Group 1 - The core point of the article is that 深信服 (Shenxinfu) announced the results of its board meeting, which included discussions on the cancellation of unvested restricted stock from the 2021 incentive plan [1] - For the first half of 2025, the revenue composition of 深信服 is as follows: 48.74% from enterprises, 41.57% from government and public institutions, and 9.68% from finance and others [1] - As of the report date, 深信服 has a market capitalization of 48.8 billion yuan [1] Group 2 - The article also mentions that company 688496 is under investigation by the China Securities Regulatory Commission (CSRC) due to a significant loss exceeding 100 million yuan shortly after its IPO [1] - The core product of 688496 has been severely impacted as its largest customer has reduced procurement by opting for self-supply [1]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1. 深信服科技股份有限公司（以下简称"公司"）本次注销的回购股份数量 为 1,255,715 股，占注销前公司总股本的比例为 0.30%。本次注销完成后，公司 总股本由 421,883,707 股变更为 420,627,992 股。 2. 经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销事宜已于 2025 年 11 月 24 日办理完成。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》等相关法律法规的规定，现就本次回购股份注销完成的具体情况公告如下： 一、回购股份方案及实施情况概述 公司于 2022 年 3 月 18 日召开第二届董事会第三十六次会议审议通过《关于 回购公司股份方案的议案》，拟使用自有资 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 一、可转债的基本情况 (一)可转债发行上市情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）同意注册， 深信服科技股份有限公司（以下简称"公司"）于 2023 年 7 月 27 日向不特定对象 发行 1,214.7560 万张可转换公司债券（以下简称"可转债"或"信服转债"），每张 面值 100 元，发行总额为 121,475.6000 万元。经深圳证券交易所（以下简称"深 交所"）同意，公司可转债自 2023 年 8 月 18 日起在深交所挂牌交易，债券简称"信 服转债"，债券代码"123210"。 (二)可转债转股期限 本次可转债转股期自可转债发行结束之日（2023 年 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于作废 2021 年度限制性股票激励计划部分 已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日召开第 三届董事会第三十三次会议，审议通过了《关于作废 2021 年度激励计划部分已 授予尚未归属的限制性股票的议案》。现将具体事项公告如下： 一、2021 年度激励计划已履行的审批程序 1. 2021 年 8 月 19 日，公司召开第二届董事会第二十四次会议，审议通过了 《关于公司<2021 年度限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2021 年度限制性股票激励计划实施考核管理办法>的议案》《关于提请股 东大会授权董事会办理股权激励相关事宜的议案》，并披露了《2021 年度限制 性股票激励计划（草案）》。 同日，公司召开第二届监 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-075 | | --- | --- | --- | | | 债券简称：信服转债 | | | 债券代码：123210 | | | 深信服科技股份有限公司 第三届董事会第三十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深信服科技股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日以电子 邮件等方式发出会议通知，于 2025 年 11 月 24 日在公司会议室以现场及通讯方 式召开第三届董事会第三十三次会议。本次会议应出席董事 6 名，实际出席董事 6 名。本次董事会会议由董事长何朝曦先生主持。本次会议的召集和召开符合《公 司法》等法律法规、规范性文件以及《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，以投票表决方式通过了以下决议： (一)审议通过《关于作废 2021 年度激励计划部分已授予尚未归属的限制性 股票的议案》 全体董事审议认为，在公司 2021 年度限制性股票激励计划第三个归属期内， 因公司股价与授予价格出 ...

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has shown significant volatility, with a year-to-date increase of 99.08%, but recent trading indicates a decline in the short term [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.56 million yuan, although this represents an 86.10% improvement compared to the previous year [2]. Stock Market Activity - As of November 24, the stock price of Deepin Technology was 114.15 yuan per share, with a market capitalization of 48.158 billion yuan. The stock experienced a trading volume of 207 million yuan and a turnover rate of 0.67% [1]. - The stock has seen a net outflow of 8.8477 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 30,900, up by 11.92%. The average number of circulating shares per person decreased by 10.65% to 9,008 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Wan Jia You Xuan, both of which have reduced their holdings compared to the previous period [3]. Business Segments - Deepin Technology's main business segments include network security (47.68% of revenue), cloud computing and IT infrastructure (46.36%), and basic networking and IoT (5.96%) [1].

Core Viewpoint - The stock of Deepin Technology has shown significant growth this year, with a year-to-date increase of 113.10%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, representing a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.56 million yuan, although this reflects an improvement of 86.10% compared to the previous year [2]. Stock Market Activity - As of November 18, the stock price of Deepin Technology rose by 2.11% to 122.19 yuan per share, with a trading volume of 5.92 billion yuan and a turnover rate of 1.78%. The total market capitalization reached 51.55 billion yuan [1]. - The net inflow of main funds was 54.72 million yuan, with large orders accounting for 26.65% of purchases and 20.18% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares held per shareholder, a decrease of 10.65% [2]. - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 12.95 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders include Wanjiayouxuan and E Fund [3].

