profit of 0.45 million CNY, up 6.09% [12][13] - The AI business revenue saw a significant increase of 125.91% year-on-year, indicating strong growth in this segment [12][13] - The company has successfully expanded its international operations, particularly in Southeast Asia, serving approximately 800 enterprise clients and achieving a revenue growth of 60.87% in this region [12][13]

Investment Rating - The report maintains a "Buy-A" rating for Dingjie Smart (300378.SZ) [1][6] Core Insights - The company achieved a revenue of 1.045 billion yuan in the first half of 2025, representing a year-on-year growth of 4.08%. The net profit attributable to shareholders was 45 million yuan, up 6.09% year-on-year [4] - The company is focusing on high-growth sectors such as electronics and automotive components, while also accelerating AI integration across its product lines, leading to a significant increase in AI-related revenue, which grew by 125.91% year-on-year [5][6] Financial Performance Summary - In the first half of 2025, the company reported a gross margin of 58.32%, an increase of 0.88 percentage points compared to the same period last year. The net profit margin reached 4.22%, up 0.23 percentage points year-on-year [4] - The company’s revenue from the mainland China region was 476 million yuan, a year-on-year increase of 4.61%, while revenue from non-mainland China was 569 million yuan, growing by 3.65% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.75, 0.94, and 1.16 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 67.0, 53.8, and 43.4 [6][7] AI Integration and Market Expansion - The company has integrated AI into four major industrial software product segments, enhancing its offerings in product lifecycle management (PLM), digital management, production control, and AIoT solutions [5] - The company is actively pursuing opportunities in Southeast Asia, resulting in a 60.87% year-on-year revenue growth in that market [4][5]