Group 1: Core Themes of the Forum - The forum focused on "new defense systems, AI security, and data security" in the context of digital transformation challenges and opportunities [1] - Experts from various companies discussed the need for a proactive defense model to address asymmetric threats in cybersecurity [1][2] Group 2: Innovations in Cybersecurity - Pengcheng Laboratory introduced the "Shield Cube" cybersecurity defense system, which employs a four-dimensional layout for threat perception [1] - Deepin Technology emphasized the shift from "tool stacking" to "systematic collaboration" in cybersecurity, aiming for AI to autonomously handle over 95% of security tasks under human supervision [2] - Extreme Networks showcased its VROS 5.0 virtual robot operating system, which supports a closed-loop process for network security operations through collective intelligence [2] - Aisino Security launched the AI XDR linked defense system, transitioning from isolated defenses to intelligent, collaborative security measures [2] Group 3: Data Governance - Shixi Technology highlighted the importance of data as a new production factor, advocating for precise control over data flow and presenting a three-dimensional governance framework [3]

Summary of Key Points from the Equity Research Report on China Software Sector Industry Overview - The report focuses on the China software industry, particularly highlighting the performance of 18 covered software companies in the third quarter of 2025 (3Q25) [3][11]. - There is a noted recovery in earnings, with total net profit rising by 92% year-on-year (y-o-y) for the covered companies [10][11]. Core Insights - **Earnings Recovery**: The significant recovery in earnings is attributed to limited downside from tighter IT budgets, as the base is low, and ongoing cost control measures are expected to continue driving earnings recovery [3][4]. - **Market Dynamics**: The competitive landscape is improving, with smaller players exiting the market, which may benefit larger firms [3]. - **Revenue Drivers**: AI and localization are identified as key revenue drivers, with specific companies like Yonyou and Kingdee expected to benefit from AI monetization [4][9]. Company-Specific Highlights - **Sangfor**: - Rated "Buy" with a target price of RMB 144.00, implying an 18% upside. The company is expected to benefit from improved demand for HCI and software-defined storage amid AI adoption [24]. - **Yonyou**: - Rated "Buy" with a target price of RMB 21.00, indicating a 43% upside. The company is projected to grow at a CAGR of 12% from 2025 to 2027 [24]. - **Kingdee**: - Rated "Buy" with a target price of HKD 18.20, suggesting a 24% upside. Expected revenue growth at a CAGR of 12.5% over 2024-2027 [24]. - **Kingsoft Office**: - Rated "Buy" with a target price of RMB 353.00, indicating a 7% upside. The company is well-positioned in software localization and AI function optimization [24]. - **ThunderSoft**: - Rated "Buy" with a target price of RMB 82.00, suggesting a 25% upside. The company is expected to see robust demand for on-device AI [24]. Investor Sentiment - Investors are showing strong interest in AI applications and their monetization potential, particularly in ERP systems [4][9]. - There is a focus on high-quality AI A-share software names seeking H-share listings, such as Yonyou and Intsig, due to their valuation discounts [4]. Risks and Challenges - **Sector Risks**: Potential risks include a weak macroeconomic environment leading to tighter IT budgets, intense competition, and policy support falling short of expectations [6][24]. - **Valuation Concerns**: Some investors express concerns regarding high valuations, particularly for companies like Kingsoft Office, although others believe the valuations are reasonable given the earnings visibility [5]. Conclusion - The China software sector is experiencing a notable recovery, driven by AI and localization trends. Key players are positioned to benefit from these trends, although risks related to macroeconomic conditions and competition remain pertinent. Investors are advised to consider these dynamics when evaluating opportunities in the sector.

Core Viewpoint - The stock of Deepin Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 108.52% but a recent decline of 2.00% on November 14, 2023, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Deepin Technology achieved a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 10.62%. However, the net profit attributable to shareholders was a loss of 80.5638 million yuan, although this represents an improvement with an 86.10% increase compared to the previous year [2]. Stock Market Activity - As of November 14, 2023, the stock price was 119.56 yuan per share, with a total market capitalization of 50.44 billion yuan. The trading volume was 1.31 billion yuan, with a turnover rate of 0.39% [1]. - The stock has seen a net outflow of 7.06 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.92% to 30,900, with an average of 9,008 shares held per shareholder, a decrease of 10.65% [2]. - The company has distributed a total of 297 million yuan in dividends since its A-share listing, with 47.07 million yuan distributed over the past three years [3]. Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.9537 million shares, a decrease of 460,400 shares from the previous period. Other notable shareholders have also reduced their holdings [3].